Eupraxia Pharmaceuticals Q2 2024 Financial Results

Eupraxia Pharmaceuticals Inc., a clinical-stage biotechnology company based in Victoria, BC, announced its financial results for the second quarter of 2024. Utilizing its proprietary DiffuSphere™ technology, the company aims to enhance drug delivery for applications with unmet medical needs. All financial figures are reported in U.S. dollars.

CEO Dr. James Helliwell highlighted significant progress in their eosinophilic esophagitis (EoE) clinical program. Data from the ongoing RESOLVE study suggests that Eupraxia’s EP-104GI drug could offer substantial improvements over existing therapies for EoE. Additionally, during the second quarter, the company presented data at two medical conferences showcasing the potential of EP-104IAR for knee osteoarthritis (OA), which may also advance current OA treatments.

Looking forward, Dr. Helliwell anticipates new data from the RESOLVE study’s fourth cohort shortly. The company continues to engage with possible partners for the licensing of EP-104IAR and plans to consult with the U.S. Food and Drug Administration on the EP-104GI program in the fourth quarter of 2024. There are also plans to expand gastrointestinal trials into the U.S.

Eupraxia presented data at several notable medical conferences during the quarter. On June 14, 2024, results from the SPRINGBOARD Phase 2b study were shared at the European Alliance of Associations for Rheumatology (EULAR). The study focused on patients with knee OA treated with EP-104IAR, a long-acting intra-articular injection of fluticasone propionate. The results met primary and three of four secondary endpoints, suggesting significant improvement in pain management and presenting an encouraging safety profile.

On May 29, 2024, a virtual key opinion leader event was hosted by Eupraxia, featuring Dr. Evan Dellon from the University of North Carolina School of Medicine, who chairs the company's Gastrointestinal Clinical Advisory Board. The event included discussions on the progress and potential of Eupraxia's drug candidates.

Further, on May 23, 2024, Eupraxia announced additional data from the Phase 1b/2a RESOLVE study for EP-104GI as a treatment for EoE, showing favorable responses in eight out of nine patients. Early data indicated significant improvement in patient symptoms and biological markers of disease. Based on these results, the company applied for and received approval for a protocol amendment from the Australian Health Authority and Health Canada to expand the study. The amendment increases the number of injection sites per patient, expands participant numbers, and extends the follow-up period from 24 to 52 weeks. This positions the RESOLVE study well for future registration trials. As of August 7, 2024, regulatory and ethics approval for this amendment was also received in the Netherlands.

On May 18, 2024, Dr. Amanda Malone, the Chief Operating and Scientific Officer of Eupraxia, presented ongoing study results at the Digestive Disease Week (DDW) 2024 Annual Meeting.

The company also announced the formation of a Gastrointestinal Clinical Advisory Board on May 2, 2024. The board includes experts like Dr. Evan Dellon, Dr. Stephen Attwood, Dr. Albert Bredenoord, Dr. Donna Griebel, Dr. Ikuo Hirano, and Dr. Roos Pouw, who will offer guidance on the continued development of EP-104GI.

In a significant move, Eupraxia's common shares began trading on the Nasdaq under the ticker symbol "EPRX" effective April 5, 2024. This listing is expected to provide broader access to capital.

Post quarter-end, on August 2, 2024, Eupraxia announced a new C$12 million convertible debt facility with Yabema Capital Limited and other shareholders. This facility provides additional funding and stability as the company advances its clinical programs in EoE and OA.

Financially, Eupraxia reported a net loss of $6.1 million for the three months ending June 30, 2024, compared to a $9.5 million loss for the same period in 2023. The decrease was primarily due to changes in the fair value of financial instruments. The company had $23.3 million in cash as of June 30, 2024, up from $19.3 million at the end of 2023. Management believes these resources can fund operations through the second quarter of 2025. As of June 30, 2024, Eupraxia had 35,622,553 common shares outstanding.

Eupraxia aims to provide locally delivered, extended-release products for therapeutic areas with high unmet needs, using its proprietary DiffuSphere™ technology for targeted and prolonged drug activity. The company’s flagship programs include EP-104GI for EoE and EP-104IAR for knee OA, with ongoing efforts to develop a broader pipeline targeting various inflammatory and oncology indications.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!