Design Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing GeneTACTM molecules for diseases caused by inherited nucleotide repeat expansion mutations, reported its financial results for the third quarter of 2024. As of September 30, 2024, the company had cash and cash equivalents of $30.3 million, an increase from $21.2 million at the end of 2023. However, total current assets decreased to $257.2 million from $284.6 million, and total assets fell to $261.6 million from $289.6 million during the same period.
The company reported a net loss of $13.0 million for the three months ended September 30, 2024, a reduction from a net loss of $15.8 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $35.9 million, down from $55.0 million in the prior year. Operating expenses for the nine-month period decreased significantly to $45.7 million from $63.1 million, driven by reduced research and development expenses, which fell to $32.2 million from $46.1 million. General and administrative expenses also decreased to $13.5 million from $17.0 million, primarily due to lower headcount and reduced personnel-related costs.
The accumulated deficit grew to $213.6 million as of September 30, 2024, compared to $177.6 million at the end of 2023. Total stockholders’ equity decreased to $252.5 million from $277.7 million during the same timeframe. The company has not generated any revenue from product sales to date and anticipates needing substantial additional financing for ongoing research and development.
Strategically, Design Therapeutics is advancing its lead product candidate, DT-216, for Friedreich ataxia (FA), which has shown promising results in Phase 1 clinical trials. However, due to concerns over injection site reactions, the company has decided to develop an improved formulation, DT-216P2, with a planned initiation of a Phase 1 clinical trial in healthy volunteers in the first half of 2025. Additionally, the company has initiated a Phase 1 clinical trial for DT-168, targeting Fuchs endothelial corneal dystrophy (FECD), with initial data expected in early 2025.
The company has also entered into a new license agreement in May 2024, incurring upfront fees and potential milestone payments for product development. As of September 30, 2024, Design Therapeutics had 54 employees and utilized contract research organizations, resulting in approximately 122 full-time equivalents. The company continues to face challenges related to funding, regulatory approvals, and competition in the biopharmaceutical sector.
About Design Therapeutics, Inc.
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