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Jun 30, 2023
Aadi Bioscience Q2 2023 Earnings Report
Aadi Bioscience reported financial results for the second quarter of 2023, featuring continued growth in FYARRO sales and pipeline expansion.
Key Takeaways
Aadi Bioscience announced its Q2 2023 financial results, highlighting a revenue of $6.2 million from FYARRO sales, reflecting an 80% increase year-over-year. The company is progressing with its PRECISION1 trial and expanding its pipeline to include programs in Endometrial Cancer and Neuroendocrine Tumors (NETs).
FYARRO net product sales were $6.2 million in the second quarter, reflecting growth of approximately 6% over Q1 2023 and 80% over the prior year quarter.
Interim analysis from PRECISION1 expected before the end of 2023.
Planned initiation of Phase 2 combination trial in endometrial cancer in the fourth quarter of 2023.
Planned initiation of Phase 2 study in neuroendocrine tumors (NETs) in the fourth quarter of 2023.
Forward Guidance
Aadi Bioscience anticipates continued progress with the PRECISION1 trial, expecting an interim analysis before the end of 2023. The company also plans to initiate Phase 2 trials in endometrial cancer and neuroendocrine tumors in the fourth quarter of 2023.
Positive Outlook
- Interim analysis from PRECISION1 expected before the end of 2023.
- Enrollment continues to be well-balanced between the two arms.
- Planned initiation of Phase 2 combination trial in endometrial cancer in the fourth quarter of 2023.
- Planned initiation of Phase 2 study in neuroendocrine tumors (NETs) in the fourth quarter of 2023.
- Cash, cash equivalents and short-term investments as of June 30, 2023, were $134.9 million, which is expected to fund operations into 2025 based on current plans.
Challenges Ahead
- Net loss for the three months ended June 30, 2023, was $18.0 million.
- Accumulated deficit(236,392)(203,198)
- Foreign exchange loss(3)
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