Clinical Development - Notable's Predictive Precision Medicines Platform (PPMP) achieved a clinical response prediction accuracy of 83-100% in four independent trials[81]. - The company plans to initiate a Phase 2 trial for its lead asset Volasertib in adult acute myeloid leukemia (AML) in Q2 2024, with results expected in Q4 2024[84]. - Notable anticipates significant increases in research and development expenses as it prepares for late-stage clinical studies and regulatory approvals for Volasertib and Fosciclopirox[94]. - The company does not expect to generate product revenue until regulatory approval for Volasertib or Fosciclopirox is obtained[109]. - The company anticipates significant and increasing operating losses in 2024 as it advances clinical development efforts[109]. Financial Performance - For the three months ended March 31, 2024, Notable reported services revenue of $1 thousand, an increase from $0 in the same period of 2023[99]. - Research and development expenses for the three months ended March 31, 2024, were $1.55 million, a decrease of $46 thousand compared to $1.60 million in the same period of 2023[100]. - General and administrative expenses decreased by $1.63 million to $2.29 million for the three months ended March 31, 2024, compared to $3.92 million in the same period of 2023[98]. - The net loss for the three months ended March 31, 2024, was $3.77 million, a reduction of $2.51 million from a net loss of $6.27 million in the same period of 2023[98]. - Net loss decreased to $3.8 million from $6.3 million, a decrease of $2.5 million or 40.0% for the three months ended March 31, 2024 compared to the same period in 2023[106]. - Other income increased to $0.1 million from a net expense of $0.7 million, an increase of $0.8 million or 109.6% for the three months ended March 31, 2024 compared to the same period in 2023[105]. - Cash used in operating activities was $3.6 million for the three months ended March 31, 2024, an increase of approximately 21.8% from $2.9 million in the same period in 2023[117]. - The company has an accumulated deficit of $86.1 million as of March 31, 2024, primarily due to development efforts[107]. - Net cash used in financing activities was $0 million for the three months ended March 31, 2024, a decrease of $4.3 million from $4.3 million provided in the same period in 2023[119]. Funding and Financial Strategy - Following the merger on October 16, 2023, former Notable Labs, Inc. equity holders owned approximately 71.9% of the outstanding equity of the company[86]. - The merger was treated as a reverse recapitalization, with Notable Labs, Inc. being the accounting acquirer[87]. - The company plans to seek additional funding through public or private offerings, debt financing, or collaborations to meet operational needs[111]. - As of May 9, 2024, the company has cash and cash equivalents of $6.8 million, which is expected to finance operations through September 2024[108]. Revenue Recognition - Notable recognizes revenue from diagnostic services based on a five-step revenue recognition model[131]. - As of March 31, 2024, and December 31, 2023, Notable has not recorded any deferred revenue or contract assets[131]. - Notable has not received any advance payments for which there are remaining performance obligations[131]. - Material costs of services revenue are recorded as costs of sales, while immaterial costs are recorded in operating expenses[131]. - Revenue is recognized when performance obligations are satisfied by transferring promised goods or services to customers[132].
Notable Labs(NTBL) - 2024 Q1 - Quarterly Report