Context Therapeutics said its decision made during the first quarter to focus on developing its preclinical asset CTIM-76 has extended the company’s cash runway into late 2024.
CTIM-76, a Claudin 6 (CLDN6) x CD3 bispecific antibody, is an immunotherapy designed to activate and direct a patient’s own immune cells to CLDN6-positive tumors, including lung, ovarian, and testicular, the company noted.
In April, research on CTIM-76 was presented at the American Association for Cancer Research (AACR) Annual Meeting 2023. Additionally, the company hosted an investor research and development webinar to discuss the presentation.
“Preclinical data presented at AACR highlighted CTIM-76’s unique attributes, including potent killing of CLDN6-expressing cells, developability, and manufacturability,” said Context CEO Martin Lehr in a statement.
“We are encouraged by the high degree of specificity of CTIM-76 and its potential to selectively induce cell death in tumors that express CLDN6.”
The company said CTIM-76 is on track for an Investigational New Drug (IND) filing in 1Q 2024.
Context exited the first quarter, which ended on March 31, 2023, with cash and cash equivalents of $29.8 million.
The company’s R&D expenses increased from $1.4 million in the year-ago quarter to $4.5 million, driven by increased clinical trial and contract manufacturing expenses related to its ONA-XR program, which the company announced in March it would be discontinuing.
Additionally, CTIM-76 preliminary and contracting costs were elevated due to IND-enabling studies and activities, Context noted.
Other income was $0.4 million for the quarter, above $5,000 in the same period in 2022, attributed to higher interest income earned on cash and cash equivalent balances.
Its net loss was $6.3 million, compared to $3.4 million in the year-ago quarter.
Context Therapeutics is a biopharmaceutical company dedicated to improving the lives of patients with cancer.
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