Zynerba Pharmaceuticals (NASDAQ:ZYNE) Inc reported its 3Q financial results showing a strong cash position of $75.6 million in the bank.
The figure was well up from the $59.2 million it reported as of December 31, 2020.
In a release, Zynerba told investors that it believes the firm’s cash position will be sufficient to fund operations and capital requirements “well into the first half” of 2024.
READ: Zynerba initiates RECONNECT Phase 3 trial of Zygel for Fragile X syndrome
Devon, Pennsylvania-based Zynerba is a leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders including Fragile X syndrome, autism spectrum disorder, 22q11.2 deletion syndrome, and a heterogeneous group of rare and ultra-rare epilepsies known as developmental and epileptic encephalopathies.
“We remain focused on enrolling patients into our confirmatory pivotal Phase 3 RECONNECT trial in children and adolescents with Fragile X Syndrome,” said Armando Anido, Zynerba’s CEO, in a statement.
The company started the Phase 3 study during the quarter ended September 30, 2021. RECONNECT is designed to evaluate the efficacy and safety of Zygel, a cannabidiol formulated in a transdermal gel, in children and adolescents with Fragile X Syndrome.
Zynerba said it if results from RECONNECT positive, it will be enough to support the submission of a New Drug Application for Zygel in patients with FXS.
“(Zygel) has the potential to become the first FDA approved treatment option for the significant unmet medical need that affects FXS patients and their families,” Anido added.
During the quarter, Zynerba spent $6.3 million on research and development expenses. It posted a net loss of $10.6 million or $0.26 per share.
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