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Dec 30, 2024
Solid Biosciences Q4 2024 Earnings Report
Solid Biosciences reported a decrease in net loss and total other income, while experiencing an increase in research and development expenses and general and administrative expenses in Q4 2024.
Key Takeaways
Solid Biosciences Inc. reported a net loss of $124.7 million for the year ended December 31, 2024, compared to $96.0 million in the previous year. The company's research and development expenses increased by $19.9 million, primarily due to increased manufacturing and study-related costs for SGT-501 and SGT-212. General and administrative expenses also rose by $5.5 million. The company anticipates continued operating losses and will require additional funding to support its development programs.
Net loss for the year ended December 31, 2024, was $124.7 million, an increase from $96.0 million in 2023.
Research and development expenses increased by $19.9 million, driven by higher costs for SGT-501 and SGT-212.
General and administrative expenses rose by $5.5 million, primarily due to increased personnel costs and legal fees.
The company expects to continue incurring significant operating losses and will need additional funding to support its future operations and development programs.
Forward Guidance
Solid Biosciences expects to continue incurring significant expenses and operating losses for the foreseeable future, requiring additional funding to support its ongoing and planned clinical trials and potential commercialization efforts. The company believes its current capital resources, combined with net proceeds from the February 2025 Offering, will fund operations into the first half of 2027, but this estimate is based on assumptions that may prove incorrect.
Positive Outlook
- Patient dosing in the Phase 1/2 INSPIRE DUCHENNE trial of SGT-003 began in Q2 2024, with positive initial 90-day biopsy data showing average microdystrophin expression of 110%.
- Enrollment in the INSPIRE DUCHENNE trial is ongoing, with 10 total participants anticipated to be dosed by early Q2 2025 and approximately 20 by Q4 2025.
- The FDA cleared the IND for SGT-212 for FA treatment in January 2025, with a Phase 1b clinical trial anticipated to begin in H2 2025.
- Preclinical studies for SGT-501 for CPVT treatment were completed in Q1 2025, and an IND submission to the FDA is anticipated in H1 2025.
- The FDA has granted orphan drug designation, Fast Track designation, and Rare Pediatric Disease designation for SGT-003 and SGT-501, and Fast Track designation for SGT-212.
Challenges Ahead
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