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TRACON Pharmaceuticals (TCON) investor relations material
TRACON Pharmaceuticals Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary12 Aug, 2024
Executive summary
Board approved dissolution and liquidation of TRACON Pharmaceuticals, subject to stockholder approval, following unsuccessful clinical results and strategic review.
All employees, including officers, were terminated as of July 31, 2024, with a one-time severance charge of $1.7 million.
Company expects no distributions to stockholders from the dissolution based on current estimates.
Financial highlights
Net loss was $2.8 million for Q2 2024, compared to $6.3 million in Q2 2023; net loss for the six months ended June 30, 2024 was $6.0 million, down from $14.8 million year-over-year.
Revenue was $0.1 million for Q2 2024, down from $9.0 million in Q2 2023 due to the absence of one-time license termination revenue.
Research and development expenses decreased to $1.4 million in Q2 2024 from $3.5 million in Q2 2023, reflecting the end of clinical trial enrollment.
Cash and cash equivalents totaled $6.3 million as of June 30, 2024, with $0.1 million classified as restricted cash.
Accumulated deficit reached $246.5 million as of June 30, 2024.
Outlook and guidance
Existing cash is insufficient to meet obligations for the next 12 months; funds will be used to wind down operations and execute the Plan of Dissolution.
No distributions to stockholders are expected unless value is realized from TRC102 data, which is uncertain.
If stockholders do not approve the dissolution, alternatives such as bankruptcy may be considered.
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Frequently asked questions
TRACON Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing targeted therapies for cancer. The company’s approach includes working with partners to advance drug candidates that address unmet medical needs in oncology. TRACON's pipeline consists of small molecules and biologics designed to treat various cancer types by inhibiting tumor growth and progression. The company also offers its expertise in clinical development and regulatory management to support its collaborations. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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