Atossa Therapeutics Announces Full Year 2024 Financial Results and Provides Corporate Update

Financial Performance - Atossa Therapeutics ended 2024 with $71.1 million in cash and cash equivalents and no debt [1] - Total operating expenses decreased to$27.6 million in 2024 from $31.4 million in 2023, a reduction of$3.8 million [7] - The net loss for 2024 was $25.5 million, compared to a net loss of$30.1 million in 2023, indicating an improvement in financial performance [21] Research and Development - Atossa plans to advance its lead program, (Z)-endoxifen, targeting metastatic breast cancer, which is seen as a critical unmet need [3][5] - The Phase 2 EVANGELINE trial showed substantial tumor suppression with (Z)-endoxifen, achieving a 4-week Ki-67 ≤ 10 percent response rate above 85% across dosing levels [5] - The Phase 2 KARISMA-Endoxifen study demonstrated that a 1 mg dose of (Z)-endoxifen reduced mammographic breast density by 17.3 percentage points, while a 2 mg dose achieved a 23.5 percentage-point reduction [5] Strategic Focus - The company is pursuing an initial approval for (Z)-endoxifen in metastatic breast cancer to expedite availability for patients [3][5] - Atossa is also engaging with the FDA to explore additional indications for (Z)-endoxifen, including breast cancer prevention and neoadjuvant therapy [5] Operating Expenses Breakdown - Research and development expenses totaled $14.1 million in 2024, down from$17.3 million in 2023, primarily due to decreased spending on (Z)-endoxifen trials [8] - General and administrative expenses decreased to $13.5 million in 2024 from$14.0 million in 2023, with a notable reduction in compensation expenses [10][11] Cash Flow and Investments - Interest income for 2024 was $4.1 million, a decrease of$0.2 million from the previous year, attributed to reduced funds in the money market account [12] - The company recorded an impairment charge on investment in equity securities of $1.7 million in 2024, down from$3.0 million in 2023 [12]