Context Therapeutics Reports First Quarter 2023 Operating and Financial Results
May 10 2023 - 4:39PM
Context Therapeutics Inc. (“Context” or the “Company”) (Nasdaq:
CNTX), a biopharmaceutical company dedicated to improving the lives
of patients living with cancer, today announced its financial
results for the first quarter ended March 31, 2023, and reported on
recent and upcoming business highlights.
“During the first quarter of this year, Context announced a
portfolio prioritization to focus solely on the development of our
preclinical asset CTIM-76, a Claudin 6 (CLDN6) x CD3 bispecific
antibody that is an immunotherapy designed to activate and direct a
patient’s own immune cells to CLDN6-positive tumors, including
lung, ovarian, and testicular. Preclinical data presented at the
American Association for Cancer Research (AACR) Annual Meeting 2023
highlighted CTIM-76’s unique attributes, including potent killing
of CLDN6-expressing cells, developability, and manufacturability,”
said Martin Lehr, CEO of Context. “We are encouraged by the high
degree of specificity of CTIM-76 and its potential to selectively
induce cell death in tumors that express CLDN6.”
First Quarter 2023 and Recent Corporate
Highlights
- In April 2023, research regarding CTIM-76 was presented at the
AACR Annual Meeting 2023, which took place April 14-19 in Orlando,
Florida. Additionally, Context hosted an investor R&D webinar
with the Company’s management team and AACR presenter, Joseph
Rucker, Ph.D., of Integral Molecular, to discuss the presentation
that can be viewed here.
- In April 2023, participated in the Diamond Equity Emerging
Growth Invitational Investor Conference and the 22nd Annual Needham
Virtual Healthcare Conference.
- In March 2023, announced a portfolio
prioritization and capital allocation strategy that is expected to
extend the Company’s cash runway into late 2024. The resulting
changes include discontinuing the development of onapristone
extended release (ONA-XR) and focusing on the development of
CTIM-76.
First Quarter 2023 Financial
Results
- Cash and cash equivalents were $29.8 million at March 31, 2023,
compared to $35.5 million at December 31, 2022.
- Research and development (R&D) expenses were $4.5 million
for first quarter 2023, as compared to $1.4 million for the same
period in 2022. The increase in R&D expenses was primarily
driven by higher clinical trial and contract manufacturing costs
related to our ONA-XR program. In addition, CTIM-76 preclinical and
contract manufacturing costs were higher due to Investigational New
Drug (IND)-enabling studies and activities.
- General and administrative (G&A) expenses were $2.1 million
for both the first quarter 2023 and the first quarter 2022.
Increases in compensation and share-based compensation costs mainly
due to higher headcount were partially offset by decreases in
insurance premiums, professional fees, and other administrative
costs.
- Other income, net was $0.4 million for the first quarter of
2023, as compared to $5,000 for the same period in 2022, primarily
due to higher interest income earned on cash and cash equivalent
balances.
- Context reported a net loss of $6.3 million for the first
quarter 2023, as compared to $3.4 million for the same period in
2022.
2023 Cash GuidanceThe Company expects its cash
and cash equivalents will be sufficient to fund its operations into
late 2024.
About Context Therapeutics®Context Therapeutics
Inc. (Nasdaq: CNTX) is a biopharmaceutical company dedicated
to improving the lives of patients living with cancer. Context is
developing CTIM-76, a selective Claudin 6 (CLDN6) x CD3 bispecific
antibody for CLDN6-positive tumors, currently in preclinical
development. CLDN6 is a tight junction membrane protein target
expressed in multiple solid tumors, including ovarian, lung, and
testicular, and absent from or expressed at low levels in healthy
adult tissues. Context is headquartered in Philadelphia. For more
information, please visit www.contexttherapeutics.com or
follow the Company on Twitter and LinkedIn.
Forward-looking StatementsThis press release
contains “forward-looking statements” that involve substantial
risks and uncertainties for purposes of the safe harbor provided by
the Private Securities Litigation Reform Act of 1995. Any
statements, other than statements of historical fact, included in
this press release regarding strategy, future operations,
prospects, plans and objectives of management, including words such
as “may,” “will,” “expect,” “anticipate,” “plan,” “intend,” and
similar expressions (as well as other words or expressions
referencing future events, conditions, or circumstances) are
forward-looking statements. These include, without limitation,
statements regarding (i) the expectation to have an IND submission
for CTIM-76 in the first quarter of 2024, (ii) having sufficient
cash and cash equivalents to fund our current operations into late
2024, (iii) the potential benefits, characteristics, and side
effect profile of our product candidates, (iv) the likelihood data
will support future development, and (v) the likelihood of
obtaining regulatory approval of our product candidates.
Forward-looking statements in this release involve substantial
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by the forward-looking
statements, and we therefore cannot assure you that our plans,
intentions, expectations, or strategies will be attained or
achieved. Other factors that may cause actual results to differ
from those expressed or implied in the forward-looking statements
in this press release are discussed in our filings with
the U.S. Securities and Exchange Commission, including the
section titled “Risk Factors” contained therein. Except as
otherwise required by law, we disclaim any intention or obligation
to update or revise any forward-looking statements, which speak
only as of the date they were made, whether as a result of new
information, future events, or circumstances or otherwise.
|
|
Context Therapeutics Inc. |
Condensed Statements of Operations |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
Research and development |
|
|
4,534,676 |
|
|
|
1,351,495 |
|
General and administrative |
|
|
2,131,872 |
|
|
|
2,091,467 |
|
Loss from operations |
|
|
(6,666,548 |
) |
|
|
(3,442,962 |
) |
Other
income |
|
|
358,230 |
|
|
|
4,625 |
|
Net
loss |
|
$ |
(6,308,318 |
) |
|
$ |
(3,438,337 |
) |
|
|
|
|
|
Net loss per common share, basic and diluted |
|
|
($0.40 |
) |
|
|
($0.22 |
) |
Weighted average shares outstanding, basic and diluted |
|
|
15,966,053 |
|
|
|
15,966,053 |
|
|
|
|
|
|
|
|
|
|
|
Context Therapeutics Inc. |
Condensed Balance Sheets Data |
(Unaudited) |
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
29,768,990 |
|
|
$ |
35,497,445 |
|
Other
assets |
|
|
2,197,192 |
|
|
|
2,468,498 |
|
Total assets |
|
$ |
31,966,182 |
|
|
$ |
37,965,943 |
|
|
|
|
|
|
Total
liabilities |
|
$ |
3,233,372 |
|
|
$ |
3,207,577 |
|
Total
stockholders' equity |
|
|
28,732,810 |
|
|
|
34,758,366 |
|
Total liabilities and stockholders' equity |
|
$ |
31,966,182 |
|
|
$ |
37,965,943 |
|
|
|
|
|
|
Media Contact: Gina Cestari 6 Degrees
917-797-7904 gcestari@6degreespr.com
Investor Relations Contact:Laine YonkerEdison
Grouplyonker@edisongroup.com
Context Therapeutics (NASDAQ:CNTX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Context Therapeutics (NASDAQ:CNTX)
Historical Stock Chart
From Apr 2023 to Apr 2024