Inhibikase Therapeutics (IKT) Q3 2024 earnings summary

Executive summary

• Secured up to $275 million in financing from institutional healthcare investors, including a $110 million private placement in October 2024, to advance IKT-001Pro into late-stage clinical trials for PAH and support other programs.

• Completed last patient visit in Phase 2 trial for risvodetinib in untreated Parkinson's disease; topline data expected in Q4 2024.

• Added experienced biopharmaceutical leaders to the Board, with several participating in the financing.

• Advanced IKT-001Pro into late-stage clinical development, with regulatory clearance to proceed and manufacturing enhancements underway.

Financial highlights

• Net loss for Q3 2024: $5.8 million ($0.65 per share), compared to $4.6 million ($0.75 per share) in Q3 2023; net loss for nine months ended September 30, 2024: $15.39 million, compared to $14.85 million in 2023.

• Research and development expenses for Q3 2024: $4.2 million, up 29.9% year-over-year; nine months: $10.02 million, down 5.6% year-over-year.

• Selling, general and administrative expenses for Q3 2024: $1.64 million, nearly flat year-over-year; nine months: $5.64 million, up 5.9% year-over-year.

• Cash, cash equivalents, and marketable securities at September 30, 2024: $3.2 million, excluding October 2024 offering proceeds.

• Grant revenue for Q3 2024: $79,569, down from $260,500 in Q3 2023.

Outlook and guidance

• Cash, cash equivalents, and marketable securities, including October 2024 offering, expected to fund operations for at least the next twelve months.

• Topline data from the Phase 2 trial of risvodetinib in Parkinson's disease expected in Q4 2024.

• Proceeds from recent financing will fund the Phase 2b '702' trial for IKT-001Pro in PAH and general corporate purposes.

• Anticipates continued significant losses as development and clinical programs expand; expects to require substantial additional funding for future operations.