TRACON Pharmaceuticals Inc (NASDAQ:TCON) rounded out the second quarter with a strong cash runway to carry out key trials and continue hitting significant milestones.
The San Diego, California-based clinical stage biopharma company had cash and equivalents of US$13.6 million as of June 30 2022 and expected it to fund the company into 2023.
The firm also narrowed its net loss to US$6.2 million, compared to $8.9 million for 2Q 2021.
READ: TRACON Pharmaceuticals says ENVASARC trial gets recommendation to proceed as planned
Significantly, TRACON kept a firm grip on research and development expenses during the quarter which decreased to US$2.9 million, compared to $3.1 million for the comparable period a year earlier.
General and administrative expenses for the quarter were US$3.3 million, compared to $6.1 million for the second quarter of 2021. The decrease was primarily attributable to legal expenses incurred in the 2Q of 2021.
TRACON uses a CRO-independent product development platform to advance its pipeline of novel targeted cancer therapeutics and to form partnerships with other life science companies.
“We continue to have robust accrual in the ENVASARC pivotal trial as we have enrolled more than 36 patients and look forward to reporting the interim efficacy analysis on the initial 36 patients in the fourth quarter, after each patient has had two on-study scans,” said Charles Theuer, CEO of TRACON.
“Additionally, we await the outcome of the binding arbitration relating to I-Mab’s alleged breaches of the TJ4309 and bi-specific antibody agreements, and anticipate completing the TJ4309 Phase 1 trial that permits I-Mab the opportunity to terminate the license for a $9 million payment to TRACON. We expect both the arbitration decision and the termination of the TJ4309 license to occur this year,” he added.
For the rest of 2022, TRACON is expecting to hit a number of key milestones, including reviews by the Independent Data Monitoring Committee (IDMC).
This includes reporting an interim safety analysis following the review by the IDMC of more than twelve weeks of safety data from more than 20 patients who received the 600 mg dose of envafolimab as a single agent or with Yervoy.
TRACON will also report an interim efficacy analysis following the review by the IDMC of more than twelve weeks of efficacy data from 36 patients who received the 600 mg dose of envafolimab as a single agent or with Yervoy.
The company also plans to initiate dosing in the phase one/two clinical trial of envafolimab with its potential best in class CTLA-4 antibody YH001 as well as with doxorubicin chemotherapy.
TRACON has positioned itself as a collaboration partner that leads the regulatory filings, clinical trials, as well as US commercialization of best-in-class drug candidates, as an alternative to expensive contract research organization-based development.
Contact the author at susie@proactiveinvestors.com