Nuvectis Pharma(US:NVCT)2024-11-05 12:08Financial Performance - Nuvectis Pharma reported a net loss of $4.2 million for Q3 2024, a decrease from $5.9 million in Q3 2023, representing a 29.6% improvement year-over-year[4]. - The basic and diluted net loss per common share outstanding was $0.24 for Q3 2024, compared to $0.37 for Q3 2023[11]. Cash and Investments - Cash, cash equivalents, and short-term investments decreased to $17.2 million as of September 30, 2024, down from $19.1 million as of December 31, 2023, a decline of approximately 10.0%[3]. - Nuvectis expects its current cash position to support important milestones for clinical programs and provide working capital well into 2026[2]. Expenses - Research and development expenses were $2.8 million for Q3 2024, down from $4.5 million in Q3 2023, indicating a reduction of 37.2%[5]. - General and administrative expenses decreased to $1.5 million in Q3 2024 from $1.7 million in Q3 2023, a decline of 12.0%[5]. Clinical Development - The company has completed 4 cohorts in the NXP900 Phase 1a dose escalation study with no dose limiting toxicities reported[2]. - NXP800 has received Orphan Drug Designation from the FDA for treating ARID1a-deficient ovarian, fallopian tube, and primary peritoneal cancers[2]. - The company anticipates a clinical data update from the NXP800 Phase 1b study in platinum-resistant, ARID1a-mutated ovarian cancer within the month[2]. Stockholders' Equity - The total stockholders' equity decreased to $10.99 million as of September 30, 2024, from $12.20 million as of December 31, 2023[10].