NeuroBo Pharmaceuticals Announces Q1 2024 Financial Results and Corporate Update

NeuroBo Pharmaceuticals, Inc., a clinical-stage biotechnology company based in Cambridge, Massachusetts, has released its financial results for the first quarter ending March 31, 2024, and provided an update on its corporate developments. The company, which is listed on Nasdaq under the ticker NRBO, is dedicated to addressing cardiometabolic diseases through its innovative treatments, DA-1726 and DA-1241.

During the first quarter of 2024, NeuroBo made significant progress in advancing the clinical development of its novel treatments. The company commenced dosing for its Phase 1 clinical trial of DA-1726, a dual oxyntomodulin (OXM) analog agonist targeting obesity. DA-1726 acts on both the glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR), potentially offering superior tolerability and efficacy compared to existing GLP-1 agonists. NeuroBo anticipates presenting new pre-clinical data on DA-1726 at the American Diabetes Association 84th Scientific Sessions in June 2024 and expects to release top-line data from the single ascending dose (SAD) Part 1 trial and initiate the multiple ascending dose (MAD) Part 2 trial in the third quarter of 2024.

Moreover, NeuroBo completed enrollment for Part 1 of its Phase 2a clinical trial for DA-1241, designed to treat metabolic dysfunction-associated steatohepatitis (MASH). DA-1241, a G-Protein-Coupled Receptor 119 (GPR119) agonist, is being evaluated for its safety and efficacy. The trial's continuation was approved by the Safety Review Committee (SRC) without modifications, underscoring the treatment's safety profile. DA-1241 is also being tested in combination with sitagliptin, a DPP4 inhibitor. The company plans to present new pre-clinical evidence for this combination therapy at the EASL Congress 2024 in June.

Key milestones for the first quarter include the initiation of the Phase 1 clinical trial for DA-1726 in obesity and the completion of Part 1 enrollment for the Phase 2a trial of DA-1241 in MASH. The company also received SRC approval to continue trials without modifications and appointed Marshall Woodworth as Chief Financial Officer.

Financially, NeuroBo reported increased research and development (R&D) expenses, amounting to $4.9 million for the first quarter of 2024, compared to $0.6 million for the same period in 2023. The rise in R&D expenses is attributed to heightened activities related to DA-1241 and DA-1726. General and administrative expenses slightly increased to $2.0 million. The company reported a net loss of $6.7 million for the quarter, up from $2.6 million in the previous year. NeuroBo's cash reserves stood at $16.0 million as of March 31, 2024, which is expected to fund operations through the fourth quarter of 2024.

NeuroBo is committed to transforming the treatment landscape for cardiometabolic diseases. DA-1726 and DA-1241, with their promising pre-clinical and clinical data, represent significant advancements in treating obesity and MASH. The company is optimistic about the potential of these treatments to improve patient outcomes and plans to continue their development with forthcoming clinical studies and data presentations.

In summary, NeuroBo Pharmaceuticals is making headway in its mission to develop effective therapies for cardiometabolic diseases. With ongoing clinical trials and strong financial management, the company is poised to achieve significant milestones in the coming quarters. The anticipated data readouts and trial progress will be crucial in determining the future success of DA-1726 and DA-1241 in the competitive landscape of obesity and MASH treatments.