Alaunos Therapeutics(US:TCRT)2024-11-14 14:30Financial Performance - The company reported a net loss of $3.9 million for the nine months ended September 30, 2024, with an accumulated deficit of approximately $919.7 million since inception in 2003[55]. - Revenue for the nine months ended September 30, 2024, was $6 thousand, compared to $4 thousand for the same period in 2023, reflecting a 50% increase[67]. - Other income, net, for the three months ended September 30, 2024 was $23, a decrease of $0.2 million (88%) compared to $188 in the same period in 2023[72]. - For the nine months ended September 30, 2024, other income, net, increased by $1.1 million compared to the same period in 2023, primarily due to no interest expense associated with the former amended Loan and Security Agreement[73]. - Net cash used in operating activities for the nine months ended September 30, 2024 was $4.4 million, a decrease from $22.8 million in the same period in 2023[76]. - Working capital as of September 30, 2024 was $2.8 million, a decrease from $6.3 million as of December 31, 2023[77]. Research and Development - Research and development expenses for the three months ended September 30, 2024, decreased by $3.5 million (96%) compared to the same period in 2023, primarily due to the wind-down of clinical activities[68]. - Research and development expenses for the nine months ended September 30, 2024, decreased by $14.8 million (97%) compared to the same period in 2023, driven by reduced program expenses and headcount[69]. - The TCR-T Library Phase 1/2 Trial treated eight patients, achieving a total overall response rate of 13% and a disease control rate of 87% in evaluable patients[56][58]. - The company aims to develop a small molecule oral obesity drug with a differentiated profile, anticipating in vitro testing to begin in Q4 2024[62]. Administrative Expenses - General and administrative expenses for the three months ended September 30, 2024 decreased by $2.6 million (72%) compared to the same period in 2023, primarily due to a $2.4 million decrease in consulting and employee-related expenses[70]. - For the nine months ended September 30, 2024, general and administrative expenses decreased by $6.2 million (63%) compared to the same period in 2023, mainly due to a $3.2 million decrease in employee-related expenses and a $2.5 million decrease in consulting expenses[71]. Strategic Actions - The company has engaged Cantor Fitzgerald & Co. as a strategic advisor to explore alternatives including acquisitions, mergers, and capital raises[55][60]. - The company has reduced its workforce by approximately 95% to extend its cash runway amid strategic reprioritization efforts[60]. - The company announced the termination of its Cooperative Research and Development Agreement with the NCI effective October 13, 2023, and the termination of the Patent License with the NCI effective December 26, 2023[55]. Compliance and Financing - The company received a delisting determination from Nasdaq due to a closing bid price below $0.10 per share, but successfully appealed and regained compliance with the minimum bid price requirement by February 16, 2024[61]. - The company anticipates that its cash resources will be sufficient to fund operations into the third quarter of 2024, but additional financing will be necessary to continue operations beyond that[77]. - The company did not recognize any royalty payments under the Patent License for the three and nine months ended September 30, 2024, and had paid a total of $0.8 million in minimum annual royalty payments under the Patent License as of September 30, 2024[78]. - The company recorded revenue of $6 thousand under the License and Collaboration Agreement for the nine months ended September 30, 2024, compared to $4 thousand in the same period in 2023[79].