Avenue Therapeutics Reports Third Quarter 2024 Financial Results and Recent Corporate Highlights

Core Viewpoint - Avenue Therapeutics is making significant progress in developing innovative treatments for neurologic diseases, with a focus on AJ201, BAER-101, and IV tramadol, while reporting financial results for Q3 2024 [2][6]. Corporate Highlights - AJ201, a potential best-in-class treatment for Kennedy's Disease, has completed patient dosing in a Phase 1b/2a clinical trial, with topline data expected by year-end 2024. The trial involved 25 patients and assessed safety, tolerability, and various biomarkers [3]. - BAER-101, an oral small molecule for focal epilepsy, is set to enter Phase 2a clinical trials pending additional financing, showing promise in preclinical models for seizure suppression [4]. - The company has finalized the safety study protocol for IV tramadol, aimed at treating acute post-operative pain, with plans to randomize approximately 300 patients in a Phase 3 study [5]. Financial Results - As of September 30, 2024, the company's cash and cash equivalents were $2.6 million, down from $4.9 million at June 30, 2024, but up from $1.8 million at December 31, 2023 [6]. - Research and development expenses for Q3 2024 were $2.3 million, significantly higher than $0.9 million in Q3 2023, while general and administrative expenses decreased to $0.8 million from $1.2 million year-over-year [6]. - The net loss for Q3 2024 was $(3.1) million, or $(1.92) per share, compared to a net income of $0.5 million, or $4.86 per share, in Q3 2023 [6].