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PRAX

Praxis Precision Medicine Says Cash And Investments Of $451.2M As Of April 30, 2024 Extends Runway Into 2027

&nbsp;<a href="https://www.globenewswire.com/Tracker?data=IGwfUKBgBdxRTwPAg6FKHAUBEEhrLveVBQbwHqK87ZenQU1vbhFy_maHeZCcJzMvb9BjpF4qepJ__Z2jWt2HBgzgzfiO2uCxL7HVzJ4Rd04=" target="_blank">Praxis Precision Medicines</a>, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRAX#NASDAQ">PRAX</a>), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance, today provided a corporate update and reported financial results for the&nbsp;first quarter&nbsp;2024.
&quot;In the&nbsp;first quarter&nbsp;we made significant progress on all fronts. We strengthened our financial resources and reported positive photo paroxysmal response (PPR) results in PRAX-628, which we believe further de-risks our clinical development program and positions PRAX-628 as the first precision sodium channel modulator for focal onset seizures. The strength and consistency observed across both study arms, combined with a favorable tolerability and safety profile, builds confidence in our planned focal onset seizure studies for PRAX-628, with the first expected to initiate in the second half of 2024,&quot; said Marcio Souza, president and chief executive officer of Praxis. &quot;Looking ahead, we are encouraged by the strong participation we are seeing in our Essential3 Phase 3 studies and remain on track to read out topline results in the second half of this year. These advancements, through patient-guided development strategies, will further position Praxis at the forefront of precision medicine for CNS disorders.&quot;
Recent Highlights and Anticipated Milestones:
Cerebrum&trade; Small Molecule Platform
<ul>
<li>Ulixacaltamide for ET: Essential3, the Phase 3 program for ulixacaltamide, continues to progress through patient qualification, enrollment and trial execution, with topline results expected in the second half of 2024 to support a planned New Drug Application (NDA) submission in 2025.
<ul>
<li>Essential3 is comprised of two simultaneous Phase 3 studies including a 12-week, parallel design study and a 12-week randomized withdrawal study for stable responders.</li>
<li>Since beginning recruitment in November 2023, there have been over 50,000 pre-screening forms and over 7,000 referrals received to date meeting pre-qualifying eligibility criteria. Randomization pace is now dictated by appropriate patient selection and pre-randomization stability and severity criteria.</li>
<li>At the American Academy of Neurology 2024 Annual Meeting, Praxis shared additional posters on the Essential3 study design&nbsp;<a href="https://www.praxismedicines.com/wp-content/uploads/2024/04/AAN2024_E3_StudyDesign_Poster_QRcode.pdf" target="_blank">[link]</a>&nbsp;and the benefits of ulixacaltamide over propranolol as analyzed from the Essential1 study&nbsp;<a href="https://www.praxismedicines.com/wp-content/uploads/2024/04/AAN2024_Propranolol_Talk_QRcode.pdf" target="_blank">[link]</a>.</li>
</ul>
</li>
</ul>
<ul>
<li>PRAX-628 for Focal Onset Seizures:&nbsp;Praxis reported positive results, with&nbsp;100%&nbsp;of patients responding in a Phase 2a proof of concept study evaluating PRAX-628 in epilepsy patients with PPR and confirmed plans to initiate two efficacy studies in focal onset seizures.
<ul>
<li>The PPR study had two cohorts, where all patients responded.
<ul>
<li>In the 15 mg cohort (n=5),&nbsp;80%&nbsp;of patients achieved a complete response and&nbsp;20%&nbsp;achieved a partial response.</li>
<li>In the 45 mg cohort (n=3),&nbsp;100%&nbsp;of patients achieved a complete response.</li>
<li>Safety was consistent with the prior dose escalation study and pharmacokinetic analysis confirmed therapeutic exposures.</li>
</ul>
</li>
<li>Praxis plans to initiate two efficacy studies in focal onset seizures.
<ul>
<li>The first study is expected to begin in the second half of 2024, with topline results expected in 2025.</li>
<li>The second study is expected to initiate in the first half of 2025, with topline results expected in the first half of 2026.</li>
</ul>
</li>
</ul>
</li>
</ul>
<ul>
<li>PRAX-562 for SCN2A and SCN8A DEEs:&nbsp;Praxis expects topline results from the PRAX-562 Phase 2 EMBOLD study for the treatment of pediatric patients with DEEs in the&nbsp;third quarter&nbsp;of 2024.
<ul>
<li>The EMBOLD study is a randomized, double-blind, placebo-controlled Phase 2 clinical study to evaluate the safety, tolerability, efficacy (motor seizure frequency) and pharmacokinetics of PRAX-562 in pediatric patients aged 2 to 18 years with DEEs, followed by an open-label extension.</li>
</ul>
</li>
</ul>
Solidus&trade; Antisense Oligonucleotide (ASO) Platform
<ul>
<li>Elsunersen (PRAX-222) for SCN2A Gain-of-Function (GoF) DEEs:&nbsp;Praxis is completing multiple global regulatory interactions in the first half of 2024 in anticipation of starting the pivotal phase of the program later in 2024.</li>
</ul>

Praxis Precision Medicines Advances Precision Therapies for CNS Disorders, Anticipates Key Milestones in Seizure and Pediatric Epilepsy Treatment

Arm shares are trading higher on reports indicating the company will launch AI chips in 2025.

Praxis Precision Medicine Q1 2024 GAAP EPS $(2.84) Misses $(2.08) Estimate

<a href="https://www.globenewswire.com/Tracker?data=UxJ4qPTp61VqMjKYeOx-N68F6SgLBUc4apqyftdpdbtIfHQigv4ssRtPqpQRAe7QjIymUj_M2ku9RycoQD7yp9y2YBSxMA0doV_Z5ecRz_M=" target="_blank">Apogee Therapeutics, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APGE#NASDAQ">APGE</a>), a clinical-stage biotechnology company advancing differentiated biologics for the treatment of atopic dermatitis (AD), chronic obstructive pulmonary disease (COPD), asthma and other inflammatory and immunology (I&amp;I) indications, today reported pipeline highlights and&nbsp;first quarter&nbsp;financial results.
&quot;I am proud of the continued momentum our team has achieved this quarter, executing against our goals and successfully bringing our programs forward ahead of schedule,&quot; said Michael Henderson, MD, Chief Executive Officer of Apogee. &quot;We continue to maintain that pace of progress with the selection of our development candidate for APG990 and now plan to initiate a Phase 1 trial in healthy volunteers by the end of the year. We commenced dosing of the first healthy participants in our second clinical program, APG808, and expect an interim readout in the second half of this year. Following that readout, we&#39;re planning a Phase 1b readout for APG808 in asthma to follow in the first half of 2025 that is designed to determine the doses to then take into a Phase 2 trial in COPD in the same year. We are on track to dose the first patient in the APG777 Phase 2 trial in patients with moderate-to-severe AD in the first half of this year. Additionally, on the heels of our successful interim Phase 1 APG777 data readout, we raised&nbsp;$483 million&nbsp;in an upsized public offering providing capital into 2028.&quot;
Pipeline and Corporate Highlights and Upcoming Milestones
<ul>
<li>Initiated Phase 2 APG777 clinical trial: APG777 is a novel, subcutaneous (SQ) half-life extended monoclonal antibody (mAb) targeting IL-13 &ndash; a critical cytokine in inflammation and a primary driver of AD.
<ul>
<li>The company has commenced enrollment of patients for the Phase 2 clinical trial of APG777 in patients with moderate-to-severe AD in the first half of 2024, with 16-week proof-of-concept data from Part A of the trial expected in 2H 2025.</li>
<li>The trial is designed to combine the typical Phase 2a and 2b portions of a clinical trial into a single protocol. The primary endpoint of each part of the study is mean percentage changes in EASI score from baseline to Week 16.</li>
<li>Initiation of a Phase 2 APG777 trial in asthma is expected to commence in 2025.</li>
</ul>
</li>
</ul>
<ul>
<li>First participant dosed in APG808 Phase 1 trial:&nbsp;Apogee&#39;s second program, APG808, is a novel, SQ half-life extended mAb targeting IL-4R&alpha;, a target with clinical validation across eight Type 2 allergic diseases. APG808 has similar binding and femtomolar affinity for IL-4R&alpha; compared to picomolar affinity in the first generation mAb, DUPIXENT, and has demonstrated similar inhibition to DUPIXENT across three in vitro assays that measure downstream functional inhibition of the IL-13/IL-4 pathway (pSTAT6 induction, inhibition of TF-1 proliferation, and inhibition of TARC secretion).
<ul>
<li>In March 2024, Apogee initiated dosing of healthy volunteers in its Phase 1 clinical trial. The company expects to share initial data in the second half of 2024 followed by a Phase 1b clinical trial in asthma with data expected in the first half of 2025 and initiation of a COPD trial in the same year.</li>
</ul>
</li>
</ul>
<ul>
<li>APG990 development candidate selected: Apogee has selected a development candidate for its APG990 program, a novel, SQ half-life extended mAb targeting OX40L, initially being developed for AD. OX40L is located further upstream in the inflammatory pathway than IL-13 or IL-4R&alpha; and targeting it could potentially have broader impact on the inflammatory cascade by inhibiting both Type 1 and Type 2 inflammation. With current approved biologics only targeting Type 2 inflammation (IL-13/IL4R&alpha;) in AD, OX40L could represent another therapeutic option for patients, especially the portion of patients who do not benefit from currently available treatments. APG990 has been engineered to have differentiated attributes, including an extended half-life, which we expect will result in a more favorable dosing schedule of every three or six months. The company is also interested in testing the hypothesis that combining APG990 with APG777 will result in more extensive inhibition of the inflammatory cascade (Type 1 and Type 2 inflammation) than either approach alone. The company plans to present additional data on this at its R&amp;D Day in the&nbsp;fourth quarter&nbsp;of this year.
<ul>
<li>Initiation of a Phase 1 APG990 trial in healthy volunteers is expected to begin ahead of schedule and is now expected in the second half of 2024.</li>
</ul>
</li>
</ul>
<ul>
<li>Completed&nbsp;$483 million&nbsp;upsized public offering: In March, the company closed on an upsized public offering of 7,790,321 shares of common stock, including the full exercise of the underwriters&#39; option to purchase up to 1,016,128 additional shares, at a public offering price of&nbsp;$62.00&nbsp;per share. The aggregate gross proceeds to Apogee from the offering were approximately&nbsp;$483.0 million&nbsp;before deducting underwriting discounts and commissions and other offering expenses payable by Apogee.</li>
</ul>
<div>
First Quarter&nbsp;Financial Results
<ul>
<li>Cash Position: As of March 31, 2024, Apogee had cash, cash equivalents and marketable securities of&nbsp;$816.2 million. Apogee expects that its existing total cash will enable it to fund its current operating expenses into the&nbsp;first quarter&nbsp;of 2028.</li>
<li>Research &amp; Development (R&amp;D) Expenses: R&amp;D expenses for the&nbsp;first quarter&nbsp;of 2024 were&nbsp;$28.7 million, compared to&nbsp;$8.5 million&nbsp;for the&nbsp;first quarter&nbsp;of 2023. R&amp;D expenses increased primarily due to further development of the company&#39;s APG777 and APG808 programs and advancement of its pipeline into clinical trials, as well as increases in personnel costs, including equity-based compensation expense, associated with the growth of its R&amp;D team.</li>
<li>General and Administrative (G&amp;A) Expenses: G&amp;A expenses for the&nbsp;first quarter&nbsp;of 2024 were&nbsp;$9.5 million, compared to&nbsp;$4.2 million&nbsp;for the&nbsp;first quarter&nbsp;of 2023. G&amp;A expenses increased primarily due to increases in personnel costs, including equity-based compensation, associated with the growth of the company&#39;s G&amp;A team, as well as increased costs related to being a public company, including for legal, IT and professional services, and to support the growth of the business.</li>
<li>Net Loss: Net loss for the&nbsp;first quarter&nbsp;of 2024 was&nbsp;$32.1 million, compared to&nbsp;$12.5 million&nbsp;net loss for the&nbsp;first quarter&nbsp;of 2023 . Net loss increased primarily as a result of higher R&amp;D and G&amp;A expenses as described above, partially offset by higher interest income.</li>
</ul>
</div>

APGE

Apogee Therapeutics Advances in Clinical Trials for Promising Treatments in Inflammatory Diseases, and Reported Net Loss of $(32.1)M, Held $816.2M in Cash

LPTX

Leap Therapeutics Says Net Proceeds From April 2024 $37.2M Financing, Combined With Existing Cash, Cash Equivalents And Marketable Securities Of $54.9M, Are Expected To Provide Cash Runway Into The Second Quarter Of 2026

B. Riley Securities analyst Bryce Rowe upgrades Stellus Cap Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCM#NYSE">SCM</a>) from Sell to Neutral and raises the price target from $12.5 to $13.25.

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Price Target

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B. Riley Securities Upgrades Stellus Cap Investment to Neutral, Raises Price Target to $13.25

U.S. stocks look to start a data-heavy week on a firm note, with the major index futures pointing to a modestly higher open in early trading. Given the lack of any meaningful catalysts, stocks may have to find inspiration elsewhere to keep the <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/05/38770095/stocks-surge-on-healthy-earnings-season-rising-jobless-claims-this-week-in-the-marke">upward trajectory intact, </a>while a slew of first-tier economic events lined up for the week could keep sentiment guarded.
Fund manager Louis Navellier said, &#8220;If Treasuries can stay under 4.50% and we keep getting decent economic data without any dramatic developments on the geopolitical front – which are impossible to predict ahead of time – most likely, equities are headed to new highs
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.18%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.11%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.12%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.25%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Monday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.16% to $521.65,&nbsp;while the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.21% to $442.97 according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Week
Some positive earnings reports and mostly benign economic data that added weight to Fed rate-cut expectations catalyzed an upward move by the market in the week ended May 10th. Navellier attributed the strength in part to the Treasury refinancing, which went on well, including the $25 billion auction of 30-year Treasury bonds on Thursday. 
One of the reasons for the strong auction was the dip in inflation around the world. &#8220;China is in the midst of deflation. Meanwhile, the European Central Bank and&nbsp;the Bank of England&nbsp;are going to be cutting in June, so rates are&nbsp;falling around the world while our rates still look very good,&#8221; he said.
 The Dow Industrials rose for an eighth straight session, with the 30-stock blue-chip average and the S&amp;P 500 Index closing at the highest level since April. The Dow had its best week since December, according to CNBC.
While the Dow rose for four consecutive weeks, the S&amp;P 500 and the Nasdaq Composite are on a three-week winning streak.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Weekly Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.14%</td>
<td>16,340.87</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.85%</td>
<td>5,222.68</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+2.17%</td>
<td>39,512.84</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.18%</td>
<td>2,059.78</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
While some call for a potential market correction, the market is telling a different take, said Carson Group&#8217;s Ryan Detrick. He noted for three days on the trot, more than 74% of NYSE-listed stocks advanced, he said, adding that this was a &#8220;clear sign of buying pressure.&#8221;
Going back to 2000, when this occurred, the S&amp;P 500 Index was higher a year later every time and the average gain was 23%, he said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Same old&#x1f43b;s are telling us a recession and bear market are near. Good news? The market is telling us it isn&#39;t true. We just saw 3 straight days of &gt;74% NYSE advancers, a clear sign of buying pressure. Since 2000, S&amp;P 500 higher a yr later every time and up almost 23% on avg. <a href="https://t.co/aySbHciATs">pic.twitter.com/aySbHciATs</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1789679239127617559?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Upcoming Economic Data:
Fed speeches will once again dominate proceedings on Main Street, although the consumer price inflation report for April due on Wednesday could be the most important piece of economic evidence of the week.
The April producer price inflation report is due on Tuesday, the April retail sales report is due on Wednesday, and a couple of manufacturing and housing market data could also draw some attention.
On Monday, Fed Vice Chair Philip Jefferson and Cleveland Fed President Loretta Mester would participate together in a panel discussion due at 9 a.m. EDT.
The New York Fed is scheduled to release the results of its consumer inflation expectations survey for April at 11 a.m. EDT. The March survey showed median one-year-ahead inflation expectations remaining unchanged at 3%.
The Treasury will auction three- and six-month bills at 11:30 a.m. EDT.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) rallied about 18% in <a href="https://www.benzinga.com/premarket">premarket trading, </a>riding on the upward momentum seen since late April. The climb could also be attributable to Keith Gill, whose social-media handle is Roaring Kitty, posted on the X platform for the first time in three years. Gill spearheaded the meme mania seen in 2021, with shares of companies, including GameStop capitalizing on the frenzy.</li>
<li>AMC Entertainment Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) rebounded by over 7% following its post-earnings dip seen last week.</li>
<li>Notable among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting earnings </a>are Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>), Agilysys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGYS#NASDAQ">AGYS</a>), and StoneCo Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STNE#NASDAQ">STNE</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures, which were flattish with a slight negative bias in the week ended May 10, rose modestly on Monday, while gold futures slid over 1%. The 10-year Treasury note yield eased and held below 4.5%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose over 2.80% and traded under the $63,000 level.
The major Asian markets traded on a mixed note, as traders awaited the U.S. inflation data. Following the release of mixed China inflation data, the domestic market retreated. European stocks opened on a weak note, with the Euro STOXX 50 Index down about 0.22% at the last check.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/05/38778805/alibaba-q4-earnings-due-tuesday-spotlight-on-e-commerce-business-cloud-business-ai-initiatives">Alibaba Q4 Earnings Due Tuesday: Spotlight On E-Commerce Business, Cloud Business, AI Initiatives</a>
Photo via Reto Keller from Pixabay

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$BTC

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STNE

Wall Street Poised For Positive Start To Week, But Inflation Worries Loom: Analyst Points To Data Showing 'Clear Sign Of Buying Pressure'

Leap Therapeutics Q1 2024 GAAP EPS $(0.51) Beats $(0.58) Estimate

TLSA

Tiziana Life Sciences Submits FDA Request To Obtain Orphan Drug Designation For Intranasal Foralumab

QBTS

University Of Southern California Will Continue To Use A D-Wave Advantage Quantum computer

TCRX

TScan Therapeutics' Existing Cash Resources Of $162.8M Along With The $161.4M Net Proceeds Received From Its April 2024 Underwritten Public Offering Will Provide Cash Runway Into The Fourth Quarter Of 2026

KKR, a leading global investment firm, today announced that KKR has acquired a two-building Class A logistics property in the Nashville Airport submarket. Terms of the transaction were not disclosed.
The two-building logistics property is strategically located adjacent to Nashville International Airport, with direct access to downtown Nashville and immediate proximity to the I-24, I-40, and I-65 major interstate trucking highways. The second of the two multi-tenant industrial buildings was completed in 2023. The property features 30-foot and 32-foot clear heights with cross-dock and rear-loading, excess power, and excellent access and site circulation.

KKR Acquires Nashville Logistics Property, Financial Terms Undisclosed

HC Wainwright &amp; Co. analyst Yi Chen maintains Co-Diagnostics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CODX#NASDAQ">CODX</a>) with a Neutral and lowers the price target from $2.5 to $2.

CODX

HC Wainwright & Co. Maintains Neutral on Co-Diagnostics, Lowers Price Target to $2

INCY

Incyte shares are trading higher after the company approved a $2 billion share buyback authorization.

TScan Therapeutics Q1 2024 GAAP EPS $(0.32) Misses $(0.26) Estimate, Sales $566.000 Miss $3.975M Estimate

Squarespace, Inc. (NYSE:&nbsp;SQSP), the design-driven platform helping entrepreneurs build brands and businesses online, today announced that it has entered into a definitive agreement to go private by&nbsp;Permira, the global private equity firm, in an all-cash transaction valued at approximately&nbsp;$6.9 billion.&nbsp;&nbsp;
<a href="https://mma.prnewswire.com/media/1428194/squarespace_Logo.html" target="_blank"><img alt="(PRNewsfoto/Squarespace, Inc.)" src="https://mma.prnewswire.com/media/1428194/squarespace_Logo.jpg" /></a>
Under the terms of the agreement, Squarespace stockholders will receive&nbsp;$44.00&nbsp;per share in cash representing a transaction valued at over&nbsp;$6.6 billion&nbsp;on an equity value basis and approximately&nbsp;$6.9 billion&nbsp;on an enterprise value basis. The purchase price represents a premium of approximately&nbsp;29%&nbsp;over Squarespace&#39;s 90-day volume weighted average trading price, and a premium of&nbsp;15%&nbsp;over Squarespace&#39;s closing share price of&nbsp;$38.19&nbsp;on the NYSE on&nbsp;May 10, 2024. Upon completion of the transaction, Squarespace will become a privately held company with the flexibility and resources to invest in enabling entrepreneurs to build better online brands and more easily transact with their customers.

SQSP

Squarespace to Go Private in $6.9B All-Cash Transaction with Permira, Implying a 15% Premium

Buybacks

Incyte Board Approves $2B Buyback, Commences Dutch Auction Tender Offer To Repurchase Up To $1.67B Of Shares

FULC

Fulcrum Therapeutics Expects Cash Balance Of $213.3M Along With Upfront Payment Of $80.0M Expected To Fund Its Operating Requirements Into 2027