Eupraxia Pharmaceuticals (EPRX) Q3 2024 earnings summary

Executive summary

• Advanced Phase 1b/2a RESOLVE trial for EP-104GI in eosinophilic esophagitis, reporting positive results from the fourth cohort and presenting at major conferences.

• Raised C$44.5 million in a non-brokered private placement after quarter end, securing funding for EP-104GI through Phase 2 development.

• Strengthened management team and board with key appointments, including new COO/CSO and EVP of Corporate Development.

Financial highlights

• Reported net loss of $6.0 million for Q3 2024, compared to $4.9 million in Q3 2023, mainly due to reduced Other Income from changes in fair value of financial instruments.

• Cash balance was $8.7 million as of September 30, 2024, down from $19.3 million at year-end 2023.

• Closed a C$44.5 million private placement after quarter end, terminated a new C$12 million convertible debt facility.

Outlook and guidance

• Anticipates that current cash, private placement proceeds, and in-the-money warrants will fund operations through Q3 2026.

• EP-104GI program expected to be funded through Phase 2 development.