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Mar 31, 2022
Aadi Bioscience Q1 2022 Earnings Report
Aadi Bioscience reported first quarter 2022 financial results and provided a corporate update.
Key Takeaways
Aadi Bioscience reported FYARRO net product sales of $2.3 million in the first quarter of 2022, following its launch in February. The company's cash and cash equivalents totaled $129.8 million as of March 31, 2022. Net loss for the quarter was $13.9 million.
FYARRO net product sales were $2.3 million in partial first quarter.
First patient was dosed in PRECISION 1, a Phase 2 tumor-agnostic registration-directed trial evaluating nab-sirolimus in TSC1 or TSC2 altered solid tumors.
Aadi was granted a product-specific permanent J-code (J9331) for FYARRO that will become effective on July 1, 2022.
Aadi announced a partnership with NGS providers and leaders in genomic testing and profiling, including Foundation Medicine, Tempus and others, to assist with identifying patients for its PRECISION 1 trial.
Aadi Bioscience
Aadi Bioscience
Forward Guidance
Aadi cautions that certain statements included in the press release are forward-looking statements based on current beliefs and expectations.
Positive Outlook
- Plans and potential for success relating to commercializing FYARRO.
- Expectations regarding the beneficial characteristics, safety, efficacy and therapeutic effects of FYARRO.
- Plans related to further development and manufacturing of FYARRO.
- Anticipated reception of FYARRO in the physician community.
- Sufficiency of existing capital resources and the expected timeframe to fund future operating expenses and capital expenditure requirements.
Challenges Ahead
- Risks related to Aadi’s ability to successfully commercialize FYARRO.
- Risks related to reimbursement and pricing of FYARRO.
- Uncertainties associated with the clinical development and regulatory approval of FYARRO in additional indications, including potential delays in the commencement, enrollment and completion of clinical trials for additional indications.
- The risk that unforeseen adverse reactions or side effects may occur in the course of commercializing, developing and testing FYARRO.
- Risks related to the impact of the COVID-19 pandemic on Aadi’s operations, the biotechnology industry and the economy generally.