Lexeo Therapeutics Q1 2024 Financial Results and Highlights

Lexeo Therapeutics, Inc., a clinical-stage genetic medicine company based in New York, has reported its financial results for the first quarter of 2024 and highlighted several operational milestones. The company, listed on Nasdaq under the ticker LXEO, focuses on developing treatments for genetically defined cardiovascular diseases and APOE4-associated Alzheimer’s disease.

In March 2024, Lexeo successfully closed an oversubscribed $95 million equity financing round, boosting its cash balance to $195.1 million at the end of the first quarter. This funding is projected to sustain the company’s operations until 2027.

In April 2024, Lexeo secured an in-license agreement with Cornell University, acquiring intellectual property rights to support the regulatory discussions for their gene therapy candidate, LX2006. This candidate is part of an ongoing trial at Weill Cornell Medicine, aimed at treating Friedreich ataxia (FA) cardiomyopathy. Initial data from the SUNRISE-FA Phase 1/2 clinical trial indicated increased frataxin protein levels post-administration in Cohort 2, as measured by liquid chromatography mass spectrometry.

The U.S. Food and Drug Administration (FDA) has granted LX2006 Fast Track designation, adding to its previous designations of Rare Pediatric Disease and Orphan Drug status. This is expected to facilitate the clinical development of LX2006.

Lexeo is also progressing with their Phase 1/2 clinical trial of LX2020 (HEROIC-PKP2), aimed at patients with PKP2-ACM, a severe disease with limited treatment options. Recruitment for this trial is ongoing, with a data update from Cohort 1 anticipated in the latter half of 2024.

Looking ahead, Lexeo has outlined several key milestones for the upcoming periods:
- Interim data readout for LX2006 for treating Friedreich ataxia cardiomyopathy is expected by mid-2024.
- Interim results for LX2020 (Cohort 1) are projected for the second half of 2024.
- Interim Phase 1/2 data for LX1001, targeting APOE4-associated Alzheimer’s disease, is also anticipated in the second half of 2024.
- Initiation of IND-enabling studies for LX2021, intended for the treatment of DSP cardiomyopathy, is scheduled for 2024.

From a financial perspective, as of March 31, 2024, Lexeo reported $195.1 million in cash and cash equivalents, which is expected to cover operational costs into 2027. Research and development expenses were recorded at $15.7 million for the first quarter, compared to $16.4 million for the same period in 2023. General and administrative expenses rose to $7.5 million from $2.9 million in the previous year. The net loss for the quarter was $21.7 million, or $0.77 per share, compared to a net loss of $18.7 million, or $11.58 per share, in the first quarter of 2023.

Lexeo Therapeutics is dedicated to pioneering transformative treatments in genetic medicine. By leveraging early proof-of-concept data, the company is advancing a robust pipeline targeting cardiovascular diseases and Alzheimer’s disease associated with the APOE4 gene variant.