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Monte Rosa Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports collaboration revenue of $9.2 million for the quarter, attributed to the Roche (RHHBY+1.05%) License and Collaboration Agreement. Total collaboration revenue for the nine months ended September 30, 2024, was $15.0 million.
Research and development expenses for the quarter were $27.6 million, a slight decrease from $28.3 million in the same quarter of the previous year. The decrease is attributed to reduced external research and development service costs.
General and administrative expenses for the quarter were $8.1 million, compared to $8.7 million in the same quarter of the previous year. The decrease was primarily due to lower professional services expenses.
Net loss for the quarter was $23.9 million, compared to $34.9 million in the previous year. The decrease in net loss is primarily due to the collaboration revenue recognized during the quarter.
As of September 30, 2024, Monte Rosa reported cash, cash equivalents, and marketable securities totaling $247.1 million. The company expects these funds, along with anticipated revenue, to be sufficient to fund operations for at least the next twelve months.
The company continues to advance its product candidates, including MRT-2359, MRT-6160, and MRT-8102, through various stages of clinical and preclinical development.
Monte Rosa entered into a License Agreement with Novartis (NVS-0.18%) in October 2024, granting Novartis an exclusive license to develop and commercialize VAV1 MGDs, including MRT-6160. The agreement includes an upfront payment of $150 million and potential milestone payments exceeding $2.1 billion.
The filing details various financial metrics, including a net loss of $86.1 million for the nine months ended September 30, 2024, compared to $102.1 million in the same period of the previous year.
Monte Rosa continues to focus on developing its QuEEN™ platform and advancing its molecular glue degrader programs, with a strategic emphasis on collaborations and partnerships to expand its pipeline and commercial capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Monte Rosa Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.