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Inhibikase Therapeutics Announces 2024 Financial Results and Highlights Recent Activity

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Inhibikase Therapeutics (IKT) reported its 2024 financial results and key developments, highlighting a strategic focus on advancing IkT-001 for Pulmonary Arterial Hypertension (PAH) treatment. The company secured $110 million through a private placement in October 2024, with potential additional proceeds of up to $275 million if warrants are exercised.

Key financial metrics for 2024 include:

  • Net loss of $27.5 million ($1.16 per share) vs $19.1 million in 2023
  • R&D expenses increased to $17.2 million from $13.6 million in 2023
  • SG&A expenses rose to $11.4 million from $6.7 million in 2023
  • Cash position of $97.5 million as of December 31, 2024

The company strengthened its leadership team with Mark Iwicki as CEO, Chris Cabell as President and Head of R&D, and John Adams as CSO. The FDA issued a Study May Proceed letter for IkT-001's Phase 2b trial in September 2024.

Inhibikase Therapeutics (IKT) ha riportato i risultati finanziari e gli sviluppi chiave per il 2024, evidenziando un focus strategico sull'avanzamento di IkT-001 per il trattamento dell'Ipertensione Arteriosa Polmonare (PAH). L'azienda ha ottenuto 110 milioni di dollari tramite un collocamento privato nell'ottobre 2024, con potenziali ulteriori introiti fino a 275 milioni di dollari se le opzioni vengono esercitate.

I principali indicatori finanziari per il 2024 includono:

  • Perdita netta di 27,5 milioni di dollari (1,16 dollari per azione) rispetto ai 19,1 milioni di dollari del 2023
  • Le spese per R&S sono aumentate a 17,2 milioni di dollari rispetto ai 13,6 milioni di dollari del 2023
  • Le spese SG&A sono salite a 11,4 milioni di dollari rispetto ai 6,7 milioni di dollari del 2023
  • Posizione di cassa di 97,5 milioni di dollari al 31 dicembre 2024

L'azienda ha rafforzato il suo team dirigenziale con Mark Iwicki come CEO, Chris Cabell come Presidente e Capo della R&S, e John Adams come CSO. La FDA ha emesso una lettera di approvazione per procedere con lo studio della fase 2b di IkT-001 nel settembre 2024.

Inhibikase Therapeutics (IKT) informó sus resultados financieros de 2024 y desarrollos clave, destacando un enfoque estratégico en avanzar IkT-001 para el tratamiento de la Hipertensión Arterial Pulmonar (PAH). La empresa aseguró 110 millones de dólares a través de una colocación privada en octubre de 2024, con posibles ingresos adicionales de hasta 275 millones de dólares si se ejercen las opciones.

Los principales indicadores financieros para 2024 incluyen:

  • Pérdida neta de 27,5 millones de dólares (1,16 dólares por acción) frente a 19,1 millones de dólares en 2023
  • Los gastos de I+D aumentaron a 17,2 millones de dólares desde 13,6 millones de dólares en 2023
  • Los gastos de SG&A subieron a 11,4 millones de dólares desde 6,7 millones de dólares en 2023
  • Posición de efectivo de 97,5 millones de dólares al 31 de diciembre de 2024

La empresa fortaleció su equipo directivo con Mark Iwicki como CEO, Chris Cabell como Presidente y Jefe de I+D, y John Adams como CSO. La FDA emitió una carta de aprobación para proceder con el estudio de la fase 2b de IkT-001 en septiembre de 2024.

Inhibikase Therapeutics (IKT)는 2024년 재무 결과와 주요 개발 사항을 보고하며, 폐동맥 고혈압(PAH) 치료를 위한 IkT-001의 발전에 전략적으로 집중하고 있음을 강조했습니다. 이 회사는 2024년 10월에 사모 배치를 통해 1억 1천만 달러를 확보했으며, 옵션이 행사될 경우 최대 2억 7천5백만 달러의 추가 수익이 발생할 수 있습니다.

2024년 주요 재무 지표는 다음과 같습니다:

  • 순손실 2천750만 달러 (주당 1.16달러)로 2023년의 1천910만 달러 대비 증가
  • 연구개발 비용이 2023년 1천360만 달러에서 1천720만 달러로 증가
  • 판매 및 일반 관리비가 2023년 670만 달러에서 1천140만 달러로 증가
  • 2024년 12월 31일 기준 현금 보유액 9천750만 달러

회사는 Mark Iwicki를 CEO로, Chris Cabell을 사장 겸 연구개발 책임자로, John Adams를 CSO로 임명하여 리더십 팀을 강화했습니다. FDA는 2024년 9월 IkT-001의 2b상 시험에 대한 진행 허가서를 발급했습니다.

Inhibikase Therapeutics (IKT) a publié ses résultats financiers pour 2024 et ses développements clés, mettant en avant un focus stratégique sur l'avancement d'IkT-001 pour le traitement de l'hypertension artérielle pulmonaire (PAH). L'entreprise a sécurisé 110 millions de dollars grâce à un placement privé en octobre 2024, avec des revenus supplémentaires potentiels allant jusqu'à 275 millions de dollars si les bons de souscription sont exercés.

Les principaux indicateurs financiers pour 2024 incluent :

  • Perte nette de 27,5 millions de dollars (1,16 dollar par action) contre 19,1 millions de dollars en 2023
  • Les dépenses en R&D ont augmenté à 17,2 millions de dollars contre 13,6 millions de dollars en 2023
  • Les dépenses SG&A ont augmenté à 11,4 millions de dollars contre 6,7 millions de dollars en 2023
  • Position de trésorerie de 97,5 millions de dollars au 31 décembre 2024

L'entreprise a renforcé son équipe dirigeante avec Mark Iwicki en tant que PDG, Chris Cabell en tant que Président et Responsable de la R&D, et John Adams en tant que CSO. La FDA a émis une lettre d'autorisation pour procéder à l'étude de phase 2b d'IkT-001 en septembre 2024.

Inhibikase Therapeutics (IKT) hat seine finanziellen Ergebnisse und wichtigen Entwicklungen für 2024 veröffentlicht und dabei einen strategischen Fokus auf die Weiterentwicklung von IkT-001 zur Behandlung von pulmonaler arterieller Hypertonie (PAH) gelegt. Das Unternehmen sicherte sich im Oktober 2024 110 Millionen Dollar durch eine Privatplatzierung, mit potenziellen zusätzlichen Einnahmen von bis zu 275 Millionen Dollar, falls die Warrants ausgeübt werden.

Die wichtigsten finanziellen Kennzahlen für 2024 umfassen:

  • Nettoverlust von 27,5 Millionen Dollar (1,16 Dollar pro Aktie) im Vergleich zu 19,1 Millionen Dollar im Jahr 2023
  • Forschung und Entwicklungskosten stiegen auf 17,2 Millionen Dollar von 13,6 Millionen Dollar im Jahr 2023
  • SG&A-Ausgaben stiegen auf 11,4 Millionen Dollar von 6,7 Millionen Dollar im Jahr 2023
  • Liquiditätsposition von 97,5 Millionen Dollar zum 31. Dezember 2024

Das Unternehmen stärkte sein Führungsteam mit Mark Iwicki als CEO, Chris Cabell als Präsident und Leiter der F&E sowie John Adams als CSO. Die FDA erteilte im September 2024 einen Brief zur Genehmigung des Studienstarts für die Phase 2b-Studie von IkT-001.

Positive
  • Secured $110 million private placement with potential additional proceeds up to $275 million
  • Strong cash position of $97.5 million as of December 31, 2024
  • FDA clearance received for Phase 2b trial of IkT-001
  • Strengthened leadership team with experienced PAH industry executives
Negative
  • Net loss increased to $27.5 million from $19.1 million year-over-year
  • R&D expenses increased 26% to $17.2 million
  • SG&A expenses rose 70% to $11.4 million

Insights

Inhibikase's 2024 financial results present a mixed picture with important strategic developments. The company secured $110 million in private placement financing, potentially up to $275 million if warrants are exercised, which substantially strengthens their financial position with $97.5 million cash on hand at year-end. This provides crucial runway for their PAH clinical program.

However, the company's losses widened to $27.5 million ($1.16/share) from $19.1 million in 2023, with R&D expenses increasing 26.5% to $17.2 million and SG&A costs jumping 70.1% to $11.4 million. This higher burn rate is typical for companies transitioning to late-stage clinical development, but warrants monitoring.

The management overhaul brings in executives with specific PAH expertise, including Mark Iwicki as CEO and the addition of leadership from Arena Pharmaceuticals and BELLUS Health—companies with successful track records in pulmonary therapeutics. These appointments signal a strategic focus on advancing IkT-001 through late-stage trials, with the financing providing sufficient resources to execute their development plan.

The FDA's Study May Proceed letter for IkT-001's Phase 2b trial represents an important regulatory milestone, especially given the drug's potential as a disease-modifying treatment based on imatinib's prior data in PAH. The substantial stock option grants to new executives (5,060,000 shares total) reflect the board's commitment to aligning management incentives with clinical advancement.

New Leadership and Focus on Advancement of IkT-001 into a Late-Stage Clinical Trial Program in Pulmonary Arterial Hypertension

BOSTON, March 27, 2025 (GLOBE NEWSWIRE) -- Inhibikase Therapeutics, Inc. (Nasdaq: IKT) (“Inhibikase” or “Company”), a clinical-stage pharmaceutical company innovating small molecule kinase inhibitor therapeutics to treat pulmonary arterial hypertension (“PAH”), today reported financial results for the year ended December 31, 2024 and highlighted recent developments.

“The financing concluded in October positioned us to focus our clinical development efforts on advancing IkT-001 toward a late-stage clinical trial in PAH,” said Mark Iwicki, Chief Executive Officer of Inhibikase. “To drive the Company toward its next phase of growth, we subsequently added depth to our management team with the additions of Chris Cabell and John Adams, two accomplished scientific leaders with established track records in the PAH space. Additionally, we expect Chris and John will enable us to accelerate the build out of our team as we make preparations to execute on the IkT-001 Phase 2b clinical trial in PAH. We enter 2025 well positioned to aggressively advanced our IkT-001 development plan.”

Recent Developments:

  • Closed a private placement with gross proceeds of approximately $110 million in October 2024 in support of advancing IkT-001 into a late-stage clinical trial in PAH. If the warrants issued in such offering are exercised for cash, the aggregate total gross proceeds from the financing may be up to $275 million.
  • Announced the appointments of Mark Iwicki as Chief Executive Officer, Chris Cabell, M.D., MHS, FACC, as President and Head of Research & Development, and John Adams, Ph.D., as Chief Scientific Officer.
  • Added highly accomplished leaders in biopharmaceutical development to the Board of Directors of the Company (the “Board”):
    • Amit Munshi, Chief Executive Officer of Orna Therapeutics and former CEO of Arena Pharmaceuticals; Mr. Munshi has been appointed as the independent Chair of the Board.
    • Vince Aurentz, former Executive Vice President and Chief Business Officer at Arena Pharmaceuticals and former member of the Board at Longboard Pharmaceuticals, Inc.
    • Roberto Bellini, Managing Partner of BSQUARED Capital and former Chief Executive Officer of BELLUS Health Inc.
    • David Canner, Partner at Soleus Capital.
    • Mark Iwicki, Chair of the Board of Akero Therapeutics.
    • Arvind Kush, Chief Financial Officer and Chief Business Officer of Candid Therapeutics and former CFO of RayzeBio.
  • Advancement of IkT-001 as a therapy in Pulmonary Arterial Hypertension:
    • The Company received its Study May Proceed letter for the Phase 2b trial in September 2024.
    • The active ingredient in IkT-001, imatinib, has previously been shown to be disease-modifying for PAH.

2024 Financial Results

Net Loss: Net loss for the year ended December 31, 2024, was $27.5 million, or $1.16 per share, compared to a net loss of $19.1 million, or $3.16 per share in the year ended December 31, 2023.

R&D Expenses: Research and development expenses were $17.2 million for the year ended December 31, 2024 compared to $13.6 million in the year ended December 31, 2023.

SG&A Expenses: Selling, general and administrative expenses for the year ended December 31, 2024 were $11.4 million compared to $6.7 million for the year ended December 31, 2023.

Cash Position: Cash, cash equivalents and marketable securities were $97.5 million as of December 31, 2024.

Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

The Board approved the grant of non-statutory stock options to each of Mr. Adams and Mr. Cabell to purchase an aggregate of 2,250,000 and 2,810,000 shares of common stock, respectively, as an inducement material to the employees’ acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $2.97 per share, which is equal to the closing price of the Company’s common stock on February 21, 2025, the effective date of grant. The options have a ten year term, vesting annually over three years, commencing on the one-year anniversary of the employee’s date of hire. The options are subject to the employee’s continued service with the Company on each such vesting date and the terms and conditions of an award agreement.

About Inhibikase (www.inhibikase.com)

Inhibikase Therapeutics, Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company developing Abelson Tyrosine Kinase inhibitor therapeutics for Cardiopulmonary disease. Inhibikase’s cardiopulmonary disease portfolio is led by IkT-001, a prodrug of imatinib mesylate, for PAH. Inhibikase is headquartered in Atlanta, Georgia with offices in Lexington, Massachusetts.

Social Media Disclaimer

Investors and others should note that the Company announces material financial information to investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company intends to also use XFacebookLinkedIn and YouTube as a means of disclosing information about the Company, its services and other matters and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the initiation of the Company’s Phase 2b trial of IkT-001 in PAH, the Company’s future activities, or future events or conditions; and expectations regarding the anticipated contribution of Dr. Cabell and Dr. Adams to our operations and progress. These forward-looking statements are based on Inhibikase’s current expectations and assumptions. Such statements are subject to certain risks and uncertainties, which could cause Inhibikase’s actual results to differ materially from those anticipated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include our ability to commence and execute a Phase 2b ‘702’ trial to evaluate IkT-001 as a treatment for PAH, as well as such other factors that are included in our periodic reports on Form 10-K and Form 10-Q that we file with the U.S. Securities and Exchange Commission. Any forward-looking statement in this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Contacts:
Investor Relations:
Michael Moyer
LifeSci Advisors
mmoyer@lifesciadvisors.com

---tables to follow---

 
Inhibikase Therapeutics, Inc.
Consolidated Balance Sheets
(Unaudited)
       
  December 31,
2024
  December 31,
2023
 
       
Assets     
Current assets:     
Cash and cash equivalents $56,490,579  $9,165,179 
Marketable securities  41,052,949   4,086,873 
Prepaid research and development  81,308   219,817 
Prepaid expenses and other current assets  826,473   739,179 
Total current assets  98,451,309   14,211,048 
Equipment and improvements, net  47,100   73,372 
Right-of-use asset  101,437   222,227 
Total assets $98,599,846  $14,506,647 
Liabilities and stockholders’ equity     
Current liabilities:     
Accounts payable $943,019  $646,767 
Lease obligation, current  110,517   150,095 
Accrued expenses and other current liabilities  2,680,030   2,259,955 
Insurance premium financing payable  -   381,784 
Total current liabilities  3,733,566   3,438,601 
Lease obligation, net of current portion  -   90,124 
Total liabilities  3,733,566   3,528,725 
Commitments and contingencies     
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2024 and December 31, 2023  -   - 
Common stock, $0.001 par value; 100,000,000 shares authorized; 69,362,439 and 6,186,280 shares issued and outstanding at December 31, 2024 and December 31, 2023  69,362   6,186 
Additional paid-in capital  189,254,777   77,871,584 
Accumulated other comprehensive (loss) income  (37,248)  877 
Accumulated deficit  (94,420,611)  (66,900,725)
Total stockholders' equity  94,866,280   10,977,922 
Total liabilities and stockholders’ equity $98,599,846  $14,506,647 
       


 
Inhibikase Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
    
  Year ended December 31, 
  2024  2023 
Revenue:      
Grant revenue $  $260,501 
Total revenue     260,501 
Costs and expenses:      
Research and development  17,210,548   13,618,348 
Selling, general and administrative  11,378,520   6,731,945 
Total costs and expenses  28,589,068   20,350,293 
Loss from operations  (28,589,068)  (20,089,792)
Interest income  1,069,182   1,060,909 
Net loss  (27,519,886)  (19,028,883)
Other comprehensive loss, net of tax      
Unrealized loss on marketable securities  (38,125)  (103,841)
Comprehensive loss $(27,558,011) $(19,132,724)
Net loss per share – basic and diluted $(1.16) $(3.16)
Weighted-average number of common shares – basic and diluted  23,712,220   6,028,210 
         

FAQ

What was Inhibikase Therapeutics (IKT) net loss for 2024?

IKT reported a net loss of $27.5 million ($1.16 per share) for 2024, compared to $19.1 million in 2023.

How much funding did IKT raise in their October 2024 private placement?

IKT raised $110 million in gross proceeds, with potential additional proceeds up to $275 million if warrants are exercised.

What is the current cash position of Inhibikase Therapeutics (IKT)?

As of December 31, 2024, IKT had $97.5 million in cash, cash equivalents and marketable securities.

When did IKT receive FDA clearance for the IkT-001 Phase 2b trial in PAH?

IKT received the FDA Study May Proceed letter for the Phase 2b trial in September 2024.

How much did IKT's R&D expenses increase in 2024?

R&D expenses increased to $17.2 million in 2024 from $13.6 million in 2023.
Inhibikase Therapeutics Inc

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Biotechnology
Biological Products, (no Disgnostic Substances)
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