In This Story
Third Harmonic Bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $11,343,000 from $5,969,000 in the same quarter the previous year. This increase is primarily due to the development of THB335.
General and administrative expenses rose to $5,730,000 from $4,878,000, driven by increased personnel-related expenses.
The company reported a net loss of $13,799,000 for the quarter, compared to $7,343,000 in the previous year, with the increase attributed to higher operating expenses.
Cash and cash equivalents increased to $296,093,000 as of September 30, 2024, from $269,070,000 at the end of 2023, primarily due to proceeds from the ATM Facility.
Third Harmonic Bio continues to advance its clinical-stage biopharmaceutical efforts, focusing on the development of THB335, a next-generation oral small molecule KIT inhibitor.
The company faces risks including the need for substantial additional funds, competition from other entities developing treatments for inflammatory diseases, and potential adverse developments affecting the financial services industry.
The filing also notes a material weakness in internal control over financial reporting, which the company is working to remediate.
Third Harmonic Bio's future performance depends significantly on the success of THB335 and its ability to develop future product candidates.
The company does not anticipate paying dividends in the foreseeable future and plans to retain earnings to finance growth and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Third Harmonic Bio Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.