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HOOKIPA Pharma(HOOK) - 2024 Q3 - Quarterly Results
HOOKHOOKIPA Pharma(HOOK)2024-11-14 21:07

Clinical Trials - Enrollment of 68 patients completed in Phase 2 study for eseba-vec + pembrolizumab in HPV+ HNSCC, four months ahead of schedule[1] - First patients dosed in Phase 2 investigator-initiated study for eseba-vec in adjuvant therapy for head and neck cancer[3] - The HB-700 program is ready for Phase 1 trials, targeting KRAS-mutated cancers, with FDA clearance received in April 2024[5] - HOOKIPA received a 5millionmilestonepaymentfromGileadinJuly2024relatedtotheHB−500clinicaltrial[12]FinancialPerformance−RevenueforQ32024was5 million milestone payment from Gilead in July 2024 related to the HB-500 clinical trial[12] Financial Performance - Revenue for Q3 2024 was 4.7 million, a decrease of 31.6% from 6.9millioninQ32023,primarilyduetolowerpartneringrevenues[14]−NetlossforQ32024was6.9 million in Q3 2023, primarily due to lower partnering revenues[14] - Net loss for Q3 2024 was 13.8 million, compared to a net loss of 19.1millioninQ32023,representinga27.319.1 million in Q3 2023, representing a 27.3% improvement[18] Expenses - Research and development expenses decreased to 15.6 million in Q3 2024 from 24.6millioninQ32023,reflectinglowerpersonnelandlaboratory−relatedexpenses[15]−Generalandadministrativeexpensesincreasedto24.6 million in Q3 2023, reflecting lower personnel and laboratory-related expenses[15] - General and administrative expenses increased to 6.7 million in Q3 2024 from 4.9millioninQ32023,drivenbyhigherpersonnel−relatedexpensesandconsultingfees[16]CashPosition−CashpositionasofSeptember30,2024,was4.9 million in Q3 2023, driven by higher personnel-related expenses and consulting fees[16] Cash Position - Cash position as of September 30, 2024, was 60.0 million, down from 117.5millionasofDecember31,2023,primarilyduetocashusedinoperatingactivities[13]−AsofSeptember30,2024,cash,cashequivalents,andrestrictedcashtotaled117.5 million as of December 31, 2023, primarily due to cash used in operating activities[13] - As of September 30, 2024, cash, cash equivalents, and restricted cash totaled 59,957,000, down from 117,521,000asofDecember31,2023[24]AssetsandLiabilities−Totalassetsdecreasedto117,521,000 as of December 31, 2023[24] Assets and Liabilities - Total assets decreased to 109,730,000 from 161,337,000[24]−Totalliabilitiesreducedto161,337,000[24] - Total liabilities reduced to 37,928,000 compared to 71,480,000[24]−Totalstockholders′equitydeclinedto71,480,000[24] - Total stockholders' equity declined to 71,802,000 from $89,857,000[24] Corporate Actions - A reverse stock split of 1-for-10 was executed on July 9, 2024, to comply with Nasdaq listing requirements[11]