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Inhibitor 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 no revenue and a net loss of $730,957 for the three-month period ended September 30, 2024. The net loss for the nine-month period was $1,917,358.
Research and development expenses were $319,621 for the quarter, consistent with the prior year's quarter. General and administrative expenses were $493,575, also consistent with the previous year.
Interest income for the quarter was $82,239, generated from deposits held in the company's depository accounts.
As of September 30, 2024, the company reported cash and cash equivalents of $6,378,304, a decrease from $8,839,912 at the end of 2023.
Total liabilities as of September 30, 2024, were $3,044,559, with deferred revenue accounting for $3,000,000 of this amount.
The company continues to focus on developing therapies for basal cell carcinoma nevus syndrome, prostate, and lung cancers using itraconazole. It has engaged Avior Bio, Inc. to create a novel formulation of itraconazole.
In May 2024, Inhibitor Therapeutics requested a pre-IND meeting with the FDA to discuss the use of itraconazole for treating BCC tumors. The company is awaiting further guidance from the FDA.
Management believes that the current cash on hand is sufficient to continue executing the business plan, assuming favorable guidance from the FDA regarding additional clinical trials.
The company has not engaged in any unregistered sales of equity securities during the quarter and is not subject to any pending legal proceedings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inhibitor Therapeutics Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.