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Mar 31, 2024
Aadi Bioscience Q1 2024 Earnings Report
Aadi Bioscience reported FYARRO sales of $5.4 million, reflecting distributor ordering patterns and fewer commercial patient initiations, while also progressing with the PRECISION1 trial and Phase 2 trials in EEC and NETs.
Key Takeaways
Aadi Bioscience reported total revenue of $5.4 million for Q1 2024, primarily from FYARRO sales. The company experienced a net loss of $18.3 million. Key developments include the full enrollment of the PRECISION1 trial and ongoing enrollment in Phase 2 trials for EEC and NETs.
FYARRO net product sales were $5.4 million in Q1 2024, an 8.8% decrease year-over-year.
PRECISION1 trial is now fully enrolled, with a two-thirds interim analysis expected in Q3 2024.
Enrollment is ongoing in two Phase 2 trials investigating nab-sirolimus for EEC and NETs.
Cash, cash equivalents, and short-term investments were $88.3 million as of March 31, 2024, expected to fund operations into Q4 2025.
Forward Guidance
Aadi Bioscience expects to provide the two-thirds interim analysis for PRECISION1 in Q3 2024 and anticipates initial data from Phase 2 trials in EEC and NETs later this year. The company expects to return to sales growth in Q2.
Positive Outlook
- PRECISION1 trial is fully enrolled.
- Phase 2 trials in EEC and NETs are enrolling well.
- FYARRO has cemented its position as the preferred treatment for malignant PEComa.
- Company expects to return to sales growth in Q2.
- Cash runway extends into Q4 2025.
Challenges Ahead
- FYARRO sales decreased by 8.8% compared to the prior year period.
- Decrease reflects impacts from distributor ordering patterns.
- Decrease reflects fewer new patient initiations than the historical average.
- Net loss for the quarter was $18.3 million, compared to $15.2 million for the same period last year.
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