Inhibitor Therapeutics, Inc. (INTI) reported its financial performance for the fiscal year ending December 31, 2024, revealing a modest increase in research and development expenses to $1.7 million, up from $1.4 million in 2023. General and administrative expenses remained stable at approximately $2.0 million for both years. The company generated $0.3 million in interest income in 2024, slightly down from $0.4 million in the previous year. As of December 31, 2024, INTI reported cash reserves of approximately $5.6 million, which management believes is sufficient to support ongoing operations and FDA processes without the need for additional clinical trials.
The company has made significant strides in its strategic development, particularly through an Exclusive License Agreement with Johns Hopkins University (JHU) for a patent related to the treatment of prostate cancer and basal cell carcinoma. This agreement, finalized on December 12, 2023, positions INTI to leverage JHU's intellectual property in its ongoing clinical development efforts. Additionally, INTI has engaged Avior Bio, Inc. to create a novel formulation of itraconazole, with results expected in the coming months, further enhancing its product pipeline.
Operationally, INTI is focused on developing therapies for basal cell carcinoma nevus syndrome (BCCNS), prostate, and lung cancers using itraconazole, a drug already approved for fungal infections. The company has initiated a Phase 2b clinical study (HP2001) and is preparing for a pre-investigational new drug application (pre-IND) meeting with the FDA. The company anticipates that its novel formulation will have similar properties to the existing formulation used in clinical studies, which could streamline the regulatory process.
Despite these advancements, INTI remains a pre-revenue pharmaceutical development company, facing the inherent risks associated with early-stage businesses in the industry. The company has not yet generated revenue and relies on external funding to support its operations. Management acknowledges the need for additional capital to continue its development efforts and plans to assess its capital requirements as it progresses toward submitting a New Drug Application (NDA) for BCCNS.
Looking ahead, INTI's management is optimistic about the potential for its product candidates, particularly given the FDA's expedited review programs for drugs addressing unmet medical needs. However, the company also recognizes the challenges of clinical drug development, including the lengthy and costly process of obtaining regulatory approvals. As INTI continues to navigate these complexities, it remains committed to advancing its innovative therapeutics aimed at treating cancer and non-cancerous proliferation disorders.
About Inhibitor Therapeutics, Inc.
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