Wed, May 15, 12:04 PM (72 days ago)
Third Harmonic Bio, Inc. reported a net loss of $7.9 million for the quarter ending March 31, 2024, a decrease from the $9.1 million loss in the same period of 2023. The company’s cash and cash equivalents stood at $262.8 million. Research and development expenses were $6.2 million, driven by the shift towards THB335 development, while general and administrative expenses were $5.1 million. The company announced FDA clearance for its IND application for THB335, initiating a Phase 1 clinical trial. Despite a history of significant losses, Third Harmonic Bio expects its current cash reserves to fund operations through at least 2026. The company faces risks including competition, regulatory hurdles, and potential adverse events in clinical trials. The material weakness in internal controls remains a concern.