Core Viewpoint - Applied Therapeutics, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting key leadership appointments and ongoing development programs for its lead drug candidate, govorestat, aimed at addressing unmet medical needs in rare diseases [1][2]. Leadership Appointments - John H. Johnson was appointed as Executive Chairman, and Les Funtleyder was named Interim Chief Executive Officer [5]. - Todd F. Baumgartner, MD, MPH was appointed as Chief Regulatory Officer, and Reena Thomas Colacot was appointed as Vice President and Head of Quality [5]. Development Programs - The company is focused on regulatory interactions regarding govorestat for Classic Galactosemia and Sorbitol Dehydrogenase (SORD) Deficiency [2]. - A Complete Response Letter (CRL) was received from the FDA for the NDA submitted for govorestat for Classic Galactosemia, and the company is evaluating its response [5]. Financial Results - Cash and cash equivalents increased to 49.9 million at the end of 2023 [5]. - Research and development expenses decreased to 53.9 million in 2023, primarily due to reduced clinical and drug manufacturing costs [5]. - General and administrative expenses rose to 20.6 million in 2023, largely due to increased commercial and legal expenses [5]. - The net loss for 2024 was 0.76 per share, compared to a net loss of 1.42 per share, in 2023 [5][12]. Revenue Overview - Total revenue for 2024 was 9.99 million in 2023, with no license revenue reported for the year [12].
Applied Therapeutics Reports Fourth Quarter and Year-end 2024 Financial Results