Moleculin(US:MBRX)2025-03-24 14:50Financial Data and Key Metrics Changes - The company reported a cash balance of approximately $13 million at the end of the year, which includes $9 million raised in February 2025, providing a runway into the third quarter of 2025 [27] - Operating expenses were reduced by about $3 million in 2024 compared to 2023 [28] - The current market capitalization is $16.2 million with 14 million shares outstanding, reflecting an increase from year-end due to equity issuance [28] Business Line Data and Key Metrics Changes - The MIRACLE Phase 3 trial for Annamycin is a pivotal study aimed at treating relapsed and refractory AML patients, with 25 sites selected and patient screening already begun [7][8] - Annamycin's Phase 2 data showed a 50% complete remission rate in second-line patients, significantly outperforming existing therapies [17][18] - The median progression-free survival has increased to nine months, with overall survival at 11 months for second-line therapy patients [18] Market Data and Key Metrics Changes - The company is focusing on the development of Annamycin while relying on externally funded programs for WP1066 and WP1122 [28] - The company anticipates that the first patient in the MIRACLE trial will be treated before the end of the current quarter [23] Company Strategy and Development Direction - The company aims to position Annamycin as the first non-cardiotoxic anthracycline, addressing a significant unmet need in AML and potentially other cancers [35] - The strategy includes moving towards first-line therapy after demonstrating efficacy in second-line therapy [65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of Annamycin, highlighting its unique structure and lack of cross-resistance with traditional therapies [35] - The company expects to be busy in 2025 with multiple milestones, including data readouts and potential pivotal trials [33] Other Important Information - The MIRACLE trial will have multiple unblindings of data, providing stakeholders with visibility on progress [10] - The primary endpoint of the MIRACLE trial is the rate of complete remission at approximately day 35 [23] Q&A Session Summary Question: What efficacy is required to pick one Annamycin dose at 45 patients rather than waiting until 90? - Management indicated that if Annamycin performs as well as in Phase 2 and HiDAC underperforms, it may reach statistical significance to shorten the trial [40][41] Question: What was the thinking behind cutting off about 10% of patients from Part D? - The reduction was based on FDA recommendations for a different biostatistical scheme [45] Question: What is the STS lung met efficacy needed to proceed to a pivotal trial? - Management stated that they have already achieved strong results in challenging STS patients, garnering interest for a pivotal trial [49] Question: What are the overall costs of the trial? - The estimated cost for the full patient load of the Phase 3 trial is upwards of $60 million to $70 million, with a cash burn of $5 million per quarter for the remainder of 2025 [58] Question: Thoughts on moving to frontline therapy after showing activity in relapse refractory settings? - Management agreed that first-line therapy is the ultimate objective, especially since Annamycin is not cardiotoxic and can be used in unfit patients [65] Question: Rationale for choosing the 190 dose for the MIRACLE trial? - The 190 dose was chosen based on FDA guidance and previous efficacy observed in studies [71]