Bio-Path Holdings Announces Q1 2024 Financial Results

Bio-Path Holdings, Inc. has released its financial results for Q1 2024 and provided an update on its recent corporate developments. Peter Nielsen, President and CEO of Bio-Path Holdings, highlighted the significant progress made in the first quarter, which is expected to drive their mission forward in developing targeted nucleic acid cancer drugs using their DNAbilize® antisense RNAi nanoparticle technology.

In April, Bio-Path announced new patent issuances in Mexico, Australia, and Japan. The company's intellectual property now includes five U.S. patents and 54 foreign patents across 21 countries. The expansion of their patent portfolio is a crucial step in protecting their technology and business strategy globally.

Bio-Path also reported the successful completion of the second dose cohort in the Phase 1/1b clinical trial of BP1002, aimed at treating refractory/relapsed acute myeloid leukemia (AML) patients, including those resistant to venetoclax. This portion of the trial saw patients receiving BP1002 monotherapy in escalating doses of 20 mg/m2 and 40 mg/m2. Following a review by the FDA, the testing is expected to proceed with a higher dose of 60 mg/m2. The treatment regimen consists of two doses per week over four weeks. The Phase 1b part of the trial, which will test BP1002 in combination with decitabine, is set to begin after the monotherapy dosing is completed.

In January, Bio-Path completed the first dose cohort of another Phase 1 clinical trial, evaluating BP1002 for refractory/relapsed lymphoma and chronic lymphocytic leukemia (CLL) patients. These developments mark significant advancements in their clinical programs.

Financially, Bio-Path successfully raised $1.2 million through a registered direct offering and $2.3 million via an At-The-Market (ATM) financing, bringing the total funds raised to $3.5 million. These proceeds are intended to support the company’s working capital and general corporate purposes.

For Q1 2024, Bio-Path reported a net loss of $3.2 million, or $4.88 per share, a reduction from the $5.3 million loss, or $13.25 per share, in Q1 2023. Research and development expenses decreased from $4.0 million to $2.3 million, primarily due to lower manufacturing costs, partially offset by higher expenses related to the BP1002 clinical trial due to increased patient enrollment. General and administrative expenses slightly increased to $1.4 million from $1.3 million, driven mainly by higher legal fees.

As of the end of March 2024, Bio-Path had $0.2 million in cash, down from $1.1 million at the end of December 2023. The net cash used in operating activities also decreased to $1.0 million from $3.7 million in the previous year. Post-March 2024, Bio-Path received gross proceeds of $3.5 million through its stock sales, strengthening its financial position.

Bio-Path Holdings continues to focus on its clinical and corporate goals, supported by a strengthened balance sheet and robust intellectual property portfolio. The company remains committed to advancing its pipeline of targeted nucleic acid cancer drugs, leveraging its proprietary DNAbilize® technology. As they progress through their clinical trials and secure additional funding, Bio-Path positions itself for further advancements in the treatment of cancer patients.