TRACON(US:TCON)2024-03-05 21:08Financial Performance - Cash, cash equivalents, and restricted cash were $8.6 million at December 31, 2023, down from $17.5 million at December 31, 2022[9] - License revenue for Q4 2023 was $3.0 million, attributed to the licensing of the Product Development Platform to a clinical stage biotech company[9] - Research and development expenses for Q4 2023 were $1.5 million, a decrease of 61% from $3.9 million in Q4 2022[9] - General and administrative expenses for Q4 2023 were $1.1 million, down from $2.0 million in Q4 2022, primarily due to lower legal expenses[9] - Net income for Q4 2023 was $0.4 million, compared to a net loss of $7.0 million in Q4 2022[9] - Total operating expenses for Q4 2023 were $2.6 million, down from $5.8 million in Q4 2022[14] - TRACON's total assets decreased to $10.1 million at December 31, 2023, from $19.5 million at December 31, 2022[16] Clinical Trials - The objective response rate (ORR) in the ENVASARC trial was 15% by investigator review and 8.7% by blinded independent central review, with a median duration of response greater than six months[5] - TRACON expects to complete enrollment of 80 patients in the ENVASARC trial later this quarter and report updated response rate data shortly thereafter[2] - The primary endpoint of the ENVASARC study is achieving an ORR by BICR in nine of 80 patients (11.25%) treated with envafolimab[5]