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Aerovate Therapeutics Inc. (AVTE) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's decision to halt the development of AV-101, its dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH), following negative results from the Phase 2b portion of its clinical trial.
Aerovate announced a corporate restructuring and engaged Wedbush Securities Inc. to explore strategic alternatives, including a potential merger with Jade Biosciences, Inc.
The company reported a net loss of $69.6 million for the year ended December 31, 2024, compared to a net loss of $75.5 million in the previous year.
Research and development expenses decreased to $53.2 million from $64.2 million, primarily due to reduced clinical trial and manufacturing costs.
General and administrative expenses increased to $21.4 million from $17.2 million, driven by higher legal and consulting costs.
Aerovate's cash and cash equivalents and short-term investments totaled $78.6 million as of December 31, 2024.
The company's future operations are dependent on the successful completion of the proposed merger with Jade Biosciences.
Aerovate's stockholders are expected to vote on the merger, which, if completed, would result in a cash dividend of approximately $65.0 million to pre-merger stockholders.
The company continues to face uncertainties related to its strategic direction and potential future product development efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aerovate Therapeutics Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.