Context Therapeutics (NASDAQ:CNTX) Inc announced that it has ended its first quarter of 2022 with $45.7 million in cash and equivalents as of March 31, which the company says should be sufficient to fund its operations into 2024.
The women’s oncology company also noted that 2022 looks to be a “pivotal year” as it anticipates reporting preliminary data of ONA-XR from ongoing Phase 2 trials in breast, ovarian, and endometrial cancers later in the year.
“During the first quarter, Context laid a strong foundation upon which to build. Encouraging data was presented from two pipeline programs, including in vivo combination and immunomodulation data evaluating onapristone extended release (ONA-XR), the company’s lead clinical program, at the Association for Cancer Research (AACR) Annual Meeting 2022,” CEO Martin Lehr said in a statement.
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“The preclinical data for ONA-XR highlight the breadth of its potential as a highly promising combination agent with standard-of-care therapies, as well as with emerging therapies for hormone positive tumors such as immune checkpoint inhibitors and inhibitors of the AURKA/STAT3 oncogenic axis,” Lehr added.
As well, Context said it will select a development candidate for its CLDN6xCD3 program by year-end.
The company also noted that it expects to report preliminary data from the PR+ recurrent endometrial cancer trial in mid-2022 and preliminary data from its other three currently ongoing clinical trials in the second half of 2022.
On the financial side, Context revealed that its general and administrative (G&A) expenses increased to $2.1 million for the period, which it attributed primarily to increased salaries and related benefits due to a higher employee headcount, as well as higher insurance and professional fees to support ongoing business operations and compliance obligations associated with being a publicly-traded company.
The company said it recorded a net loss of $3.4 million during the quarter.
Based in Philadelphia, Context Therapeutics (NASDAQ:CNTX) is a women’s oncology company developing small molecule and immunotherapy treatments for breast and gynecological cancers.
Its clinical program for lead candidate onapristone extended release (ONA-XR) consists of three Phase 2 clinical trials and one Phase 1b/2 clinical trial in hormone-driven breast, ovarian, and endometrial cancer.
ONA-XR is a novel, first-in-class small molecule under development as a potent and specific antagonist of the progesterone receptor, a key unchecked mechanism in hormone-driven women's cancers.
Contact Sean at sean@proactiveinvestors.com