Onconova Therapeutics(US:ONTX)2024-08-15 11:30Financial Performance - Traws Pharma reported a net loss of $123.1 million for Q2 2024, equating to $4.87 per basic and diluted common share, significantly higher than the net loss of $4.3 million or $0.20 per share in Q2 2023[9]. - Revenue for Q2 2024 was $57,000, consistent with Q2 2023[16]. - Total operating expenses for Q2 2024 were $123,405,000, compared to $4,667,000 in Q2 2023[16]. - Net loss for Q2 2024 was $123,143,000, compared to a net loss of $4,250,000 in Q2 2023[16]. - Loss from operations for Q2 2024 was $(123,348,000), significantly higher than $(4,610,000) in Q2 2023[16]. - Basic and diluted net loss per share for Q2 2024 was $(4.87), compared to $(0.20) in Q2 2023[16]. - Acquired in-process research and development expenses were $117,464,000 for Q2 2024, with no prior year comparison[16]. - Research and development expenses increased to $3,964,000 in Q2 2024 from $2,456,000 in Q2 2023[16]. - General and administrative expenses decreased to $1,977,000 in Q2 2024 from $2,211,000 in Q2 2023[16]. - Other income for Q2 2024 was $205,000, down from $360,000 in Q2 2023[16]. Cash and Liabilities - The company had cash, cash equivalents, and short-term investments of approximately $16.9 million as of June 30, 2024, down from $20.8 million at the end of 2023, which is expected to support operations through year-end 2024[7]. - Traws Pharma's total liabilities as of June 30, 2024, were approximately $12.6 million, compared to $12.0 million at the end of 2023[15]. Research and Development - Research and development (R&D) expenses for Q2 2024 totaled $4.0 million, an increase from $2.5 million in the same period of 2023, primarily due to costs associated with ongoing clinical studies[8]. - Traws Pharma completed a merger with Trawsfynydd Therapeutics and a concurrent private placement of $14 million, expanding its clinical portfolio to include two oral small molecule programs for influenza and COVID-19[5]. - The company is advancing its antiviral program, with Phase 1 results for tivoxavir marboxil expected in Q4 2024 and initiation of Phase 2 studies planned for Q4 2024/Q1 2025[3]. - Ratutrelvir, targeting COVID-19, completed Phase 1 studies in Australia, with topline results expected in Q4 2024 and Phase 2 studies to follow[4]. - The oncology strategy includes investigator-sponsored trials for narazaciclib, with topline results from Phase 1/2 studies anticipated in H2 2024[3]. - The company plans to announce the recommended Phase 2 dose for narazaciclib and initiate ISTs in multiple myeloma and breast cancer in H2 2024[3]. Corporate Communication - A corporate update call is scheduled for August 15, 2024, to discuss recent business progress and financial results[1].