Unity Biotechnology(US:UBX) GlobeNewswire News Room·2024-11-04 21:30Core Insights - UNITY Biotechnology, Inc. reported its financial results for Q3 2024, highlighting a focus on developing therapeutics for aging-related diseases, particularly diabetic macular edema (DME) [1][5]. Company Developments - The CEO emphasized the significant unmet need in the DME market due to inadequate responses to current treatments and high treatment burdens [2]. - UNITY is advancing UBX1325 (foselutoclax), which utilizes a novel mechanism of action aimed at improving long-term visual outcomes for DME patients [2][3]. - A Type C interaction with the FDA indicated that a pivotal study for UBX1325 would likely need to be a non-inferiority trial against aflibercept, with best-corrected visual acuity as the primary endpoint [2][4]. Clinical Trials - The Phase 2b ASPIRE study is designed to evaluate the safety and efficacy of UBX1325 in comparison to aflibercept, with topline data expected in Q1 2025 and further data in Q2 2025 [4]. Financial Performance - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $29.0 million, down from $43.2 million at the end of 2023, which is projected to fund operations into Q3 2025 [5]. - The net loss for Q3 2024 was $6.5 million, a decrease from $14.8 million in Q3 2023, with operational cash usage also reduced significantly [6]. - Research and development expenses decreased to $2.8 million from $4.6 million year-over-year, attributed to reduced personnel costs and the completion of certain studies [7]. - General and administrative expenses also saw a decline to $3.8 million from $4.3 million, primarily due to reduced headcount and lower bonus payments [8]. Balance Sheet Overview - Total assets as of September 30, 2024, were $47.1 million, down from $65.7 million at the end of 2023, with total liabilities at $33.0 million [12]. - The accumulated deficit increased to $501.9 million from $484.4 million, reflecting ongoing operational losses [12].