Nuvectis Pharma, Inc., a clinical-stage biopharmaceutical company, has announced its financial results for the quarter ended September 30, 2024, alongside updates on its clinical development programs for NXP800 and NXP900. The company is focused on developing precision medicines for oncology. The report, filed as a Form 10-Q with the SEC, provides insights into the company's financial performance and ongoing clinical trials.
The company reported a net loss of $4.2 million for the three months ended September 30, 2024, compared to a net loss of $5.9 million for the same period in 2023, representing a decrease of $1.7 million or 29%. Research and development expenses also decreased by $1.7 million, or 37%, to $2.8 million for the quarter. These decreases are primarily attributed to reduced manufacturing-related costs and lower licensing fees.
NXP800 Clinical Development
The Phase 1 study of NXP800, an oral small molecule targeting ARID1a-mutated ovarian carcinoma, continues in the UK. The study includes a dose-escalation phase (Phase 1a) and an expansion phase (Phase 1b). The Phase 1b expansion phase, initiated in Q2 2023, is currently evaluating the safety and preliminary anti-tumor activity of NXP800. The FDA has granted Fast Track Designation to NXP800 for the treatment of platinum-resistant, ARID1a-mutated ovarian carcinoma and Orphan Drug Designation for cholangiocarcinoma and ARID1a-deficient ovarian, fallopian tube, and primary peritoneal cancers.
NXP900 Clinical Development
The Phase 1 study of NXP900, a SRC/YES1 kinase inhibitor, began in September 2023. The study includes a dose-escalation phase (Phase 1a) followed by an expansion phase (Phase 1b). Preclinical studies have demonstrated NXP900's efficacy in inhibiting primary and metastatic tumor growth in xenograft models of various cancers, including breast, cervical, esophageal, head and neck, and medulloblastoma. The FDA cleared the IND for NXP900 in May 2023.
Financial Position
As of September 30, 2024, Nuvectis Pharma reported $17.2 million in cash and cash equivalents. The company believes that its current cash reserves will be sufficient to fund planned operations for at least the next 12 months. The company anticipates increased expenses as it advances clinical trials for NXP800 and NXP900, including payments for milestones and sponsored research commitments. They also expect to incur higher costs associated with operating as a public company and expanding its operational, financial, and management systems.
Nuvectis Pharma is focused on advancing its pipeline of precision medicines for cancer, with ongoing clinical trials for NXP800 and NXP900. The company is also working to identify and develop additional product candidates to address unmet needs in oncology.
