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Panbela Therapeutics | 10-Q: Q3 2024 Earnings Report

SEC ·  Nov 14, 2024 21:25

Summary by Moomoo AI

Panbela Therapeutics reported zero revenue and a net loss of $7.2 million for Q3 2024, compared to a $7.8 million loss in Q3 2023. Research and development expenses decreased 10.2% to $6.1 million, while general and administrative costs remained flat at $1.1 million. The company ended the quarter with $142,000 in cash and a working capital deficit of $15.0 million.The company's ASPIRE trial for ivospemin in pancreatic cancer continues to progress, with 89 sites open across 10 countries. However, in August 2024, the primary CRO began terminating their relationship due to payment delays, leading the company to assume direct trial responsibility. Full enrollment is now anticipated by Q2 2025, with an interim analysis expected in early 2025.Post quarter-end, Panbela secured significant financing through a Note Purchase Agreement with Nant Capital, receiving $2.85 million from a Tranche A Note and expecting $9.15 million from a Tranche B Note by November 15, 2024. The notes are convertible into common stock at $0.37 per share and will mature in six months, bearing interest at 8% plus the Monthly SOFR Rate.
Panbela Therapeutics reported zero revenue and a net loss of $7.2 million for Q3 2024, compared to a $7.8 million loss in Q3 2023. Research and development expenses decreased 10.2% to $6.1 million, while general and administrative costs remained flat at $1.1 million. The company ended the quarter with $142,000 in cash and a working capital deficit of $15.0 million.The company's ASPIRE trial for ivospemin in pancreatic cancer continues to progress, with 89 sites open across 10 countries. However, in August 2024, the primary CRO began terminating their relationship due to payment delays, leading the company to assume direct trial responsibility. Full enrollment is now anticipated by Q2 2025, with an interim analysis expected in early 2025.Post quarter-end, Panbela secured significant financing through a Note Purchase Agreement with Nant Capital, receiving $2.85 million from a Tranche A Note and expecting $9.15 million from a Tranche B Note by November 15, 2024. The notes are convertible into common stock at $0.37 per share and will mature in six months, bearing interest at 8% plus the Monthly SOFR Rate.
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