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8-K: CLENE REPORTS Second QUARTER 2024 FINANCIAL RESULTS AND RECENT OPERATING HIGHLIGHTS

SEC ·  Aug 7 20:06
Summary by Futu AI
On August 7, 2024, Clene Inc. released its financial results for the second quarter of 2024, highlighting recent operational achievements. The report detailed the company's progress in its CNM-Au8 programs, particularly in the treatment of ALS and Rett Syndrome. Clene Inc. presented new data at the ENCALS meeting, showing improved survival rates and significant declines in neurofilament light levels in patients treated with CNM-Au8. The company also enrolled the first ALS patient in an NIH-funded Expanded Access Program in June. Additionally, Clene Inc. regained compliance with Nasdaq's minimum bid price requirement through a reverse stock split. Financially, Clene reported a cash balance of $21.7 million as of June 30, 2024, and expects to fund operations into the fourth quarter of 2024. Research and development...Show More
On August 7, 2024, Clene Inc. released its financial results for the second quarter of 2024, highlighting recent operational achievements. The report detailed the company's progress in its CNM-Au8 programs, particularly in the treatment of ALS and Rett Syndrome. Clene Inc. presented new data at the ENCALS meeting, showing improved survival rates and significant declines in neurofilament light levels in patients treated with CNM-Au8. The company also enrolled the first ALS patient in an NIH-funded Expanded Access Program in June. Additionally, Clene Inc. regained compliance with Nasdaq's minimum bid price requirement through a reverse stock split. Financially, Clene reported a cash balance of $21.7 million as of June 30, 2024, and expects to fund operations into the fourth quarter of 2024. Research and development expenses decreased year-over-year, primarily due to NIH grant reimbursements and lower clinical trial expenses. General and administrative expenses also saw a decrease. The company reported a net loss of $6.8 million, or $1.06 per share, for the quarter. Clene Inc. is a late clinical-stage biopharmaceutical company focused on neurodegenerative diseases, with its lead candidate CNM-Au8 currently under investigation.

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