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Mar 31, 2024
Third Harmonic Q1 2024 Earnings Report
Announced first quarter 2024 financial results and provided business update.
Key Takeaways
Third Harmonic Bio reported a net loss of $7.9 million for the first quarter of 2024, with cash and cash equivalents totaling $262.8 million as of March 31, 2024. The company believes its cash will be sufficient to fund operations through at least 2026. They also announced U.S. FDA clearance of its Investigational New Drug application for THB335.
U.S. FDA cleared Investigational New Drug application for THB335.
Phase 1 SAD/MAD clinical trial initiated, with results expected during 1H’25.
Christopher J. Dinsmore, Ph.D., appointed to Chief Scientific Officer.
Cash and cash equivalents totaled $262.8 million as of March 31, 2024.
Third Harmonic
Third Harmonic
Forward Guidance
Third Harmonic Bio expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least 2026.
Positive Outlook
- Existing cash and cash equivalents will be sufficient to fund operating expenses and capital expenditure requirements through at least 2026.
- Advancing the development of a potentially best-in-class oral KIT inhibitor.
- Continuing development efforts with urgency given the significant unmet need in CSU.
- Phase 1 SAD/MAD clinical trial initiated and subject screening underway.
- Planned rapid expansion into additional mast cell-mediated disorders.
Challenges Ahead
- Numerous risks and uncertainties related to cash forecasts.
- Risks related to the ability to advance product candidates.
- Uncertainties related to the receipt and timing of potential regulatory submissions.
- Risks related to protecting intellectual property.
- The timing and results of preclinical and clinical trials.