Context Therapeutics Reports Second Quarter 2023 Operating and Financial Results
09 Agosto 2023 - 5:10PM
Context Therapeutics Inc. (“Context” or the “Company”) (Nasdaq:
CNTX), a biopharmaceutical company advancing medicines for solid
tumors, today announced its financial results for the second
quarter ended June 30, 2023, and reported on recent and upcoming
business highlights.
“During the second quarter of this year, Context continued
development of our preclinical asset CTIM-76, a Claudin 6 ("CLDN6”)
x CD3 bispecific antibody. An immunotherapy designed to activate
and direct a patient’s own immune cells, CTIM-76 shows a high
degree of specificity in preclinical studies and the potential to
selectively induce cell death in CLDN6-positive tumors, including
lung, ovarian, and testicular,” said Martin Lehr, CEO of Context.
“With ongoing interest and momentum of Claudin-targeted
therapeutics, we believe CTIM-76 is demonstrating unique qualities
in preclinical research including potent killing of
CLDN6-expressing cells, developability, and manufacturability. We
look forward to providing additional preclinical data by the end of
2023 and remain on track to file an Investigational New Drug
Application (“IND”) in the first quarter of 2024.”
Second Quarter 2023 and Recent Corporate
Highlights
- In August 2023, participated in the
BTIG Virtual Biotechnology Conference 2023.
- Also in August 2023, announced the
Company will present at the H.C. Wainwright Immune Cell Engager
Virtual Conference on Thursday, August 17, 2023. For additional
details regarding this conference, please click here.
- In June 2023, CEO Martin Lehr
participated in a H.C. Wainwright & Co. fireside chat regarding
the latest CLDN6 data presented at the 2023 American Society of
Clinical Oncology Annual Meeting and discussed updates on CTIM-76.
The webinar can be viewed here.
Second Quarter 2023 Financial
Results
- Cash and cash equivalents were $25.1 million at June 30, 2023,
compared to $35.5 million at December 31, 2022.
- Acquired in-process research and development expense
(“IPR&D”) was $0.5 million for the second quarter 2022 and
reflects the expense recognized related to a development milestone
achieved under the collaboration and license agreement with
Integral Molecular. There was no IPR&D expense recognized in
the second quarter 2023.
- Research and development (“R&D”) expenses were $3.5 million
for the second quarter 2023, as compared to $1.5 million for the
same period in 2022. The increase in R&D expenses was driven by
higher CTIM-76 contract manufacturing costs and preclinical costs
as a result of ongoing IND-enabling studies and activities. This
increase was primarily offset by a decrease in onapristone extended
release (“ONA-XR”) expenses due to the Company’s decision in March
2023 to discontinue the development of ONA-XR and focus on the
development of CTIM-76.
- General and administrative expenses were $1.8 million for the
second quarter 2023, as compared to $2.0 million for the same
period in 2022. The decrease was primarily driven by a decrease in
insurance expense partially offset by an increase in compensation
and share-based compensation costs.
- Other income, net was $0.3 million for the second quarter of
2023, as compared to $21,300 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 $5.0 million for the second
quarter 2023, as compared to $4.0 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 advancing
medicines for solid tumors. 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 provide additional
preclinical data by the end of 2023, (ii) the expectation to have
an IND submission for CTIM-76 in the first quarter of 2024, (iii)
having sufficient cash and cash equivalents to fund our current
operations into late 2024, (iv) the ability of the Company and its
employees to participate in and present at conferences, (v) the
potential benefits, characteristics, and side effect profile of our
product candidate, (vi) the likelihood data will support future
development, and (vii) the likelihood of obtaining regulatory
approval of our product candidate. 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.
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Context
Therapeutics Inc. |
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Condensed
Statements of Operations |
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(Unaudited) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating Expenses |
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Acquired in-process research and development |
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$ |
- |
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$ |
500,000 |
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$ |
- |
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$ |
500,000 |
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Research and development |
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3,460,937 |
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1,517,243 |
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7,995,613 |
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2,868,738 |
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General and administrative |
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1,831,431 |
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1,990,568 |
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3,963,303 |
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4,082,035 |
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Loss from operations |
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(5,292,368 |
) |
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(4,007,811 |
) |
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(11,958,916 |
) |
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(7,450,773 |
) |
Other income |
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281,047 |
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21,300 |
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639,277 |
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25,925 |
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Net loss |
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$ |
(5,011,321 |
) |
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$ |
(3,986,511 |
) |
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$ |
(11,319,639 |
) |
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$ |
(7,424,848 |
) |
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Net loss per common share, basic and diluted |
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($0.31 |
) |
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($0.25 |
) |
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($0.71 |
) |
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($0.47 |
) |
Weighted average shares outstanding, basic and diluted |
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15,966,053 |
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15,966,053 |
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15,966,053 |
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15,966,053 |
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Context
Therapeutics Inc. |
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Condensed Balance Sheets Data |
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(Unaudited) |
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June
30, |
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December
31, |
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2023 |
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2022 |
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Cash and cash equivalents |
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$ |
25,137,883 |
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$ |
35,497,445 |
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Other assets |
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2,624,159 |
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2,468,498 |
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Total assets |
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$ |
27,762,042 |
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$ |
37,965,943 |
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Total liabilities |
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$ |
3,757,450 |
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$ |
3,207,577 |
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Total stockholders' equity |
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24,004,592 |
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34,758,366 |
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Total liabilities and stockholders' equity |
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$ |
27,762,042 |
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$ |
37,965,943 |
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Media Contact:Gina Cestari6
Degrees917-797-7904gcestari@6degreespr.com
Investor Relations Contact:Jennifer
Minai-AzaryContext TherapeuticsIR@contexttherapeutics.com
Context Therapeutics (NASDAQ:CNTX)
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