Summary by Moomoo AI
Tracon Pharmaceuticals, a biopharmaceutical company, has reported its financial and operational performance for the first quarter ended March 31, 2024. The company experienced a net loss of $3.2 million for the quarter, compared to a net loss of $8.5 million in the same period the previous year. The accumulated deficit as of March 31, 2024, was $243.7 million. Tracon's cash and cash equivalents stood at $8.0 million, with $0.1 million pledged as collateral. The company's research and development expenses decreased to $1.9 million from $5.0 million year-on-year, primarily due to the completion of enrollment in the ENVASARC trial. General and administrative expenses also saw a reduction to $1.4 million from $2.3 million. Tracon generated $0.1 million in revenue from licensing its CRO-independent product development platform (PDP) to Inhibrx. The...Show More