Business
Allarity Therapeutics Reports First Quarter Financial Results and Highlights, including Clear Clinical Benefits from Phase 2 Trial, NASDAQ Compliance, and Significant Improvement in Cash and Equity Balances
- Phase 2 Trial of Stenoparib Concluded Early due to Clear Clinical Benefits Achieved - On Track to Regain Compliance with All Nasdaq Listing Requirements -
About this update from Allarity Therapeutics, Inc.
[{"type":"text","content":"- Phase 2 Trial of Stenoparib Concluded Early due to Clear Clinical Benefits Achieved - On Track to Regain Compliance with All Nasdaq Listing Requirements - No Variable Priced Securities are Outstanding - Warrant Overhang Near Elimination - Allarity Withdraws its Form S-1 - Establishes Equity of $15 Million - Cash Balance of $14 Million Boston (May 14, 2024)—Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a Phase 2 clinical-stage pharmaceutical company dedicated to developing personalized cancer treatments, today reported financial results and provided an update on recent operational highlights for the first quarter that ended March 31, 2024. \"The start of 2024 has been a pivotal period for Allarity Therapeutics, marked by significant achievements across financial, regulatory, and clinical areas,\" remarked Thomas Jensen, CEO of Allarity Therapeutics. \"Our trials of stenoparib in advanced, recurrent ovarian cancer have yielded encouraging proof of concept data, which further boosted our optimism for the future of this novel PARP inhibitor. Additionally, we've seen several developments that we believe may strengthen our investment case. Our capital structure has been simplified, and we have raised new equity, so we are now on track to fully comply with Nasdaq's listing requirements and find ourselves in a better position to steer clear of less favorable future financing arrangements. Reflecting this new strengthened financial position, we have requested the SEC to withdraw our Form S-1 filed last October. With a strategic focus now solely on stenoparib, we can use all our managerial resources to advance this promising asset toward regulatory approval.\" First Quarter 2024 and Recent Operational Highlights Allarity Therapeutics now has a single class of shares after investor-initiated conversions of all outstanding Series A Preferred Stock and the majority of warrants into common stock. Significantly, all variable-priced warrants have been exercised, reducing market overhang from warrants. A limited number of fixed-price warrants remain unexercised, each with an exercise price of $20. Additionally, the Company has fully repaid all bridge notes. These developments simplify Allarity's capital structure, enhancing the attractiveness of its stock. As of today, the total number of shares is 17,606,739.Allari...