Gain Therapeutics, Inc. Reports Third Quarter 2022 Financial Results and Business Update
November 10, 2022 at 16:02 PM EST
Presented New Preclinical Data at Recent Medical Meetings Showing Disease-Modifying Potential of Brain Penetrant Small Molecule Parkinson’s Disease Therapeutic, GT-02287
Promoted Matthias Alder to Chief Executive Officer and Appointed him to the Board of Directors
$25.7 Million in Cash and Cash Equivalents and Marketable Securities as of September 30, 2022 Provides Strong Financial Foundation and Extends Cash Runway into Q2 2024
BETHESDA, Md., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (Nasdaq: GANX) (“Gain”, or the “Company”), a biotechnology company transforming drug discovery with its proprietary computational discovery platform identifying novel allosteric binding sites and creating small molecule treatments, today announced its financial results for the third quarter ended September 30, 2022, and highlighted recent corporate progress.
“During the third quarter, we presented further compelling preclinical data at medical meetings highlighting the novel attributes of our lead Parkinson’s disease candidate, GT-02287,” said Matthias Alder, Chief Executive Officer. “The latest preclinical data provide further validation of the potential utility of our approach and mechanism of action of GT-02287. Notably, these data demonstrated that GT-02287 protected against neuronal and lysosomal pathology, and more importantly, prevented or reduced fine motor skill impairment in mice, key pathophysiological and behavioral hallmarks of Parkinson’s disease. If these results are supported in our upcoming clinical trials, we believe that GT-02287 could become a potential first-in-class disease-modifying therapy for Parkinson’s disease. Accordingly, we look forward to commencing the Phase 1 clinical program of GT-02287, expected in mid-2023.”
Business Update and Recent Developments
Research and development expenses totaled $1.96 million for the three-month period ended September 30, 2022, compared to $2.48 million for the same period in 2021, a decrease of $0.52 million. The variance was attributable to a decrease in outside services as we have streamlined our operational plans by focusing primarily on programs such as Parkinson’s and Gaucher diseases while seeking non-dilutive funding in order to continue or progress our other research programs.
General and administrative expenses were $2.79 million for the three-month period ended September 30, 2022, compared to $2.19 million for the same period of 2021, an increase of $0.6 million. This increase was primarily due to an increase in personnel-related costs resulting from an increase in employee headcount, which includes the impact of non-cash stock-based compensation, an increase in expenses for legal fees relating to IP and corporate matters, and an increase in professional fees for accounting and investor relations as the Company continues to expand its business and build management infrastructure.
Total operating expenses amount to $4.75 million and are consistent with $4.66 million in the third quarter 2021.
Net loss was $4.56 million compared to $4.66 million in the third quarter 2021. GAAP basic and diluted net loss per share was $0.38, compared to basic and diluted net loss per share of $0.39 in the third quarter 2021.
Cash, cash equivalents and marketable securities were $25.7 million as of September 30, 2022 compared to $36.8 million at December 31, 2021.
GAIN THERAPEUTICS, INC.
GAIN THERAPEUTICS, INC.
About Gain Therapeutics, Inc.
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