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Jun 30, 2023
Aerovate Q2 2023 Earnings Report
Aerovate reported financial results for the second quarter of 2023, highlighted by the progress of the IMPAHCT clinical trial and an extended cash runway into 2026.
Key Takeaways
Aerovate Therapeutics announced its Q2 2023 financial results, noting progress in its IMPAHCT Phase 2b/Phase 3 clinical trial and an extended cash runway into 2026. The company's cash, cash equivalents, and available-for-sale securities totaled $150.1 million. R&D expenses were $16.0 million, and G&A expenses were $4.3 million, resulting in a net loss of $19.0 million.
Continued progress was made on the IMPAHCT global Phase 2b/Phase 3 clinical trial.
Cash runway was extended into 2026.
Nonclinical pharmacokinetic data was presented at the ATS 2023 International Conference.
Habib Dable was appointed to the Board of Directors and Compensation Committee.
Forward Guidance
Aerovate expects that its cash, cash equivalents and available-for-sale securities will be sufficient to fund its operations into 2026, based on its current operating plan.
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