Business
Context Therapeutics Reports Second Quarter 2023 Operating and Financial Results
Company expects its cash and cash equivalents will continue to fund operations into late 2024 Cash and cash equivalents of $25.1 million as of June 30, 2023
About this update from Context Therapeutics Inc.
[{"type":"text","content":"Company expects its cash and cash equivalents will continue to fund operations into late 2024 Cash and cash equivalents of $25.1 million as of June 30, 2023 CTIM-76 IND filing on track for Q1 2024 PHILADELPHIA, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Context Therapeutics Inc. (“Context” or the “Company”) (Nasdaq: CNTX), a biopharmaceutical company advancing medicines for solid tumors, today announced its financial results for the second quarter ended June 30, 2023, and reported on recent and upcoming business highlights. “During the second quarter of this year, Context continued development of our preclinical asset CTIM-76, a Claudin 6 (\"CLDN6”) x CD3 bispecific antibody. An immunotherapy designed to activate and direct a patient’s own immune cells, CTIM-76 shows a high degree of specificity in preclinical studies and the potential to selectively induce cell death in CLDN6-positive tumors, including lung, ovarian, and testicular,” said Martin Lehr, CEO of Context. “With ongoing interest and momentum of Claudin-targeted therapeutics, we believe CTIM-76 is demonstrating unique qualities in preclinical research including potent killing of CLDN6-expressing cells, developability, and manufacturability. We look forward to providing additional preclinical data by the end of 2023 and remain on track to file an Investigational New Drug Application (“IND”) in the first quarter of 2024.” Second Quarter 2023 and Recent Corporate Highlights In August 2023, participated in the BTIG Virtual Biotechnology Conference 2023.Also in August 2023, announced the Company will present at the H.C. Wainwright Immune Cell Engager Virtual Conference on Thursday, August 17, 2023. For additional details regarding this conference, please click here.In June 2023, CEO Martin Lehr participated in a H.C. Wainwright & Co. fireside chat regarding the latest CLDN6 data presented at the 2023 American Society of Clinical Oncology Annual Meeting and discussed updates on CTIM-76. The webinar can be viewed here. Second Quarter 2023 Financial Results Cash and cash equivalents were $25.1 million at June 30, 2023, compared to $35.5 million at December 31, 2022.Acquired in-process research and development expense (“IPR&D”) was $0.5 million for the second quarter 2022 and reflects the expense recognized related to a development milestone achieved under the collaboration and license...