Genprex Reports $21.1 Million Net Loss for Fiscal Year 2024, Advances Oncology Trials

Genprex, Inc. has reported its financial performance for the fiscal year ending December 31, 2024, revealing a net loss of $21.1 million, a decrease of 32% from the previous year's loss of $30.9 million. The company's total revenue remains at zero, as it has not yet commercialized any products. Research and development expenses fell by 40% to approximately $10.5 million, primarily due to reduced manufacturing costs and a decrease in personnel expenses, reflecting a strategic effort to cut costs. General and administrative expenses also decreased by 21% to $10.6 million, attributed to reduced travel and professional service costs, as well as a significant reduction in headcount.

In terms of operational developments, Genprex is advancing its lead oncology product candidate, REQORSA® (quaratusugene ozeplasmid), through its Acclaim clinical trials. The Phase 2a expansion of the Acclaim-1 trial is currently enrolling patients, focusing on those with late-stage non-small cell lung cancer (NSCLC) who have progressed on AstraZeneca’s Tagrisso® treatment. The company has received Fast Track Designation from the FDA for this combination therapy, which is expected to provide insights into drug effectiveness in a defined patient population. Meanwhile, the Acclaim-2 trial has been closed due to slow enrollment, allowing the company to concentrate resources on the Acclaim-1 and Acclaim-3 trials.

Genprex has also made significant strategic moves, including the formation of a wholly-owned subsidiary, Convergen Biotech, Inc., to focus on its diabetes gene therapy program, GPX-002. This program aims to address both Type 1 and Type 2 diabetes through innovative gene therapy approaches. The company has entered into a new licensing agreement with the University of Pittsburgh, consolidating its rights to various diabetes technologies, which is expected to enhance its development efforts.

As of December 31, 2024, Genprex had approximately $1.6 million in cash, which it anticipates will fund operations into the second quarter of 2025. The company has raised capital through various offerings, including an at-the-market program, and plans to continue seeking additional funding to support its clinical trials and operational needs. The outlook remains cautious, with the company acknowledging the need for substantial additional funding to continue its development programs and the uncertainty surrounding its ability to achieve profitability in the future.