Third Harmonic Bio(US:THRD)2024-05-15 12:06Financial Performance - Cash and cash equivalents totaled $262.8 million as of March 31, 2024, sufficient to fund operating expenses through at least 2026[10] - Net loss for Q1 2024 decreased to $7.9 million from $9.1 million in Q1 2023, attributed to increased interest income and decreased operating expenses[13] - The total operating expenses for Q1 2024 were $11.3 million, compared to $12.0 million in Q1 2023[20] Research and Development - Research and development (R&D) expenses decreased to $6.2 million for Q1 2024, down from $6.7 million in Q1 2023, primarily due to the termination of the THB001 program[11] - The U.S. FDA cleared the Investigational New Drug application for THB335, with a Phase 1 clinical trial initiated and results expected in the first half of 2025[2] - The Phase 1 trial of THB335 aims to evaluate safety and pharmacokinetics in healthy volunteers, with a focus on chronic spontaneous urticaria[4] - The company plans to rapidly expand THB335's development into additional mast cell-mediated disorders following the Phase 1 trial[2] Administrative Expenses - General and administrative (G&A) expenses decreased to $5.1 million for Q1 2024, down from $5.3 million in Q1 2023, mainly due to reductions in non-cash stock-based compensation[12] Leadership Changes - The leadership team was strengthened with the appointment of Christopher J. Dinsmore as Chief Scientific Officer and Dennis Dean as Chief Non-Clinical Development Officer[5] Stock Information - The weighted-average common stock outstanding increased to 40,213,158 in Q1 2024 from 39,438,572 in Q1 2023[20]