eFFECTOR Therapeutics Q1 2024 Financial Results and Corporate Update

eFFECTOR Therapeutics, Inc., a biopharmaceutical company specializing in selective translation regulator inhibitors (STRIs) for cancer treatment, announced its financial results for the first quarter ending March 31, 2024, and provided corporate updates.

Steve Worland, Ph.D., President and CEO of eFFECTOR, highlighted the strides made in the zotatifin program during this period. The company successfully completed the dose escalation of the ZF doublet and is progressing with the ZFA triplet. The safety profile and efficacy data for the ZFA triplet are promising, notably achieving a median progression-free survival (mPFS) of 7.4 months in heavily pre-treated patients. The focus is now on finalizing the dose and schedule for zotatifin in the second half of 2024, with plans to move into a randomized trial later this year.

Despite setbacks in the KICKSTART trial, eFFECTOR remains dedicated to optimizing all assets in its pipeline. The company will continue investigator-sponsored trials (ISTs) for zotatifin in ER+ breast cancer and tomivosertib in acute myeloid leukemia (AML). A recent financing initiative has extended their cash runway into the first quarter of 2025, supporting ongoing development activities and ISTs.

Pipeline Highlights:

Zotatifin (eFT226): Zotatifin is designed to inhibit mRNA helicase eIF4A, reducing the expression of proteins that drive tumor growth and resistance. The dose escalation of the ZFA triplet is ongoing, with the current dose at 0.14 mg/kg. The RP2D is expected to be established in the second half of 2024. Interim Phase 2 data presented at the 2023 San Antonio Breast Cancer Symposium showed an mPFS of 7.4 months in the ZFA triplet cohort. The treatment was generally well-tolerated, with most adverse events being mild to moderate.

Tomivosertib (eFT508): This MNK inhibitor aims to enhance anti-tumor immune activity by activating T cells, delaying their exhaustion, and expanding the pool of central memory T cells. A Phase 1 dose escalation trial in AML patients is underway in collaboration with Northwestern University. Upon identifying the appropriate dose, eFFECTOR plans to test tomivosertib in combination with venetoclax and azacytidine.

Business Highlights:

In January 2024, eFFECTOR raised $15.0 million through a registered direct financing. This included the sale of common stock and warrants, extending their operational cash runway into the first quarter of 2025.

First Quarter 2024 Financial Results:

- Cash Position: As of March 31, 2024, eFFECTOR had $25.4 million in cash, cash equivalents, and short-term investments, up from $18.4 million at the end of December 2023.

- R&D Expenses: Research and development expenses were $5.3 million, down from $6.6 million in the same quarter of 2023, mainly due to the timing of clinical trial activities and lower manufacturing costs.

- G&A Expenses: General and administrative expenses increased to $3.1 million from $2.9 million in the previous year, attributed to higher personnel-related costs and increased legal and consultant fees.

- Net Loss: The net loss for the quarter was $8.8 million, or $2.16 per share, compared to a net loss of $10.0 million, or $5.96 per share, in the same period of 2023.

eFFECTOR Therapeutics continues to forge ahead in the development of STRIs, focusing on advancing zotatifin and tomivosertib through clinical trials and leveraging strategic collaborations to maximize their therapeutic potential in oncology.

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