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Clene(CLNN) - 2024 Q3 - Quarterly Results
CLNNClene(CLNN)2024-11-13 13:05

Financial Performance - Clene reported a net loss of 8.0million,or8.0 million, or 1.22 per share, for Q3 2024, compared to a net loss of 2.4million,or2.4 million, or 0.38 per share, for the same period in 2023[11]. - Total revenue for Q3 2024 was 87,000,adecreaseof19.487,000, a decrease of 19.4% from 108,000 in Q3 2023[15]. - Product revenue remained stable at 65,000,whileroyaltyrevenuedecreasedby48.865,000, while royalty revenue decreased by 48.8% to 22,000 compared to 43,000inthesameperiodlastyear[15].−ThenetlossforQ32024was43,000 in the same period last year[15]. - The net loss for Q3 2024 was 7,986, compared to a net loss of 2,418inQ32023,representingasignificantincreaseinlosses[15].−Theaccumulateddeficitincreasedto2,418 in Q3 2023, representing a significant increase in losses[15]. - The accumulated deficit increased to (268,574) from (242,723),indicatingaworseningfinancialposition[17].CashandAssets−Clenereportedcash,cashequivalents,andmarketablesecuritiesof(242,723), indicating a worsening financial position[17]. Cash and Assets - Clene reported cash, cash equivalents, and marketable securities of 14.6 million as of September 30, 2024, down from 35.0millionasofDecember31,2023[7].−Cashandcashequivalentsdecreasedto35.0 million as of December 31, 2023[7]. - Cash and cash equivalents decreased to 14,645 from 28,821attheendof2023,indicatingacashreductionof49.128,821 at the end of 2023, indicating a cash reduction of 49.1%[16]. - Total assets decreased to 31,569 from 52,341,reflectingadeclineof39.552,341, reflecting a decline of 39.5%[16]. - Total liabilities decreased to 35,694 from 38,951,areductionof5.838,951, a reduction of 5.8%[16]. Expenses - Research and development expenses for Q3 2024 were 4.5 million, a decrease of 25% compared to 6.0millioninQ32023[8].−Generalandadministrativeexpensesdecreasedto6.0 million in Q3 2023[8]. - General and administrative expenses decreased to 3.4 million in Q3 2024 from 3.7millioninQ32023,reflectingareductioninvariousoperationalcosts[9].−Totaloperatingexpensesdecreasedby18.13.7 million in Q3 2023, reflecting a reduction in various operational costs[9]. - Total operating expenses decreased by 18.1% to 7,902, down from 9,650inQ32023[15].−Researchanddevelopmentexpenseswere9,650 in Q3 2023[15]. - Research and development expenses were 4,471, a reduction of 25.1% from 5,972inQ32023[15].FundingandDebt−Cleneraised5,972 in Q3 2023[15]. Funding and Debt - Clene raised 7.3 million in gross proceeds through a registered direct offering and concurrent private placements on October 1, 2024[5]. - The funding from the October offering is expected to support operations into the first quarter of 2025[6]. - The company amended its debt agreement with Avenue Capital to defer principal payments and extend the maturity to the second quarter of 2025[4]. Clinical Trials and Approvals - Clene met with the FDA on November 1, 2024, to discuss an accelerated approval pathway for CNM-Au8 in ALS[2]. - Clene is preparing for the RESTORE-ALS Phase 3 clinical trial of CNM-Au8, which was presented at the 2024 Annual Northeast ALS Consortium[6]. Stock and Compliance - A 1-for-20 reverse stock split was executed in July 2024 to regain compliance with Nasdaq listing requirements[3]. Share Information - The weighted average common shares used to compute basic and diluted net loss per share increased to 6,557,839 from 6,420,274[15].