TRACON Pharmaceuticals Inc announced that it has ended its third-quarter 2022 with cash and equivalents of $17.0 million as of September 30, 2022, which the company says is expected to fund its operations into mid-2023.
The clinical stage biopharmaceutical company also noted that its net loss for the quarter narrowed to $6.4 million from $7.0 million a year earlier, as it reduced its general and administrative expenses for the period to $2.3 million, compared to $4.2 million in 3Q 2021.
“Enrollment in the ENVASARC Phase 2 pivotal trial continues to be ahead of schedule and we 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,” TRACON Pharmaceuticals CEO Charles Theuer said in a statement.
READ: TRACON Pharmaceuticals says ENVASARC trial gets recommendation from review committee to proceed as planned
“Additionally, we have been notified by the ICC Tribunal that it is far along in its deliberations but invited additional information on two discrete issues and requested arbitration costs prior to determining the final award of the binding arbitration with I-Mab. We now expect to receive the decision in the first quarter of 2023,” Theuer added.
TRACON also revealed some expected upcoming corporate milestones, which include:
- Reporting the interim efficacy analysis by the IDMC following the review of more than 12 weeks of efficacy data from 36 patients who received the 600 milligram (mg) dose of envafolimab as a single agent or in combination with Yervoy;
- Initiating dosing in the Phase 1/2 clinical trial of envafolimab with its potential best in class CTLA-4 antibody YH001, as well as with doxorubicin chemotherapy and;
- Reporting the binding decision of the International Chamber of Commerce (ICC) Arbitration Panel on the ongoing arbitration involving the TJ4309 and bispecific antibody agreements with I-Mab Biopharma, where TRACON is seeking to recover over $200 million in damages, which the company expects in the first quarter of 2023.
San Diego-based TRACON is a clinical stage biopharmaceutical company utilizing a cost-efficient, CRO-independent product development platform to advance its pipeline of novel targeted cancer therapeutics and to partner with other life science companies.
Contact Sean at sean@proactiveinvestors.com