Financial Performance - Oncternal Therapeutics reported a net loss of $8.4 million for the three months ended March 31, 2024, with an accumulated deficit of $206.2 million[97]. - The company has incurred net losses since inception, and profitability will depend on the successful development and commercialization of its product candidates[97]. - Net loss improved to $8.4 million in Q1 2024 from $11.5 million in Q1 2023, reflecting a reduction of 26.5%[111]. - Cash used in operating activities decreased to $7.4 million in Q1 2024 from $11.0 million in Q1 2023, a decline of 32.5%[123]. - Interest income decreased to $0.4 million in Q1 2024 from $0.7 million in Q1 2023, a decline of 42.9%[119]. Funding and Financial Position - The company has raised a total of $136.3 million from common stock issuance and $49.0 million from convertible preferred stock since its inception[96]. - As of March 31, 2024, Oncternal had cash, cash equivalents, and short-term investments totaling $27.0 million and no debt[96]. - The company anticipates that existing cash may not be sufficient to fund operations for at least the next twelve months without additional funding or collaborations[127]. - Oncternal anticipates needing substantial additional funding to support ongoing operations and business strategy[100]. Research and Development - The NIH has awarded Oncternal up to $4.0 million in research and development grants to support preclinical activities for ONCT-534 and ONCT-216[104]. - Zilovertamab demonstrated 100% progression-free survival at 42 months in CLL patients with a p53 mutation/del(17p)[96]. - The Phase 1 portion of the ONCT-534 study has completed the safety period for the 160 mg dosing cohort without dose-limiting toxicity[95]. - The company expects significant increases in research and development expenses as it advances its product candidates through clinical trials[106]. - Direct expenses for ONCT-534 increased by $0.6 million due to heightened clinical and manufacturing activities[114]. - The company estimates accrued research and development expenses based on services received and efforts expended, which may lead to uneven payment flows[137]. - Payments to vendors may exceed the level of services provided, resulting in prepayments of research and development expenses[138]. - The company periodically confirms the accuracy of its expense estimates with service providers and adjusts as necessary[137]. Operating Expenses - General and administrative expenses are expected to rise significantly due to costs associated with being a public company and hiring additional personnel[109]. - Total operating expenses decreased to $9.3 million in Q1 2024 from $12.3 million in Q1 2023, a reduction of 24.3%[111]. - Research and development expenses fell to $6.1 million in Q1 2024, down from $9.0 million in Q1 2023, a decrease of 32.9%[113]. - Grant revenue increased to $0.6 million for the three months ended March 31, 2024, compared to $0.2 million in the same period of 2023, representing a 200% increase[112]. Stock Activity - The company sold no shares of common stock in Q1 2024, compared to 55,274 shares sold for net proceeds of $1.2 million in Q1 2023[121].
Oncternal Therapeutics(ONCT) - 2024 Q1 - Quarterly Report