Tracon Pharmaceuticals reports Q4 EPS 1c, consensus (8c)

Reports Q4 revenue $3M, consensus $1M….Cash, cash equivalents and restricted cash were $8.6 million at December 31, 2023, compared to $17.5M at December 31…License revenue for the fourth quarter of 2023 was $3.0M and was due to the license of our PDP to a clinical-stage biotech company”We are on track to complete enrollment of 80 patients treated with single-agent envafolimab in the ongoing pivotal ENVASARC trial later this quarter. We expect to report updated response rate data shortly thereafter and before the end of this quarter, with final data anticipated in the second half of 2024,” said Charles Theuer, M.D., Ph.D., TRACON’s Chief Executive Officer. “We also expect to leverage our Product Development Platform to generate non-dilutive capital through either an additional license or by replacing a CRO and executing clinical trials for partners at a lower cost compared to a CRO but still at a premium to our costs using a pay for performance model.”