Viracta Therapeutics Inc (VIRX) Reports Q3 2023 Financial Results Amid Clinical Advances
Viracta Therapeutics Inc (NASDAQ:VIRX) announced preliminary clinical data from the NAVAL-1 trial showing a 40% response rate in EBV+ peripheral T-cell lymphoma.
Interim data from a Phase 1b/2 trial in advanced EBV+ solid tumors showed partial responses at higher doses with no dose-limiting toxicities observed.
Financial results indicate a cash position sufficient to fund operations through late 2024, with R&D expenses increasing due to clinical program advancements.
Net loss for Q3 2023 was $12.6 million, a decrease from $17.7 million in Q3 2022.
On November 9, 2023, Viracta Therapeutics Inc (NASDAQ:VIRX), a clinical-stage precision oncology company, released its financial results for the third quarter of 2023, alongside a comprehensive business update. The company highlighted significant progress in its clinical trials, particularly the NAVAL-1 trial for its lead candidate Nana-val, which targets Epstein-Barr virus-positive (EBV+) cancers.
Clinical and Financial Highlights
Viracta's President and CEO, Mark Rothera, expressed confidence in Nana-val's potential as a therapeutic option for EBV-associated cancers. The NAVAL-1 trial showed promising preliminary results, with a 40% overall and complete response rate in patients with relapsed or refractory EBV+ peripheral T-cell lymphoma (PTCL). The company anticipates completing enrollment for the PTCL Stage 2 cohort and engaging with the FDA in 2024.
Interim data from the Phase 1b/2 trial in advanced EBV+ solid tumors also indicated partial responses at higher doses, with no dose-limiting toxicities, paving the way for further dose escalation and determination of the Phase 2 dose in 2024.
Financial Performance
Viracta's cash position as of September 30, 2023, was approximately $63.0 million, which is expected to sustain the company's operations through late 2024. Research and development expenses for the quarter were $8.2 million, reflecting increased investment in clinical trials and personnel. General and administrative expenses decreased to $4.3 million due to non-recurring costs in the previous year.
The net loss for the third quarter was $12.6 million, or $0.33 per share, an improvement from the net loss of $17.7 million, or $0.47 per share, in the same period of 2022. The nine-month net loss also decreased slightly to $37.3 million from $38.9 million in the previous year.
Looking Ahead
Viracta is focused on advancing its clinical programs, with several key milestones anticipated in 2024. These include further data from the NAVAL-1 and Phase 1b/2 trials, as well as discussions with the FDA regarding accelerated approval pathways.
The company's strategic path forward is clear, with the PTCL indication leading the charge. Viracta continues to explore opportunities to maximize the therapeutic potential of Nana-val across other indications, supported by a robust financial foundation and promising clinical data.
For more detailed information on Viracta Therapeutics Inc (NASDAQ:VIRX) and its latest financial results, please visit www.viracta.com.
Explore the complete 8-K earnings release (here) from Viracta Therapeutics Inc for further details.
This article first appeared on GuruFocus.
