The following is a summary of the TRACON Pharmaceuticals, Inc. (TCON) Q1 2024 Earnings Call Transcript:
Financial Performance:
TRACON's R&D expenses were down to $1.9 million in Q1 2024 from $5 million in Q1 2023 due to the termination of a pivotal trial.
General and administrative expenses decreased to $1.4 million from $2.3 million in Q1 2023 due to lower legal expenses.
Net loss was $3.2 million in Q1 2024, down from $8.5 million in Q1 2023.
$8 million in cash and cash equivalents held in March 2024.
Business Progress:
Progress is sustained with the ongoing Phase II ENVASARC pivotal trial which is expected to conclude by Q3.
TRACON expects Fast Track designation for ENVA in certain sarcoma subtypes.
Development of clinical strategy for approval of ENVA in frontline sarcoma is ongoing.
An ongoing Phase II trial, sponsored by NCI, is assessing TRACON's DNA damage repair inhibitor TRC102 in Stage III non-small cell lung cancer.
The company licensed their PDP for $3 million upfront payment to a biotech company last year and plans on evaluating more drug candidates.
TRACON is considering options to meet NASDAQ's equity requirement by June 30, 2024.
More details: Tracon Pharmaceuticals IR
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