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Third Harmonic Bio Inc. (THRD) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing THB335, a next-generation oral small molecule inhibitor of KIT, aimed at treating chronic spontaneous urticaria (CSU).
In February 2025, Third Harmonic Bio disclosed results from its Phase 1 clinical trial of THB335, which supports its advancement into a Phase 2 clinical trial.
The company reported a net loss of $45.5 million for the year ended December 31, 2024, compared to a net loss of $30.8 million in the previous year.
Research and development expenses increased to $36.5 million, primarily due to the clinical development of THB335.
General and administrative expenses rose to $22.4 million, attributed to increased employee-related costs.
Third Harmonic Bio ended the year with $285.1 million in cash and cash equivalents, anticipating that these funds will support operations through at least 2026.
The company announced a restructuring in February 2025, halting all non-THB335-related activities and reducing its workforce by approximately 50%.
Third Harmonic Bio is conducting a strategic review to maximize shareholder value, with TD Securities (USA) LLC advising on the process.
The company continues to rely on third-party manufacturers and suppliers for its development activities and has no products approved for sale.
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. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.