Oncternal Therapeutics ( (ONCT) ) has released its Q3 earnings. Here is a breakdown of the information Oncternal Therapeutics presented to its investors.
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Oncternal Therapeutics, Inc. is a clinical-stage biopharmaceutical company based in San Diego, California, focusing on developing novel oncology therapies for cancers with critical unmet medical needs. The company recently announced its third-quarter earnings report for 2024, highlighting significant changes in its strategic direction.
Oncternal Therapeutics reported a net loss of $25.4 million for the nine months ended September 30, 2024, compared to a net loss of $30.3 million for the same period in 2023. The company also announced plans to discontinue clinical trials for its ONCT-534 and ONCT-808 product candidates. This decision is part of a broader strategy to explore alternative opportunities to maximize shareholder value.
The company’s financial performance reflects a decrease in operating expenses, dropping from $32.6 million for the nine months ended September 30, 2023, to $28.2 million for the same period in 2024. Despite the reduction in operating costs, the company’s cash and short-term investments decreased to $14.6 million as of September 30, 2024, from $36.7 million at the end of 2023.
Looking forward, Oncternal’s management anticipates continuing to evaluate strategic alternatives, which could include asset sales, out-licensing opportunities, or business combinations. The company remains focused on reducing operating costs while seeking additional funding to support its strategic initiatives.
