Jade Biosciences Inc · Q1 2022 earnings

Briefing

Aerovate Therapeutics reported financial results for Q1 2022.

Aerovate Therapeutics reported a net loss of $10.9 million for the first quarter of 2022, driven by increased R&D and G&A expenses. The company's cash, cash equivalents, and short-term investments totaled $161.1 million as of March 31, 2022, expected to fund operations into the second half of 2025.

• IMPAHCT Phase 2b/Phase 3 trial experienced site initiation delays due to staff shortages and COVID-related interruptions, with topline data expected in Q4 2023 or Q1 2024.
• Orphan drug designation was obtained from the FDA and EMA for AV-101 for the treatment of PAH in the United States and the European Union.
• The intellectual property portfolio was expanded with the issuance of Patent 11,298,355 and two additional allowances from the USPTO.
• Marco Verwijs was hired as SVP, CMC, and Susan Fischer as SVP, Development Operations.

Headline financials

Revenue & EPS history

Aerovate Therapeutics expects that its cash, cash equivalents and short-term investments will be sufficient to fund its operations into the second half of 2025, based on its current operating plan.