Gain Therapeutics Q1 2024 Financial Results and Corporate Update

Gain Therapeutics, Inc., a clinical-stage biotechnology firm, released its financial results for the first quarter ending March 31, 2024, along with a corporate update. Significant strides were made during this period, particularly with their lead drug candidate, GT-02287, aimed at treating GBA1 Parkinson’s disease.

Corporate developments in the first quarter of 2024 included positive results from the Single Ascending Dose (SAD) part of the Phase 1 clinical trial for GT-02287. Additionally, the company reinforced its management team by appointing Gene Mack as Chief Financial Officer and Jonas Hannestad, M.D., Ph.D., as Chief Medical Officer. Gain Therapeutics also presented compelling data at the AD/PD 2024, elucidating the mechanism of action of GT-02287. Another key milestone was the initiation of the Multiple Ascending Dose (MAD) portion of the Phase 1 clinical trial for GT-02287. Further, late-breaking data presented at the WORLDSymposium highlighted that GT-02287 exhibits neuroprotective properties and fully restores motor function in preclinical Parkinson's disease models following delayed administration.

CEO Matthias Alder expressed confidence in the company's trajectory, emphasizing the firm's robust leadership and operational execution. Alder reiterated the company’s cash runway guidance extending into 2025, contingent on pending grant applications and other business initiatives.

Financially, Gain Therapeutics reported a decrease in research and development (R&D) expenses, which fell by $0.3 million to $2.5 million in the first quarter of 2024, compared to $2.8 million in the same period in 2023. This reduction was largely attributed to $0.2 million in grant funding from Innosuisse, the Swiss Innovation Agency. Most R&D expenses were linked to the development of GT-02287 for GBA1 Parkinson’s Disease.

General and administrative (G&A) expenses also saw a decline, decreasing by $0.6 million to $1.9 million for the three months ending March 31, 2024, compared to $2.5 million for the same period the previous year. This reduction was primarily due to lower legal and professional fees and decreased share-based compensation expenses.

The company's net loss per share also decreased, with a GAAP basic and diluted net loss per share of $0.22 for the quarter, compared to $0.43 as of March 31, 2023. As of March 31, 2024, Gain Therapeutics held cash, cash equivalents, and marketable securities totaling $12.7 million, down from $16.8 million as of December 31, 2023.

Gain Therapeutics, Inc. is pioneering the discovery and development of next-generation allosteric therapies. Their proprietary Magellan™ drug discovery platform uses AI-supported structural biology and supercomputer-powered physics-based models to identify novel allosteric binding sites on disease-related proteins. This advanced platform, an evolution of their original SEE-Tx® (Site-Directed Enzyme Enhancement Therapy) platform, leverages AI and virtual screening capabilities to explore vast chemical spaces, enabling the discovery of novel allosteric small molecule modulators that can restore or disrupt protein function. This innovative approach is accelerating drug discovery and unlocking new treatments for previously untreatable or difficult-to-treat disorders, including neurodegenerative diseases, rare genetic disorders, and oncology.

Gain Therapeutics continues to push boundaries in the biotechnology field, leveraging advanced technologies and a strong leadership team to drive forward their mission of developing groundbreaking therapies.