Aerovate Q1 2022 Earnings Report
Key Takeaways
Aerovate Therapeutics reported a net loss of $10.9 million for the first quarter of 2022, driven by increased R&D and G&A expenses. The company's cash, cash equivalents, and short-term investments totaled $161.1 million as of March 31, 2022, expected to fund operations into the second half of 2025.
IMPAHCT Phase 2b/Phase 3 trial experienced site initiation delays due to staff shortages and COVID-related interruptions, with topline data expected in Q4 2023 or Q1 2024.
Orphan drug designation was obtained from the FDA and EMA for AV-101 for the treatment of PAH in the United States and the European Union.
The intellectual property portfolio was expanded with the issuance of Patent 11,298,355 and two additional allowances from the USPTO.
Marco Verwijs was hired as SVP, CMC, and Susan Fischer as SVP, Development Operations.
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Forward Guidance
Aerovate Therapeutics expects that its cash, cash equivalents and short-term investments will be sufficient to fund its operations into the second half of 2025, based on its current operating plan.