Business
Gain Therapeutics Reports Financial Results for First Quarter 2024 and Provides Corporate Update
BETHESDA, Md., May 14, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (Nasdaq: GANX) (“Gain”, or the “Company”), a clinical-stage biotechnology company
About this update from Gain Therapeutics, Inc.
[{"type":"text","content":"BETHESDA, Md., May 14, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (Nasdaq: GANX) (“Gain”, or the “Company”), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today reports financial results for the quarter ended March 31, 2024, and provides a corporate update. Corporate Highlights from Q1 2024 to Date Announced Positive Results from the Single Ascending Dose (SAD) Part of the Phase 1 Clinical Trial of GT-02287Strengthened management team with appointment of Gene Mack as Chief Financial Officer and Jonas Hannestad, M.D., Ph.D. as Chief Medical OfficerPresented data at AD/PD 2024 demonstrating mechanism of action of GT-02287, the Company’s lead compound being investigated for the treatment of GBA1 Parkinson’s diseaseAnnounced the initiation of the Multiple Ascending Dose (MAD) part of the Phase 1 clinical trial of GT-02287, a novel GCase-targeting small molecule therapy for GBA1 Parkinson’s diseasePresented late-breaking data at the WORLDSymposium showing GT-02287 displays neuroprotection and completely restores motor function in preclinical models of Parkinson’s disease following delayed administrationReiterating cash runway guidance into 2025, which may be extended based on pending grant applications and other business initiatives “Gain continues to be well positioned to achieve multiple clinical data-driven value inflection points with our lead program GT-02287 for GBA1 Parkinson’s disease during the course of this year and into 2025. Having bolstered our management team, we are able to do so with strong leadership and direction. We continue to execute on our operational plans and to meet near-term milestones,” said Matthias Alder, Gain Therapeutics’ CEO. Q1 2024 Financial Results Research and development (R&D) expenses decreased by $0.3 million to $2.5 million for the three months ended March 31, 2024, as compared to $2.8 million for the three months ended March 31, 2023. The decrease in research and development expenses was due primarily due to $0.2 million in grant funding that was recognized during the first quarter 2024 from Innosuisse, the Suisse Innovation Agency. Substantially all research and development expenses are related to costs associated with the ongoing development of GT-02287 in GBA1 Parkinson’s Disease. General an...