Cyclerion(US:CYCN)2020-05-04 21:07Research and Development Expenses - Research and development expenses for Q1 2020 totaled $16.825 million, a decrease of 36.5% from $26.404 million in Q1 2019[133] - Research and development expenses decreased by approximately $9.6 million to $16.8 million for the three months ended March 31, 2020, a reduction of 36% compared to $26.4 million in the prior year[148] External Costs - Olinciguat incurred external costs of $2.626 million in Q1 2020, down from $3.971 million in Q1 2019[133] - Praliciguat external costs were $135, significantly lower than $5.738 million in Q1 2019[133] - IW-6463 external costs increased to $1.338 million in Q1 2020 from $461 thousand in Q1 2019[133] - Total product pipeline external costs for Q1 2020 were $4.112 million, a reduction of 61.6% compared to $10.704 million in Q1 2019[133] Personnel and Facilities Costs - Personnel and related internal costs for Q1 2020 were $7.737 million, down from $9.758 million in Q1 2019[133] - Facilities and other costs decreased to $4.976 million in Q1 2020 from $5.942 million in Q1 2019[133] Clinical Studies and Development - The company is conducting a Phase 2 study, STRONG-SCD, for Olinciguat with 70 participants enrolled, expecting topline data in Q3 2020[122] - IW-6463 showed positive top-line results in its first-in-human study, demonstrating penetration across the blood-brain barrier[127] - The company is exploring out-licensing opportunities for praliciguat for late-stage global development and commercialization[126] Financial Performance - Revenue from related party for the three months ended March 31, 2020 was $1,014,000, compared to $0 for the same period in 2019, representing a change of 100%[147] - General and administrative expenses decreased by approximately $4.1 million to $6.9 million for the three months ended March 31, 2020, a reduction of 37% compared to $11.0 million in the prior year[149] - The company recorded a gain on lease modification of $2.1 million for the three months ended March 31, 2020, reflecting a 100% change from $0 in the prior year[150] - Net loss for the three months ended March 31, 2020 was $20.2 million, a decrease of 46% from a net loss of $37.4 million in the same period in 2019[147] - Net cash used in operating activities was $29.2 million for the three months ended March 31, 2020, a decrease of 15% from $34.3 million in the prior year[160] - The company had approximately $67.1 million of unrestricted cash and cash equivalents as of March 31, 2020[155] - The company expects existing cash and cash equivalents will be sufficient to fund planned operating expenses into the second quarter of 2021[157] - Cash provided by financing activities was de minimis for the three months ended March 31, 2020, compared to $36.1 million in the prior year[162] - The company anticipates fluctuations in expenses as it advances preclinical activities and clinical trials of its product candidates[163]