Clinical Trials and Designations - Target patient enrollment of 92 evaluable patients achieved in the VIRAGE Phase 2b clinical trial of VCN-01 for metastatic pancreatic ductal adenocarcinoma[1] - Orphan Medicinal Product Designation granted by the European Commission to VCN-01 for retinoblastoma treatment[1] - Rare Pediatric Disease Designation granted by the FDA for VCN-01 for retinoblastoma treatment[6] - No adverse events related to SYN-004 treatment were reported in Cohort 2 of the Phase 1b/2a trial[10] - Discussions initiated with regulatory agencies to explore potential expansion of the VIRAGE Phase 2b study into a Phase 3 registrational trial[4] Financial Performance - General and administrative expenses increased to $2.3 million for Q3 2024, a 986% increase from $212,000 in Q3 2023[11] - Research and development expenses decreased to $2.7 million for Q3 2024, down 32% from approximately $4.0 million in Q3 2023[12] - Cash and cash equivalents totaled $16.4 million as of September 30, 2024, compared to $23.2 million as of December 31, 2023[15] - Net loss attributable to common stockholders increased from $12,864 million in September 2023 to $21,206 million in September 2024, reflecting a loss increase of approximately 64.8%[19] - The company reported a net loss per share of $24.47 for the period ending September 30, 2024, compared to $20.38 for the same period in 2023[19] - Total comprehensive loss for September 2024 was $21,126 million, compared to $13,243 million in September 2023, an increase of about 59.5%[19] Assets and Liabilities - Total assets decreased from $55,219 million on December 31, 2023, to $40,108 million on September 30, 2024, representing a decline of approximately 27.4%[18] - Total current assets decreased from $27,403 million to $19,533 million, a reduction of about 28.7%[18] - Total liabilities remained relatively stable, with a slight decrease from $15,522 million to $15,473 million[18] Shareholder Information - The weighted average number of shares outstanding during the period increased from 631,387 to 866,529, indicating a rise of approximately 37.3%[19] Impairment Charges - Impairment charge of $1.3 million recorded for in-process R&D, reducing its carrying value from $19.8 million to $18.6 million[13] - The company recorded an impairment of in-process research and development amounting to $1,325 million for the period[19] Awards and Recognition - Company placed second in Merck KGaA's EMEA Advance Biotech Grant competition, receiving financial support for bioprocessing technologies[8]
Synthetic Biologics(TOVX) - 2024 Q3 - Quarterly Results