Purple Biotech .(US:PPBT) globenewswire.comยท2024-05-21 11:30Core Insights - Purple Biotech Ltd. reported financial results for Q1 2024, highlighting progress in clinical trials and a focus on developing therapies targeting tumor immune evasion and drug resistance [1][21]. Financial Performance - Research and Development Expenses were $3.4 million for Q1 2024, a decrease of 2.8% from $3.5 million in Q1 2023 [13]. - Sales, General and Administrative Expenses were $1 million for Q1 2024, down from $1.6 million in Q1 2023, representing a decrease of $0.6 million [13]. - Operating Loss for Q1 2024 was $4.5 million, a reduction of 11.8% compared to $5.1 million in Q1 2023 [14]. - Net Loss for Q1 2024 was $3.8 million, or $0.14 per basic and diluted ADS, compared to a net loss of $4.9 million, or $0.25 per basic and diluted ADS in Q1 2023 [15]. - As of March 31, 2024, the company had cash and cash equivalents of $10.8 million, providing a cash runway into Q1 2025 [16]. Clinical Developments - The company is set to present interim Phase 2 data for CM24 in pancreatic cancer at ASCO 2024, which may indicate reduced risk of disease progression and death [2][4]. - NT219 is progressing towards a Phase 2 trial in head and neck cancer, with positive early results presented at ESMO-TAT 2024 showing a 29% objective response rate and a 71% disease control rate [6][9]. - The tri-specific antibody platform is expected to produce promising drug candidates, with the lead asset IM1240 anticipated to be ready for Phase 1 study by early 2026 [19]. Research Highlights - The Phase 2 study of CM24 is evaluating its efficacy in combination with nivolumab and standard chemotherapy in advanced pancreatic cancer patients [5]. - NT219 has shown potential in suppressing cancer stem cells and overcoming resistance to KRAS inhibitors, with findings presented at AACR 2024 [7][9]. - A Scientific Advisory Board has been established to guide the development of NT219 in combination with cetuximab for recurrent/metastatic head and neck cancer [11].