Monopar Therapeutics Q1 2024 Financial Results and Radiopharma Strategy

Monopar Therapeutics Inc. (Nasdaq: MNPR), a clinical-stage radiopharmaceutical company dedicated to creating novel cancer treatments, reported its financial results for the first quarter of 2024 and highlighted recent advancements in its programs. The company has decided to concentrate its resources on its promising radiopharma initiatives, particularly the MNPR-101 program, and is winding down its non-radiopharma projects such as camsirubicin and MNPR-202.

The first quarter saw Monopar initiating a first-in-human Phase 1 imaging and dosimetry clinical trial with MNPR-101-Zr in patients with advanced cancer. This trial, approved and led by renowned radiopharmaceutical physician Prof. Rodney Hicks of the Melbourne Theranostic Innovation Centre, focuses on a novel radiopharmaceutical targeting the urokinase plasminogen activator receptor (uPAR). Initial studies have shown impressive results, including near-complete tumor elimination after a single injection.

Additionally, Monopar has secured a provisional patent to safeguard recent enhancements in its MNPR-101 radiopharma programs, and the company’s abstract on MNPR-101-Zr was chosen for presentation at the Society of Nuclear Medicine and Molecular Imaging’s Annual Meeting in June 2024. Monopar aims to start a Phase 1 clinical study with its therapeutic radiopharmaceutical MNPR-101-RIT as soon as the end of 2024 or early 2025.

Financially, Monopar reported cash, cash equivalents, and short-term investments totaling $8.8 million as of March 31, 2024. The company projects these funds will sustain operations through June 30, 2025, allowing the completion of the MNPR-101-Zr clinical trial and advancing the preclinical MNPR-101-RIT program. However, additional funding will be necessary to further advance these programs, and Monopar expects to raise more capital within the next year.

The net loss for Q1 2024 was $1.6 million, or $0.10 per share, a reduction from $2.4 million, or $0.19 per share, in Q1 2023. This decrease is attributed to lower research and development (R&D) expenses, which fell to $966,000 from $1,653,000 in the same period last year. The decline in R&D costs is primarily due to the conclusion of the Validive clinical trial. General and administrative (G&A) expenses also decreased to $757,000 from $872,000, mainly because of reduced stock-based compensation and patent expenses following the closure of the Validive trial.

Monopar Therapeutics continues to focus on developing its MNPR-101 program, which includes the Phase 1-stage MNPR-101-Zr for imaging advanced cancers and the late preclinical-stage MNPR-101-RIT for treating advanced cancers. The company's strategic shift and recent clinical progress highlight its commitment to advancing innovative radiopharmaceutical therapies for cancer patients.