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CervoMed Reports Third Quarter 2024 Financial Results and Provides Corporate Updates
CRVOCervoMed (CRVO) GlobeNewswire News Room·2024-11-12 12:00

Core Viewpoint - CervoMed Inc. is advancing its clinical trial for neflamapimod in early-stage dementia with Lewy bodies (DLB), with topline data expected in December 2024, while also preparing for a Phase 3 trial and exploring additional indications for the drug [1][2][10]. Clinical Development - The final patient visits in the RewinD-LB Phase 2b trial were conducted in October 2024, with database lock planned for the fourth quarter [2][3]. - A Phase 2a trial to evaluate neflamapimod's potential for ischemic stroke recovery is set to begin in Q1 2025 following ethics committee approval [2]. - CervoMed hosted a virtual event in July 2024 to discuss neflamapimod's potential in treating early-stage DLB, featuring expert presentations [3]. Financial Performance - As of September 30, 2024, CervoMed reported approximately 46.7millionincashandequivalents,downfrom46.7 million in cash and equivalents, down from 50.9 million as of June 30, 2024, but up from 7.8millionattheendof2023[4].−GrantrevenueforQ32024wasapproximately7.8 million at the end of 2023 [4]. - Grant revenue for Q3 2024 was approximately 1.9 million, an increase from 1.5millioninQ32023,attributedtomoreactivetrialsites[5].−Researchanddevelopmentexpensessurgedtoapproximately1.5 million in Q3 2023, attributed to more active trial sites [5]. - Research and development expenses surged to approximately 5.1 million in Q3 2024, compared to 1.8millioninthesameperiodin2023,duetoincreasedcostsassociatedwiththeRewinD−LBtrial[6].−Generalandadministrativeexpensesslightlydecreasedtoapproximately1.8 million in the same period in 2023, due to increased costs associated with the RewinD-LB trial [6]. - General and administrative expenses slightly decreased to approximately 2.2 million in Q3 2024 from 2.4millioninQ32023[7].−TheoperatinglossforQ32024wasapproximately2.4 million in Q3 2023 [7]. - The operating loss for Q3 2024 was approximately 5.4 million, compared to 2.7millioninQ32023,whilethenetlosswasapproximately2.7 million in Q3 2023, while the net loss was approximately 4.8 million, a significant drop from a net income of 2.2millionintheprioryear[8][9].ResearchHighlights−CervoMedwasrecognizedas"BestStartup"atthe2024PrixGalienUSAAward,highlightingitsinnovativecontributionstolifesciences[3].−PresentationsattheClinicalTrialsonAlzheimer′sDiseaseConferenceindicatedthatneflamapimodpositivelyaffectedplasmaglialfibrillaryacidproteinlevels,akeymarkerinneurodegenerativediseases[3].−TheRewinD−LBstudyinvolved159patientsandisfundedbya2.2 million in the prior year [8][9]. Research Highlights - CervoMed was recognized as "Best Startup" at the 2024 Prix Galien USA Award, highlighting its innovative contributions to life sciences [3]. - Presentations at the Clinical Trials on Alzheimer's Disease Conference indicated that neflamapimod positively affected plasma glial fibrillary acid protein levels, a key marker in neurodegenerative diseases [3]. - The RewinD-LB study involved 159 patients and is funded by a 21.3 million grant from the National Institute on Aging [10].