Third Harmonic Bio Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Third Harmonic Bio, Inc. has reported promising Phase 1 clinical trial results for THB335, a treatment for chronic spontaneous urticaria (CSU), and is preparing to advance into Phase 2 trials [1][2][3] - The company is undergoing a strategic alternatives process to enhance shareholder value and has significantly reduced its workforce by approximately 50% [4] - As of December 31, 2024, the company maintains a strong financial position with cash and cash equivalents totaling $285.1 million [5][6] THB335 Phase 1 Clinical Results - The Phase 1 clinical trial included 48 participants in a single ascending dose (SAD) study and 32 participants in a 14-day multiple ascending dose (MAD) study, focusing on the safety, tolerability, pharmacokinetics, and pharmacodynamics of THB335 [2] - The MAD dose levels tested were 21 mg, 41 mg, 82 mg, and 164 mg, with results presented at a major allergy and immunology congress [2] THB335 Program Next Steps - The company plans to continue development activities for THB335 through the first half of 2025, aiming to initiate a 12-week, placebo-controlled Phase 2 study by mid-2025 [3] Corporate Strategic Outlook - Third Harmonic Bio has initiated a strategic review process to explore opportunities for maximizing shareholder value, halting all non-THB335 related research and discovery activities [4] - The workforce reduction is part of the company's strategy to focus resources on the THB335 program [4] Financial Results Summary - Cash and cash equivalents were reported at $285.1 million as of December 31, 2024, with an estimated range of $262 million to $267 million expected by June 30, 2025 [5][6] - Research and development expenses rose to $10.5 million for Q4 2024, up from $5.9 million in Q4 2023, and totaled $36.5 million for the year, compared to $24.0 million in 2023 [7] - General and administrative expenses increased to $5.9 million for Q4 2024, from $4.5 million in Q4 2023, and totaled $22.4 million for the year, compared to $20.0 million in 2023 [8] - The net loss for Q4 2024 was $13.1 million, up from $6.8 million in Q4 2023, with a total net loss of $45.5 million for the year, compared to $30.8 million in 2023 [9]