Monopar Therapeutics Inc Reports Q3 2023 Financial Results and Progress in Clinical Programs
Monopar Therapeutics Inc (NASDAQ:MNPR) announces a net loss of $2.0 million in Q3 2023, a decrease from $2.4 million in Q3 2022.
Research and Development expenses decreased by $415,000 compared to the same period last year.
The company's cash reserves are expected to fund operations through November 2024, with plans to raise additional capital within the next 12 months.
MNPR-101 radiopharmaceutical program is advancing towards first-in-human studies, potentially starting as early as December 2023.
On November 9, 2023, Monopar Therapeutics Inc (NASDAQ:MNPR), a clinical-stage biopharmaceutical company, released its financial results for the third quarter of 2023. The company, which specializes in developing innovative treatments for cancer patients, highlighted its financial standing and progress in its clinical programs.
Financial Summary
Monopar Therapeutics Inc reported a net loss of $2.0 million, or $0.14 per share, for the third quarter of 2023, which is an improvement from the net loss of $2.4 million, or $0.19 per share, for the same period in 2022. The company's cash, cash equivalents, and short-term investments totaled $8.5 million as of September 30, 2023. This financial position is anticipated to support the company's key clinical trials and preclinical studies well into the next year.
Research and Development (R&D) and General and Administrative (G&A) Expenses
R&D expenses for the third quarter decreased by $415,000 year-over-year, primarily due to reduced costs in clinical trial-related and clinical material manufacturing-related expenses for Validive. However, there were increases in expenses related to the MNPR-101 radiopharmaceutical program, camsirubicin clinical trial expenses, and other R&D activities. G&A expenses saw a slight increase of $74,000, mainly due to higher salaries and benefits.
Clinical Program Updates
Monopar Therapeutics Inc is making significant strides in its clinical programs. The MNPR-101 radiopharmaceutical program is on track to enter first-in-human studies potentially as early as December 2023. Additionally, the company presented efficacy and safety data from the Phase 1b trial of camsirubicin at the 2023 CTOS Annual Meeting. Encouraging preclinical results for MNPR-202 support further research into this early-stage camsirubicin analog for various cancers.
The company's strategic focus remains on advancing its clinical and preclinical programs. Monopar Therapeutics Inc is actively preparing for additional funding to ensure the continuation of its research and development efforts beyond November 2024.
For more detailed financial information and updates on Monopar Therapeutics Inc's clinical programs, investors and interested parties are encouraged to visit the company's quarterly reports section on their website at https://ir.monopartx.com/quarterly-reports.
Monopar Therapeutics Inc remains committed to its mission of developing innovative treatments for cancer patients and is poised to make significant advancements in its clinical programs in the near future.
Explore the complete 8-K earnings release (here) from Monopar Therapeutics Inc for further details.
This article first appeared on GuruFocus.
