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Lumos Pharma (LUMO) investor relations material

Lumos Pharma Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary7 Nov, 2024

Executive summary

  • Entered definitive merger agreement for acquisition by Double Point Ventures LLC at $4.25/share plus contingent value rights (CVRs); transaction expected to close by year-end 2024, subject to conditions.

  • LUM-201 Phase 2 trials met all endpoints; FDA alignment reached on Phase 3 design, with trial initiation targeted for Q2 2025 pending merger completion.

  • Company remains focused on LUM-201 for pediatric growth hormone deficiency (PGHD) and exploring additional indications as resources allow.

Financial highlights

  • Q3 2024 royalty revenue was $0.7M, up from $7K in Q3 2023, driven by ERVEBO® vaccine sales; nine-month royalty revenue was $1.4M, up 13% year-over-year.

  • Q3 2024 net loss was $7.5M ($0.90/share), improved from $8.3M ($1.04/share) in Q3 2023; nine-month net loss was $25.5M ($3.11/share), compared to $24.6M ($3.01/share) in 2023.

  • Operating expenses for Q3 2024 were $8.4M, down 6% year-over-year; R&D expenses decreased 18% to $4.2M, while G&A increased 8% to $4.2M.

  • Cash and equivalents at September 30, 2024 were $13.5M, down from $35.1M at year-end 2023; accumulated deficit reached $187.0M.

Outlook and guidance

  • Substantial doubt exists about ability to continue as a going concern; current cash is insufficient to fund operations for 12 months from filing date.

  • If the merger does not close, company will need to secure additional capital or may be forced to further delay, reduce, or cease operations.

  • Phase 3 LUM-201 trial initiation is contingent on closing of the merger and securing necessary funding.

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Frequently asked questions

Lumos Pharma Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for rare diseases. The company’s primary research efforts center on treatments for conditions related to growth hormone deficiencies. The company is headquartered in Austin, Texas, and its shares are listed on the NASDAQ.

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