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Omega 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 collaboration revenue of $2,612,000, up from $831,000 in the same quarter the previous year. This increase is attributed to the collaboration agreement with Novo Nordisk (NVO-0.10%).
Research and development expenses for the quarter were $12,807,000, down from $16,506,000 in the same quarter of the previous year, primarily due to lower personnel-related expenses and external research costs.
General and administrative expenses decreased to $6,225,000 from $7,228,000, mainly due to reduced personnel-related expenses and consulting fees.
Net loss for the quarter was $16,444,000, compared to $22,248,000 in the previous year, reflecting a decrease in operating expenses.
The company reported cash and cash equivalents of $30,377,000 as of September 30, 2024, a decrease from $68,443,000 at the end of 2023, due to net cash used in operating activities.
Omega Therapeutics announced strategic prioritization in March 2024 to streamline the organization and optimize research and development, expecting cash to fund operations into the second quarter of 2025.
The filing highlights the company's collaboration with Novo Nordisk, including an upfront payment and expected cost reimbursement for research and development activities.
Omega Therapeutics continues to focus on advancing its product candidates, including OTX-2002, which has received FDA clearance for clinical trials.
The company acknowledges the risks associated with its novel technology platform and the need for additional financing to support ongoing research and development efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Omega Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.