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Gain 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 research and development expenses increased to $2.6 million from $2.4 million in the same quarter the previous year. The increase is primarily related to costs associated with the Clinical Phase 1 trial of the lead program GT-02287 for the treatment of Parkinson’s Disease.
General and administrative expenses decreased to $1.8 million from $2.5 million, attributed to a decrease in legal and professional fees and stock-based compensation expenses.
The company reported a net loss of $4.5 million for the quarter, compared to a net loss of $4.7 million in the previous year. The decrease in net loss is due to reduced general and administrative expenses.
Gain Therapeutics had cash and cash equivalents of $12 million as of September 30, 2024. The company anticipates needing additional capital to fund operations beyond the second quarter of 2025.
The filing details the company's ongoing efforts to streamline operations and seek additional financing through public and private equity offerings, debt financings, and strategic collaborations.
The company completed a public offering in June 2024, raising gross proceeds of $11.0 million, and entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc. (OPY-2.70%) for an at-the-market offering program.
Gain Therapeutics continues to focus on the development of GT-02287 for Parkinson’s Disease, with preclinical studies showing promising results in restoring glucocerebrosidase function and improving mitochondrial health.
The company acknowledges the risks and uncertainties common to early-stage biotechnology companies, including dependence on key personnel, protection of proprietary technology, and compliance with governmental regulations.
The report also highlights the potential impact of global events, such as geopolitical tensions and economic instability, on the company's operations and access to financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gain Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.