TRACON PHARMS INC - TCON STOCK NEWS

TRACON Pharmaceuticals (Nasdaq: TCON) announced that it has been awarded approximately $23 million by an ICC tribunal in its arbitration against I-Mab. The arbitration stems from a dispute initiated in June 2020 regarding contractual obligations related to multiple immuno-oncology programs. Among the findings, TRACON is entitled to receive $9 million plus interest due to the completion of the TJ004309 trial as of January 2022. This award is expected to extend TRACON's cash runway into 2024, coinciding with anticipated interim efficacy results from its pivotal ENVASARC Phase 2 trial, which aims to enroll over 160 patients. The company is currently focused on advancing its investigational drug, envafolimab, a PD-(L)1 inhibitor.

TRACON Pharmaceuticals (Nasdaq: TCON) reported its financial results for Q4 and the full year ending December 31, 2022. The company achieved significant progress, highlighted by a double-digit objective response rate in the ENVASARC pivotal trial involving envafolimab for refractory sarcoma. Additionally, TRACON secured up to $30 million in non-dilutive financing related to an arbitration award with I-Mab. Cash and equivalents were $17.4 million, down from $24.1 million in 2021, anticipated to fund operations into mid-2023. The net loss for Q4 2022 was $7.0 million, slightly improved from $7.7 million in Q4 2021.

TRACON Pharmaceuticals, Inc. (Nasdaq: TCON) will release its Q4 and year-end 2022 financial results on March 8, 2023, after U.S. market close. Following the announcement, management will host a conference call at 4:30 PM ET to discuss the results and corporate activities. TRACON focuses on developing targeted cancer therapeutics and operates a CRO-independent product development platform. Its pipeline includes Envafolimab for sarcoma and several other promising candidates. The company is also pursuing partnerships to enhance its market presence.

TRACON Pharmaceuticals (Nasdaq: TCON) has announced an initial funding of $3.5 million under a non-recourse financing agreement that could total $30 million. This funding will help maintain the company's cash runway through mid-2023. The additional financing is contingent on an arbitration award expected by the first quarter of 2023. TRACON plans to use the funds for confirming and enforcing any award, along with working capital. The company focuses on advancing novel targeted cancer therapeutics while exploring partnerships in the life sciences sector.

TRACON Pharmaceuticals (NASDAQ: TCON) reported positive interim results from its ENVASARC Phase 2 trial, achieving a double-digit objective response rate (ORR) for envafolimab, both as a monotherapy and in combination with Yervoy. The IDMC recommended continued patient accrual, which remains ahead of schedule, with full enrollment expected by year-end 2023. A key arbitration decision is anticipated in Q1 2023, potentially extending the company’s cash runway. Envafolimab is positioned to provide a differentiated treatment option for patients with refractory undifferentiated pleomorphic sarcoma and myxofibrosarcoma.