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Actinium Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $11.6 million, compared to $13.3 million in the same quarter the previous year. The decrease in net loss is attributed to lower research and development expenses.
Research and development expenses were $9.8 million, down from $11.6 million in the previous year, primarily due to a decline in Chemistry, Manufacturing, and Controls (CMC) expenses and lower consulting expenses.
General and administrative expenses increased slightly to $2.8 million from $2.7 million, mainly due to higher non-cash stock compensation expense.
Interest income for the quarter was $1.0 million, virtually unchanged from the same period last year.
Actinium reported no revenue for the quarter, consistent with the same period in the previous year.
The company continues to focus on the development of its lead product candidates, Iomab-B and Actimab-A, and is seeking strategic partners for further clinical trials and potential commercialization.
The filing details that the FDA has required additional trials for Iomab-B, including a head-to-head Phase 3 clinical trial and a dose optimization trial, before considering a Biologics License Application (BLA) filing.
Actinium is also developing Actimab-A under a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI) and is planning a Phase 2/3 trial.
The company has reduced its overall headcount by approximately twenty percent in the third quarter of 2024, which is expected to reduce personnel expenses by $3.7 million in 2025.
Actinium's cash and cash equivalents were $78.7 million as of September 30, 2024, up from $76.7 million at the end of 2023, primarily due to net proceeds from the sale of common stock.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Actinium Pharmaceuticals Inc. (Delaware) quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.