Allarity Therapeutics Reports First Quarter Financial Results and Highlights, including Clear Clinical Benefits from Phase 2 Trial, NASDAQ Compliance, and Significant Improvement in Cash and Equity Balances

Core Insights - Allarity Therapeutics has achieved significant milestones in financial, regulatory, and clinical areas, particularly with the Phase 2 trial of stenoparib showing clear clinical benefits in advanced ovarian cancer patients [2][3][4] Financial Highlights - The company reported a cash balance of $14 million and stockholders' equity of $15 million, exceeding Nasdaq's minimum requirement of $2.5 million [3][4] - Research and Development (R&D) expenses for Q1 2024 were $2.2 million, an increase from $1.4 million in Q1 2023, primarily due to higher manufacturing costs and an extension fee [5] - General and Administrative (G&A) expenses decreased to $2.1 million in Q1 2024 from $2.2 million in Q1 2023 [5] - The net loss for Q1 2024 was $3.8 million, compared to $3.4 million in Q1 2023 [6] Clinical Developments - The Phase 2 trial of stenoparib was concluded early due to observed clinical benefits, including tumor shrinkage and long-term disease stability [3][4] - The company plans to prepare for a follow-on trial with FDA regulatory intent based on the promising results from the trial [3][4] Regulatory Compliance - Allarity has regained compliance with Nasdaq's Listing Rule 5550(a)(2) after executing a reverse stock split on April 9, 2024, maintaining a closing bid price above $1.00 for over ten consecutive trading days [3][4] - The company has requested the SEC to withdraw its Form S-1 registration, reflecting its improved financial outlook [2][3] Strategic Focus - Allarity has shifted its focus solely to the development of stenoparib, allowing for significant reductions in ongoing costs and better alignment with strategic priorities [4] - The company has deprioritized other projects, such as the development of IXEMPRA® and dovitinib, to concentrate resources on stenoparib [4]