Alaunos Therapeutics, Inc. reported a net loss of $4.7 million for the fiscal year ending December 31, 2024, a significant decrease from the $35.1 million loss recorded in the previous year. The company generated $10,000 in revenue, up from $5,000 in 2023, primarily from royalty revenues under a collaboration agreement. Total operating expenses dropped to $4.8 million from $34.3 million, largely due to a reduction in research and development costs, which fell by approximately $15.9 million as a result of winding down clinical activities and a significant workforce reduction of about 95%. General and administrative expenses also decreased by $7.8 million, reflecting lower consulting and employee-related costs.
In August 2023, Alaunos announced a strategic reprioritization of its business, ceasing development of its TCR-T Library Phase 1/2 Trial and focusing on its small molecule oral obesity program. The company has engaged Cantor Fitzgerald & Co. as a strategic advisor to explore various alternatives, including potential mergers, acquisitions, or partnerships. The ongoing in vitro study of its obesity candidate, ALN1001, aims to evaluate its effects on lipid metabolism and gene expression, with results expected in the second quarter of 2025. If successful, the company plans to conduct further studies in rodent models of obesity.
As of December 31, 2024, Alaunos had approximately $1.1 million in cash and cash equivalents, which is projected to sustain operations into the second quarter of 2025. The company has not secured additional capital sources, raising concerns about its ability to continue as a going concern. The strategic review process is ongoing, and the company is exploring options to extend its cash runway while managing operational costs.
Alaunos has faced challenges in maintaining compliance with Nasdaq listing requirements, having previously received a delisting notice due to its stock price falling below the minimum bid price. However, the company regained compliance in February 2024 and is currently under a mandatory panel monitor until February 2025. The company’s stock price has been volatile, influenced by various factors including market conditions and operational developments.
Looking ahead, Alaunos aims to advance its obesity program while navigating the complexities of regulatory approvals and market competition. The company acknowledges the risks associated with its strategic reprioritization and the potential need for additional financing to support its operations and development efforts.
About Alaunos Therapeutics, Inc.
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