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Applied Therapeutics, 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 $68.6 million, compared to $42.4 million in the same quarter the previous year. The increase in net loss is attributed to higher general and administrative expenses and changes in the fair value of warrant liabilities.
Research and development expenses for the quarter were $14.8 million, up from $10.8 million in the previous year, primarily due to increased costs related to AT-007 clinical trials and regulatory activities.
General and administrative expenses increased significantly to $15.0 million from $4.7 million, driven by higher commercial expenses and legal fees in preparation for potential product commercialization.
Interest income for the quarter was $1.4 million, compared to $0.4 million in the previous year, reflecting higher interest rates and cash balances.
The company reported a change in fair value of warrant liabilities as an expense of $40.2 million, compared to $27.3 million in the previous year, due to increased stock price and fewer liability-classified warrants.
The filing highlights the company's ongoing efforts in clinical development, particularly for AT-007 and AT-001, and notes the need for additional funding to support its operations and potential commercialization activities.
Applied Therapeutics continues to focus on advancing its product candidates through clinical trials and regulatory pathways, with a particular emphasis on obtaining approvals for AT-007 in Galactosemia and SORD Deficiency.
The company acknowledges its reliance on partnerships, such as the agreement with Advanz Pharma for commercialization rights in Europe, to achieve its strategic objectives.
Applied Therapeutics plans to utilize its existing cash and cash equivalents of $98.9 million to fund operations into 2026, contingent on achieving projected clinical and regulatory milestones.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Applied Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.