Financial Performance - Cash position was approximately $27.9 million as of June 30, 2024, expected to fund operations into the second quarter of 2025[11] - Net loss for Q2 2024 was approximately $10.1 million, or $1.85 per share, compared to a net loss of $0.7 million, or $0.15 per share, in Q2 2023[10] - NeuroBo Pharmaceuticals reported total operating expenses of $10,084,000 for the three months ended June 30, 2024, compared to $3,806,000 for the same period in 2023, representing an increase of 164%[19] - The company incurred a net loss of $10,053,000 for the three months ended June 30, 2024, compared to a net loss of $734,000 for the same period in 2023, indicating a significant increase in losses[19] - Research and development expenses for the six months ended June 30, 2024, were $12,978,000, up from $3,001,000 for the same period in 2023, reflecting a 332% increase[19] - The accumulated deficit increased to $(125,032,000) as of June 30, 2024, compared to $(108,265,000) as of December 31, 2023, reflecting a deterioration of 15.5%[18] Research and Development - Research and Development (R&D) expenses for Q2 2024 were approximately $8.1 million, up from $2.4 million in Q2 2023, reflecting increased activities for DA-1241 and DA-1726[6] - DA-1726 demonstrated superiority in weight loss and lipid-lowering effects in pre-clinical models compared to Survodutide and Tirzepatide[1] - The SAD Part 1 of the Phase 1 trial for DA-1726 was fully enrolled with 45 participants, and top-line data is expected in Q3 2024[4] - DA-1241 Phase 2a trial for MASH is underway, with top-line data expected in Q4 2024[5] - A joint research agreement was signed with Dong-A ST and ImmunoForge to develop a long-acting formulation of DA-1726[4] - NeuroBo is developing DA-1726 and DA-1241 for obesity and MASH, respectively, with DA-1726 being a dual agonist that may lead to superior weight loss compared to selective GLP1R agonists[12] - The company is focused on transforming cardiometabolic diseases, with ongoing clinical trials and a commitment to advancing its product candidates[12] Financing and Capital Structure - NeuroBo Pharmaceuticals successfully completed a financing of up to $70 million, with $20 million upfront and an additional $50 million upon the exercise of clinical milestone-based warrants[1] - The company anticipates that Series A Warrants from the June financing could be exercised in the first half of 2025, resulting in gross proceeds of $20 million[11] - As of June 30, 2024, NeuroBo's total current assets were $28,517,000, an increase from $22,512,000 as of December 31, 2023, showing a growth of 27%[17] - The company's cash balance increased to $27,934,000 as of June 30, 2024, compared to $22,435,000 as of December 31, 2023, representing a 24% increase[17] - Total liabilities as of June 30, 2024, were $9,809,000, up from $6,096,000 as of December 31, 2023, indicating a rise of 61%[16] - The weighted average shares of common stock, basic and diluted, were 5,428,906 for the three months ended June 30, 2024, compared to 5,059,003 for the same period in 2023, showing an increase of 7.3%[19]
NeuroBo Pharmaceuticals(NRBO) - 2024 Q2 - Quarterly Results