UNITY Biotechnology, Inc. Q1 2024 Financial Results and Business Updates

May 14, 2024 -- UNITY Biotechnology, Inc. (UNITY) [NASDAQ:UBX], a biotechnology firm specializing in therapies to address age-related diseases, has released its financial report for the first quarter ending March 31, 2024.

Anirvan Ghosh, Ph.D., UNITY's CEO, commented on the company's ongoing efforts in the Phase 2b ASPIRE study, which investigates the efficacy of UBX1325 (foselutoclax) in treating diabetic macular edema (DME) compared to aflibercept. Ghosh highlighted the expansion of the study to include 50 patients and extended its duration to 36 weeks. This extension aims to assess the long-term effectiveness of UBX1325 over aflibercept after the final dose at week 16. According to Ghosh, UBX1325 could represent a significant advancement in treating vision loss associated with DME by introducing a new mechanism of action.

The ASPIRE study features a multi-center, randomized, double-masked, active-controlled design to evaluate UBX1325's safety and efficacy in comparison with aflibercept. It plans to include approximately 50 participants. The study's 24-week results are anticipated in the first quarter of 2025, while the 36-week results are expected in the second quarter of 2025.

Recent milestones include the anticipated release of 24-week safety and efficacy data from the ASPIRE DME study in early 2025 and 36-week data in mid-2025.

Financially, UNITY reported cash, cash equivalents, and marketable securities totaling $38.3 million as of March 31, 2024, down from $43.2 million on December 31, 2023. The company believes these funds will support operations into the third quarter of 2025.

For the first quarter of 2024, UNITY posted a net loss of $5.8 million, slightly higher than the $5.3 million net loss reported for the same period in 2023. Operational cash use for the quarter was $5.2 million, a notable decrease from the $11.3 million used in the first quarter of 2023.

Research and development expenses saw a reduction of $2.1 million, totaling $3.7 million for the first quarter of 2024, down from $5.8 million in the first quarter of 2023. This decrease is attributed to a $1.6 million reduction in direct research and development expenses following the completion of the UBX1325 BEHOLD and ENVISION studies, allowing a sole focus on the UBX1325 ASPIRE study. Additionally, facilities-related costs decreased by $0.4 million, primarily due to subleasing the East Grand facility. Personnel costs also decreased by $0.1 million due to a reduced headcount and workforce reduction.

General and administrative expenses fell by $0.9 million to $3.9 million for the first quarter of 2024, compared to $4.8 million in the same period of 2023. This reduction was mainly due to a $0.4 million decrease in personnel-related costs owing to a reduced headcount, a $0.3 million decrease in professional and accounting service fees, and a $0.2 million decrease in operating costs, driven by continued sublease income from the East Grand property.

UNITY is dedicated to developing advanced therapeutics aimed at slowing, halting, or reversing age-related diseases. The company's current focus is on creating treatments that selectively target senescent cells to provide significant benefits for age-related ophthalmologic and neurologic conditions.

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