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Avenue 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 an increase in research and development expenses to $2.3 million from $0.9 million in the same quarter the previous year. This increase is attributed to higher pre-clinical and clinical development costs.
General and administrative expenses for the quarter were $0.8 million, down from $1.2 million in the previous year, primarily due to reduced personnel-related costs and professional fees.
The company reported a net loss of $3.1 million for the quarter, compared to a net income of $0.5 million in the previous year. This change is primarily due to a decrease in the fair value of warrant liabilities.
Interest income for the quarter increased to $51,000 from $9,000 in the previous year.
Net loss attributable to common stockholders was $3.1 million, compared to a net income of $0.5 million in the previous year.
Cash and cash equivalents as of September 30, 2024, were $2.6 million, with net cash used in operating activities amounting to $8.3 million for the nine months ended September 30, 2024.
The company continues to focus on the development and commercialization of therapies for neurologic diseases, including AJ201 for spinal and bulbar muscular atrophy, IV tramadol for post-operative acute pain, and BAER-101 for epilepsy and panic disorders.
Avenue Therapeutics acknowledges the need for additional financing to fund ongoing operations and development activities, with plans to obtain capital through debt or equity securities or strategic partnerships.
The filing also discusses the company's ongoing collaborations and agreements, including the AnnJi License Agreement for AJ201, and the status of its clinical trials and regulatory interactions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avenue Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.