Can-Fite(US:CANF)2020-11-30 16:43Financial Data and Key Metrics Changes - Revenues for the nine months ended September 30, 2020, were $0.61 million compared to $1.84 million for the same period in 2019, indicating a decrease due to lower recognition of advance payments under distribution agreements [19] - Net loss for the nine months ended September 30, 2020, was $10.81 million, compared with a net loss of $7.84 million for the same period in 2019 [24] - Cash and cash equivalents as of September 30, 2020, were $10.22 million, up from $2.69 million at December 31, 2019 [24][25] Business Line Data and Key Metrics Changes - Research and development expenses for the nine months ended September 30, 2020, were $9.05 million, up from $7.01 million for the same period in 2019, primarily due to increased costs associated with the Phase III studies of Piclidenoson [20][21] - General and administrative expenses were $2.14 million for the nine months ended September 30, 2020, compared to $2.22 million for the same period in 2019, reflecting a decrease mainly due to lower professional services and travel expenses [22] Market Data and Key Metrics Changes - The company has out-licensed Piclidenoson for psoriasis in nine countries, which includes milestone payments and royalties upon regulatory approval, indicating a strategic market positioning [9] Company Strategy and Development Direction - The company is focusing on clinical programs with promising data, including psoriasis, NASH, and liver cancer [12] - Can-Fite is preparing for a Phase II study of Piclidenoson in the treatment of COVID-19, expecting to enroll the first patient before the end of the year [13][14] - The company aims to initiate a pivotal Phase III study in liver cancer and the next study in NAFLD/NASH in 2021 [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the positive results from the psoriasis Comfort trial and the potential for an earlier conclusion of the study [7][8] - The company is encouraged by the interest in Namodenoson for NASH treatment from both scientific and business communities, with a patent issued in Europe [17][16] Other Important Information - The company completed the development of a cell-based assay to identify clinically active cannabis-derived compounds, which will be marketed on a fee-for-service basis [18][33] Q&A Session Summary Question: When do you think the psoriasis study will be completed? - Management anticipates that enrollment will be completed in a couple of months, with the study potentially concluding in ten to twelve months [27] Question: What was the total cost of the RA study? - The costs for the RA study were between $5 million to $6 million [30] Question: Will there be a patent filing for Namodenoson in the U.S.? - Management confirmed plans to include the U.S. in future filings as progress is made [31] Question: Can you elaborate on the fee-for-service basis for the cannabis assay? - The company developed a unique assay to determine the clinical efficacy of cannabis or its derivatives, which will be offered on a fee-for-service basis [32][33] Question: How is the partnership development going? - Management indicated ongoing efforts to create partnerships and expressed positive feedback from recent presentations [34]