On November 1, 2023, G1 Therapeutics Inc (GTHX, Financial), a commercial-stage oncology company, released its Q3 2023 earnings report. Despite the ongoing platinum-based chemotherapy shortage, the company reported a total revenue of $12.3 million, including $10.8 million in net COSELA® (trilaciclib) revenue. The vial volume grew by 3% over the previous quarter.
Financial Highlights
G1 Therapeutics Inc (GTHX, Financial) ended the third quarter of 2023 with cash, cash equivalents, and marketable securities of $94.4 million. The company's current financial position is expected to fund G1’s operations and capital expenditures beyond Q3 2024.
Clinical Updates
The company confirmed its expectation of an interim OS analysis of the pivotal Phase 3 PRESERVE 2 trial in patients with mTNBC in Q1 2024. If the trial meets the interim analysis stopping rule, G1 will report the top-line results. If it does not, the trial will continue to the final analysis, expected later in 2024. If the results of the interim OS analysis are positive, the company intends to meet with the U.S. Food and Drug Administration to discuss filing a supplemental new drug application (sNDA) as soon as possible in 2024.
Q3 2023 Financial Results
As of September 30, 2023, cash and cash equivalents and marketable securities totaled $94.4 million, compared to $145.1 million as of December 31, 2022. Total revenues for Q3 2023 were $12.3 million, including $10.8 million in net product sales of COSELA and license revenue of $1.5 million. This is compared to $23.6 million in total revenues in Q3 2022.
Operating expenses for Q3 2023 were $28.7 million, compared to $45.1 million for Q3 2022. The net loss for Q3 2023 was $18.2 million, compared to $25.3 million for Q3 2022. The basic and diluted net loss per share for Q3 2023 was $(0.35), compared to $(0.59) for Q3 2022.
2023 Financial Guidance
Due to the ongoing shortage of platinum-based chemotherapy, G1 lowered its full year 2023 net revenue guidance. The company expects to generate between $44 million and $47 million in COSELA net revenue in 2023.
Explore the complete 8-K earnings release (here) from G1 Therapeutics Inc for further details.
