Context Therapeutics (NASDAQ:CNTX) has announced its third-quarter results, highlighting its progress in advancing its lead candidate, CTIM-76, a Claudin 6 (CLDN6) x CD3 bispecific antibody, toward a first-in-human clinical study.
The company said it remains on track to file an Investigational New Drug (IND) for CTIM-76 with the US Food and Drug Administration in the first quarter of 2024.
“Preclinical data presented at the Society for Immunotherapy of Cancer’s (SITC) 38th Annual Meeting showed the broad therapeutic potential of CTIM-76 when targeting CLDN6-positive tumors and identified a potential first-in-human dose,” Context CEO Martin Lehr commented in a statement.
“The preclinical data supported CTIM-76’s differentiated product profile, including its potential to address limitations of first-generation CLDN6-targeted clinical-stage therapies and the requirement of high CLDN6 expression and off-target toxicities,” said Martin Lehr, CEO of Context.
For the third quarter to September 30, 2023, the biopharma’s research and development expenses were $4.5 million compared to $2.1 million for the corresponding period in 2022. The rise was due to higher CTIM-76 contract manufacturing costs and preclinical costs due to ongoing IND-enabling studies and activities.
The company reported a net loss of $5.9 million compared to $3.9 million for the same period in 2022.
It ended September with cash and cash equivalents of $21.7 million, compared to $35.5 million at December 31, 2022, saying it expected this would be sufficient to fund its operations into late 2024.
Context Therapeutics (NASDAQ:CNTX) is a biopharmaceutical company advancing medicines for solid tumors.
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