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Mar 31, 2024
Omega Therapeutics Q1 2024 Earnings Report
Omega Therapeutics announced financial results for the first quarter ended March 31, 2024, and highlighted recent Company progress.
Key Takeaways
Omega Therapeutics reported a net loss of $20.1 million for the first quarter of 2024, compared to a net loss of $25.3 million for the first quarter of 2023. As of March 31, 2024, the Company had cash and cash equivalents totaling $60.0 million, expected to fund operations into Q1 2025.
Advanced MYCHELANGELO™ I trial dose escalation to Cohort 5; Presentation of additional monotherapy data and planned expansion into Phase 2 settings expected in mid-2024
Presented new preclinical data demonstrating potential of a MYC-targeting epigenomic controller in NSCLC at AACR 2024
Company to present new preclinical data demonstrating durable epigenomic upregulation and other OMEGA platform capabilities at ASGCT 2024
The Company expects to report additional clinical data from monotherapy dose escalation and expand into monotherapy and combination settings in mid-2024.
Forward Guidance
The Company's cash balance of $60.0 million as of March 31, 2024, along with a cost reduction and strategic prioritization initiative that occurred during the first quarter, is expected to fund operations into Q1 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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