Inhibikase Therapeutics Reports $27.5 Million Net Loss for 2024, Increases R&D Spending

Inhibikase Therapeutics, Inc. reported a net loss of $27.5 million for the year ended December 31, 2024, compared to a net loss of $19.0 million in 2023. This increase in net loss is primarily attributable to a 26.4% rise in research and development expenses to $17.2 million and a 69.0% increase in selling, general, and administrative expenses to $11.4 million. The increase in research and development expenses was partially offset by a $260,501 decrease in grant revenue to $0. The company's interest income increased slightly to $1.1 million in 2024 from $1.1 million in 2023.

Significant changes in the company's financial performance were driven by increased spending on research and development, particularly for its lead program, IKT-001, for Pulmonary Arterial Hypertension (PAH), and increased stock-based compensation. The company completed a private placement in October 2024, raising gross proceeds of approximately $110 million (potentially up to $275 million with warrant exercise) to fund a Phase 2b trial for IKT-001. In January 2025, Inhibikase reported results from the Phase 2 trial of risvodetinib (IkT-148009) for Parkinson's disease and decided to pause further development of this program, focusing resources on IKT-001.

In February 2025, Inhibikase acquired CorHepta Pharmaceuticals, Inc. for $15 million in common stock, expanding its product pipeline and strengthening its scientific leadership. The company also experienced changes in its leadership, with Mark Iwicki succeeding Dr. Milton H. Werner as CEO and Amit Munshi succeeding Roberto Bellini as Chairman of the board, both effective February 14, 2025. As of the 10-K filing date, Inhibikase employed fifteen full-time and one part-time employee.

Key operational developments included the initiation of a Phase 2b trial for IKT-001 in PAH on September 9, 2024, following FDA clearance. The company also completed a bioequivalence clinical trial for IKT-001 in healthy volunteers in 2023 and held a pre-NDA meeting with the FDA in January 2024. The company holds commercialization rights to all its development programs and U.S. patent protection for IKT-001 until 2033, with potential extensions until 2045. The company's cash, cash equivalents, and marketable securities totaled $97.5 million as of December 31, 2024.

Inhibikase anticipates continued net losses for the foreseeable future, with expenses expected to increase as it advances its product candidates through clinical development and commercialization. The company plans to fund future operations through equity offerings, debt financings, and potential collaborations. The company stated that its existing cash resources are expected to fund operations for at least the next twelve months. The company also noted that it does not anticipate paying dividends in the foreseeable future.