Third Harmonic Bio Inc (THRD) Reports Q3 2023 Financial Results and Continues Progress Towards ...
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Third Harmonic Bio Inc (NASDAQ:THRD) announces Q3 2023 financial results with a net loss decrease compared to Q3 2022.
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The company is on track to file a U.S. IND for THB335 and initiate clinical studies in the first half of 2024.
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THRD reports a strong cash position of $273.9 million, believed to be sufficient through at least 2025.
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R&D and G&A expenses increased due to the advancement of THB335 and costs associated with being a public company.
On November 9, 2023, Third Harmonic Bio Inc (NASDAQ:THRD), a biopharmaceutical company specializing in treatments for inflammatory diseases, released its financial results for the third quarter ended September 30, 2023. The company highlighted its progress towards clinical trials for its lead product candidate, THB335, and reported a robust financial position with cash and cash equivalents totaling $273.9 million.
Advancements in Product Development
THRD is making strides in its product development, particularly with THB335, an orally available KIT inhibitor aimed at treating chronic spontaneous urticaria and other mast cell-driven diseases. CEO Natalie Holles expressed optimism about the potential of THB335 to be a transformative treatment. The company is on schedule to file a U.S. Investigational New Drug (IND) application and initiate a Phase 1 study in the first half of 2024. Additionally, THRD presented results from the truncated Phase 1b clinical trial of THB001 at a recent congress.
Executive Team Updates
THRD announced the transition of Dr. Adrian S. Ray from Chief Scientific Officer to Scientific Advisor, and the departure of Chief Financial Officer Robert Ho. The company is actively searching for their successors, ensuring a smooth transition and continued support for the IND application for THB335.
Financial Highlights
The company's cash position remains strong, with cash and cash equivalents at $273.9 million as of September 30, 2023. This financial stability is expected to fund operating expenses and capital expenditure requirements through at least 2025. Research and development expenses have increased to $6.0 million for Q3 2023, up from $4.8 million in the same period in 2022, primarily due to the development of THB335 and other discovery efforts. General and administrative expenses also rose to $4.9 million in Q3 2023 from $3.8 million in Q3 2022, reflecting the costs of operating as a public company.
Despite increased expenses, the net loss for Q3 2023 decreased to $7.3 million from $8.2 million in Q3 2022. The net loss for the nine months ended September 30, 2023, was $24.0 million, slightly higher than the $23.7 million for the same period in 2022. This increase was primarily due to the rise in R&D and public company costs, partially offset by increases in interest income.