Atossa Therapeutics Inc (NASDAQ:ATOS) continued to advance the development of its lead clinical asset (Z)-endoxifen to prevent and treat breast cancer in the first quarter of 2024, exiting the quarter in a strong cash position with no debt.
“The first quarter of 2024 was a period of significant progress for our company,” Dr Steven Quay, CEO of the clinical-stage biopharmaceutical company said in a statement.
“We initiated a new combination study, presented extremely promising monotherapy data at AACR and fully enrolled the second of our five ongoing Phase 2 studies,” he said.
The CEO highlighted that even with these accomplishments during Q1 the company’s cash balance “remains strong” at $84 million.
For the three months ended March 31, 2024, the company invested $3.7 million in research and development, up by $0.2 million from the year-ago quarter.
Total operating expenses were $7 million, in line with the year-ago quarter’s $7.1 million.
“Our focus for the remainder of 2024 will be to continue driving our (Z)-endoxifen development program forward, preparing for critical data readouts expected in the second half of this year and further progressing conversations with regulatory authorities and prospective partners,” Quay said.