Financial Data and Key Metrics Changes - The company reported cash and cash equivalents of $11.3 million as of September 30, 2022, and expects this, along with up to $6 million from expected near-term payments, to fund operations for at least the next 12 months [17] - Revenue for Q3 2022 was approximately $0.5 million, up from $0.1 million in Q3 2021, primarily from contract revenue recognized under the asset purchase agreement with Botanix [18] - R&D expenses decreased to $3.6 million in Q3 2022 from $10.2 million in Q3 2021, mainly due to lower clinical expenses related to SB and other factors [19] - G&A expenses were $3 million in Q3 2022, down from $3.3 million in the same quarter of the previous year [20] - The net loss for Q3 2022 was $6 million, compared to a net loss of $13.3 million in Q3 2021 [20] Business Line Data and Key Metrics Changes - The company is advancing the Phase I clinical trial of FRTX-02, with completion of the Single Ascending Dose (SAD) part and initiation of the Multiple Ascending Dose (MAD) part [7] - FRTX-10, a novel STING inhibitor, is in preclinical development, showing strong proof of mechanism and favorable safety profiles [12] Market Data and Key Metrics Changes - The company is focusing on autoimmune and inflammatory diseases, with a pipeline that includes potential first-in-class therapies [5][6] Company Strategy and Development Direction - The company has undergone a rebranding to Fresh Tracks Therapeutics, reflecting a shift in corporate mission and strategy towards developing targeted therapies for autoimmune and inflammatory diseases [5] - The company aims to develop a library of next-generation kinase inhibitors for various conditions, including autoimmune and neuroinflammatory diseases [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing development of their pipeline, highlighting significant upcoming milestones that could create value for shareholders [21] - The company is encouraged by interest from potential partners regarding their novel assets, although no specific deals are currently in place [27] Other Important Information - The company has established a Scientific Advisory Board consisting of experts in immunology and inflammation to guide its development efforts [15] Q&A Session Summary Question: Can you discuss the therapies in the moderate AD patients for Part 2 of the FRTX-02 trial? - Management confirmed that patients will not have received biologics such as dupilumab for at least 6 months prior to entering the study [24] Question: Will these be JAK inhibitor naive patients? - Management indicated that these will most likely be JAK inhibitor naive patients, with specific exclusions in place [25] Question: When is the ideal time to seek a partner for the lead novel assets? - Management stated that the timing depends on the drug and the data available, and they are open to discussions with interested parties [26] Question: Do you have enough ability to differentiate the DYRK assets for licensing? - Management noted that it depends on the type of partnership, with potential for both compound-by-compound and platform-type deals [30] Question: How are you thinking about biomarkers in the crowded AD market? - Management emphasized that while the initial study is in AD, the biomarkers being collected will inform potential treatments for other autoimmune diseases [32]
Fresh Tracks Therapeutics(FRTX) - 2022 Q3 - Earnings Call Transcript