Applied Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing treatments for rare diseases, experienced a notable increase in cash and cash equivalents, rising to $98.9 million from $49.9 million at the end of 2023. This increase is attributed to successful financing activities, including net proceeds of approximately $113.8 million from various private placements and warrant exercises.

Revenue for the three months ended September 30, 2024, was $122,000, a substantial increase from $0 in the same period of 2023. However, total revenue for the nine months ended September 30, 2024, decreased to $455,000 from $10.66 million in the prior year, primarily due to a lack of new licensing agreements. The company recognized a $100,000 increase in research and development services revenue related to the Advanz Pharma agreement.

Total costs and expenses for the third quarter of 2024 were $29.87 million, up from $15.5 million in the same quarter of 2023. This increase was driven by higher general and administrative expenses, which rose to $15 million from $4.7 million, largely due to increased legal and commercial expenses associated with planned commercialization efforts. Research and development expenses also increased to $14.8 million from $10.8 million, reflecting ongoing clinical trials and regulatory activities.

The net loss for the three months ended September 30, 2024, was $68.6 million, compared to a loss of $42.4 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $149.6 million, significantly higher than the $82.1 million loss reported for the same period in 2023. The increase in losses is attributed to higher operational costs and the change in fair value of warrant liabilities, which amounted to $80.8 million for the nine months.

Strategically, Applied Therapeutics is focused on advancing its product pipeline, particularly AT-007, which has received various FDA designations and is currently undergoing clinical trials. The company has also entered into a licensing agreement with Advanz Pharma for commercialization rights in Europe, which could yield significant milestone payments and royalties.

As of September 30, 2024, the company had 116.4 million shares of common stock outstanding and reported an accumulated deficit of $618.2 million. The company continues to evaluate long-term financing options to support its operations and product development initiatives.