Context Therapeutics Announces Q3 2024 Financial Results and Strategic Advances

Context Therapeutics

PHILADELPHIA, PAContext Therapeutics Inc. (Nasdaq: CNTX), a clinical-stage biopharmaceutical company, has reported its financial results for the third quarter ending September 30, 2024, alongside significant corporate milestones. The company is expanding its pipeline with strategic acquisitions and strengthening its leadership team.

In a move to enhance its T cell engaging bispecific antibody pipeline, Context acquired CT-95, a Mesothelin x CD3 bispecific antibody, and CT-202, a Nectin-4 x CD3 bispecific antibody. These acquisitions are set to propel Context’s entry into clinical development, with CT-95 expected to begin its Phase 1 trial in early 2025. Additionally, the company plans to file an Investigational New Drug (IND) application for CT-202 by mid-2026.

CEO Martin Lehr emphasized the strategic alignment of these acquisitions with Context’s objectives, stating, “Context executed on its strategy to build a pipeline of T cell engaging bispecific antibodies.” The company is also preparing to dose its first patient in the Phase 1 trial for CTIM-76, a Claudin 6 x CD3 bispecific antibody, by the end of this year.

Significant board appointments include Dr. Karen Smith and Dr. Luke Walker, bringing diverse expertise to the boardroom. These additions, along with the appointments of Dr. Claudio Dansky Ullmann as Chief Medical Officer and Ms. Karen Andreas as VP, Clinical Operations, underscore Context’s commitment to robust leadership.

Financially, Context reported cash and cash equivalents of $84.8 million at the end of September 2024, reflecting a substantial increase from $14.4 million at the close of 2023. Research and development expenses rose to $16.8 million, primarily due to charges related to the recent acquisitions. General and administrative expenses modestly increased to $1.9 million, driven by higher legal fees.

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The company’s net loss for the quarter was $17.5 million, compared to $5.9 million for the same period last year. Context projects that its current cash reserves will support operations and key development milestones, including the CTIM-76 and CT-95 trials, through 2027.

Context Therapeutics is set to participate in several upcoming healthcare conferences and will present at the Society for Immunotherapy of Cancer’s Annual Meeting, showcasing its ongoing efforts to transform cancer treatment.

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