Q1 2024 Bio Path Holdings Inc Earnings Call Transcript
Key Points
- Bio-Path Holdings Inc (BPTH) reported positive interim results from Stage 2 of the Phase 2 clinical trial of prexigebersen for treating acute myeloid leukemia, showing better efficacy than current therapies.
- The company expanded its intellectual property portfolio with newly issued patents in Mexico, Australia, and Japan, enhancing protection in 21 countries.
- Bio-Path Holdings Inc (BPTH) plans to pursue FDA expedited programs for fast-track designation for prexigebersen, addressing a clear and serious unmet need in elderly patients.
- Completion of the second dose cohort in the Phase 1/1B clinical trial of BP1002 for treating refractory relapsed AML, including venetoclax-resistant patients, showing no dose-limiting toxicity.
- Strengthened financial position with a $1.2 million registered direct offering and $2.3 million through an at-the-market offering, supporting ongoing clinical development.
- Bio-Path Holdings Inc (BPTH) reported a net loss of $3.2 million for the first quarter of 2024, although this was an improvement from the previous year's loss of $5.3 million.
- The company's cash position was very low at $0.2 million as of March 31, 2024, down from $1.1 million at the end of 2023, indicating a potential need for further financing.
- General and administrative expenses increased to $1.4 million in the first quarter of 2024, driven by higher legal fees.
- Net cash used in operating activities was $1.0 million for the first quarter of 2024, necessitating the recent fundraising activities to maintain operations.
- The ongoing need for additional clinical trials and safety testing for new drug candidates like BP1003, which could delay market entry and increase costs.
Good morning, ladies and gentlemen. Welcome to the Bio Path Holdings first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's conference is being recorded. I would now like to turn the call over to Will O'Connor of Stern Investor Relations. Please proceed, sir.
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Thank you, operator. Welcome to the Bio Path Holdings conference call and webcast to review the company's first quarter 2024 financial results and to provide an update on recent pipeline and corporate developments. Earlier, we issued a press release which outlines the topics that we plan to discuss on today's call. The release is available at biopathholdings.com. With me today from Bio Path are President and CEO, Peter Nielsen, and Senior Vice President of Finance, Accounting and Administration, Anthony Price.
Before we begin the call, I'd like to remind you that today's discussion will contain forward-looking statements that involve risks and uncertainties. These risks and uncertainties are
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