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Aileron Therapeutics Reports Second Quarter 2024 Financial Results and Business Highlights
ALRNAileron Therapeutics(ALRN) Prnewswire·2024-08-14 22:05

Core Insights - Aileron Therapeutics announced positive data from Cohort 1 of the Phase 1b clinical trial for LTI-03 in idiopathic pulmonary fibrosis (IPF), showing positive trends in seven out of eight evaluated biomarkers [1][4] - The company raised approximately 18.2millioninnetproceedsfromaregistereddirectofferingtosupporttheongoingclinicaltrials[2][3]−ToplineresultsfromCohort2,whichevaluatesahigherdoseofLTI−03,areexpectedinthethirdquarterof2024[1][4]CorporateUpdates−Aileroncompletedanunderwrittenregistereddirectofferingof4,273,505shares,raisingnetproceedsofapproximately18.2 million in net proceeds from a registered direct offering to support the ongoing clinical trials [2][3] - Topline results from Cohort 2, which evaluates a higher dose of LTI-03, are expected in the third quarter of 2024 [1][4] Corporate Updates - Aileron completed an underwritten registered direct offering of 4,273,505 shares, raising net proceeds of approximately 18.2 million [3] - The company has the potential to receive an additional 20millionfromtheexerciseofwarrantsissuedintheoffering[3]−Thefocusforthefirsthalfof2024wasonstrengtheningthebalancesheetandadvancingthedevelopmentofinhaledLTI−03forIPF[2]PipelineDevelopments−PositiveresultsfromCohort1ofthePhase1btrialindicatedLTI−03′spotentialtoinhibitfibrosisandimprovelungfunction,withstatisticalsignificanceachievedinthreebiomarkers[2][4]−LTI−03waswell−tolerated,withnoseriousadverseeventsreportedduringthetrial[4]−TheongoingPhase1btrialaimstofurthervalidateLTI−03′sefficacyintreatingIPF[2][4]FinancialPerformance−AsofJune30,2024,Aileronreportedcashandcashequivalentsof20 million from the exercise of warrants issued in the offering [3] - The focus for the first half of 2024 was on strengthening the balance sheet and advancing the development of inhaled LTI-03 for IPF [2] Pipeline Developments - Positive results from Cohort 1 of the Phase 1b trial indicated LTI-03's potential to inhibit fibrosis and improve lung function, with statistical significance achieved in three biomarkers [2][4] - LTI-03 was well-tolerated, with no serious adverse events reported during the trial [4] - The ongoing Phase 1b trial aims to further validate LTI-03's efficacy in treating IPF [2][4] Financial Performance - As of June 30, 2024, Aileron reported cash and cash equivalents of 21.9 million, an increase from 12.0 million as of March 31, 2024 [6] - Research and Development (R&D) expenses for Q2 2024 were 3.7 million, significantly higher than 0.2 million in Q2 2023, primarily due to the acquisition of Lung Therapeutics, Inc. [7] - General and Administrative (G&A) expenses rose to 5.3 million in Q2 2024 from 1.9millioninQ22023,drivenbyincreasedprofessionalfeesandemployee−relatedexpenses[8]KeyFinancialMetrics−ThenetlossforQ22024was1.9 million in Q2 2023, driven by increased professional fees and employee-related expenses [8] Key Financial Metrics - The net loss for Q2 2024 was 8.9 million, compared to 1.8millioninQ22023,withabasicanddilutednetlosspershareof1.8 million in Q2 2023, with a basic and diluted net loss per share of 0.45 [8][13] - Total assets as of June 30, 2024, were 109.4million,withanaccumulateddeficitof109.4 million, with an accumulated deficit of 304.6 million [12]