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Nuvectis Pharma(NVCT) - 2024 Q1 - Quarterly Results
Nuvectis PharmaNuvectis Pharma(US:NVCT)2024-05-07 13:13

Financial Performance - Nuvectis reported a net loss of $4.2 million for Q1 2024, an increase of $0.2 million compared to a net loss of $4.0 million in Q1 2023[5] - Cash and cash equivalents increased to $19.5 million as of March 31, 2024, up from $19.1 million as of December 31, 2023, reflecting a $0.4 million increase[4] - Research and development expenses rose to $2.7 million in Q1 2024, compared to $2.4 million in Q1 2023, marking an increase of $0.3 million[6] - Interest income increased to $0.2 million in Q1 2024, compared to $0.1 million in Q1 2023[7] - The accumulated deficit as of March 31, 2024, was $58.4 million, up from $54.2 million as of December 31, 2023[12] Assets and Liabilities - Total current assets as of March 31, 2024, were $19.7 million, compared to $19.2 million as of December 31, 2023[12] - Total liabilities decreased to $5.7 million as of March 31, 2024, down from $7.0 million as of December 31, 2023[12] Clinical Developments - NXP800 Phase 1b study in platinum resistant, ARID1a-mutated ovarian cancer showed encouraging preliminary data, with the program granted Fast Track Designation by the US FDA[3] - NXP900's Phase 1a dose-escalation study is ongoing, with new preclinical data presented at the 2024 AACR conference demonstrating its potential in reversing resistance to EGFR and ALK targeted agents[2] - The company expects several clinical data updates in the second half of 2024, indicating a potentially transformational year ahead[2]