Financial Performance - Net income attributable to common shareholders for Q1 2024 was $0.6 million, or $0.11 per basic share, a significant decrease from $10.8 million, or $2.89 per basic share, in Q1 2023[4] - Revenues for Q1 2024 were $11.1 million, down from $36.6 million in the same period of 2023, representing a decline of approximately 69.6%[4] - Total research and development expenses for Q1 2024 were $7.4 million, compared to $19.0 million in Q1 2023, reflecting a decrease of about 61%[5] - Total general and administrative expenses for Q1 2024 were $3.7 million, down from $5.8 million in Q1 2023, a reduction of approximately 36%[5] - As of March 31, 2024, cash and cash equivalents totaled $6.8 million, down from $11.5 million at the end of 2023[6] - The company expects its cash resources, including gross proceeds of approximately $9.5 million from financing, to support operations into Q4 2024[6] Clinical Developments - Clinical data presented at the 2024 AACR Annual Meeting showed promising efficacy for MT-6402 in relapsed/refractory HNSCC patients, with 2 confirmed partial responses and 4 stable diseases observed[8] - An expansion cohort for MT-6402 monotherapy in relapsed/refractory HNSCC is underway, with data expected by year-end 2024[8] - The Phase 1 dose escalation for MT-8421 is ongoing, with observations of a unique pharmacodynamic profile[8] - The company completed the second closing of the July 2023 financing in April 2024, raising approximately $9.5 million[8]
Molecular Templates(MTEM) - 2024 Q1 - Quarterly Results