Clinical Trials and Research - CM24 achieved a 79% reduction in risk of death (HR 0.21, p = 0.04) in a biomarker-enriched patient population during the Phase 2 study for second-line pancreatic cancer, with a median overall survival improvement of 5.1 months[6] - NT219 is advancing into a Phase 2 study for recurrent/metastatic squamous cell carcinoma of the head and neck, combining with pembrolizumab and cetuximab, with patient enrollment expected to start in the first half of 2025[8] - CAPTN-3 platform demonstrated sustained tumor regression in preclinical studies, showing potential for enhanced tumor-specific immunity against various cancer types[12] - The U.S. Patent and Trademark Office issued a patent for NT219 in combination with EGFR antibodies, enhancing global IP protection for the drug[11] Financial Performance - Research and Development Expenses for Q4 2024 were $0.5 million, a decrease of 90.4% compared to $5.2 million in Q4 2023, primarily due to reduced clinical trial expenses[14] - Operating Loss for Q4 2024 was $1 million, a decrease of 84.1% from $6.3 million in Q4 2023, attributed to lower research and development expenses[15] - Net Loss for the year ended December 31, 2024, was $7.3 million, a significant decrease from $20 million in 2023, reflecting a $11.3 million reduction in operating expenses[23] - Sales, General and Administrative Expenses for the year were $3.2 million, a decrease of 38.5% compared to $5.2 million in 2023, mainly due to reduced salary-related expenses[21] - Operating loss for the year ended December 31, 2024, was USD 11,005 thousand, a reduction of 50.7% compared to USD 22,271 thousand in 2023[31] - Total comprehensive loss for the year ended December 31, 2024, was USD 7,298 thousand, down from USD 19,952 thousand in 2023, a reduction of 63.4%[31] Cash and Assets - As of December 31, 2024, the company had cash and cash equivalents of $8.2 million, providing a cash runway into mid-2026[18] - Cash and cash equivalents at the end of 2024 were USD 7,401 thousand, down 48.8% from USD 14,489 thousand at the end of 2023[33] - Total current assets decreased from USD 15,788 thousand in 2023 to USD 8,908 thousand in 2024, a decline of approximately 43.5%[30] Liabilities and Equity - Total liabilities decreased from USD 9,701 thousand in 2023 to USD 3,987 thousand in 2024, a reduction of approximately 58.9%[30] - Proceeds from issuance of ADSs increased significantly to USD 5,809 thousand in 2024 from USD 1,563 thousand in 2023[32] - Basic loss per ADS improved from USD 17.96 in 2023 to USD 4.44 in 2024, a decrease of approximately 75.7%[31] - Net cash used in operating activities for 2024 was USD 14,367 thousand, compared to USD 19,925 thousand in 2023, a decrease of 28.4%[32]
Purple Biotech .(PPBT) - 2024 Q4 - Annual Report