Gain Therapeutics, Inc. ( (GANX) ) has released its Q3 earnings. Here is a breakdown of the information Gain Therapeutics, Inc. presented to its investors.
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Gain Therapeutics, Inc. is a clinical-stage biotechnology company focused on the discovery and development of next-generation allosteric small molecule therapies, particularly targeting neurodegenerative diseases such as Parkinson’s disease.
In its third-quarter 2024 earnings report, Gain Therapeutics highlighted significant progress in the development of its lead drug candidate, GT-02287, for the treatment of Parkinson’s disease. The company shared promising results from its Phase 1 study, which demonstrated strong target engagement and favorable safety in healthy volunteers, paving the way for the upcoming Phase 1b trial in Parkinson’s patients.
Key financial highlights from the third quarter of 2024 included a slight increase in research and development expenses to $2.6 million, attributed to the ongoing clinical trials of GT-02287, while general and administrative expenses saw a reduction to $1.8 million. The company reported a net loss of $0.17 per share, showing an improvement from the $0.37 per share loss in the same quarter of the previous year. Gain Therapeutics ended the quarter with $12 million in cash and equivalents, down from $16.8 million at the end of 2023.
Strategically, Gain Therapeutics is advancing its pipeline with the initiation of a Phase 1b trial for GT-02287 expected by the end of 2024 and a pre-IND meeting with the FDA for Phase 2 expansion planned within the same timeframe. These developments indicate the company’s commitment to advancing its programs towards potential disease-modifying therapies for Parkinson’s disease.
Looking ahead, Gain Therapeutics is poised to continue its clinical advancements with a focus on furthering its innovative therapies through various stages of development. The management remains optimistic about the potential impact of GT-02287 and other pipeline candidates in addressing unmet medical needs in neurodegenerative diseases.