Financial Performance - NeuroBo Pharmaceuticals reported a net loss of approximately $5.7 million for Q3 2024, or $0.55 per share, compared to a net loss of approximately $3.8 million, or $0.75 per share, in Q3 2023[13]. - The net loss for the three months ended September 30, 2024, was $5,652 thousand, compared to a net loss of $3,818 thousand for the same period in 2023, reflecting an increase in loss of approximately 48.0%[24]. - The loss per share for the three months ended September 30, 2024, was $(0.55), compared to $(0.75) for the same period in 2023[24]. Research and Development - Research and Development (R&D) expenses for Q3 2024 were approximately $4.5 million, up from approximately $2.3 million in Q3 2023, reflecting increased activities for DA-1241 and DA-1726[7]. - R&D expenses for the nine months ended September 30, 2024, were approximately $17.5 million, compared to $5.3 million for the same period in 2023, reflecting increased clinical trial expenditures[8]. - Research and development expenses for the three months ended September 30, 2024, were $4,517 thousand, up 97.2% from $2,292 thousand for the same period in 2023[24]. - Positive top-line data from the SAD Part 1 of the Phase 1 trial of DA-1726 indicated favorable safety and tolerability, with 45 participants showing no serious adverse events[5]. - Top-line results from the Phase 2a trial of DA-1241 for the treatment of MASH are expected in December 2024[6]. - The last patient visit in the MAD study Part 2 for DA-1726 is expected in Q4 2024, with top-line data anticipated in Q1 2025[6]. - The company plans to initiate Part 3 of the Phase 1 clinical trial for DA-1726 in Q3 2025, following the completion of Part 2[4]. - A joint research agreement was signed with Dong-A ST and ImmunoForge to develop a long-acting, once-monthly formulation of DA-1726[3]. Financial Position - The company had approximately $21.7 million in cash as of September 30, 2024, expected to fund operations into Q3 2025[15]. - Total current assets decreased from $22,512 thousand as of December 31, 2023, to $21,935 thousand as of September 30, 2024, a decline of approximately 2.56%[21]. - Total liabilities increased from $6,096 thousand as of December 31, 2023, to $9,193 thousand as of September 30, 2024, representing an increase of approximately 50.00%[22]. - Total stockholders' equity decreased from $16,685 thousand as of December 31, 2023, to $12,953 thousand as of September 30, 2024, a decline of approximately 22.4%[23]. Other Income and Expenses - Total other income for Q3 2024 was approximately $0.6 million, compared to $0.1 million in Q3 2023, primarily due to a gain related to the change in fair value of warrant liabilities[11]. - Total operating expenses rose to $6,259 thousand for the three months ended September 30, 2024, compared to $3,893 thousand for the same period in 2023, an increase of approximately 60.7%[24]. - The change in fair value of warrant liabilities resulted in an income of $297 thousand for the three months ended September 30, 2024, compared to an expense of $(87) thousand for the same period in 2023[24]. - Interest income increased to $310 thousand for the three months ended September 30, 2024, from $162 thousand for the same period in 2023, an increase of approximately 91.4%[24].
NeuroBo Pharmaceuticals(NRBO) - 2024 Q3 - Quarterly Results