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Inhibikase Therapeutics Reports Third Quarter Financial Results and Highlights Recent Activity
IKTInhibikase Therapeutics(IKT) GlobeNewswire News Room·2024-11-14 13:37

Core Insights - Inhibikase Therapeutics has secured transformative financing of up to 275milliontoadvanceitsdrugIkT−001Prointolate−stageclinicaltrialsforPulmonaryArterialHypertension(PAH)[1][3]−Thecompanyaimstoimprovethesafetyandtolerabilityprofileofimatinib,whichhaspreviouslyfacedapprovalchallengesforPAHtreatment[2][3]−Upcomingmilestonesincludethereportingof201TrialresultsinQ42024,whichevaluatesrisvodetinibinuntreatedParkinson′sdisease[1][3]FinancingandInvestment−Thefinancingincludesaprivateplacementofapproximately275 million to advance its drug IkT-001Pro into late-stage clinical trials for Pulmonary Arterial Hypertension (PAH) [1][3] - The company aims to improve the safety and tolerability profile of imatinib, which has previously faced approval challenges for PAH treatment [2][3] - Upcoming milestones include the reporting of 201 Trial results in Q4 2024, which evaluates risvodetinib in untreated Parkinson's disease [1][3] Financing and Investment - The financing includes a private placement of approximately 110 million, with potential aggregate financing of up to 275millionuponfullcashexerciseofaccompanyingwarrants[3]−ThefundswillsupporttheexecutionofthePhase2b′702′trialinPAHandgeneralcorporatepurposes[3]−NotableadditionstotheBoardofDirectorsincludeexperiencedleadersfrombiopharmaceuticaldevelopment,enhancingthecompany′sstrategiccapabilities[3]ClinicalDevelopment−IkT−001ProhasreceivedaStudyMayProceedletterfromtheFDA,allowingthecompanytoadvanceitsclinicaldevelopment[3]−Theactiveingredient,imatinib,isbelievedtohavedisease−modifyingpotentialforPAH,withIkT−001Proexpectedtoofferabettersafetyprofile[3]−Thecompanyisenhancingitsmanufacturingprocessestosupportlate−stageclinicaldevelopment,includingnewdosageformsandefficientproductionmethods[3]FinancialPerformance−ForQ32024,thecompanyreportedanetlossof275 million upon full cash exercise of accompanying warrants [3] - The funds will support the execution of the Phase 2b '702' trial in PAH and general corporate purposes [3] - Notable additions to the Board of Directors include experienced leaders from biopharmaceutical development, enhancing the company's strategic capabilities [3] Clinical Development - IkT-001Pro has received a Study May Proceed letter from the FDA, allowing the company to advance its clinical development [3] - The active ingredient, imatinib, is believed to have disease-modifying potential for PAH, with IkT-001Pro expected to offer a better safety profile [3] - The company is enhancing its manufacturing processes to support late-stage clinical development, including new dosage forms and efficient production methods [3] Financial Performance - For Q3 2024, the company reported a net loss of 5.8 million, or 0.65pershare,comparedtoanetlossof0.65 per share, compared to a net loss of 4.6 million, or 0.75pershareinQ32023[4][10]−Researchanddevelopmentexpensesincreasedto0.75 per share in Q3 2023 [4][10] - Research and development expenses increased to 4.2 million in Q3 2024 from 3.23millioninQ32023[4][10]−Selling,generalandadministrativeexpensesremainedrelativelystableat3.23 million in Q3 2023 [4][10] - Selling, general and administrative expenses remained relatively stable at 1.6 million compared to 1.62millioninthesamequarterofthepreviousyear[5][10]CashPosition−AsofSeptember30,2024,thecompanyhadcash,cashequivalents,andmarketablesecuritiestotaling1.62 million in the same quarter of the previous year [5][10] Cash Position - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling 3.2 million, excluding the gross proceeds from the recent financing [5]