AVROBIO(AVRO) - 2024 Q3 - Quarterly Results

Financial Position - Cash and cash equivalents were $159.1 million as of September 30, 2024, down from$185.1 million as of June 30, 2024, providing a cash runway into mid-2027[4] - Cash and cash equivalents increased to $159,095 thousand as of September 30, 2024, up from$28,769 thousand on December 31, 2023[11] - Working capital improved to $145,278 thousand, a significant recovery from a deficit of$(10,004) thousand[11] - Total assets rose to $168,717 thousand, compared to$39,399 thousand at the end of 2023[11] - Total stockholders' equity turned positive at $150,361 thousand, recovering from a deficit of$(84,636) thousand[11] Expenses - Research and development expenses increased to $14.3 million for Q3 2024, compared to$8.1 million for Q3 2023, primarily due to higher external research costs[4] - General and administrative expenses rose to $5.3 million for Q3 2024, up from$2.0 million for Q3 2023, driven by increased personnel-related costs and professional fees[4] Net Loss - The net loss for Q3 2024 was $17.7 million, compared to a net loss of$10.1 million for Q3 2023[4] Clinical Trials - The first subject was dosed with TX000045 in the APEX Phase 2 clinical trial in early October 2024, with topline results expected in 2026[2] - Favorable Phase 1a topline trial results for TX45 were announced in September 2024, showing good tolerability and a favorable pharmacokinetic profile[2] - Development candidate TX2100 was selected for the HHT program, with plans to initiate a Phase 1 clinical trial in Q4 2025 or Q1 2026[2] - Ongoing Phase 1b hemodynamic clinical trial results for TX45 are expected in late Q1 2025 or early Q2 2025[3] - The APEX Phase 2 clinical trial is a 24-week placebo-controlled study evaluating TX45 in subjects with PH-HFpEF[2] Future Outlook - Tectonic anticipates that its current cash position will support key Phase 1b and Phase 2 readouts for TX45 and the progression of the HHT program into clinical development[4]