Context Therapeutics (NASDAQ:CNTX) Inc. has announced its financial results for the second quarter ended June 30, 2023, highlighting that it has sufficient cash and cash equivalents to continue funding operations into late 2024.
The company said cash and cash equivalents were at $25.1 million at June 30, 2023, compared to $35.5 million at December 31, 2022.
“During the second quarter of this year, Context continued development of our preclinical asset CTIM-76, a Claudin 6 (CLDN6) x CD3 bispecific antibody. An immunotherapy designed to activate and direct a patient’s own immune cells, CTIM-76 shows a high degree of specificity in preclinical studies and the potential to selectively induce cell death in CLDN6-positive tumors, including lung, ovarian, and testicular,” Martin Lehr, CEO of Context, said in a statement.
“With ongoing interest and momentum of Claudin-targeted therapeutics, we believe CTIM-76 is demonstrating unique qualities in preclinical research including potent killing of CLDN6-expressing cells, developability, and manufacturability. We look forward to providing additional preclinical data by the end of 2023 and remain on track to file an Investigational New Drug Application (IND) in the first quarter of 2024.”
For the second quarter, the biopharma’s acquired in-process research and development expense was $0.5 million, reflecting the costs recognized related to a development milestone achieved under the collaboration and license agreement with Integral Molecular.
Research and development expenses were $3.5 million for the second quarter of 2023 compared to $1.5 million for the corresponding period in 2022. The rise was due to higher CTIM-76 contract manufacturing costs and preclinical costs as a result of ongoing IND-enabling studies and activities.
The company reported a net loss of $5.0 million for the second quarter of 2023 compared to $4.0 million for the same period in 2022.
Context Therapeutics (NASDAQ:CNTX) is a biopharmaceutical company advancing medicines for solid tumors.