Context Therapeutics Reports Second Quarter 2024 Operating and Financial Results
07 Agosto 2024 - 3:17PM
Context Therapeutics Inc. (“Context” or the “Company”) (Nasdaq:
CNTX), a biopharmaceutical company advancing medicines for solid
tumors, today announced its financial results for the second
quarter ended June 30, 2024, and reported on recent business
highlights.
“Context continues to build momentum, and we believe the Company
is well positioned to have a successful year,” said Martin Lehr,
CEO of Context. “Our team recently initiated our Phase 1 trial for
CTIM-76, a Claudin 6 x CD3 bispecific antibody and looks forward to
dosing our first patient in the third quarter. In addition, the
recent acquisition of CT-95, a mesothelin x CD3 bispecific
antibody, delivered Context a second potentially best-in-class
clinical asset to complement CTIM-76.”
Mr. Lehr continued, “Additionally, we continue to strengthen our
team and are pleased that Dr. Dansky Ullmann has joined our
executive team as Chief Medical Officer. Dr. Dansky Ullmann brings
deep expertise in oncology and T cell therapies and a proven track
record of advancing programs through clinical development.”
Second Quarter 2024 and Recent Corporate
Highlights
Pipeline Updates
- In July 2024, completed the
acquisition of CT-95, a potentially first-in-class mesothelin x CD3
bispecific antibody that has received Investigational New Drug
(“IND”) clearance from the U.S. Food and Drug Administration
(“FDA”). We believe that CT-95 is on track for dosing the first
patient in the Phase 1 trial in the first quarter of 2025.
- In May 2024, announced that the FDA
cleared the Company’s IND for CTIM-76, a Claudin 6 x CD3 bispecific
antibody. Dosing of the first patient in the CTIM-76 Phase 1 trial
is expected to occur in the third quarter of 2024.
Corporate Updates
- In August 2024, announced the
appointments of Dr. Claudio Dansky Ullmann as Chief Medical Officer
and Ms. Karen Andreas as VP, Clinical Operations.
- In May 2024, closed a private
placement that resulted in gross proceeds of approximately $100
million, before deducting placement agent fees and offering
expenses.
- In April 2024, the Company
participated in the 23rd Annual Needham Virtual Healthcare
Conference.
Second Quarter 2024 Financial
Results
- Cash and cash equivalents were $101.5 million at June 30, 2024,
compared to $14.4 million at December 31, 2023.
- Research and development (“R&D”) expenses were $1.4 million
for the second quarter 2024, as compared to $3.5 million for the
same period in 2023. The decrease in R&D expenses was primarily
driven by lower CTIM-76 contract manufacturing costs and
preclinical costs, partially offset by an increase in clinical and
regulatory costs as a result of preparing to initiate the CTIM-76
Phase 1 clinical trial. Personnel-related expenses also decreased,
primarily due to lower headcount compared to the prior period.
- General and administrative expenses were $1.7 million for the
second quarter 2024, as compared to $1.8 million for the same
period in 2023. The decrease was primarily driven by decreased
compensation and share-based compensation costs, as well as lower
insurance expense, partially offset by an increase in professional
fees.
- Other income, net was $0.8 million for the second quarter 2024,
as compared to $0.3 million for the same period in 2023, primarily
due to higher interest income earned on cash and cash equivalent
balances.
- Context reported a net loss of $2.3 million for the second
quarter of 2024, as compared to $5.0 million for the same period in
2023.
2024 Cash GuidanceThe Company expects that its
cash and cash equivalents will be sufficient to fund the estimated
duration of its CTIM-76 Phase 1 trial and the dose escalation
portion of its CT-95 Phase 1 trial, as well as its operations into
2028.
About Context Therapeutics®Context Therapeutics
Inc. (Nasdaq: CNTX) is a biopharmaceutical company advancing
medicines for solid tumors that is building an innovative portfolio
of clinical-stage T cell engaging bispecific therapeutics. Product
candidates include CTIM-76, a Claudin 6 x CD3 bispecific antibody,
and CT-95, a mesothelin x CD3 bispecific antibody. Context is
headquartered in Philadelphia. For more information, please
visit www.contexttherapeutics.com or follow the Company
on X (formerly Twitter) and LinkedIn.
Forward-looking StatementsThis press release
contains “forward-looking statements” that involve substantial
risks and uncertainties for purposes of the safe harbor provided by
the Private Securities Litigation Reform Act of 1995. Any
statements, other than statements of historical fact, included in
this press release regarding strategy, future operations,
prospects, plans and objectives of management, including words such
as “may,” “will,” “expect,” “anticipate,” “look forward,” “plan,”
“intend,” and similar expressions (as well as other words or
expressions referencing future events, conditions, or
circumstances) are forward-looking statements. These include,
without limitation, statements regarding (i) our expectation to
dose the first patient in the Phase 1 clinical trial for CTIM-76 in
the third quarter of 2024, (ii) our expectation to dose the first
patient in the Phase 1 clinical trial for CT-95 in the first
quarter of 2025, (iii) having sufficient cash and cash equivalents
to fund the estimated duration of our CTIM-76 Phase 1 trial and the
dose escalation portion of our CT-95 Phase 1 trial, as well as our
operations into 2028, (iv) the ability of the new officer
appointment to support the Company and the advancement of its
product candidates; (v) the potential benefits, characteristics,
safety and side effect profile of CTIM-76 and CT-95, (vi) the
ability of CTIM-76 and CT-95 to have benefits, characteristics,
manufacturability, and a side effect profile that is differentiated
and/or better than third party product candidates, (vii) the
likelihood data will support future development of CTIM-76 and
CT-95, and (viii) the likelihood of obtaining regulatory approval
for CTIM-76 and CT-95. Forward-looking statements in this release
involve substantial risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by the
forward-looking statements, and we therefore cannot assure you that
our plans, intentions, expectations, or strategies will be attained
or achieved. Other factors that may cause actual results to differ
from those expressed or implied in the forward-looking statements
in this press release are discussed in our filings with
the U.S. Securities and Exchange Commission, including the
section titled “Risk Factors” contained therein. Except as
otherwise required by law, we disclaim any intention or obligation
to update or revise any forward-looking statements, which speak
only as of the date they were made, whether as a result of new
information, future events, or circumstances or otherwise.
Context Therapeutics Inc. |
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Condensed Statements of Operations |
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(Unaudited) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating
Expenses |
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Research and development |
$ |
1,384,553 |
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$ |
3,460,937 |
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$ |
3,357,762 |
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$ |
7,995,613 |
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General and administrative |
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1,703,996 |
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1,831,431 |
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3,554,288 |
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3,963,303 |
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Loss from operations |
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(3,088,549 |
) |
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(5,292,368 |
) |
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(6,912,050 |
) |
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(11,958,916 |
) |
Other
income |
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834,043 |
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281,047 |
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989,747 |
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639,277 |
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Net
loss |
$ |
(2,254,506 |
) |
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$ |
(5,011,321 |
) |
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$ |
(5,922,303 |
) |
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$ |
(11,319,639 |
) |
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Net loss per common share, basic and diluted |
$ |
(0.04 |
) |
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$ |
(0.31 |
) |
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$ |
(0.17 |
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$ |
(0.71 |
) |
Weighted average shares outstanding, basic and diluted |
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54,958,635 |
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15,966,053 |
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35,462,344 |
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15,966,053 |
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Context Therapeutics Inc. |
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Condensed Balance Sheets Data |
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(Unaudited) |
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June
30, |
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December
31, |
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2024 |
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2023 |
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Cash and
cash equivalents |
$ |
101,536,832 |
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$ |
14,449,827 |
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Other
assets |
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1,172,021 |
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1,612,908 |
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Total assets |
$ |
102,708,853 |
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$ |
16,062,735 |
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Total
liabilities |
$ |
1,604,345 |
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$ |
4,191,715 |
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Total
stockholders' equity |
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101,104,508 |
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11,871,020 |
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Total liabilities and stockholders' equity |
$ |
102,708,853 |
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$ |
16,062,735 |
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Investor Relations Contact:Jennifer
Minai-AzaryContext TherapeuticsIR@contexttherapeutics.com
Context Therapeutics (NASDAQ:CNTX)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024
Context Therapeutics (NASDAQ:CNTX)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024