Company Overview

Financial Highlights

• Revenue and profit trends:
  • Net loss was $5.4 million for Q1 2024 compared to $6.2 million for Q1 2023, an improvement of $0.8 million or 13%.
  • Operating expenses decreased by $0.2 million or 3.6% between periods.
• Cash position:
  • Cash, cash equivalents and marketable securities totaled $43.3 million as of March 31, 2024.
  • Cash used in operating activities was $7.0 million for Q1 2024.
  • Cash provided by investing activities was $6.4 million for Q1 2024.

Research and Development

• R&D expenses were $3.2 million for Q1 2024 compared to $3.2 million for Q1 2023. The expenses were associated with clinical trials for the company’s lead product candidate, certepetide.
• Multiple clinical trials for certepetide are ongoing or planned across various cancer types and combination therapies.

Trial	Status
Phase 2a Bolster Trial	Enrolling
Phase 2b ASCEND Trial	Completed Enrollment
Phase 1b/2a Trial in Metastatic Pancreatic Cancer	Completed

Recent Events

• In March 2024, the company sold a portion of its New Jersey net operating losses, resulting in a $0.8 million tax benefit.

Outlook

• The company believes its cash balance will fund operating expenses for at least the next 12 months.
• Additional funding sources being pursued include:
  • Partnerships and collaborations
  • Sale of assets
  • Public or private equity/debt financings

Financial Statement Analysis

Income Statement

• Total operating expenses decreased by 3.6% between periods due to:
  • An 8.3% decrease in general and administrative costs from lower staffing and insurance costs
  • A 2.0% increase in R&D costs related to clinical trial activities
• Other income decreased due to:
  • Lower investment income
  • Losses related to sale of assets and an equity investment
• A $0.8 million tax benefit was recorded in Q1 2024 related to the sale of New Jersey net operating losses

Balance Sheet

• As of March 31, 2024, the company had:
  • $43.3 million in cash, cash equivalents and marketable securities
  • $42.2 million in working capital
  • $43.0 million in stockholders’ equity

Cash Flow Statement

• Cash used in operating activities was $7.0 million for Q1 2024.
• Cash provided by investing activities was $6.4 million for Q1 2024, largely due to net sales of marketable securities.

Strengths and Weaknesses

Strengths

• Promising clinical data for lead product candidate, certepetide
• Multiple clinical trials ongoing across various cancer types
• Strong cash position to fund operations for at least 12 months

Weaknesses

• History of operating losses
• Reliance on partnerships and external funding to advance pipeline
• Early stage of clinical development across portfolio

Tables and Figures

Table 1. Summary Financial Results

	Q1 2024	Q1 2023	Change
Net Loss	($5.4 million)	($6.2 million)	$0.8 million improvement
Operating Expenses	$6.6 million	$6.8 million	3.6% decrease
Cash Balance	$43.3 million

Figure 1. Cash Flow Results

Figure 2. Clinical Development Pipeline