The following is a summary of the Aadi Bioscience, Inc. (AADI) Q4 2023 Earnings Call Transcript:
Financial Performance:
Aadi Bioscience reported impressive sales growth with full-year sales for FYARRO hitting $24.4 million, an upward trend of 60% from the previous year.
Quarter 4 FYARRO net product sales amounted to $6.3 million, marking a 6% climb from the preceding quarter, and a 21% surge YoY.
As research and development activities intensified, expenses escalated to $12.8 million for the quarter, compared to $9.4 million in the same quarter of the preceding year.
A decrease was recorded in Selling, general and administrative expenses in the fourth quarter year-on-year; $10.3 million in 2023 compared to $11.1 million in 2022.
Net loss for Q4 broadened to $16.3 million up from a net loss of $13.9 million in Q4 2022.
The company ended 2023 with a robust bullish position with $108.8 million in cash, equivalents, and short-term investments.
Business Progress:
AADI Bioscience demonstrated robust progress in 2023, exploring the potential of nab-sirolimus in patients with solid tumors harboring TSC1 or TSC2 inactivating alterations.
Preliminary results from the ongoing PRECISION 1 trial indicate early and sustained reductions in tumor sizes across four different tumor types.
The onboarding process for the PRECISION 1 trial is forecasted to complete by May 2024, with interim and full trial data ready for analysis in Q3 2024, and early 2025 respectively.
Ambitious pursuits continue with the commencement of two Phase II single indication trials on two promising mTOR driven cancer targets.
In pursuit of its multifold precision oncology objectives, the company implemented measures to streamline operations and cut costs, ensuring financial sustainability up to Q4 2025.
Aadi Bioscience launched a Phase II study to investigate the combination of nab-sirolimus with letrozole in patients with advanced or unresectable Stage 3 or 4 or recurrent endometrioid endometrial carcinoma, with early results anticipated by the year-end.
More details: Aadi Biosciences IR
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