Financial Performance - The net loss for the three months ended September 30, 2024, was $6,481,000, compared to a net loss of $14,782,000 for the same period in 2023, representing a 56.1% improvement[14]. - The company reported a comprehensive loss of $6,407,000 for the three months ended September 30, 2024, compared to a comprehensive loss of $14,701,000 for the same period in 2023[14]. - The company reported a net loss of $17.6 million for the nine months ended September 30, 2024, compared to a net loss of $35.5 million for the same period in 2023, representing a 50.5% improvement[20]. - The net loss per share, basic and diluted, for the three months ended September 30, 2024, was $(0.38), compared to $(1.01) for the same period in 2023[14]. - The company reported a net loss of $6,481,000 for the three months ended September 30, 2024, compared to a net loss of $14,782,000 for the same period in 2023[76]. Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $6,602,000, a decrease of 54.7% compared to $14,581,000 for the same period in 2023[14]. - Research and development expenses for the nine months ended September 30, 2024, were $9,971,000, down 40.9% from $16,828,000 in the same period of 2023[14]. - Total operating expenses for the three months ended September 30, 2024, were $6,602,000, down from $14,581,000 in the same period last year, indicating a 55% reduction[14]. - Research and development expenses for the three months ended September 30, 2024, were $56,000, compared to $405,000 for the same period in 2023[73]. - General and administrative expenses for the three months ended September 30, 2024, were $741,000, down from $1,300,000 in the same period of 2023[73]. Cash Flow and Liquidity - Total cash flows used in operating activities for the nine months ended September 30, 2024, were not detailed but are critical for assessing liquidity[19]. - Cash used in operating activities decreased to $15.0 million for the nine months ended September 30, 2024, from $29.5 million in the same period of 2023, indicating a 49.1% reduction[23]. - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $29.0 million, which is projected to be insufficient to fund its current business plan for at least the next 12 months[24]. - The company reported a net decrease in cash and cash equivalents of $10.9 million for the nine months ended September 30, 2024[20]. - The company had cash, cash equivalents, and restricted cash of $9.8 million at the end of the period, compared to $8.8 million at the same time last year[20]. Stockholder Equity - The company had total stockholders' equity of $14,144,000 as of September 30, 2024, down from $28,398,000 at the end of 2023[15]. - The company had an accumulated deficit of $501.9 million as of September 30, 2024, up from $484.4 million at the end of 2023[23]. - The total stockholders' equity as of September 30, 2024, was $14,144,000, a decrease from $28,398,000 at the end of 2023[15]. - The company has 16,850,350 shares of common stock issued and outstanding as of September 30, 2024, compared to 16,784,969 shares at December 31, 2023[58]. Financing Activities - The company plans to raise additional capital to finance its operations, as it continues to incur operating losses and negative cash flows[24]. - The company has financed its operations primarily through private placements and public equity issuances, and will continue to depend on equity and/or debt financing[23]. - The company received gross proceeds of $4.4 million from the exercise of Existing Warrants by holders[68]. - The company recorded stock-based compensation expense of $797,000 for the three months ended September 30, 2024, down from $1.7 million in 2023, indicating a 53% decrease[73]. - The company reported stock-based compensation of $3.2 million for the nine months ended September 30, 2024, down from $6.1 million in the same period of 2023[20]. Lease and Sublease Agreements - The total operating lease liability was $24.4 million as of September 30, 2024, down from $27.0 million as of December 31, 2023[47]. - Sublease income from Initial Therapeutics for the three months ended September 30, 2024, was $0.9 million, compared to $0.4 million for the same period in 2023, representing a 125% increase[51]. - The Company has total future minimum lease payments of $28.6 million, with a present value of $24.4 million as of September 30, 2024[54]. - The Company entered into a sublease agreement with Initial Therapeutics for an additional 17,000 square feet at a monthly rent of $1.00 per square foot, increasing to $6.02 per square foot starting July 1, 2024, with a 3.5% increase in 2025[51]. - Total lease expense for 2024 was $118,000, down from $157,000 in 2023, while sublease income increased from $(976,000) in 2023 to $(1,067,000) in 2024[52].

Financial Performance - Net loss for Q3 2024 was $6.5 million, a significant decrease from $14.8 million in Q3 2023, indicating a 56% improvement year-over-year[6] - The total operating expenses for Q3 2024 were $6.6 million, down from $14.6 million in Q3 2023, reflecting a 55% reduction[11] Cash and Assets - As of September 30, 2024, cash, cash equivalents, and marketable securities totaled $29.0 million, down from $43.2 million as of December 31, 2023[5] - Total assets decreased to $47.1 million as of September 30, 2024, from $65.7 million as of December 31, 2023[12] - The company anticipates that current cash reserves will fund operations into Q3 2025[5] Expenses - Research and development expenses decreased by $1.8 million to $2.8 million in Q3 2024 from $4.6 million in Q3 2023, primarily due to reduced headcount and completion of studies[7] - General and administrative expenses decreased by $0.5 million to $3.8 million in Q3 2024 from $4.3 million in Q3 2023, attributed to lower personnel-related expenses[8] Future Expectations - The company expects topline 24-week primary endpoint data from the Phase 2b ASPIRE study in Q1 2025 and 36-week data in Q2 2025[4] - UNITY had a Type C interaction with the FDA regarding the development of UBX1325 for diabetic macular edema (DME), indicating a pivotal study will likely be a non-inferiority trial[2] Share Information - The weighted-average number of shares used in computing net loss per share for Q3 2024 was 16,849,283, compared to 14,598,218 in Q3 2023[11]

Core Insights - UNITY Biotechnology, Inc. reported its financial results for Q3 2024, highlighting a focus on developing therapeutics for aging-related diseases, particularly diabetic macular edema (DME) [1][5]. Company Developments - The CEO emphasized the significant unmet need in the DME market due to inadequate responses to current treatments and high treatment burdens [2]. - UNITY is advancing UBX1325 (foselutoclax), which utilizes a novel mechanism of action aimed at improving long-term visual outcomes for DME patients [2][3]. - A Type C interaction with the FDA indicated that a pivotal study for UBX1325 would likely need to be a non-inferiority trial against aflibercept, with best-corrected visual acuity as the primary endpoint [2][4]. Clinical Trials - The Phase 2b ASPIRE study is designed to evaluate the safety and efficacy of UBX1325 in comparison to aflibercept, with topline data expected in Q1 2025 and further data in Q2 2025 [4]. Financial Performance - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $29.0 million, down from $43.2 million at the end of 2023, which is projected to fund operations into Q3 2025 [5]. - The net loss for Q3 2024 was $6.5 million, a decrease from $14.8 million in Q3 2023, with operational cash usage also reduced significantly [6]. - Research and development expenses decreased to $2.8 million from $4.6 million year-over-year, attributed to reduced personnel costs and the completion of certain studies [7]. - General and administrative expenses also saw a decline to $3.8 million from $4.3 million, primarily due to reduced headcount and lower bonus payments [8]. Balance Sheet Overview - Total assets as of September 30, 2024, were $47.1 million, down from $65.7 million at the end of 2023, with total liabilities at $33.0 million [12]. - The accumulated deficit increased to $501.9 million from $484.4 million, reflecting ongoing operational losses [12].

Core Viewpoint - UNITY Biotechnology, Inc. (UBX) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the changing earnings picture of a company [1][2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, largely influenced by institutional investors who adjust their valuations based on these estimates [4]. Company Performance and Outlook - The upgrade for UNITY Biotechnology indicates an improvement in the company's underlying business, which is expected to positively impact its stock price [5]. - For the fiscal year ending December 2024, UNITY Biotechnology is projected to earn -$1.49 per share, representing a 45.6% change from the previous year, with a 24% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - The upgrade to Zacks Rank 2 places UNITY Biotechnology in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Core Viewpoint - UNITY Biotechnology, Inc. reported its financial results for Q2 2024, highlighting progress in its clinical studies and a significant reduction in net loss compared to the previous year [1][5]. Financial Performance - Cash, cash equivalents, and marketable securities totaled $34.0 million as of June 30, 2024, down from $43.2 million as of December 31, 2023, indicating a decrease in liquidity [4]. - The net loss for Q2 2024 was $5.3 million, a significant reduction from $15.5 million in Q2 2023, reflecting improved operational efficiency [5]. - Cash used in operations during the first and second quarters of 2024 was $9.8 million, compared to $22.4 million in the same period of 2023, showing a decrease in operational cash burn [5]. Research and Development - Research and development expenses decreased by $3.0 million to $3.5 million in Q2 2024 from $6.4 million in Q2 2023, primarily due to reduced personnel costs and the completion of previous studies [6]. - General and administrative expenses also decreased by $1.9 million to $3.5 million in Q2 2024 from $5.4 million in Q2 2023, attributed to lower personnel-related expenses and professional fees [7]. Clinical Development - The ASPIRE study has been expanded to include 50 patients over 36 weeks to better assess the efficacy of UBX1325 compared to aflibercept, with enrollment goals exceeded [2][3]. - Topline data for the 24-week primary endpoint is expected in Q1 2025, with 36-week data anticipated in Q2 2025 [3]. Company Overview - UNITY is focused on developing therapeutics aimed at slowing, halting, or reversing diseases of aging, particularly through the elimination or modulation of senescent cells [8].

SOUTH SAN FRANCISCO, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (UNITY) (NASDAQ:UBX), a biotechnology company developing therapeutics to slow, halt, or reverse diseases of aging, today reported financial results for the second quarter ended June 30, 2024. "Having expanded and extended our ASPIRE study to 50 patients and 36 weeks, respectively, to better assess the efficacy and durability of UBX1325 compared to aflibercept, we have been laser-focused on enrollment and execution this ...

Core Insights - UNITY Biotechnology, Inc. has appointed Alicia Tozier as chief strategy officer to develop and implement corporate and product strategies [1][6] - Ms. Tozier has 20 years of experience in the pharma and medical device industry, with a strong background in ophthalmology and a proven track record of successful product launches [2][6] - The company is focused on developing therapeutics to slow, halt, or reverse diseases of aging, particularly targeting age-related ophthalmologic and neurologic diseases [7] Company Overview - UNITY is a biotechnology company that aims to create medicines that selectively eliminate or modulate senescent cells [7] - The current lead program, UBX1325, is positioned to transform the treatment landscape for diabetic macular edema (DME) [6][7] - UNITY's strategic direction is expected to benefit from Ms. Tozier's expertise in commercial strategy and product planning [6] Leadership and Strategy - Alicia Tozier's previous roles include senior vice president at Outlook Therapeutics and head of ophthalmology at Genentech Pharmaceuticals, where she led significant market access and product launches [2][6] - The CEO of UNITY, Anirvan Ghosh, expressed confidence in Ms. Tozier's ability to drive the company's strategic vision and operational excellence [6] - Ms. Tozier is optimistic about UNITY's potential as it transitions into a late-stage clinical development organization [7]

UNITY Biotechnology, Inc. (UBX) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Since a changing ...

Unity Biotechnology, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to _________ Commission File Number: 001-38470 (Exact Name of Registrant as Specified in its Charter) Delaware 26-4726035 (Sta ...

SOUTH SAN FRANCISCO, Calif., May 14, 2024 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (UNITY) (NASDAQ:UBX), a biotechnology company developing therapeutics to slow, halt, or reverse diseases of aging, today reported financial results for the first quarter ended March 31, 2024. Forward-Looking Statements "Our team remains focused on the enrollment and execution of our Phase 2b ASPIRE study in diabetic macular edema, comparing UBX1325 (foselutoclax) against aflibercept," said Anirvan Ghosh, Ph.D., chief exe ...