Regulus Therapeutics Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in current assets, which rose to $91.7 million from $28.2 million as of December 31, 2023. Total assets also increased to $93.8 million from $30.8 million during the same period. The number of common shares outstanding surged to 65.5 million from 20.2 million, reflecting the company's capital-raising efforts.
For the three months ended September 30, 2024, Regulus reported research and development expenses of $11.3 million, a significant rise from $5.5 million in the same quarter of 2023. Total operating expenses for the quarter reached $15.2 million, compared to $8.1 million in the prior year. The loss from operations increased to $15.2 million from $8.1 million, while the net loss for the quarter was $14.1 million, up from $7.8 million in Q3 2023. The net loss per share improved slightly to $(0.21) from $(0.40) year-over-year.
For the nine months ended September 30, 2024, research and development expenses totaled $25.7 million, compared to $15.4 million in the same period of 2023. The net loss for the nine months increased to $33.6 million from $22.0 million, with a net loss per share of $(0.63), an improvement from $(1.19) in the previous year.
The company raised approximately $93.9 million in net proceeds from a private placement in March 2024, contributing to a total of $651.7 million raised through various financing methods. As of September 30, 2024, Regulus reported cash, cash equivalents, and investments totaling $87.3 million, which the company believes will be sufficient to fund operations for at least the next 12 months.
Regulus also noted an increase in stock-based compensation expenses, which rose to $2.4 million for Q3 2024 from $973,000 in Q3 2023. The company’s strategic focus remains on developing drugs targeting microRNAs, particularly for orphan kidney diseases, with its lead candidate, RGLS8429, currently in Phase 1b clinical development for autosomal dominant polycystic kidney disease (ADPKD).
The company terminated its agreement with Sanofi in February 2023, which had previously impacted its revenue potential. Additionally, Regulus entered a new license agreement with The University of Texas System for patent rights related to treatments for ADPKD, which includes milestone and royalty payment obligations.
About Regulus Therapeutics Inc.
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