FRESH TRACKS THERAPEUTICS - FRTX STOCK NEWS

Fresh Tracks Therapeutics reported positive topline results from the Phase 1 study of FRTX-02, a potential first-in-class oral treatment for atopic dermatitis and autoimmune diseases. The company raised $6.6 million through an at-the-market program in March 2023, enhancing liquidity. For 2022, revenue increased to $6.9 million from $0.4 million in 2021, driven by contract revenue from an asset sale agreement with Botanix. R&D expenses decreased significantly to $14.0 million from $28.2 million, supporting a path toward strategic options aimed at maximizing shareholder value. The net loss shrank to $21.1 million in 2022 from $39.5 million in 2021.

Fresh Tracks Therapeutics announced positive topline results from its Phase 1 clinical trial for FRTX-02, a potential first-in-class treatment for autoimmune diseases. The trial demonstrated that FRTX-02 was generally safe and well-tolerated, supporting its potential as a once-daily oral therapy. Key findings included dose-proportional pharmacokinetics and significant reductions in disease-relevant cytokines, indicating its efficacy in modulating immune responses. The company plans to explore strategic options to enhance shareholder value while advancing development of its innovative therapeutic pipeline.

Fresh Tracks Therapeutics has appointed Andrew Sklawer as the new CEO, effective February 1, 2023, succeeding Rob Brown, who is retiring after leading the company since 2019. Sklawer, a co-founder, will continue to advance the company’s innovative therapeutics targeting autoimmune and inflammatory diseases, with key milestones expected from the ongoing FRTX-02 clinical study.

Brown will remain on the Board of Directors and serve as a special advisor. Reginald Hardy, Chairman, emphasized Sklawer's instrumental role in shaping the company's strategic direction and enhancing shareholder value.

Fresh Tracks Therapeutics (Nasdaq: FRTX) announced significant findings from preclinical studies of FRTX-02, an oral DYRK1A inhibitor, published in the Journal of Translational Autoimmunity. The study highlights FRTX-02's ability to modulate immune responses in models of psoriasis and atopic dermatitis, paving the way for its Phase 1 clinical trial. Topline results from this trial, assessing safety and dosing, are expected by Q1 2023. These preclinical results suggest FRTX-02 may offer a breakthrough approach to treating autoimmune diseases by restoring immune homeostasis.

Fresh Tracks Therapeutics reported progress in its Phase 1 study of FRTX-02, completing the single ascending dose (SAD) portion and initiating the multiple ascending dose (MAD) segment. Topline results are expected by early 2023. The company has $11.3 million in cash and revenue of $0.5 million for Q3 2022, a significant increase from $0.1 million the previous year. R&D expenses decreased to $3.6 million, while G&A expenses slightly fell to $3.0 million. The net loss narrowed to $6.0 million compared to $13.3 million in Q3 2021. Fresh Tracks continues to develop its pipeline, including FRTX-10.

Fresh Tracks Therapeutics (Nasdaq: FRTX) will release its third quarter financial results on November 10, 2022, at 4:30 PM EST. The company, focused on developing innovative therapeutics for autoimmune and inflammatory diseases, aims to disrupt traditional treatment paradigms. Following the earnings report, management will host a conference call to discuss results and corporate highlights. Investors can access the call via phone or a live audio webcast on the company’s website. A replay of the call will be available for 90 days post-event.