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Sep 30, 2023
Nkgen Biotech Q3 2023 Earnings Report
NKGen Biotech reported financial results for Q3 2023 and provided business highlights.
Key Takeaways
NKGen Biotech reported a net loss of $33.2 million for the third quarter of 2023, compared to a net loss of $6.7 million in the same period in 2022. As of September 30, 2023, the Company had total cash of $8.8 million. R&D expenses were $3.9 million, while G&A expenses were $3.0 million.
SNK01 Phase I autologous clinical program demonstrated improvement in neuroinflammation and cognitive function in patients with Alzheimer’s Disease.
Expect to initiate Phase I/IIa SNK01 clinical program by year end.
SNK02 Phase I allogeneic clinical program continues to progress.
Anticipate preliminary solid tumor data readout and IND filing for Parkinson’s Disease in 1Q24.
Nkgen Biotech
Nkgen Biotech
Forward Guidance
NKGen Biotech is focused on raising additional capital to fund trials and operations and advance its differentiated NK cell therapy programs. The company remains on track with near-term milestones, including commencing a Phase I/IIa clinical trial for Alzheimer’s Disease by year end, an IND filing for its SNK01 program for Parkinson’s Disease, and a preliminary data readout of its SNK02 allogeneic Phase I study in solid tumors.
Positive Outlook
- On track to commence Phase I/IIa clinical trial for Alzheimer’s Disease by year end.
- IND filing for SNK01 program for Parkinson’s Disease anticipated in Q1 2024.
- Preliminary data readout of SNK02 allogeneic Phase I study in solid tumors anticipated in Q1 2024.
- SNK01 showed positive data readouts from Phase I clinical study in Alzheimer’s disease.
- NK cell therapy approach shows promise in addressing healthcare challenges.
Challenges Ahead
- Company recognizes volatility in the market.
- Highly focused on raising additional capital to fund trials and operations.
- Net loss of $33.2 million for the third quarter of 2023.
- Transaction costs expensed of $3,329,000.
- Loss on issuance of forward purchase contract of $24,475,000