Atossa Therapeutics Inc (NASDAQ:ATOS) told investors it ended 2023 with $88.5 million in cash and cash equivalents and no debt as it advanced its investigational therapeutic (Z)-endoxifen, which is targeting breast cancer and other breast conditions.
Key clinical developments from the fourth quarter and in 2024 to date included the company fully enrolling two Phase 2 studies, its Karisma trial of (Z)-endoxifen in premenopausal women with measurable breast density and its I-SPY trial of (Z)-endoxifen as a neoadjuvant treatment for patients with newly diagnosed estrogen receptor-positive breast cancer.
Data from both studies is expected in the second half of 2024.
Atossa also dosed its first patient in a Phase 2 breast cancer prevention study, which is evaluating (Z)-endoxifen in patients diagnosed with ductal carcinoma in situ (DCIS).
"I am very proud of the progress we made in Q4 2023 and the momentum we have continued to generate in 2024,” Atossa CEO Dr. Steven Quay said in a statement.
“Our focus continues to be on accelerating our (Z)-endoxifen development program and generating additional data to support the growing body of evidence that (Z)-endoxifen has the potential to address significant unmet needs that exist in both the breast cancer prevention and treatment settings.”
For the year ended December 31, 2023, Atossa spent $17.3 million on research and development, including spending on clinical and non-clinical trials and drug development costs for (Z)-endoxifen.
The company's total operating expenses were $31.4 million, including $14 million in general and administrative expenses.
Interest income increased by $3.5 million year-over-year to $4.3 million, attributed to a higher average balance invested of $26.5 million and higher average interest rates when compared to 2022.