Q2 2024 Aadi Bioscience Inc Earnings Call Transcript
Key Points
- Aadi Bioscience Inc (AADI) reported $6.2 million in net product sales for FYARRO in Q2 2024, a 15% increase over Q1.
- The company has achieved $51.1 million in cumulative sales for FYARRO since its launch in February 2022.
- PRECISION1 trial is fully enrolled with 120 patients and is expected to complete by the end of the year.
- Aadi Bioscience Inc (AADI) has a strong cash position with $78.6 million in cash, cash equivalents, and short-term investments, funding operations into Q4 2025.
- The company is exploring nab-sirolimus for larger indications across multiple types of mTOR-driven tumors, with promising potential in endometrial cancer and neuroendocrine tumors.
- Net loss for the second quarter was $14.6 million, compared to $18 million in the second quarter of 2023.
- Research and development expenses for the quarter amounted to $13.1 million, indicating high ongoing costs.
- The overall response rate for the TSC2 arm in the PRECISION1 trial was only 11%, which is relatively low.
- The company faces challenges in finding and treating PEComa patients due to the rarity of the condition.
- There is uncertainty regarding the future market adoption and commercial potential of nab-sirolimus beyond PEComa.
Good day, and thank you for standing by. Welcome to the Aadi Bioscience, Inc. Second quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
Now I will turn the call over to Audrey Gruls, Head of Corporate Communications for Aadi Bioscience. Ms. Gruls, please go ahead.
Thank you. Good morning and welcome to the Aadi Bioscience Conference Call to provide an operational update and review results for the second quarter 2024. We will be presenting slides as part of the live webcast of this call. Such slides will be posted on the Investors & News page of the Aadi Bioscience website at aadibio.com following the conference call.
A quick reminder that statements made on the call today will include forward-looking statements. Actual events or results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties, and other factors, including those set
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