PHILADELPHIA, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Context Therapeutics Inc. (“Context” or the “Company”) (Nasdaq: CNTX), a biopharmaceutical company advancing medicines for solid tumors, today announced its financial results for the second quarter ended June 30, 2023, and reported on recent and upcoming business highlights.
“During the second quarter of this year, Context continued development of our preclinical asset CTIM-76, a Claudin 6 ("CLDN6”) x CD3 bispecific antibody. An immunotherapy designed to activate and direct a patient’s own immune cells, CTIM-76 shows a high degree of specificity in preclinical studies and the potential to selectively induce cell death in CLDN6-positive tumors, including lung, ovarian, and testicular,” said Martin Lehr, CEO of Context. “With ongoing interest and momentum of Claudin-targeted therapeutics, we believe CTIM-76 is demonstrating unique qualities in preclinical research including potent killing of CLDN6-expressing cells, developability, and manufacturability. We look forward to providing additional preclinical data by the end of 2023 and remain on track to file an Investigational New Drug Application (“IND”) in the first quarter of 2024.”
Second Quarter 2023 and Recent Corporate Highlights
Second Quarter 2023 Financial Results
2023 Cash Guidance
The Company expects its cash and cash equivalents will be sufficient to fund its operations into late 2024.
About Context Therapeutics®
Context Therapeutics Inc. (Nasdaq: CNTX) is a biopharmaceutical company advancing medicines for solid tumors. Context is developing CTIM-76, a selective Claudin 6 (“CLDN6”) x CD3 bispecific antibody for CLDN6-positive tumors, currently in preclinical development. CLDN6 is a tight junction membrane protein target expressed in multiple solid tumors, including ovarian, lung, and testicular, and absent from or expressed at low levels in healthy adult tissues. Context is headquartered in Philadelphia. For more information, please visit www.contexttherapeutics.com or follow the Company on Twitter and LinkedIn.
Forward-looking Statements
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, included in this press release regarding strategy, future operations, prospects, plans and objectives of management, including words such as “may,” “will,” “expect,” “anticipate,” “plan,” “intend,” and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are forward-looking statements. These include, without limitation, statements regarding (i) the expectation to provide additional preclinical data by the end of 2023, (ii) the expectation to have an IND submission for CTIM-76 in the first quarter of 2024, (iii) having sufficient cash and cash equivalents to fund our current operations into late 2024, (iv) the ability of the Company and its employees to participate in and present at conferences, (v) the potential benefits, characteristics, and side effect profile of our product candidate, (vi) the likelihood data will support future development, and (vii) the likelihood of obtaining regulatory approval of our product candidate. Forward-looking statements in this release involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, and we therefore cannot assure you that our plans, intentions, expectations, or strategies will be attained or achieved. Other factors that may cause actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in our filings with the U.S. Securities and Exchange Commission, including the section titled “Risk Factors” contained therein. Except as otherwise required by law, we disclaim any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events, or circumstances or otherwise.
| Context Therapeutics Inc. | ||||||||||||||||
| Condensed Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating Expenses | ||||||||||||||||
| Acquired in-process research and development | $ | - | $ | 500,000 | $ | - | $ | 500,000 | ||||||||
| Research and development | 3,460,937 | 1,517,243 | 7,995,613 | 2,868,738 | ||||||||||||
| General and administrative | 1,831,431 | 1,990,568 | 3,963,303 | 4,082,035 | ||||||||||||
| Loss from operations | (5,292,368 | ) | (4,007,811 | ) | (11,958,916 | ) | (7,450,773 | ) | ||||||||
| Other income | 281,047 | 21,300 | 639,277 | 25,925 | ||||||||||||
| Net loss | $ | (5,011,321 | ) | $ | (3,986,511 | ) | $ | (11,319,639 | ) | $ | (7,424,848 | ) | ||||
| Net loss per common share, basic and diluted | ($0.31 | ) | ($0.25 | ) | ($0.71 | ) | ($0.47 | ) | ||||||||
| Weighted average shares outstanding, basic and diluted | 15,966,053 | 15,966,053 | 15,966,053 | 15,966,053 | ||||||||||||
| Context Therapeutics Inc. | ||||||||||||||||
| Condensed Balance Sheets Data | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| June 30, | December 31, | |||||||||||||||
| 2023 | 2022 | |||||||||||||||
| Cash and cash equivalents | $ | 25,137,883 | $ | 35,497,445 | ||||||||||||
| Other assets | 2,624,159 | 2,468,498 | ||||||||||||||
| Total assets | $ | 27,762,042 | $ | 37,965,943 | ||||||||||||
| Total liabilities | $ | 3,757,450 | $ | 3,207,577 | ||||||||||||
| Total stockholders' equity | 24,004,592 | 34,758,366 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 27,762,042 | $ | 37,965,943 | ||||||||||||
Media Contact:
Gina Cestari
6 Degrees
917-797-7904
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Investor Relations Contact:
Jennifer Minai-Azary
Context Therapeutics
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| Last Trade: | US$1.21 |
| Daily Change: | 0.12 11.01 |
| Daily Volume: | 1,208,735 |
| Market Cap: | US$90.750M |
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