Financial Position - Cash and cash equivalents were $89.1 million as of September 30, 2024, expected to fund operations into mid-2026[8] - Total assets increased to $104,542,000 as of September 30, 2024, compared to $47,057,000 on December 31, 2023, representing a growth of 122%[19] - Cash and cash equivalents rose significantly to $89,078,000 from $25,617,000, marking an increase of 248%[19] - Stockholders' equity improved to $18,295,000, recovering from a deficit of $(182,921,000) as of December 31, 2023[19] - Accounts payable and accrued expenses decreased to $10,170,000 from $13,231,000, a reduction of 23%[19] - Venture debt increased to $12,604,000 from $5,459,000, reflecting a rise of 130%[19] - The company reported a CVR liability of $2,680,000, which was not present in the previous period[19] - Right-of-use asset for operating leases slightly decreased to $5,869,000 from $6,301,000, a decline of 7%[19] - Restricted cash and equivalents dropped significantly to $647,000 from $5,647,000, a decrease of 89%[19] - Other assets decreased to $6,348,000 from $9,492,000, a decline of 33%[19] - Convertible preferred stock was eliminated, down from $111,445,000 in the previous period[19] Expenses - Research and development expenses increased to $14.3 million for Q3 2024, up from $7.5 million in Q3 2023, primarily due to higher clinical trial costs[9] - General and administrative expenses rose to $4.5 million for Q3 2024, compared to $2.2 million in Q3 2023, driven by increased stock-based compensation and consulting costs[10] Net Loss - Net loss for Q3 2024 was $17.6 million, or $1.46 per share, compared to a net loss of $14.0 million, or $40.52 per share, in Q3 2023[11] Clinical Trials - Bempikibart Phase 2 trials for atopic dermatitis and alopecia areata are on track, with topline results expected in December 2024[2] - Enrollment in the ADX-097 Phase 2 basket trial for complement mediated renal diseases is ongoing, with initial open-label data expected in 1H 2025[6] - A total of 121 patients were enrolled in the Bempikibart SIGNAL-AD Phase 2 trial, exceeding the initial target of approximately 100 patients due to high demand[4] - The primary endpoint for the Bempikibart SIGNAL-AD trial is the mean percent change in the Eczema Area and Severity Index (EASI) score from baseline to week 14[3] - The company plans to commence the ADX-097 Phase 2 trial in ANCA-Associated Vasculitis in the first half of 2025, with topline results expected in the second half of 2025[6] - Positive Phase 1 results for ADX-097 were presented at ASN Kidney Week 2024, demonstrating a favorable safety profile and desired pharmacokinetic properties[7]
Q32 Bio Inc.(QTTB) - 2024 Q3 - Quarterly Results