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Inhibikase Therapeutics Inc. (IKT-3.38%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing therapeutics for cardiopulmonary and neurodegenerative diseases, with a primary emphasis on IKT-001, a prodrug of imatinib mesylate, for treating Pulmonary Arterial Hypertension (PAH).
IKT-001 has completed bioequivalence dose calibration studies, and the company plans to pursue a Phase 2b trial, targeting PAH as a disease-modifying treatment.
Inhibikase reported a net loss of $27,519,886 for the year, an increase from the previous year's loss of $19,028,883, attributed to increased research and development expenses and selling, general, and administrative costs.
The company raised approximately $110 million in gross proceeds from a private placement in October 2024 to support its PAH program and other corporate purposes.
As of December 31, 2024, Inhibikase had cash, cash equivalents, and marketable securities totaling $97,543,528, which is expected to fund operations for at least the next twelve months.
The company acknowledges the risks associated with drug development, including regulatory approval challenges, competition, and the need for additional funding.
Inhibikase plans to continue focusing resources on advancing IKT-001 while pausing further development of risvodetinib, another of its product candidates.
The filing also highlights the company's strategy to seek regulatory approval through the 505(b)(2) pathway for IKT-001, which may expedite the development program by potentially reducing the amount of clinical data required for FDA approval.
Inhibikase's financial statements have been audited by CohnReznick LLP, and the company remains committed to addressing cybersecurity risks as part of its broader risk management framework.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inhibikase Therapeutics Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.