Nuvectis Pharma, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing improvements in operating and net losses compared to the same periods in 2023. The company, focused on developing innovative precision medicines for oncology, recorded an operating loss of $4.4 million for Q3 2024, a decrease of $1.8 million from $6.2 million in Q3 2023. For the nine-month period, the operating loss was $13.4 million, down from $16.0 million in the prior year. The net loss for Q3 2024 was $4.2 million, compared to $5.9 million in Q3 2023, while the nine-month net loss improved to $12.8 million from $15.6 million.
Research and development expenses for Q3 2024 were $2.8 million, a significant decrease of 37% from $4.5 million in Q3 2023. This reduction was attributed to lower manufacturing costs, decreased one-time licensing fees, and reduced clinical trial expenses. For the nine months ended September 30, 2024, R&D expenses totaled $8.4 million, down from $11.1 million in the same period in 2023. General and administrative expenses remained stable, with a slight increase due to higher professional and consulting services.
As of September 30, 2024, Nuvectis reported cash and cash equivalents of $17.2 million, a decrease from $19.1 million at the end of 2023. The total current liabilities also decreased to $6.3 million from $7.0 million. The accumulated deficit increased to $67.0 million from $54.2 million at the end of 2023, reflecting ongoing operational losses.
The company raised approximately $8.1 million through the sale of common shares under its At-the-Market (ATM) offering during the first nine months of 2024, compared to $4.4 million in the same period of 2023. However, net cash provided by financing activities decreased to $7.8 million from $14.2 million year-over-year.
Nuvectis continues to focus on its product candidates, NXP800 and NXP900, both in early clinical development stages. The company has not generated any revenue since its inception and anticipates continued losses as it advances its research and development efforts. The company plans to finance its operations through a combination of public and private equity offerings, debt financing, and collaborations, while also preparing for potential increases in operational costs as it expands its workforce to support ongoing projects.
About Nuvectis Pharma, Inc.
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