Alaunos Therapeutics(TCRT) - 2024 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2024, the company reported a net loss of $3.2 million, with an accumulated deficit of approximately $918.9 million since inception in 2003[39]. - Revenue for the three months ended June 30, 2024, was $4 thousand, unchanged from the same period in 2023, while revenue for the six months ended June 30, 2024, increased by 50% to $6 thousand compared to $4 thousand in 2023[46]. - The company has not generated any product revenue and continues to incur significant operating expenditures and net losses for the foreseeable future[39]. - Other income (expense), net, for the three months ended June 30, 2024, increased by $0.8 million compared to the same period in 2023, primarily due to no interest expense associated with the former amended Loan and Security Agreement[51]. - For the six months ended June 30, 2024, other income (expense), net, increased by $1.3 million compared to the same period in 2023, again primarily due to no interest expense associated with the former amended Loan and Security Agreement[52]. - The company recorded revenue of $5 thousand and $6 thousand under the License and Collaboration Agreement for the three and six months ended June 30, 2024, respectively[57]. Expenses and Cost Management - Research and development expenses for the three months ended June 30, 2024, decreased by 97% to $180 thousand from $5.2 million in the same period in 2023, primarily due to the wind-down of clinical activities[47]. - General and administrative expenses for the three months ended June 30, 2024, decreased by 67% to $990 thousand from $3.0 million in the same period in 2023, attributed to reduced headcount[49]. - Net cash used in operating activities for the six months ended June 30, 2024, was $3.6 million, a decrease from $16.4 million for the same period in 2023, primarily due to changes in net loss[54]. Strategic Initiatives - The company has engaged Cantor Fitzgerald & Co. as a strategic advisor to explore alternatives including acquisitions, mergers, and capital raises[39]. - The company is exploring strategic alternatives, including acquisitions, mergers, and capital raises, while engaging Cantor as a strategic advisor[53]. - The company has reduced its workforce by approximately 95% to extend its cash runway amid strategic reprioritization[42]. Compliance and Financial Position - The company received a delisting determination from Nasdaq due to its stock price falling below $0.10 per share, but has since regained compliance with the minimum bid price requirement[43]. - As of June 30, 2024, the accumulated deficit was approximately $918.9 million, with cash and cash equivalents of approximately $2.5 million[55]. - Working capital as of June 30, 2024, was $3.4 million, down from $6.3 million as of December 31, 2023[55]. - The company anticipates that cash resources will be sufficient to fund operations into the third quarter of 2024, but additional financing will be necessary to continue operations beyond that point[55]. Research and Development Updates - The TCR-T Library Phase 1/2 Trial treated eight patients, achieving a total overall response rate of 13% and a disease control rate of 87% in evaluable patients[40]. - The company announced the termination of its Cooperative Research and Development Agreement with the National Cancer Institute effective October 13, 2023[39]. - No royalty payments were recognized under the Patent License for the three and six months ended June 30, 2024, while $0.3 million was recognized in the same periods of 2023[56].