Loading...
•
Jun 30, 2023
Inozyme Q2 2023 Earnings Report
Inozyme Pharma reported financial results for the second quarter ended June 30, 2023 and provided business highlights.
Key Takeaways
Inozyme Pharma reported a net loss of $15.6 million for the second quarter ended June 30, 2023. The company's cash, cash equivalents, and short-term investments were $140.2 million as of June 30, 2023, which, together with proceeds from July 2023 offering, are expected to fund cash flow requirements into the fourth quarter of 2025.
Interim data readouts from ongoing Phase 1/2 trials of INZ-701 in adults with ENPP1 Deficiency and ABCC6 Deficiency are expected in September 2023.
Plasma pyrophosphate (PPi) to serve as primary endpoint in the U.S. and co-primary endpoint in the EU for ENERGY-3 pediatric pivotal trial for ENPP1 Deficiency; initiation expected in October 2023.
Cash, cash equivalents, and short-term investments as of June 30, 2023, together with proceeds from July 2023 offering, expected to fund cash flow requirements into the fourth quarter of 2025.
In August 2023, the Company closed an underwritten public offering of 14,375,000 shares of its common stock at a price of $4.80 per share, for net proceeds of approximately $64.5 million.
Forward Guidance
Based on its current plans, the Company now anticipates its cash, cash equivalents, and short-term investments as of June 30, 2023, together with approximately $64.5 million in proceeds from the July 2023 public offering, will enable the Company to fund its cash flow requirements into Q4 2025.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...