Core Insights - Monteverde & Associates PC is investigating Aerovate Therapeutics, Inc. regarding a proposed merger with Jade Biosciences, where pre-merger Aerovate stockholders are expected to own approximately 1.6% of the combined company, while pre-merger Jade stockholders are expected to own approximately 98.4% of the combined entity [1]. Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and has a successful track record in recovering money for shareholders [1][2]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]. Legal Context - The firm emphasizes that no company, director, or officer is above the law, indicating a commitment to shareholder rights and legal accountability [3].

Group 1 - Halper Sadeh LLC is investigating Aerovate Therapeutics, Inc. for potential violations related to its merger with Jade Biosciences, where Aerovate stockholders are expected to own approximately 1.6% of the combined company after the transaction closes [1] - Profire Energy, Inc. is being sold to CECO Environmental Corp. for $2.55 per share in cash [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options, with the firm representing investors globally who have experienced securities fraud and corporate misconduct [4]

Financial Performance - The company reported a net loss of $24.8 million for Q2 2024, compared to a net loss of $19.0 million in Q2 2023, representing an increase of $5.8 million[102]. - The company incurred a net loss of $48.0 million for the six months ended June 30, 2024, compared to a net loss of $35.5 million for the same period in 2023[123][124]. - Total operating expenses for the six months ended June 30, 2024, were $50.8 million, compared to $38.0 million for the same period in 2023, reflecting a $12.8 million increase[109]. - Research and development expenses for Q2 2024 were $21.2 million, an increase of $5.2 million from $16.0 million in Q2 2023, primarily due to increased headcount and contract manufacturing costs[103]. - General and administrative expenses for Q2 2024 were $4.9 million, up from $4.3 million in Q2 2023, mainly due to increased headcount-related costs[104]. Workforce and Cost Management - As of July 31, 2024, the company terminated 69% of its workforce, resulting in an estimated cost of $5.6 million primarily for severance benefits[89]. - The company has generated no revenue to date and does not anticipate generating revenue in the near future due to the cessation of product development[93]. Cash Flow and Financing - Net cash used in operating activities for the six months ended June 30, 2024 was $44.1 million, compared to $26.4 million for the same period in 2023, indicating a significant increase in cash outflow[123][124]. - Net cash provided by investing activities for the six months ended June 30, 2024 was $26.8 million, up from $19.4 million in 2023, reflecting improved cash inflow from short-term investments[125]. - Net cash provided by financing activities for the six months ended June 30, 2024 was $24.9 million, a decrease from $45.5 million in 2023, showing reduced capital raised through financing[126]. - The company expects to finance future capital needs through equity offerings, debt financings, or collaborations, but may face challenges in raising funds on favorable terms[118]. Strategic Review and Development - The company is conducting a comprehensive review of strategic alternatives to maximize shareholder value, which may include mergers or acquisitions[88]. - The company may need to delay or limit product development if unable to raise additional funds when needed, which could negatively impact its business plans[118]. - The company halted the development of AV-101 for pulmonary arterial hypertension (PAH) after the Phase 2b trial did not meet its primary endpoint, impacting approximately 70,000 people in the U.S. and Europe[88]. Lease Obligations - The base rent for the Waltham Lease is $43.00 per rentable square foot, totaling approximately $18,000 per month, with annual increases of $1.00 per square foot[119]. - The Foster City Lease has a base rent of $76.80 per rentable square foot, amounting to approximately $22,600 per month, with scheduled annual increases of 3%[120]. - As of June 30, 2024, the company reported no other operating lease obligations, long-term debt obligations, or capital lease obligations[120]. Market Risks - The company is exposed to market risks related to interest rate fluctuations, foreign currency exchange rates, and inflation, but does not believe these have materially affected operations in the recent periods[133][136][137]. - The company has sold 3,462,721 shares under its ATM program, generating $67.9 million in net proceeds, with $6.0 million remaining available for sale[90][91].

WALTHAM, Mass., July 08, 2024 (GLOBE NEWSWIRE) -- Aerovate Therapeutics, Inc. (Nasdaq: AVTE), which previously announced it was halting enrollment and shutting down the Phase 3 portion of the Inhaled iMatinib Pulmonary Arterial Hypertension Clinical Trial (IMPAHCT) as well as the long-term extension study, today announced that it will conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value. As part of this review process, Aerovate has engaged Wedbush PacGrow as the c ...

Core Viewpoint - Aerovate Therapeutics, Inc. is halting enrollment and shutting down the Phase 3 portion of the Inhaled iMatinib Pulmonary Arterial Hypertension Clinical Trial (IMPAHCT) and will conduct a comprehensive review of strategic alternatives to maximize shareholder value [1][2] Group 1 - The company has engaged Wedbush PacGrow as its exclusive strategic financial advisor to assist in exploring various strategic alternatives, which may include acquisition, merger, reverse merger, business combination, liquidation, or other transactions [2] - There is no assurance that the review process will lead to a transaction or that any pursued transaction will be completed on attractive terms [2] - Aerovate has not set a timetable for the completion of this review process and will not comment further until a definitive course of action is approved by the Board of Directors or the review process is concluded [2]

ATLANTA, June 21, 2024 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC is investigating whether Aerovate Therapeutics, Inc. ("Aerovate" or the "Company") (NASDAQ:AVTE) complied with federal securities laws. On June 17, 2024, Aerovate announced topline results from the Phase 2b portion of the Phase 2b/Phase 3 Inhaled Imatinib Pulmonary Arterial Hypertension Clinical Trial and stated that "the study did not meet its primary endpoint for improvement in pulmonary arterial hypertension ("PVR") compared to placebo for a ...

ATLANTA, June 21, 2024 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC is investigating whether Aerovate Therapeutics, Inc. (“Aerovate” or the “Company”) (NASDAQ: AVTE) complied with federal securities laws. On June 17, 2024, Aerovate announced topline results from the Phase 2b portion of the Phase 2b/Phase 3 Inhaled Imatinib Pulmonary Arterial Hypertension Clinical Trial and stated that “the study did not meet its primary endpoint for improvement in pulmonary arterial hypertension (“PVR”) compared to placebo for ...

Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, June 20, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Aerovate Therapeutics, Inc. (“Aerovate” or the “Company”) (Nasdaq: AVTE) investors that a class action has been filed on behalf of investors. Aerovate investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq. Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley ...

Aerovate Therapeutics’ (AVTE) shares plummeted 93.3% in the last trading session on Jun 17 after the company announced disappointing top-line results from the mid-stage portion of the IIb/III IMPAHCT study evaluating its lead candidate, AV-101, in adults with pulmonary arterial hypertension (PAH).The mid to late-stage IMPAHCT study evaluated the efficacy, safety and tolerability of three different doses of AV-101 compared with placebo.Per the data readout from the phase IIb portion of the IMPAHCT study, AV- ...

WALTHAM, Mass., June 17, 2024 (GLOBE NEWSWIRE) -- Aerovate Therapeutics, Inc. (NASDAQ:AVTE) today announced topline results from the Phase 2b portion of the Inhaled iMatinib Pulmonary Arterial Hypertension Clinical Trial (IMPAHCT), a Phase 2b/Phase 3, randomized, double-blind, placebo-controlled, multi-national trial of AV-101, a novel dry powder inhaled formulation of imatinib, in adults with pulmonary arterial hypertension (PAH). The objective of the Phase 2b portion of IMPAHCT was to assess the efficacy, ...