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Jun 30, 2024
Third Harmonic Q2 2024 Earnings Report
Announced second quarter 2024 financial results and provided business update.
Key Takeaways
Third Harmonic Bio reported a net loss of $10.7 million for the second quarter of 2024, with cash and cash equivalents totaling $255.3 million as of June 30, 2024. The company believes its current cash will fund operations through at least 2026. Clinical results for the THB335 Phase 1 SAD/MAD clinical trial are expected in 1Q'25.
THB335 Phase 1 SAD/MAD clinical trial progressing with clinical results expected in 1Q’25.
Cash and cash equivalents totaled $255.3 million as of June 30, 2024.
R&D expenses increased to $8.4 million for the three months ended June 30, 2024.
Net loss for the three months ended June 30, 2024, increased to $10.7 million.
Third Harmonic
Third Harmonic
Forward Guidance
The company anticipates clinical trial progress and expects existing cash and cash equivalents to fund operations through at least 2026.
Positive Outlook
- Expected timing for clinical trials
- Progress of the clinical trials
- Availability of clinical data from such trials
- Planned clinical and development activities and timelines
- Sufficiency of Third Harmonic Bio’s cash and cash equivalents to fund its operating expenses and capital expenditure requirements through at least 2026
Challenges Ahead
- Risks and uncertainties related to Third Harmonic Bio’s cash forecasts
- Ability to advance its product candidates
- The receipt and timing of potential regulatory submissions, designations, approvals and commercialization of product candidates
- Changes to laws or regulations
- Market conditions, geopolitical events, and further impacts of pandemics or health epidemics