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Jun 30, 2020
Moleculin Q2 2020 Earnings Report
Moleculin Biotech reported financial results, made progress across its technologies, bolstered financial position, and added to its leadership team.
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.
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
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