Artelo Biosciences, Inc. ARTL, a clinical-stage pharmaceutical company focused on modulating lipid-signaling pathways to develop treatments for people living with cancer, pain, and neurological conditions, released its financial results for the three months ended June 30, 2023 and provided a business update.
Q2 2023 Financial Highlights
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Operating expenses for the three months ended June 30, 2023, were $1.8 million compared to $2.5 million for the same period in 2022.
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Net loss was approximately $1.6 million, or $0.56 per basic and diluted share, for the three months ended June 30, 2023, compared to a net loss of $2.4 million, or $0.87 per basic and diluted share, for the three months ended June 30, 2022.
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As of June 30, 2023, the company had approximately $14.0 million in cash and investments, compared to $17.5 million as of December 31, 2022.
“During the second quarter we were pleased to announce the achievement of multiple objectives and present new data,” stated Gregory D. Gorgas, president and CEO of Artelo Biosciences. “Notably, based on the very encouraging safety profile from our phase 1b study, we initiated phase 2a of our cancer appetite recovery study (CAReS) trial evaluating ART27.13 for the treatment of cancer-related anorexia and weight loss. We are now actively enrolling patients and opening new clinical sites to support the randomized phase 2a stage of the study.”
In addition, Artelo presented important preclinical data from multiple animal studies related to ART12.11, a patented cocrystal composition of CBD, and ART26.12, a novel fatty acid binding protein 5 inhibitor, at the 33rd International Cannabinoid Research Society Symposium in June. ART12.11 demonstrated improved bioavailability and superior efficacy in animal models of stress-induced anxiety versus CBD. Preclinical research in chemotherapy-induced peripheral neuropathy (CIPN) showed that ART26.12 is capable of preventing allodynia from both taxane- and platinum-based agents, the two most common causes of CIPN.
“With approximately $14.0 million in cash and investments as of June 30, 2023, we believe we have the financial resources to support operations into the second half of 2024. With our current cash runway, we expect to reach important development milestones for each of our proprietary programs, specifically: the complete enrollment of CAReS with ART27.13, the initiation of human trials with ART26.12, and the disclosure of more results from preclinical studies with ART12.11,” Gorgas concluded.
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