Core Insights - NeuroBo Pharmaceuticals successfully completed a financing of up to $70 million, with $20 million upfront and an additional $50 million contingent on clinical milestones [1][2] - The company anticipates that its cash position of approximately $27.9 million as of June 30, 2024, will fund operations through the second quarter of 2025 [1][16] - DA-1726, a novel dual agonist for obesity treatment, has shown superior results in pre-clinical models compared to other drugs in the same class [1][3] Financial Highlights - Research and Development (R&D) expenses for Q2 2024 were approximately $8.1 million, a significant increase from $2.4 million in Q2 2023, primarily due to heightened R&D activities for DA-1241 and DA-1726 [8][9] - General and Administrative (G&A) expenses for Q2 2024 were approximately $2.0 million, up from $1.4 million in Q2 2023, mainly due to increased employee compensation [10][11] - The net loss for Q2 2024 was approximately $10.1 million, or $1.85 per share, compared to a net loss of $0.7 million, or $0.15 per share, in Q2 2023 [14][15] Clinical Development Updates - DA-1726's Phase 1 clinical trial has fully enrolled the SAD Part 1, with top-line data expected in Q3 2024, and MAD Part 2 data anticipated in Q1 2025 [1][6] - A joint research agreement was signed with Dong-A ST and ImmunoForge to develop a long-acting formulation of DA-1726 [2][5] - The Phase 2a trial for DA-1241 is underway, with top-line data expected in Q4 2024 [4][7] Pre-Clinical Findings - DA-1726 demonstrated significant weight loss, retention of lean body mass, and superior lipid-lowering effects compared to Survodutide and Tirzepatide in pre-clinical models [1][3] - The unique GLP-1 and glucagon receptor activity ratio of DA-1726 may contribute to its differentiated profile as a potential best-in-class obesity drug [3][4] Future Milestones - The first patient in Part 3 of the DA-1726 trial is expected to be dosed in Q3 2025, with interim data readout anticipated in mid-2026 and top-line results in the second half of 2026 [6][4] - Top-line results from the two-part Phase 2a clinical trial of DA-1241 are expected in Q4 2024 [7]
NeuroBo Pharmaceuticals Reports Second Quarter 2024 Financial Results and Provides Corporate Update