Summary by Futu AI
Azitra reported Q3 2024 financial results with a net loss of $1.0 million compared to $1.9 million in Q3 2023. Revenue was nil versus $310,700 in the prior year period, while operating expenses increased 27% to $2.9 million driven by clinical program advancement. Cash and equivalents stood at $7.3 million as of September 30, 2024.The company achieved significant clinical milestones, including dosing the first patient in August 2024 for its Phase 1b trial of ATR-12 in Netherton syndrome, with initial safety results expected in Q1 2025. Additionally, Azitra received FDA Fast Track designation for ATR-04 in September 2024 and plans to commence a Phase 1b trial for cancer patients undergoing EGFRi therapy in Q4 2024.Research and development expenses rose 85% to $1.0 million as the company advanced its clinical programs. Management noted substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to fund operations over the next 12 months. The company completed a follow-on offering in July 2024 raising $9.1 million through the sale of common stock and warrants.
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