Oncternal Therapeutics (ONCT) Q2 2024 earnings summary

Executive summary

• Advancing two first-in-class clinical programs: ONCT-534 (dual-action androgen receptor inhibitor for prostate cancer) and ONCT-808 (ROR1-targeting CAR-T for hematological malignancies), with ONCT-534 Phase 1/2 and ONCT-808 Phase 1/2 studies progressing and enrolling patients.

• No dose-limiting toxicities observed in ONCT-534 or ONCT-808 studies to date; sixth dosing cohort for ONCT-534 fully enrolled and treated.

• Initial ONCT-534 clinical data expected in Q3 2024, with further data in Q4 2024; ONCT-808 clinical data update anticipated in Q4 2024.

• Substantial doubt exists about ability to continue as a going concern for twelve months post-report without additional funding or expense reductions.

• Cash, cash equivalents, and short-term investments totaled $21.4 million as of June 30, 2024, with no debt.

Financial highlights

• Grant revenue for Q2 2024 was $0.8 million, and $1.4 million for the six months ended June 30, 2024, driven by NIH grants.

• Total operating expenses for Q2 2024 were $9.7 million, including $1.4 million in non-cash stock-based compensation.

• Research and development expenses were $6.6 million in Q2 2024; general and administrative expenses were $3.1 million.

• Net loss for Q2 2024 was $8.6 million, or $2.89 per share (basic and diluted); net loss for the six months ended June 30, 2024, was $16.9 million.

• Net cash used in operating activities was $13.3 million for the six months ended June 30, 2024.

Outlook and guidance

• Cash runway expected to support operations into Q1 2025; additional capital required to support ongoing and future development.

• Management anticipates continued net losses and increased expenses as clinical programs advance.

• Ongoing efforts to secure funding through equity, debt, or strategic partnerships; failure to raise capital may force reductions in R&D or other operations.