Bio-Path Holdings Reports Third Quarter 2024 Financial Results

Core Viewpoint - Bio-Path Holdings, Inc. is expanding its proprietary DNAbilize® technology beyond oncology into obesity treatment, indicating the broad therapeutic potential of its platform [1][2][3]. Recent Corporate Highlights - The company initiated the BP1001-A therapeutic program for obesity treatment, marking the first non-cancer application of DNAbilize® technology, which targets insulin resistance [3]. - Enrollment for the third dosing cohort of the Phase 1/1b clinical trial of BP1002 in venetoclax-resistant AML patients was completed ahead of schedule, highlighting the urgent need for new treatment options [4]. - An article was published in the peer-reviewed journal Biomedicines, showcasing the anti-tumor effects of BP1003 across various preclinical solid tumor models [5]. Clinical Trial Updates - The first patient in the second dose cohort of the Phase 1/1b advanced solid tumor clinical trial showed a positive response, with a 15% reduction in the primary tumor after six treatment cycles [6]. - The dose-finding portion of the Phase 1/1b trial for BP1001-A has successfully completed the initial prescribed dose and is now enrolling in a higher dose cohort [7]. Financial Results - For Q3 2024, the company reported a net loss of $2.1 million, or $0.70 per share, an improvement from a net loss of $3.2 million, or $6.36 per share, in Q3 2023 [9]. - Research and development expenses decreased to $1.3 million in Q3 2024 from $2.3 million in Q3 2023, primarily due to reduced manufacturing expenses [10]. - General and administrative expenses increased to $1.3 million in Q3 2024 from $1.0 million in Q3 2023, attributed to higher legal fees and salaries [11]. Cash Position - As of September 30, 2024, the company had cash of $0.6 million, down from $1.1 million as of December 31, 2023 [12]. - Net cash used in operating activities for the first nine months of 2024 was $7.7 million, compared to $9.7 million for the same period in 2023 [12]. Financing Activities - The company closed a private placement in October, raising approximately $4.0 million through the issuance of shares and warrants [8].