Panbela Therapeutics, Inc. reported its financial performance for the quarter ended March 31, 2024, with a net loss of $7.1 million, compared to a net loss of $5.1 million for the same period in 2023. The company's operating expenses for the quarter were $6.7 million, a 38.4% increase from $4.9 million in the previous year, primarily due to a 57.4% increase in research and development expenses related to the ASPIRE trial for its lead product candidate, ivospemin. General and administrative expenses decreased by 10.9% to $1.2 million. Other expenses, net, increased to $532,000, and the company benefited from an income tax benefit of $138,000. Panbela's cash and cash equivalents decreased to $262,000 from $2.6 million at the end of the previous quarter. The company highlighted its reliance on third-party CROs for clinical...Show More

Panbela Therapeutics, Inc. reported its financial performance for the quarter ended March 31, 2024, with a net loss of $7.1 million, compared to a net loss of $5.1 million for the same period in 2023. The company's operating expenses for the quarter were $6.7 million, a 38.4% increase from $4.9 million in the previous year, primarily due to a 57.4% increase in research and development expenses related to the ASPIRE trial for its lead product candidate, ivospemin. General and administrative expenses decreased by 10.9% to $1.2 million. Other expenses, net, increased to $532,000, and the company benefited from an income tax benefit of $138,000. Panbela's cash and cash equivalents decreased to $262,000 from $2.6 million at the end of the previous quarter. The company highlighted its reliance on third-party CROs for clinical trials and noted a potential delay in the ASPIRE trial if outstanding balances to the CRO are not settled. Panbela's common stock was delisted from Nasdaq and is now quoted on the OTCQB market under the symbol 'PBLA'. The company is seeking to list on the US Equity Listings Tier II of the CBOE. Panbela continues to focus on developing therapeutics for urgent unmet medical needs, with ongoing clinical trials for ivospemin in pancreatic cancer and other indications.