On November 6, 2023, Zentalis Pharmaceuticals Inc (ZNTL, Financial), a clinical-stage biopharmaceutical company, announced its financial results for the third quarter ended September 30, 2023. The company reported a cash balance of $517 million and is on track for the first NDA submission in a gynecologic malignancy in 2026.
Company Performance and Challenges
Zentalis is executing a fast-to-market strategy for its potentially first-in-class and best-in-class WEE1 inhibitor, azenosertib. The company is also laying the groundwork for the franchise opportunity it sees for azenosertib across multiple tumor types. The company's Chief Translational Officer, Mark Lackner, Ph.D., is set to succeed Co-Founder, Kevin Bunker, Ph.D., as Chief Scientific Officer.
Financial Achievements
The company reported a cash balance of $517 million as of September 30, 2023, with a projected cash runway into 2026. Research and Development expenses for the quarter were $46.8 million, compared to $42.2 million for the same quarter in 2022. General and Administrative expenses for the quarter were $16.0 million, compared to $12.0 million during the same quarter in 2022.
Income Statement, Balance Sheet, and Cash Flow Statement Details
The company reported a net loss of $55.5 million for the quarter ended September 30, 2023, compared to a net loss of $54.5 million for the same period in 2022. As of September 30, 2023, Zentalis had cash, cash equivalents, and marketable securities of $516.6 million. The company believes that its existing cash, cash equivalents, and marketable securities as of September 30, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements into 2026.
Company's Performance Analysis
Zentalis continues to show promising results with its azenosertib programs, demonstrating encouraging monotherapy anti-tumor activity, safety, and tolerability in both ovarian cancer and uterine serous carcinoma. The company is on track to submit its first New Drug Application (NDA) for azenosertib in a gynecologic malignancy in 2026.
Other Pertinent Details
The company announced that Mark Lackner, Ph.D., Chief Translational Officer, Head of Biomarker Strategy, will succeed co-founder, Kevin Bunker, Ph.D., as Chief Scientific Officer at the end of the year. Dr. Bunker will continue his service to the company as an advisor following the transition.
Explore the complete 8-K earnings release (here) from Zentalis Pharmaceuticals Inc for further details.
