Inozyme Pharma, Inc., a clinical-stage biopharmaceutical company focused on developing therapies for rare diseases affecting bone health and blood vessel function, reported significant financial developments in its recent 10-Q filing for the third quarter of 2024. As of September 30, 2024, the company had total assets of $143.4 million, a decrease from $200.8 million at the end of 2023. Cash and cash equivalents also fell to $24.6 million from $34.6 million during the same period.
The company experienced a notable increase in operating expenses, which totaled $24.9 million for Q3 2024, compared to $18.1 million in Q3 2023. Research and development expenses surged to $19.9 million in Q3 2024, up from $13.3 million in the prior year, primarily due to increased costs associated with the lead product candidate, INZ-701. The loss from operations for Q3 2024 was $(24.9 million), compared to $(18.1 million) in Q3 2023, reflecting a growing operational deficit.
Net loss for the third quarter was $(24.6 million), an increase from $(16.6 million) in Q3 2023. For the nine months ended September 30, 2024, the net loss reached $(75.0 million), compared to $(49.6 million) for the same period in 2023. The accumulated deficit rose to $(360.9 million) as of September 30, 2024.
In terms of financing, Inozyme Pharma raised $10.4 million from the sale of common stock during the nine months ended September 30, 2024, a significant decrease from $85.6 million raised in the same period of 2023. The company also reported a net cash used in operating activities of $(72.7 million) for the nine months, compared to $(52.2 million) in 2023.
Strategically, Inozyme Pharma is advancing its clinical trials for INZ-701, which has received various regulatory designations, including Orphan Drug and Fast Track designations from the FDA. The company announced positive interim data from its Phase 1 SEAPORT 1 trial in October 2024, indicating significant increases in plasma pyrophosphate levels in patients with end-stage kidney disease.
The company continues to focus on expanding its research and development efforts, with plans for pivotal trials of INZ-701 in pediatric patients with ENPP1 and ABCC6 deficiencies, as well as in patients with calciphylaxis, anticipated for 2025. The company expects to incur substantial operating losses and negative cash flows as it progresses with these initiatives.
About Inozyme Pharma, Inc.
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