Palisade Bio, Inc. (NASDAQ: PALI) shares moved narrowly up Tuesday, as the firm, a biopharmaceutical company focused on developing and advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases, reported its financial results for the second quarter of 2024.
As of June 30, 2024, the Company had cash and cash equivalents of $11.4 million. The Company believes it has sufficient cash to fund its currently planned operations through the first quarter of 2025.
Net loss was $4.1 million for the three months ended June 30, 2024, up $0.7 million from a net loss of $3.4 million for the three months ended June 30, 2023.
Research and development expenses for the three months ended June 30, 2024 were $2.6 million, a 21% increase compared to $2.2 million for the three months ended June 30, 2023. The increase is attributable to higher expenses recognized for the three months ended June 30, 2024 that were directly related to the development of the Company’s lead asset, PALI-2108, and higher share-based compensation expense, partially offset by a decrease in costs directly related to our development of LB1148, which Palisade ceased in August of 2023, and lower other employee-related costs.
General and administrative expenses increased by $0.2 million, or 11%, from $1.4 million for the three months ended June 30, 2023 to $1.6 million for the three months ended June 30, 2024
PALI shares took on 2.7 cents to $3.69.
