Aadi Bioscience Reports Q2 2024 Financials and Corporate Update

Aadi Bioscience, Inc., a company specializing in precision oncology, has announced its financial results for the second quarter ending June 30, 2024. The company, which is dedicated to developing therapies for cancers related to the mTOR pathway, highlighted significant corporate achievements during this period.

In the second quarter of 2024, Aadi Bioscience reported FYARRO® sales of $6.2 million, marking a 15% increase compared to the first quarter. This growth reflects heightened demand from new and existing accounts, particularly major oncology centers. The high reorder rate, with 80% of accounts placing multiple orders, emphasizes the clinical value of FYARRO for patients with advanced malignant PEComa.

Dave Lennon, President and CEO of Aadi Bioscience, expressed satisfaction with the quarterly performance and anticipated future developments. The company plans to release an interim update from the ongoing PRECISION1 trial in the third quarter. This tumor-agnostic study targets tumors with TSC1 or TSC2 inactivating alterations, aiming to show the efficacy of nab-sirolimus in patients who have exhausted standard therapies.

Operational advancements include the fully enrolled PRECISION1 trial, set for a two-thirds interim analysis in Q3 2024. This study explores nab-sirolimus in solid tumors with specific genetic alterations, with completion expected by year-end. Additionally, two Phase 2 trials are currently enrolling, targeting advanced or recurrent endometrioid-type endometrial cancer (EEC) and neuroendocrine tumors (NETs) of the lung, gastrointestinal tract, and pancreas. Initial data from these trials are anticipated by the end of the year.

Financially, Aadi Bioscience reported cash, cash equivalents, and short-term investments totaling $78.6 million as of June 30, 2024, down from $108.8 million on December 31, 2023. This funding is projected to support operations into the fourth quarter of 2025. The total revenue for the quarter came from FYARRO sales, while the net loss for the period was $14.6 million, improved from a $18.0 million net loss in the same period the previous year.

Aadi Bioscience's management hosted a conference call to discuss these results and provide a corporate update. The call, accompanied by a webcast and slide presentation, was accessible via the company's website, with a replay available for 30 days.

Aadi Bioscience's mission is to develop and commercialize therapies for cancers involving the mTOR pathway. The company combines nanoparticle albumin-bound (nab) technology with the potent mTOR inhibitor, sirolimus. FYARRO, a treatment for adult patients with locally advanced unresectable or metastatic malignant PEComa, received FDA approval and is now being marketed by Aadi.

The company is further exploring nab-sirolimus in the PRECISION1 Phase 2 trial, which includes mTOR inhibitor-naïve malignant solid tumors with TSC1 or TSC2 inactivating alterations. Additionally, Aadi is conducting two Phase 2 trials for challenging mTOR-driven cancers, including NETs of the lung, gastrointestinal tract, and pancreas, and advanced or recurrent EEC in combination with letrozole. 

These developments position Aadi Bioscience at the forefront of precision oncology, advancing treatment options for patients with difficult-to-treat cancers. The company's strategic focus on mTOR pathway alterations and its innovative use of nab technology are central to its efforts to improve patient outcomes.

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