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Third Harmonic Bio (THRD) investor relations material
Third Harmonic Bio Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary8 May, 2025
Executive summary
Announced a Plan of Dissolution, with board approval to liquidate and distribute remaining cash to stockholders, pending shareholder vote in June 2025.
Restructuring in February 2025 included halting all non-THB335 R&D and a 50% workforce reduction to preserve capital.
THB335 Phase 1 trial completed; company intends to complete Phase 2 readiness and seek asset sale before dissolution.
Estimated initial distribution to shareholders is $5.13–$5.33 per share, with total distributions potentially up to $5.42 per share.
No products approved or revenue generated; focus remains on maximizing value from THB335 and cash reserves.
Financial highlights
Net loss for Q1 2025 was $15.8 million, up 102% from $7.9 million in Q1 2024.
Operating expenses rose to $18.7 million in Q1 2025 from $11.3 million in Q1 2024, driven by THB335 development and restructuring costs.
Cash and cash equivalents totaled $271.6 million as of March 31, 2025.
Accumulated deficit reached $175.5 million as of March 31, 2025.
No revenue recognized; all funding from equity offerings and IPO proceeds.
Outlook and guidance
If dissolution is approved, company expects to file for dissolution in Q3 2025 and delist from Nasdaq.
Existing cash expected to cover all obligations and provide for shareholder distributions; further asset sale proceeds could increase distributions.
Company will maintain reserves for liabilities and contingent claims as required by Delaware law.
Board retains right to abandon dissolution if circumstances change.
No guidance on future product development or commercialization beyond THB335 asset sale.
Impact if dissolution plan is not approved
THB335 asset sale strategy and timing
Drivers of Q1 2025 net loss increase?
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Frequently asked questions
Third Harmonic Bio Inc., operating under the ticker THRD, is a clinical-stage biopharmaceutical company dedicated to developing therapies for inflammatory diseases affecting the skin, respiratory system, and gastrointestinal tract. The company is actively working on novel treatments and focuses on KIT inhibition, a key regulatory mechanism in mast cell function, which plays a substantial role in inflammatory responses across these conditions. The company is headquartered in Cambridge, Massachusetts, and its shares are listed on the NASDAQ.
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