Third Harmonic Bio Announces Third Quarter 2024 Financial Results
Third Harmonic Bio (Nasdaq: THRD) reported Q3 2024 financial results, highlighting its Phase 1 SAD/MAD clinical trial of THB335 progressing towards data readout in Q1 2025. The company maintains a strong financial position with $296.1 million in cash and equivalents. Q3 2024 saw increased R&D expenses of $11.3 million, up from $6.0 million in Q3 2023, while net loss widened to $13.8 million from $7.3 million year-over-year. The company expects current cash reserves to fund operations through at least 2026.
Third Harmonic Bio (Nasdaq: THRD) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando il suo trial clinico di Fase 1 SAD/MAD di THB335, che progredisce verso la lettura dei dati nel primo trimestre del 2025. L'azienda mantiene una solida posizione finanziaria con 296,1 milioni di dollari in contante e equivalenti. Nel terzo trimestre del 2024 si sono registrati aumenti delle spese per Ricerca e Sviluppo pari a 11,3 milioni di dollari, in crescita rispetto a 6,0 milioni di dollari nel terzo trimestre del 2023, mentre la perdita netta è aumentata a 13,8 milioni di dollari rispetto ai 7,3 milioni di dollari dello stesso periodo dell'anno precedente. L'azienda prevede che le attuali riserve di cassa finanzieranno le operazioni almeno fino al 2026.
Third Harmonic Bio (Nasdaq: THRD) informó los resultados financieros del tercer trimestre de 2024, destacando su ensayo clínico de Fase 1 SAD/MAD de THB335, que avanza hacia la lectura de datos en el primer trimestre de 2025. La compañía mantiene una fuerte posición financiera con 296,1 millones de dólares en efectivo y equivalentes. En el tercer trimestre de 2024, se observaron incrementos en los gastos de I+D de 11,3 millones de dólares, en comparación con 6,0 millones de dólares en el tercer trimestre de 2023, mientras que la pérdida neta se amplió a 13,8 millones de dólares desde 7,3 millones de dólares año con año. La empresa espera que las reservas de efectivo actuales financien las operaciones hasta al menos 2026.
Third Harmonic Bio (Nasdaq: THRD)는 2024년 3분기 재무 결과를 발표하며, THB335의 1상 SAD/MAD 임상 시험이 2025년 1분기에 데이터 공개를 목표로 진행 중이라고 밝혔습니다. 회사는 2억 9610만 달러의 현금 및 현금성 자산으로 강력한 재무 상태를 유지하고 있습니다. 2024년 3분기 연구 개발 비용은 1130만 달러로 증가했으며, 이는 2023년 3분기의 600만 달러에서 상승한 수치입니다. 반면, 순손실은 작년 같은 기간의 730만 달러에서 1380만 달러로 확대되었습니다. 회사는 현재의 현금 보유액이 최소한 2026년까지 운영을 지원할 것으로 예상합니다.
Third Harmonic Bio (Nasdaq: THRD) a rapporté les résultats financiers du troisième trimestre 2024, mettant en avant son essai clinique de Phase 1 SAD/MAD pour THB335, qui progresse vers une publication des données prévue pour le premier trimestre 2025. L'entreprise maintient une solide position financière avec 296,1 millions de dollars en liquidités et équivalents. Au troisième trimestre 2024, les dépenses de R&D ont augmenté à 11,3 millions de dollars, contre 6,0 millions de dollars au troisième trimestre 2023, tandis que la perte nette a élargi à 13,8 millions de dollars contre 7,3 millions de dollars d'une année sur l'autre. L'entreprise s'attend à ce que ses réserves de liquidités actuelles financent ses opérations jusqu'au moins en 2026.
Third Harmonic Bio (Nasdaq: THRD) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und hebt dabei die Phase 1 SAD/MAD-Studie von THB335 hervor, die auf die Datenveröffentlichung im ersten Quartal 2025 hinarbeitet. Das Unternehmen hält eine starke finanzielle Position mit 296,1 Millionen Dollar in Bargeld und Baräquivalenten. Im dritten Quartal 2024 stiegen die F&E-Ausgaben auf 11,3 Millionen Dollar, im Vergleich zu 6,0 Millionen Dollar im dritten Quartal 2023, während der Nettoverlust auf 13,8 Millionen Dollar im Vergleich zu 7,3 Millionen Dollar im Vorjahreszeitraum ausgedehnt wurde. Das Unternehmen erwartet, dass die aktuellen Barmittel die Operationen bis mindestens 2026 finanzieren werden.
- Strong cash position of $296.1 million sufficient to fund operations through 2026
- Phase 1 clinical trial progressing on schedule with results expected Q1 2025
- Net loss increased to $13.8 million in Q3 2024 from $7.3 million in Q3 2023
- R&D expenses nearly doubled to $11.3 million from $6.0 million year-over-year
- G&A expenses increased to $5.7 million from $4.9 million year-over-year
Insights
Third Harmonic Bio presents a mixed financial picture with some concerning trends but maintains a strong cash position. The
The increased R&D spending, while elevating losses, reflects investment in the promising THB335 program. The termination of THB001 program suggests strategic portfolio optimization. The
The THB335 clinical development program shows strategic focus on mast cell-mediated inflammatory diseases, with chronic spontaneous urticaria as the lead indication. The Phase 1 SAD/MAD trial's use of serum tryptase as a biomarker is particularly significant, as it provides an objective measure of drug activity that correlates with clinical outcomes in urticaria.
The planned transition to Phase 2 trials indicates confidence in the preliminary safety profile. The oral small molecule approach targeting KIT could offer competitive advantages over existing injectable treatments in the urticaria market, potentially improving patient compliance and accessibility. The Q1 2025 data readout will be important for validating this therapeutic strategy.
THB335 Phase 1 SAD/MAD clinical trial on track to deliver clinical results in 1Q’25
Strong financial position with cash and cash equivalents totaling
SAN FRANCISCO, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Third Harmonic Bio, Inc. (Nasdaq: THRD), a clinical-stage biopharmaceutical company focused on advancing the next wave of medicine for dermal, respiratory and gastrointestinal inflammatory diseases, today announced financial results for the third quarter September 30, 2024.
“As the Phase 1 clinical trial of our development candidate THB335 continues toward an anticipated data readout in the first quarter of 2025, we are also making excellent progress in preparing to move efficiently into a Phase 2 clinical trial in chronic spontaneous urticaria,” said Natalie Holles, Chief Executive Officer at Third Harmonic Bio. “We believe an oral small molecule has the potential to be the optimal approach to targeting KIT for the treatment of urticaria and other mast cell-mediated inflammatory diseases.”
The Phase 1 SAD/MAD clinical trial of THB335 is being conducted in healthy volunteers to assess safety and tolerability, characterize pharmacokinetics, and to measure the pharmacodynamic effect by reductions in serum tryptase, a biomarker associated with mast cell activation and correlated with clinical response in urticaria studies. Results are expected in the first quarter of 2025.
Summary of Financial Results
Cash Position: Cash and cash equivalents totaled
R&D Expenses: Research and development (R&D) expenses increased to
G&A Expenses: General and administrative (G&A) expenses increased to
Net Loss: Net loss for the three months ended September 30, 2024, increased to
About Third Harmonic Bio, Inc.
Third Harmonic Bio is a clinical-stage biopharmaceutical company focused on advancing the next wave of medicine for dermal, respiratory, and gastrointestinal inflammatory diseases through the development of novel, highly selective, small-molecule inhibitors of KIT, a cell surface receptor that serves as the master regulator of mast cell function and survival. Early clinical studies demonstrate that KIT inhibition has the potential to revolutionize the treatment of a broad range of mast-cell-mediated inflammatory diseases and that a titratable, oral, small molecule inhibitor may provide the optimal therapeutic profile against this target. Third Harmonic Bio’s lead product candidate, THB335, is a titratable, oral, small molecule inhibitor that is currently in a Phase 1 clinical trial. For more information, please visit the Third Harmonic Bio website: www.thirdharmonicbio.com.
Forward-Looking Statement
This press release contains “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the expected timing for clinical trials, progress of the clinical trials and the availability of clinical data from such trials, and regulatory submissions for THB335, planned clinical and development activities and timelines, and the sufficiency of Third Harmonic Bio’s cash and cash equivalents to fund its operating expenses and capital expenditure requirements through at least 2026. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. These statements are subject to numerous risks and uncertainties, including risks and uncertainties related to Third Harmonic Bio’s cash forecasts, ability to advance its product candidates, the receipt and timing of potential regulatory submissions, designations, approvals and commercialization of product candidates, our ability to protect our intellectual property, the timing and results of preclinical and clinical trials, changes to laws or regulations, market conditions, geopolitical events, and further impacts of pandemics or health epidemics, that could cause actual results to differ materially from what Third Harmonic Bio expects. Further information on potential risk factors that could affect Third Harmonic Bio’s business and its financial results are detailed under the heading “Risk Factors” included in Third Harmonic Bio’s Quarterly Report on Form 10-Q for the nine months ended September 30, 2024, filed with the U.S. Securities and Exchange Commission (SEC) on November 7, 2024, and in Third Harmonic Bio’s other filings filed from time to time with the SEC. Third Harmonic Bio undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investor and Media Contact:
Lori Murray
lori.murray@thirdharmonicbio.com
THIRD HARMONIC BIO, INC. Condensed consolidated balance sheet data (Unaudited) (In thousands) | |||||||
December 31, 2023 | September 30, 2024 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 269,070 | $ | 296,093 | |||
Other current assets | 3,376 | 4,139 | |||||
Non-current assets | 5,265 | 4,261 | |||||
Total assets | $ | 277,711 | $ | 304,493 | |||
Liabilities | |||||||
Current liabilities | $ | 5,418 | $ | 7,065 | |||
Non-current liabilities | 3,208 | 2,574 | |||||
Total liabilities | 8,626 | 9,639 | |||||
Stockholders' equity | 269,085 | 294,854 | |||||
Total liabilities and stockholders' equity | $ | 277,711 | $ | 304,493 | |||
THIRD HARMONIC BIO, INC. Condensed consolidated statements of operations (Unaudited) (In thousands of, except per share and share amounts) | ||||||||
Nine Months Ended September 30, | ||||||||
2023 | 2024 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 18,046 | $ | 25,963 | ||||
General and administrative | 15,503 | 16,470 | ||||||
Total operating expenses | 33,549 | 42,433 | ||||||
Loss from operations | 33,549 | 42,433 | ||||||
Other (income) expense, net | (9,561 | ) | (10,071 | ) | ||||
Net loss | $ | 23,988 | $ | 32,362 | ||||
Net loss per share of common stock, basic and diluted | $ | 0.61 | $ | 0.80 | ||||
Weighted-average common stock outstanding, basic and diluted | 39,567,206 | 40,697,668 | ||||||
FAQ
What is Third Harmonic Bio's (THRD) cash position as of Q3 2024?
When will THRD report results from the THB335 Phase 1 clinical trial?