Third Harmonic Bio Reports Strong Financial Position

Third Harmonic Bio, Inc. has reported its first quarter financial results for March 31, 2024, and provided updates on its business operations. The company announced a strengthened leadership team and the clearance of its investigational new drug (IND) application for THB335 by the U.S. FDA.

Financially, the company is in a strong position with cash and cash equivalents totaling $262.8 million as of March 31, 2024. Third Harmonic Bio believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least 2026.

In terms of research and development (R&D) expenses, Third Harmonic Bio reported a decrease to $6.2 million for the three months ended March 31, 2024, from $6.7 million for the same period in 2023. General and administrative (G&A) expenses also decreased to $5.1 million for the three months ended March 31, 2024, from $5.3 million for the same period in 2023. The company's net loss for the three months ended March 31, 2024, decreased to $7.9 million from a net loss of $9.1 million for the same period in 2023.

Additionally, the company appointed Christopher J. Dinsmore, Ph.D., as Chief Scientific Officer, Dennis Dean, Ph.D., as Chief Non-Clinical Development Officer, and promoted Jennifer Dittman to Chief Development Operations Officer. These changes in leadership aim to strengthen the company's scientific research strategy, non-clinical development, and regulatory affairs, among other critical functions.

The company also announced the initiation of a Phase 1 single and multiple ascending doses (SAD/MAD) clinical trial of THB335, with results expected in the first half of 2025. This trial is focused on evaluating the safety, pharmacokinetics, and pharmacodynamics of THB335 in healthy volunteers.

Overall, Third Harmonic Bio, Inc. is focused on advancing the development of potentially best-in-class oral kit inhibitor THB335 towards becoming an important treatment for patients living with chronic spontaneous urticaria and other mast-cell mediated inflammatory diseases.

Following these announcements, the company's shares moved -1.6%, and are now trading at a price of $12.7. Check out the company's full 8-K submission here.

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