XORTX Therapeutics reported Q2 2024 financial results, highlighting progress in its lead ADPKD program XRx-008. The company closed two tranches of a non-brokered offering, raising CAD $2.7 million. Net income was $170,066 for Q2, compared to a loss of $1.69 million in Q2 2023, primarily due to a $1.65 million gain on derivative warrant liability.Research and development expenses decreased to $67,683 in Q2 2024 from $667,913 in Q2 2023 as the XRX-OXY-101 pharmacokinetic study was mostly completed. XORTX ended Q2 with $3.08 million in cash. The company plans to initiate the XRX-OXY-201 pivotal trial for ADPKD in H1 2025, subject to funding.XORTX is focusing 98% of its resources on advancing the XRx-008 program for ADPKD, with preparations underway for pivotal trials. The company aims to file for accelerated FDA approval in 2027, pending positive clinical results and sufficient funding to execute its development plans.

XORTX Therapeutics reported Q2 2024 financial results, highlighting progress in its lead ADPKD program XRx-008. The company closed two tranches of a non-brokered offering, raising CAD $2.7 million. Net income was $170,066 for Q2, compared to a loss of $1.69 million in Q2 2023, primarily due to a $1.65 million gain on derivative warrant liability.Research and development expenses decreased to $67,683 in Q2 2024 from $667,913 in Q2 2023 as the XRX-OXY-101 pharmacokinetic study was mostly completed. XORTX ended Q2 with $3.08 million in cash. The company plans to initiate the XRX-OXY-201 pivotal trial for ADPKD in H1 2025, subject to funding.XORTX is focusing 98% of its resources on advancing the XRx-008 program for ADPKD, with preparations underway for pivotal trials. The company aims to file for accelerated FDA approval in 2027, pending positive clinical results and sufficient funding to execute its development plans.