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Alaunos Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's strategic reprioritization and wind down of its TCR-T Library Phase 1/2 Trial. Alaunos has significantly reduced its workforce and is exploring strategic alternatives including mergers, acquisitions, or asset sales.
The company's financial statements show a decrease in cash and cash equivalents to $1.7 million as of September 30, 2024, from $6.1 million at the end of 2023. The accumulated deficit increased to approximately $919.7 million.
Alaunos reported no revenue for the three months ended September 30, 2024, and a net loss of $1.1 million for the same period. For the nine months ended September 30, 2024, the net loss was $3.9 million.
Research and development expenses decreased significantly to $143,000 for the three months ended September 30, 2024, from $3.7 million in the same period the previous year, reflecting the wind down of clinical activities.
General and administrative expenses also decreased to $1.0 million for the three months ended September 30, 2024, from $3.6 million in the same period the previous year, due to reduced headcount and facility costs.
Alaunos is continuing to evaluate its internally developed small molecule oral obesity program, aiming to develop a drug with a differentiated profile from current treatments.
The company is under Nasdaq's (NDAQ-0.10%) mandatory panel monitor until February 16, 2025, following a reverse stock split to regain compliance with the minimum bid price rule.
Alaunos terminated its license agreements with the National Cancer Institute and Precigen (PGEN-1.47%), affecting its ability to resume TCR-T clinical trials without renegotiating these licenses or obtaining new approvals.
The filing also details various risks, including the potential need for additional financing, the impact of strategic reprioritization, and the challenges associated with developing new therapies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alaunos Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.