Business
Aerovate Therapeutics Announces Third Quarter Financial Results and Business Highlights
WALTHAM, Mass., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Aerovate Therapeutics, Inc. (Nasdaq: AVTE), a clinical stage biopharmaceutical company focused on developing
About this update from Jade Biosciences, Inc.
[{"type":"text","content":"WALTHAM, Mass., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Aerovate Therapeutics, Inc. (Nasdaq: AVTE), a clinical stage biopharmaceutical company focused on developing drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease, today announced financial results for the quarter ended September 30, 2023, and recent business highlights. Recent Highlights IMPAHCT Global Phase 2b/Phase 3 Clinical Trial on Track for Topline Data in the Second Quarter of 2024. IMPAHCT (Inhaled iMatinib Pulmonary Arterial Hypertension Clinical Trial) is a Phase 2b/Phase 3 trial of AV-101, our self-administered, twice daily dry powder inhaled formulation of the antiproliferative drug imatinib for the treatment of pulmonary arterial hypertension (PAH), a devastating disease impacting approximately 70,000 people in the United States and Europe. We now have more than 125 clinical sites activated in over 20 countries and continue to enroll patients to participate in the Phase 2b portion of IMPAHCT. We expect to report topline data from the Phase 2b portion of IMPAHCT in the second quarter of 2024. Expanded Intellectual Property Portfolio. We continued expanding our intellectual property portfolio in 2023 with the issuance of one patent. Since June 30, 2023, the United States Patent and Trademark Office issued Patent 11,806,349 to us bringing total issued patents to five. We continue prosecuting multiple additional applications to cover our product globally. Third Quarter 2023 Financial Results Financial guidance: We expect that our cash, cash equivalents and available-for-sale securities will be sufficient to fund our operations into 2026, based on our current operating plan. Cash, cash equivalents and available-for sale securities totaled $135.2 million as of September 30, 2023, compared to $129.2 million as of December 31, 2022. The increase was primarily driven by net proceeds from our “at-the-market” program, offset by operational costs for the nine-month period ended September 30, 2023. R&D expenses: Research and development (R&D) expenses for the third quarter ended September 30, 2023 were $16.9 million as compared to $10.8 million for the third quarter ended September 30, 2022. The increase in R&D expenses was due primarily to higher headcount-related costs, contract manufacturing costs, and clinical trial costs in 2023 as compared...