On August 9, 2024, Avenue Therapeutics, Inc., a specialty pharmaceutical company, announced its financial results for the second quarter ended June 30, 2024, and provided a corporate update. The company reported a net loss of $2.7 million, or $6.43 per share, for the quarter, which is an improvement from the $4.0 million, or $38.74 per share, net loss in the same period the previous year. Research and development expenses decreased to $1.4 million from $3.0 million year-over-year, while general and administrative expenses increased to $1.5 million from $0.9 million. The company's cash position improved, with cash and cash equivalents totaling $4.9 million as of June 30, 2024, up from $1.8 million at the end of 2023. Avenue Therapeutics also highlighted the completion of the last patient visit in its Phase 1b/2a clinical trial of AJ201 for...Show More

On August 9, 2024, Avenue Therapeutics, Inc., a specialty pharmaceutical company, announced its financial results for the second quarter ended June 30, 2024, and provided a corporate update. The company reported a net loss of $2.7 million, or $6.43 per share, for the quarter, which is an improvement from the $4.0 million, or $38.74 per share, net loss in the same period the previous year. Research and development expenses decreased to $1.4 million from $3.0 million year-over-year, while general and administrative expenses increased to $1.5 million from $0.9 million. The company's cash position improved, with cash and cash equivalents totaling $4.9 million as of June 30, 2024, up from $1.8 million at the end of 2023. Avenue Therapeutics also highlighted the completion of the last patient visit in its Phase 1b/2a clinical trial of AJ201 for spinal and bulbar muscular atrophy (SBMA), with topline data expected in the second half of 2024. Additionally, the company raised $4.4 million in gross proceeds from a May 2024 warrant exercise transaction and effected a 1-for-75 reverse stock split in April 2024. Plans for a Phase 2a clinical trial of BAER-101 for epilepsy and other seizure disorders are contingent on additional financing. The company also reached an agreement with the FDA on the protocol for a Phase 3 study of IV tramadol for acute post-operative pain, with the study's initiation pending further financing or partnership.