NeuroBo Pharmaceuticals reports Q2 EPS ($1.85), consensus ($1.12)

Cash was approximately $27.9M as of June 30, compared to approximately $22.4M as of December 31, 2023. The company expects its cash position will be adequate to fund operations into the Q2 of 2025. The Company anticipates that the Series A Warrants from the June financing could be exercised in the first half of 2025, resulting in gross proceeds of $20M. “During the Q2 and subsequently, we made remarkable progress advancing the clinical development of our two, next generation cardiometabolic assets and are now well capitalized to execute on our upcoming DA-1726 milestones following our recent, successful financing of up to $70M in aggregate gross proceeds, with $20M upfront and $50M of clinical milestone-based warrants,” stated Hyung Heon Kim, President and CEO. “We expect this financing will enable us to fully fund an early proof-of-concept multicenter, randomized, double-blind, placebo-controlled Part 3 of the Phase 1 clinical trial of DA-1726, a novel, dual oxyntomodulin analog agonist that functions as a glucagon-like peptide-1 receptor and glucagon receptor for the treatment of obesity. Part 3, which will begin upon completion of Part 2, will explore changes in baseline, at 24 weeks, for total weight loss, weight loss through fat or lean muscle mass reduction, dietary changes, maximum-tolerated individualized dose and other exploratory endpoints.”