On November 9, 2023, Third Harmonic Bio Inc (THRD, Financial), 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.
Balance Sheet and Statements of Operations
The condensed consolidated balance sheet data shows a slight decrease in total assets from $298.7 million on December 31, 2022, to $282.3 million on September 30, 2023. The total liabilities and stockholders' equity also reflected this change, aligning with the total assets for both periods. The condensed consolidated statements of operations indicate that the total operating expenses for the nine months ended September 30, 2023, were $33.5 million, with a net loss of $24.0 million, equating to a net loss per share of $0.61.
Third Harmonic Bio Inc (THRD, Financial) remains committed to advancing its mission to develop novel treatments for inflammatory diseases and is poised for meaningful value creation in the upcoming phases of its growth. The company's financial results and operational updates reflect a period of strategic development and investment in its future.
For more detailed information on Third Harmonic Bio Inc (THRD, Financial)'s financial results and corporate updates, please visit Third Harmonic Bio's website.
Explore the complete 8-K earnings release (here) from Third Harmonic Bio Inc for further details.
