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Aileron Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing outlines the company's focus on developing therapies for orphan pulmonary and fibrosis indications, with product candidates LTI-03 and LTI-01 in clinical development.
Research and development expenses increased to $10.9 million from $2.0 million in the same period the previous year, primarily due to the clinical programs acquired from Lung Therapeutics.
General and administrative expenses rose to $11.4 million from $6.0 million, attributed to increased headcount and consulting activities following the Lung Acquisition.
The company reported a net loss of $21.9 million for the nine months ended September 30, 2024, compared to $8.4 million for the same period in 2023.
Aileron completed a follow-on public offering in May 2024, raising approximately $17.7 million in net proceeds.
As of September 30, 2024, Aileron had cash and cash equivalents of $17.7 million, which management believes will fund operations into June 2025.
The company acknowledges substantial doubt about its ability to continue as a going concern without additional funding.
Aileron entered into an exclusive option agreement with Advancium Health Network for the potential sale of ALRN-6924.
The filing highlights material weaknesses in internal controls over financial reporting, which the company is working to remediate.
Aileron plans to focus resources on the development of LTI-03 and temporarily delay further clinical development of LTI-01.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aileron Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.