Third Harmonic Bio, Inc. (NASDSAQ: THRD), a clinical-stage biopharmaceutical company focused on advancing the next wave of medicine for dermal, respiratory and gastrointestinal inflammatory diseases, today announced financial results for the third quarter September 30, 2024.
Cash and cash equivalents totaled $296.1 million as of September 30, 2024. Based on the Company’s current operating plan, Third Harmonic Bio believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least 2026.
Net loss for the three months ended September 30, 2024, increased to $13.8 million from a net loss of $7.3 million for the same period in 2023. Net loss for the nine months ended September 30, 2024, increased to $32.4 million from a net loss of $24.0 million for the same period in 2023, primarily due to increases in research and development expenses that were partially offset by increases in interest income.
The Phase 1 SAD/MAD clinical trial of THB335 is being conducted in healthy volunteers to assess safety and tolerability, characterize pharmacokinetics, and to measure the pharmacodynamic effect by reductions in serum tryptase, a biomarker associated with mast cell activation and correlated with clinical response in urticaria studies. Results are expected in the first quarter of 2025.
THRD shares inched up four cents to $13.31.
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