Third Harmonic Bio(US:THRD)2024-11-07 13:10Financial Performance - Cash and cash equivalents totaled $296.1 million as of September 30, 2024, an increase from $269.1 million as of December 31, 2023[10] - Net loss for Q3 2024 increased to $13.8 million from $7.3 million in Q3 2023, a rise of 89.0%[6] - Net loss for the nine months ended September 30, 2024, was $32.4 million, compared to $24.0 million for the same period in 2023, an increase of 35.0%[6] - Total assets increased to $304.5 million as of September 30, 2024, from $277.7 million as of December 31, 2023[10] Research and Development - Research and development (R&D) expenses increased to $11.3 million for Q3 2024, up from $6.0 million in Q3 2023, representing an increase of 88.3%[4] - R&D expenses for the nine months ended September 30, 2024, rose to $26.0 million, compared to $18.0 million for the same period in 2023, reflecting a 44.4% increase[4] - The lead product candidate, THB335, is a small-molecule inhibitor currently in Phase 1 clinical trials targeting mast cell-mediated inflammatory diseases[7] - The Phase 1 SAD/MAD clinical trial of THB335 is on track to deliver results in Q1 2025[1] General and Administrative Expenses - General and administrative (G&A) expenses for Q3 2024 were $5.7 million, up from $4.9 million in Q3 2023, a 16.3% increase[5] Cash Flow and Funding - The company expects its existing cash and cash equivalents to fund operations through at least 2026[3]