PHILADELPHIA, PA — Context Therapeutics Inc. (Nasdaq: CNTX) has announced its financial results for the second quarter ended June 30, 2024, along with recent business highlights.
“Context continues to build momentum, and we believe the Company is well positioned to have a successful year,” said Martin Lehr, CEO of Context. “Our team recently initiated our Phase 1 trial for CTIM-76, a Claudin 6 x CD3 bispecific antibody and looks forward to dosing our first patient in the third quarter. In addition, the recent acquisition of CT-95, a mesothelin x CD3 bispecific antibody, delivered Context a second potentially best-in-class clinical asset to complement CTIM-76.”
Mr. Lehr added, “Additionally, we continue to strengthen our team and are pleased that Dr. Dansky Ullmann has joined our executive team as Chief Medical Officer. Dr. Dansky Ullmann brings deep expertise in oncology and T cell therapies and a proven track record of advancing programs through clinical development.”
Second Quarter 2024 and Recent Corporate Highlights
Pipeline Updates
- In July 2024, Context completed the acquisition of CT-95, a potentially first-in-class mesothelin x CD3 bispecific antibody. CT-95 has received Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA), with plans to dose the first patient in a Phase 1 trial in Q1 2025.
- In May 2024, the FDA cleared the IND for CTIM-76, Context’s Claudin 6 x CD3 bispecific antibody. The first patient dosing in the Phase 1 trial is expected in Q3 2024.
Corporate Updates
- In August 2024, Context announced the appointments of Dr. Claudio Dansky Ullmann as Chief Medical Officer and Ms. Karen Andreas as VP, Clinical Operations.
- In May 2024, the company closed a private placement, raising gross proceeds of approximately $100 million.
- In April 2024, Context participated in the 23rd Annual Needham Virtual Healthcare Conference.
Second Quarter 2024 Financial Results
- Cash and cash equivalents stood at $101.5 million as of June 30, 2024, up from $14.4 million at the end of 2023.
- R&D expenses were $1.4 million, compared to $3.5 million in Q2 2023. The decrease was mainly due to lower CTIM-76 contract manufacturing and preclinical costs.
- General and administrative expenses were $1.7 million, slightly down from $1.8 million in the same period last year.
- Other income, net was $0.8 million, an increase from $0.3 million in Q2 2023, primarily due to higher interest income.
- The net loss for the second quarter was $2.3 million, compared to $5.0 million in Q2 2023.
2024 Cash Guidance
Context expects its cash reserves to fund the CTIM-76 Phase 1 trial, the dose escalation portion of the CT-95 Phase 1 trial, and operations into 2028.
Buy, Sell, or Hold?
Context Therapeutics shows potential with its advanced pipeline and strategic acquisitions. The financial stability provided by its recent capital raise and reduced expenses suggests the company is managing resources well. However, given the early stages of its clinical trials and the inherent risks, Context Therapeutics is a Hold. Investors should watch for trial outcomes and further corporate developments.
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