Aadi Bioscience Reports Q3 2024 Financial Results and Corporate Update

Aadi Bioscience Reports Financial Performance for Q3 2024 with Notable FYARRO® Sales Growth

Los Angeles, Nov. 6, 2024 – Aadi Bioscience, Inc. recently disclosed its financial results for the third quarter of 2024, ending on September 30. The company also highlighted key corporate progress during this period.

FYARRO Performance and Strategic Focus

The company's flagship product, FYARRO, achieved net sales of $7.2 million in Q3 2024. This performance marks a 21% increase compared to the same quarter in the previous year and a 17% rise from Q2 2024. The bump in sales is attributed to sustained momentum from key accounts and a notable surge in demand, further emphasizing FYARRO's clinical efficacy for patients with advanced malignant perivascular epithelioid cell tumors (PEComa).

Dave Lennon, the President and CEO of Aadi Bioscience, commented on the performance, stating, "The third quarter demonstrated robust sales growth for FYARRO, supported by ongoing account momentum and high demand. Our comprehensive review of strategic alternatives to enhance shareholder value is advancing, and updates will be shared as they become available."

Operational Developments

Aadi Bioscience is winding down its PRECISION1 trial, which investigated nab-sirolimus in patients with solid tumors possessing TSC1 or TSC2 inactivating alterations. Patients benefiting from the trial have been transitioned to an expanded access protocol. Results from the PRECISION1 trial are anticipated in 2025.

Simultaneously, the company is conducting Phase 2 trials of nab-sirolimus for treating advanced or recurrent endometrioid-type endometrial cancer (EEC) and neuroendocrine tumors (NETs). These studies have enrolled 24 and 12 patients, respectively, sufficient to evaluate initial efficacy signals within the year.

Financial Overview

As of September 30, 2024, Aadi Bioscience held cash, cash equivalents, and short-term investments totaling $62.6 million, a decrease from $108.8 million on December 31, 2023. This financial reserve is projected to support operations until at least the second half of 2026 under current plans.

The company reported total revenue of $7.2 million for Q3 2024, all generated from FYARRO sales. Operating expenses for the quarter were $20.6 million, including $2.6 million in restructuring costs, compared to $23.8 million in Q3 2023. The net loss for Q3 2024 was $12.5 million, an improvement from the $16.3 million loss in the same period the prior year.

Strategic Review for Shareholder Value

Aadi Bioscience is actively engaged in a comprehensive strategic review to maximize shareholder value. The company has not specified a timeline for completing this process but will provide updates as appropriate.

About Aadi Bioscience

Aadi is a precision oncology firm dedicated to the commercialization of FYARRO for treating adult patients with locally advanced, unresectable, or metastatic malignant PEComa.

The company remains focused on maximizing the clinical benefits of FYARRO and ensuring that its strategic initiatives align with shareholder interests.