Can-Fite Reports 2024 Financial Results and Clinical Update

Core Insights - Can-Fite BioPharma Ltd. reported financial results and clinical updates for the year ended December 31, 2024, highlighting advancements in its drug candidates and financial performance [1] Clinical & Development Milestones Achieved - Namodenoson has shown promising results in treating liver cancer, with a patient achieving complete cure and normal liver function [1] - The drug has protective effects beyond its anti-cancer activity, as presented at the 2025 ASCO Gastrointestinal Cancers Symposium [1] - Namodenoson received Orphan Drug Designation from the FDA for pancreatic cancer, allowing for potential market exclusivity for seven years post-approval [2] - A Phase IIa clinical trial for advanced pancreatic adenocarcinoma has been initiated [2] - Namodenoson was granted a patent for its use as an anti-obesity drug, with the patent expiring in 2042 [3][4] - Can-Fite initiated a pivotal Phase 3 study for Piclidenoson in treating psoriasis, with patient enrollment starting in Europe [5] - The company is developing Piclidenoson for Lowe Syndrome, with a Phase II study planned [6] - Can-Fite partnered with Vetbiolix to develop Piclidenoson for canine osteoarthritis, with potential peak sales of $445 million by 2034 [7][8] Financial Results - Revenues for 2024 were $0.67 million, a decrease of 9.3% from $0.74 million in 2023 [9] - Research and development expenses were $5.75 million, down 3.8% from $5.98 million in 2023, primarily due to reduced expenses related to Piclidenoson [10] - General and administrative expenses increased by 3.1% to $3.04 million, attributed to higher public relations costs [11] - Net loss for 2024 was $7.88 million, slightly higher than the $7.63 million loss in 2023 [12] - As of December 31, 2024, cash and cash equivalents totaled $7.88 million, down from $8.90 million in 2023 [13] Company Overview - Can-Fite BioPharma is focused on developing drugs for cancer, liver, and inflammatory diseases, with its lead candidates being Piclidenoson and Namodenoson [21]