Artelo Biosciences reports Q2 EPS (75c), consensus (85c)

“Artelo is entering an unprecedented phase of productivity in clinical development,” commented Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “Specifically, we look forward to multiple clinical readouts over the next 18 months across our portfolio. Most recently, we received clearance from the U.S. Food and Drug Administration to initiate clinical trials for ART26.12 for the treatment of chemotherapy-induced peripheral neuropathy and Phase 1 trial results are expected during the first half of 2025. In addition, we anticipate full enrollment in the Phase 2a portion of the CAReS trial with our lead clinical asset, ART27.13, for the treatment of cancer-related anorexia near the end of 2024 or early 2025. To date, there have been no serious adverse events reported related to the study drug in CAReS. Finally, ART12.11, our proprietary cocrystal of CBD and TMP intended for the treatment of anxiety and depression, is in the final stages of product formulation as an oral solid, creating the potential to enter a clinical study early next year.” With over $5.6 million of cash and cash equivalents as of June 30, 2024, and the receipt of approximately $1.3 million in cash from the UK government from R&D tax credits on July 10, 2024, we have the momentum to meaningfully advance our asset portfolio over the coming months,” concluded Mr. Gorgas.