Inhibikase Therapeutics (IKT) Q2 2024 earnings summary

Executive summary

• Completed enrollment for phase II 201 trial of risvodetinib in untreated Parkinson's disease; top-line data expected in November 2024.

• Filed IND for IkT-001Pro in pulmonary arterial hypertension (PAH), with phase 2b trial design aligned with FDA feedback; phase 2 trial ramp-up planned upon FDA clearance.

• Raised $4 million in May 2024 to support clinical progress and regulatory filings, extending cash runway into December 2024.

• Exploring alternative financing, including grants, to support further clinical development.

• No commercial product revenue has been generated; operations are funded by equity offerings, grants, and ATM share sales.

Financial highlights

• Net loss for Q2 2024 was $5.0 million ($0.66 per share), compared to $5.8 million ($0.94 per share) in Q2 2023.

• Research and development expenses decreased to $3.1 million from $4.5 million year-over-year, mainly due to lower IkT-001Pro costs.

• Selling, general, and administrative expenses rose to $2.0 million from $1.8 million, driven by higher legal and consulting fees.

• Cash, cash equivalents, and marketable securities totaled $7.9 million as of June 30, 2024.

• Grant revenue for Q2 2024 was $116,410, down from $180,931 in Q2 2023.

Outlook and guidance

• Existing cash resources are expected to fund operations into December 2024; additional capital will be required to continue clinical trials and operations beyond that point.

• Anticipates reporting top-line results for risvodetinib phase II trial in November 2024 and meeting with FDA by year-end to discuss phase III plans.

• Plans to launch a 12-month open-label extension study for risvodetinib soon, pending final financial and regulatory steps.

• Expects to open clinical development for IkT-001Pro in PAH later in 2024, subject to regulatory clearance.

• Management may suspend or delay research projects and reduce expenses if additional funding is not secured.