“We are on track to complete enrollment of 80 patients treated with single agent envafolimab in the ongoing pivotal ENVASARC trial later this quarter. We expect to report updated response rate data shortly thereafter and before the end of this quarter, with final data anticipated in the second half of 2024,” said
Recent Corporate Highlights
- In December, we announced updated interim data from the ENVASARC Phase 2 pivotal trial in the initial 46 patients treated with single agent envafolimab. The objective response rate (ORR) was 15% by investigator review and 8.7% by blinded independent central review (BICR), all of which were confirmed responses. Envafolimab monotherapy was generally well tolerated and median duration of response by BICR was greater than six months. The primary endpoint of the study is achievement of an ORR by BICR in nine of 80 patients (11.25%) treated with envafolimab and median duration of response of greater than six months is a key secondary endpoint.
- In November, we licensed our Product Development Platform (PDP) to a clinical stage biotech company for an upfront payment of
$3.0 million .
Expected Upcoming Milestones
- Complete accrual of the ENVASARC pivotal trial this quarter and report updated response rate data shortly thereafter and before the end of the quarter.
- Report final data from ENVASARC pivotal trial in the second half of 2024.
- Continue to leverage TRACON’s cost-efficient, CRO-independent PDP to generate non-dilutive capital.
Fourth Quarter 2023 Financial Results
- Cash, cash equivalents and restricted cash were
$8.6 million atDecember 31, 2023 , compared to$17.5 million atDecember 31, 2022 .
- License revenue for the fourth quarter of 2023 was
$3.0 million and was due to the license of our PDP to a clinical stage biotech company.
- Research and development expenses for the fourth quarter of 2023 were
$1.5 million , compared to$3.9 million for the fourth quarter of 2022. The decrease was primarily related to enrollment into only cohort C in the ongoing ENVASARC pivotal trial.
- General and administrative expenses for the fourth quarter of 2023 were
$1.1 million , compared to$2.0 million for the fourth quarter of 2022. The decrease was primarily attributable to lower legal expenses.
- Net income for the fourth quarter of 2023 was
$0.4 million , compared to a net loss of$7.0 million for the fourth quarter of 2022.
Conference Call Details
To access the call by phone, please register using this link and you will be provided with dial-in details.
A live webcast of the conference call will be available online from the Investor/Events and Presentation page of the Company’s website at www.traconpharma.com.
After the live webcast, a replay will remain available on TRACON’s website for 60 days.
About Envafolimab
Envafolimab (KN035), a single-domain antibody against PD-L1 invented by Alphamab Oncology and licensed by TRACON, is the first approved subcutaneously injected PD-(L)1 inhibitor. Envafolimab was approved by the Chinese NMPA in
About ENVASARC (NCT04480502)
The ENVASARC Phase 2 pivotal trial is a multicenter, open label, randomized, non-comparative, parallel cohort study at 30 top cancer centers in
About TRACON
TRACON is a clinical-stage biopharmaceutical company utilizing a cost-efficient, CRO-independent, product development platform to advance its pipeline of novel targeted cancer therapeutics and to partner with other life science companies. The Company’s clinical-stage pipeline includes: Envafolimab, a PD-L1 single-domain antibody given by rapid subcutaneous injection that is being studied in the pivotal ENVASARC trial for sarcoma; YH001, a potential best-in-class CTLA-4 antibody in Phase 1 development; and TRC102, a Phase 2 small molecule drug candidate for the treatment of lung cancer. TRACON is actively seeking additional corporate partnerships through a profit-share or revenue-share partnership, or through franchising TRACON’s product development platform. TRACON believes it can serve as a solution for companies without clinical and commercial capabilities in the United States or who wish to become CRO-independent. To learn more about TRACON and its product pipeline, visit TRACON’s website at www.traconpharma.com.
Forward-Looking Statements
Statements made in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, TRACON’s plans to further develop product candidates; TRACON’s plans to further license out its platform; expectations regarding the timing and scope of clinical trials and availability of clinical data, including the timing and results of accrual and data from TRACON’s ENVASARC Phase 2 pivotal trial; expected development, regulatory and commercial milestones and timing thereof; potential utility of product candidates; and TRACON’s business development strategy and goals, including the ability to enter into additional collaborations. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include: the risk that TRACON needs substantial additional capital to continue as a going concern and to enroll or complete its ongoing clinical trials as currently planned, if at all; risks associated with clinical development and regulatory approval of novel pharmaceutical product candidates; whether TRACON or others will be able to complete or initiate clinical trials on TRACON’s expected timelines, if at all, including due to risks associated with geopolitical and macroeconomic events; the fact that future preclinical studies and clinical trials, including ENVARSAC, may not be successful or otherwise consistent with results from prior studies; the fact that TRACON has limited control over whether or when third party collaborators complete on-going trials or initiate additional trials of TRACON’s product candidates; the fact that TRACON’s collaboration agreements are subject to early termination; whether TRACON will be able to enter into additional collaboration agreements on favorable terms or at all; potential changes in regulatory requirements in
Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share data) | ||||||||
Three Months Ended | Year Ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Revenue | $ — | $ — | ||||||
Operating expenses: | ||||||||
Research and development | 1,494 | 3,875 | 12,277 | 13,888 | ||||
General and administrative | 1,144 | 1,957 | 6,666 | 14,006 | ||||
Arbitration success fees | — | — | 2,375 | — | ||||
Total operating expenses | 2,638 | 5,832 | 21,318 | 27,894 | ||||
Income (loss) from operations | 407 | (5,832) | (9,273) | (27,894) | ||||
Total other income (expense) | 32 | (1,165) | 5,685 | (1,241) | ||||
Net income (loss) | ||||||||
Earnings (loss) per share, basic and diluted | ||||||||
Weighted-average common shares outstanding, basic | 40,195,856 | 22,293,735 | 32,745,708 | 20,919,118 | ||||
Weighted-average common shares outstanding, diluted | 40,206,186 | 22,293,735 | 32,745,708 | 20,919,118 | ||||
Unaudited Condensed Consolidated Balance Sheets (in thousands) | |||||||
2023 | 2022 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | |||||||
Prepaid and other assets | 526 | 795 | |||||
Total current assets | 9,090 | 18,228 | |||||
Property and equipment, net | 37 | 51 | |||||
Restricted Cash | 73 | 67 | |||||
Other assets | 905 | 1,123 | |||||
Total assets | |||||||
Liabilities and Stockholders’ Deficit | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | |||||||
Accrued compensation and related expenses | 427 | 1,457 | |||||
Long-term debt, current portion | — | 9,807 | |||||
Total current liabilities | 10,182 | 22,371 | |||||
Other long-term liabilities | 732 | 969 | |||||
Arbitration financing payable | — | 3,280 | |||||
Commitments and contingencies | |||||||
Stockholders’ deficit: | |||||||
Common stock | 44 | 23 | |||||
Additional paid-in capital | 239,646 | 229,737 | |||||
Accumulated deficit | (240,499) | (236,911) | |||||
Total stockholders’ deficit | (809) | (7,151) | |||||
Total liabilities and stockholders’ deficit |
Company Contact: | Investor Contact: |
Chief Executive Officer | |
(858) 550-0780 | (212) 915-2578 |
ctheuer@traconpharma.com | britchie@lifesciadvisors.com |
Source:
2024 GlobeNewswire, Inc., source