CervoMed (CRVO) - 2024 Q2 - Quarterly Results

Clinical Trials - CervoMed completed enrollment in its RewinD-LB Phase 2b clinical trial for neflamapimod in early-stage dementia with Lewy bodies (DLB) in June 2024, with topline data expected in December 2024 [2]. - Approximately two-thirds of screened patients met the exclusion criteria for plasma ptau181, indicating that half or more of diagnosed DLB individuals are still in early stages [2]. Financial Performance - The company raised up to $149.4 million through a private placement with institutional healthcare investors in April 2024, providing cash runway through 2025 [3]. - As of June 30, 2024, CervoMed had approximately $50.9 million in cash, cash equivalents, and marketable securities, up from $7.8 million as of December 31, 2023 [4]. - Grant revenue for the six months ended June 30, 2024, was approximately $5.6 million, an increase from $3.1 million for the same period in 2023, due to more active trial sites [5]. - Grant revenue for Q2 2024 was $3,288,971, up 91.1% from $1,719,944 in Q2 2023 [12]. - Total operating expenses for Q2 2024 were $6,284,070, an increase of 112.5% compared to $2,950,941 in Q2 2023 [12]. - Interest income for Q2 2024 was $678,441, a substantial increase from $17,707 in Q2 2023 [12]. Expenses - Research and Development (R&D) expenses for Q2 2024 were approximately $3.8 million, compared to $2.0 million in Q2 2023, primarily due to increased costs related to the RewinD-LB Trial [6]. - Research and development expenses in Q2 2024 reached $3,772,391, a 92.5% increase from $1,958,388 in Q2 2023 [12]. - General and Administrative (G&A) expenses were approximately $2.5 million in Q2 2024, up from $1.0 million in Q2 2023, driven by increased public company costs [7]. - General and administrative expenses for Q2 2024 were $2,511,679, up 153.5% from $992,553 in Q2 2023 [12]. Losses - The operating loss for Q2 2024 was approximately $3.0 million, compared to $1.2 million for the same period in 2023 [7]. - The net loss for Q2 2024 was approximately $2.3 million, compared to a net loss of approximately $1.4 million for the same period in 2023 [7]. - Loss from operations for Q2 2024 was $(2,995,099), compared to $(1,230,997) in Q2 2023 [12]. - Net loss for Q2 2024 was $(2,316,905), an increase from $(1,425,501) in Q2 2023 [12]. - Net loss per share for Q2 2024 was $(0.27), compared to $(2.75) in Q2 2023 [12]. - Total comprehensive loss for Q2 2024 was $(2,336,607), compared to $(1,425,501) in Q2 2023 [12]. Market Position - CervoMed was added to the Russell 2000® and Russell 3000® Indexes effective July 1, 2024, as part of the annual reconstitution [3]. - Weighted average shares outstanding for Q2 2024 were 8,702,764, significantly higher than 518,140 in Q2 2023 [12].