Solid Biosciences Reports Financial Results for Q3 2024, Completes Private Placement and Advances Gene Therapy Pipeline

Solid Biosciences Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company recorded total current assets of $179.5 million, a notable increase from $129.7 million at the end of 2023. However, cash and cash equivalents decreased to $64.4 million from $74.0 million, while available-for-sale securities surged to $106.7 million, up from $49.6 million.

Total assets rose to $211.8 million, compared to $164.9 million at the end of 2023, while total liabilities increased to $44.8 million from $38.5 million. Stockholders' equity also improved, reaching $167.0 million, up from $126.5 million.

Operating expenses for the three months ended September 30, 2024, were $35.2 million, a 52.2% increase from $23.1 million in the same period of 2023. Research and development expenses rose to $27.3 million, reflecting a 63.6% increase from $16.7 million year-over-year. The net loss for the quarter was $32.7 million, compared to $21.0 million in Q3 2023, while the net loss per share improved to $(0.79) from $(1.05).

For the nine months ended September 30, 2024, the net loss totaled $82.1 million, an increase from $75.7 million in the same period of 2023. Research and development expenses for this period were $65.7 million, up from $61.1 million, driven by increased costs associated with the development of key candidates, particularly SGT-501.

The company completed a private placement in January 2024, raising $103.7 million, and reported net cash provided by financing activities of $115.5 million for the nine months ended September 30, 2024. This was a significant increase compared to $2.6 million in the same period of 2023.

Strategically, Solid Biosciences completed the acquisition of AavantiBio, Inc. in December 2022, enhancing its gene therapy pipeline. The company is focused on advancing its key candidates, including SGT-003 for Duchenne muscular dystrophy and SGT-501 for catecholaminergic polymorphic ventricular tachycardia. The INSPIRE DUCHENNE trial for SGT-003 commenced patient dosing in Q2 2024, with initial safety data expected in Q1 2025.

As of September 30, 2024, the company had an accumulated deficit of $740.9 million and anticipates continued significant operating losses as it progresses its clinical trials and expands its operations. The company does not expect to generate revenue from product sales in the near term and plans to finance future needs through equity offerings and collaborations.