AlloVir Inc (ALVR) Reports Q3 2023 Financial Results
AlloVir Inc (NASDAQ:ALVR) reported Q3 2023 financial results on November 2, 2023.
The company's cash, cash equivalents, and short-term investments stood at $213.3 million as of September 30, 2023.
AlloVir's lead therapeutic candidate, posoleucel, continues to progress in three Phase 3 trials.
Topline data for all three studies is expected in the second half of 2024.
AlloVir Inc (NASDAQ:ALVR), a late-clinical stage allogeneic T cell immunotherapy company, announced its financial results for the third quarter ended September 30, 2023. The company continues to advance its lead therapeutic candidate, posoleucel, in three distinct Phase 3 trials. AlloVir's cash, cash equivalents, and short-term investments amounted to $213.3 million, providing a solid financial runway through all pivotal trial data readouts.
Company Performance and Financial Highlights
AlloVir's Q3 2023 financial results show a robust cash position, which is crucial for the company's ongoing operations and clinical trials. The company's total assets as of September 30, 2023, were $248.3 million, compared to $277.1 million as of December 31, 2022. Total liabilities stood at $52.9 million, while stockholders' equity was $195.3 million.
For the three months ended September 30, 2023, AlloVir reported a net loss of $44.3 million, or $0.39 per share, compared to a net loss of $42.1 million, or $0.50 per share, for the same period in 2022. Research and development expenses for the quarter were $34.2 million, while general and administrative expenses were $12.8 million. The company's total operating expenses for the quarter amounted to $46.9 million.
Progress of Lead Therapeutic Candidate
AlloVir's lead product, posoleucel, is in late-stage clinical development. It is an off-the-shelf, multi-virus-specific T cell therapy targeting six viral pathogens in immunocompromised individuals. The company is working with urgency to complete enrollment in its three global Phase 3 pivotal trials of posoleucel. The topline data for all three studies is anticipated in the second half of 2024.
Looking Forward
AlloVir is in a position of strength with significant financial resources to support operations through topline data readouts for all three trials. The company expects a catalyst-rich next 12 months with clinical and regulatory milestones and continued commercial preparations in advance of a potential 2025 launch.
AlloVir's CEO, Diana Brainard, M.D., stated,
We are working with urgency to complete enrollment in our three global Phase 3 pivotal trials of posoleucel to deliver this potentially transformative therapy to patients that can benefit from the prevention and treatment of viral diseases with limited to no approved or effective therapies today. We expect a catalyst rich next 12 months with clinical and regulatory milestones and continued commercial preparations in advance of a potential 2025 launch."
Explore the complete 8-K earnings release (here) from AlloVir Inc for further details.
This article first appeared on GuruFocus.
