Moleculin Q2 2020 Earnings Report
Key Takeaways
Moleculin Biotech reported a net loss of $10.1 million for the second quarter of 2020, compared to a net loss of $1.2 million for the second quarter of 2019. Research and development expenses increased to $3.3 million from $2.1 million in the same period of 2019. As of June 30, 2020, the company had cash and cash equivalents of $16.7 million.
Made progress across all three core technologies, particularly in the infectious disease platform.
WP1122 demonstrated potential in pre-clinical studies and independent research publications to combat COVID-19.
Annamycin met its primary endpoint and demonstrated a clean safety profile in Phase 1 clinical trial for AML.
Emory University began recruiting and treating patients in its Phase 1 clinical trial of WP1066 for the treatment of brain tumors in children.
Moleculin
Moleculin
Forward Guidance
Moleculin anticipates achieving several milestones in 2020, including reaching a maximum tolerated dose in the EU AML Phase 1/2 trial for Annamycin, expanding its infectious disease portfolio via testing of WP1122, and submitting an IND for Annamycin for the treatment of tumor metastases to the lung.
Positive Outlook
- Achieving an MTD or a dose level at or above 300 mg/m2 in EU AML Phase 1/2 trial for Annamycin
- Expanding infectious disease portfolio via testing of WP1122 against CoV-2 in animal models and in vitro testing on CoV-2 and other hard to treat viruses with other antimetabolites - resulting in a cancer or virus related IND or its equivalent possibly being filed in 2020
- IND submission for Annamycin for the treatment of tumor metastases to the lung
- Moving WP1220 for the treatment of CTCL forward via a new Phase 2 clinical trial by filing an IND or its equivalent or attempt to join efforts with a strategic partner
- Continued clinical testing in adult and pediatric brain tumors with WP1066 via physician sponsored trials