Fusion Pharmaceuticals Inc (FUSN) Reports Q3 2023 Financial Results and Clinical Program Updates
Fusion Pharmaceuticals Inc (NASDAQ:FUSN) announces Q3 2023 financial results and clinical program updates.
The company records $2.0 million of revenue under the AstraZeneca collaboration agreement, compared to $0.2 million for the same period in 2022.
Net loss for Q3 2023 stands at $17.3 million, compared with a net loss of $24.0 million for the same period in 2022.
Fusion expects its existing cash, cash equivalents, and investments as of September 30, 2023, to fund operations into the second quarter of 2025.
On November 7, 2023, Fusion Pharmaceuticals Inc (NASDAQ:FUSN), a clinical-stage oncology company, announced its financial results for the third quarter ended September 30, 2023, and provided an update on clinical and corporate developments.
Company Performance and Challenges
Fusion Pharmaceuticals Inc (NASDAQ:FUSN) has been focusing on transitioning to a later-stage company leading the development of next-generation radiopharmaceuticals. The company is advancing patient enrollment in its Phase 2 clinical trial of FPI-2265, a small molecule-based TAT targeting prostate-specific membrane antigen (PSMA) for the treatment of metastatic castration-resistant prostate cancer (mCRPC). The company is also on track to share data from the second cohort in its Phase 1 study of FPI-1434 in patients with solid tumors expressing IGF-1R around the end of this year.
Financial Achievements
As of September 30, 2023, Fusion held cash, cash equivalents, and investments of $207.3 million, compared to $186.6 million as of December 31, 2022. For the third quarter of 2023, Fusion recorded $2.0 million of revenue under the AstraZeneca collaboration agreement, compared to $0.2 million for the same period in 2022.
Income Statement Highlights
Research and development expenses for the third quarter of 2023 were $14.6 million, compared to $16.6 million for the same period in 2022. The decrease was primarily due to a decrease in FPI-1966 program-related activities as a result of the Company ceasing clinical development for the program and a decrease in manufacturing-related costs for the Phase 1 clinical trial of FPI-1434. General and administrative expenses for the third quarter of 2023 were $6.8 million, compared to $7.4 million for the same period in 2022. The decrease was primarily due to a decrease in corporate and patent-related legal expenses. For the third quarter of 2023, Fusion reported a net loss of $17.3 million, or $0.25 per share, compared with a net loss of $24.0 million, or $0.55 per share, for the same period in 2022.
Balance Sheet Summary
As of September 30, 2023, Fusion held total assets of $253.4 million, compared to $219.1 million as of December 31, 2022. Total liabilities stood at $64.9 million, compared to $56.8 million as of December 31, 2022. The company's total stockholders' equity was $188.5 million, compared to $162.2 million as of December 31, 2022.
Company's Future Outlook
Fusion expects its existing cash, cash equivalents, and investments as of September 30, 2023, will be sufficient to fund operations into the second quarter of 2025. The company is looking forward to beginning to produce clinical doses early in 2024 and is confident in the diversified supply chain it has invested in which supports its ability to deliver therapies to patients in need.
Explore the complete 8-K earnings release (here) from Fusion Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
