10-Q - Tracon Pharmaceuticals, Inc. (0001394319) (Filer)

Tue, May 14, 9:04 PM (13 days ago)

TRACON Pharmaceuticals, Inc. reported a net loss of $3.2 million for Q1 2024, a significant improvement from the $8.5 million loss in Q1 2023. Total revenue for the quarter was $100,000, derived from a license agreement for their product development platform (PDP). Research and development expenses decreased to $1.9 million from $5.0 million, primarily due to the termination of enrollment in cohort D of the ENVASARC trial. General and administrative expenses also decreased to $1.4 million from $2.3 million, mainly due to lower legal expenses. The company had cash and cash equivalents totaling $8.0 million as of March 31, 2024, but anticipates the need for additional funding by late Q3 2024. TRACON remains focused on the development of envafolimab and other oncology product candidates, with significant reliance on third-party collaborations and licensing agreements. The company faces substantial doubt about its ability to continue as a going concern without securing additional capital.