Context Therapeutics (NASDAQ:CNTX) Inc has reported results for the second quarter that revealed ample cash on hand, giving the company scope to advance its pipeline programs.
As of June 30, 2022, the Philadelphia-based women’s oncology company developing treatments for breast and gynecological cancers, had cash, equivalents, and restricted cash which totaled $42.9 million.
Context said it expects this will be “sufficient to fund its operations into the fourth quarter of 2023.”
The clinical-stage biopharma company narrowed its net loss to $4 million for the quarter, compared to $5 million for 2Q 2021.
During the quarter, Context’s R&D expenses totaled $1.5 million and were driven primarily by Onapristone extended-release contract manufacturing costs and an increase in salaries due to a higher employee headcount, offset by lower CLDN6 preclinical costs.
Context’s pipeline includes small molecule and bispecific antibody drug candidates that target cancer signaling pathways. Onapristone extended release (ONA-XR), is a novel, potent and selective progesterone receptor antagonist, which is currently in three Phase 2 trials and one Phase 1/2 trial in hormone-driven breast, ovarian, and endometrial cancers.
In a statement accompanying the numbers, Context Therapeutics CEO Martin Lehr said: “During the 2Q, Context continued to advance its two pipeline programs, onapristone extended release (ONA-XR) and Claudin 6 x CD3 (CLDN6xCD3) bispecific antibody.”
He added: “We are encouraged by the data from the initial phase of our ongoing Phase 2 clinical trial of ONA-XR in granulosa cell tumors (GCT) of the ovary presented at the 2022 American Society of Clinical Oncology Annual Meeting and enrollment continues for the second portion of the trial evaluating the combination of ONA-XR with an oral antiestrogen.”
Meanwhile, Context recently forged a clinical trial collaboration and supply agreement with the Menarini Group for a Phase 1b/2 ELONA trial evaluating ONA-XR in combination with Menarini’s oral selective estrogen receptor degrader, elacestrant, in metastatic breast cancer (mBCa) patients who have previously been treated with a CDK4/6 inhibitor.
“The ELONA trial is expected to initiate in the fourth quarter of this year. Additionally, Context’s CLDN6xCD3 bispecific antibody program continues to advance as the program achieved its first development milestone under Context’s collaboration and license agreement with Integral Molecular,” said Lehr.
“We anticipate reporting initial data from three of our ongoing ONA-XR Phase 2 clinical studies in the 4Q this year and remain on track to announce the selection of our CLDN6xCD3 candidate by year-end, bringing us closer to realizing the potential of our pipeline to transform how female cancers are treated.”
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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