Inhibitor Therapeutics, Inc. reported its financial results for the nine months ended September 30, 2024, revealing a continued focus on the development of innovative therapeutics, particularly utilizing itraconazole for cancer treatment. The company’s cash and cash equivalents decreased to $6.4 million from $8.8 million at the end of 2023, reflecting a net cash used in operating activities of $2.5 million for the nine-month period, compared to $2.0 million in the same period of the previous year.

Total current assets also declined to $6.5 million from $8.9 million, while total liabilities decreased to $3.0 million from $3.7 million. The reduction in current liabilities was significant, dropping to $44,559 from $665,164. However, total stockholders' equity fell to $3.4 million from $5.3 million, indicating a challenging financial environment.

For the three months ended September 30, 2024, Inhibitor Therapeutics reported total expenses of $813,196, up from $759,528 in the same quarter of 2023. Research and development expenses increased to $319,621 from $260,765 year-over-year. The company recorded a loss from operations of $(813,196) for the quarter, compared to $(759,528) in the prior year, and a net loss of $(730,957), up from $(664,760).

For the nine-month period, total expenses were $2.2 million, slightly higher than $2.1 million in 2023. The net loss for this period was $(1.9 million), compared to $(1.9 million) in the previous year, indicating a consistent loss trajectory.

Strategically, Inhibitor Therapeutics has entered into an exclusive license agreement with Johns Hopkins University for patent rights related to new angiogenesis inhibitors targeting prostate cancer, basal cell carcinoma (BCC), and lung cancer. The company is also engaged in a Phase 2b clinical study (HP2001) using a novel formulation of itraconazole for BCC tumors in patients with basal cell carcinoma nevus syndrome (BCCNS).

The company has been in discussions with the FDA regarding its drug development plans, including a pre-IND meeting that was initially scheduled for June 2024 but was canceled to allow for further input from the Division of Oncology. Additionally, Inhibitor Therapeutics is collaborating with Avior Bio, Inc. to develop a novel formulation of itraconazole, with results expected in the coming months.

Overall, Inhibitor Therapeutics continues to navigate a challenging financial landscape while pursuing strategic partnerships and clinical developments aimed at advancing its therapeutic offerings.