Financial Data and Key Metrics Changes - The company reported grant revenue of $0.6 million for Q1 2024, with total operating expenses of $9.3 million, including $1.4 million in non-cash stock-based compensation [11] - The net loss for the quarter was $8.4 million, translating to a loss of $2.83 per share, with approximately 3 million shares outstanding as of March 31, 2024 [12] Business Line Data and Key Metrics Changes - ONCT-534, a dual-action androgen receptor inhibitor, is progressing through the Phase 1/2 study, with the fourth dosing cohort fully enrolled at 300 mg once daily [9] - ONCT-808, targeting ROR1 in CAR T therapy, is open for enrollment in a Phase 1/2 study for patients with relapsed or refractory aggressive B cell lymphoma, with initial encouraging response signals reported [10] Market Data and Key Metrics Changes - The company is focusing on significant unmet medical needs in cancer treatment, particularly in prostate cancer and aggressive B cell lymphoma [7][10] Company Strategy and Development Direction - The company aims to advance its clinical programs, ONCT-534 and ONCT-808, with significant data updates expected in mid-2024 and late 2024 [13] - The strategy includes expanding patient populations based on Phase 1 results and modifying eligibility criteria to enhance safety and efficacy [40][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the clinical data updates for both ONCT-534 and ONCT-808, highlighting the enthusiasm from investigators and the potential for significant advancements in treatment options [45] - The company believes its current cash position of $27 million will fund operations into Q1 2025, indicating a stable financial outlook for the near term [12] Other Important Information - The company has no debt, which positions it favorably for future growth and investment in its clinical programs [12] Q&A Session Summary Question: Enrollment details for ONCT-534's 300 mg cohort - The cohort is fully enrolled with three patients, and the study is still in the dose-limiting toxicity (DLT) period, with plans to escalate to 600 mg if results are favorable [18][19] Question: Expectations for ONCT-534's data update - Management expects to have data from the 600 mg cohort by the time of the year-end update, assuming the study progresses as planned [19] Question: Durability of responses in ONCT-808 - Management is enthusiastic about the durability of responses in heavily pretreated patients, although specific details were not disclosed [26] Question: Safety profile improvements in ONCT-808 - The company is implementing measures to enhance safety, including stricter eligibility criteria and increased monitoring for infections [40] Question: Addressable market considerations for ONCT-808 - The modified eligibility criteria are not expected to change the addressable market significantly, as the protocol allows for CD19 failures in Phase 2 [41][51]
Oncternal Therapeutics(ONCT) - 2024 Q1 - Earnings Call Transcript