Fri, Aug 2, 12:22 PM (88 days ago)
Lumos Pharma, Inc., a clinical-stage biopharmaceutical company, reported a net loss of $7.6 million for Q2 2024 and $18.0 million for the first half of 2024, compared to losses of $8.9 million and $16.3 million in the same periods of 2023. The company’s cash and cash equivalents decreased to $16.8 million as of June 30, 2024, from $35.1 million at the end of 2023, reflecting ongoing R&D and administrative expenses. Revenue from royalties on ERVEBO® sales dropped to $0.5 million for Q2 2024 and $0.7 million for the first half of 2024, down from $0.5 million and $1.2 million in the same periods of 2023. Operating expenses decreased, with R&D expenses down by $1.4 million due to lower contract manufacturing and personnel costs, and G&A expenses down by $0.5 million due to lower personnel and travel expenses. The company faces substantial doubt about its ability to continue as a going concern beyond Q1 2025 without additional funding. Lumos is planning a Phase 3 trial for LUM-201, an oral therapy for pediatric growth hormone deficiency, with a proposed design pending FDA feedback. The company is also exploring strategic alternatives to maximize shareholder value.