Bio-Path Holdings Q2 2024 Financial Results

Bio-Path Holdings, Inc. (NASDAQ:BPTH), a biotechnology firm specializing in targeted nucleic acid cancer medications, released its financial outcomes for the second quarter ending June 30, 2024, alongside a corporate progress update. Peter Nielsen, the company's President and Chief Executive Officer, highlighted the significant advancements made in the first half of 2024, particularly the promising data presented at major oncology conferences. These developments reflect the potential of their prexigebersen combination regimen in treating critically ill cancer patients, providing hope for more tolerable therapies.

In June, Bio-Path presented interim results from its Phase 2 study of prexigebersen (BP1001) in combination with decitabine and venetoclax at the American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, Illinois. The data underscored the regimen's potential as a viable treatment for acute myeloid leukemia (AML). Additionally, the company showcased similar interim results at the European Hematology Association (EHA) Congress in Madrid, Spain, further reinforcing the therapy's promise.

Bio-Path also successfully completed a $4.0 million private placement in June. The placement involved the issuance and sale of 1,809,955 shares of common stock or equivalents, along with series A and short-term series B warrants, at $2.21 per share. This financing will support the company's ongoing research and development efforts.

For the second quarter ending June 30, 2024, Bio-Path reported a net loss of $1.9 million, or $1.16 per share, a significant improvement from the net loss of $4.2 million, or $10.64 per share, reported for the same period in 2023. Research and development expenses decreased to $1.9 million from $3.1 million in the previous year, primarily due to reduced manufacturing costs for drug product releases. However, there was an increase in expenses related to the clinical trial for BP1002 in lymphoma due to higher patient enrollment in 2024. General and administrative expenses remained steady at $1.2 million for both years.

As of June 30, 2024, Bio-Path had $4.0 million in cash, up from $1.1 million on December 31, 2023. The net cash used in operating activities for the first half of 2024 was $4.3 million, a decrease from $6.9 million in the corresponding period of 2023. The net cash provided by financing activities totaled $7.2 million for the first six months of 2024.

Bio-Path Holdings is focused on developing DNAbilize®, an innovative RNAi nanoparticle technology aimed at creating effective cancer treatments. The company's leading candidate, prexigebersen (BP1001), targets the Grb2 protein and is currently in Phase 2 trials for blood cancers. Another formulation, BP1001-A, is undergoing Phase 1/1b trials for solid tumors. The company's second product, BP1002, targets the Bcl-2 protein and is being tested for both blood cancers and solid tumors, including lymphoma and AML. Bio-Path plans to file an Investigational New Drug (IND) application for BP1003, a new liposome-incorporated STAT3 antisense oligodeoxynucleotide designed to inhibit the STAT3 protein.

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