Third Harmonic Bio, Inc. (NASDAQ: THRD) has reported its financial results for the third quarter ending September 30, 2024. The company's cash and cash equivalents stood at a robust $296.1 million as of September 30, 2024, providing a strong financial position. This is indicative of a steady financial standing, and the company believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least 2026.
The company's research and development (R&D) expenses saw a significant increase, reaching $11.3 million for the three months ended September 30, 2024, up from $6.0 million for the same period in 2023. Similarly, R&D expenses for the nine months ended September 30, 2024, increased to $26.0 million from $18.0 million for the same period in 2023. These increases were primarily attributed to heightened spending related to the THB335 program and increased personnel-related expenses, partly offset by decreases in development costs related to the termination of the THB001 program.
General and administrative (G&A) expenses also experienced an uptick, amounting to $5.7 million for the three months ended September 30, 2024, compared to $4.9 million for the same period in 2023. Similarly, G&A expenses for the nine months ended September 30, 2024, increased to $16.5 million from $15.5 million for the same period in 2023. These increases were mainly due to elevated personnel-related expenses, including executive recruiting during 2024.
The net loss for the three months ended September 30, 2024, surged to $13.8 million from a net loss of $7.3 million for the same period in 2023. Correspondingly, the net loss for the nine months ended September 30, 2024, increased to $32.4 million from a net loss of $24.0 million for the same period in 2023. These increases were primarily driven by the rise in research and development expenses, albeit partially offset by increases in interest income.
Third Harmonic Bio, Inc. is a clinical-stage biopharmaceutical company focused on advancing the next wave of medicine for dermal, respiratory, and gastrointestinal inflammatory diseases through the development of novel, highly selective, small-molecule inhibitors of kit, a cell surface receptor that serves as the master regulator of mast cell function and survival. The company's lead product candidate, THB335, is a titratable, oral, small molecule inhibitor currently in a phase 1 clinical trial. The company is also making strides in preparing for a phase 2 clinical trial in chronic spontaneous urticaria. Following these announcements, the company's shares moved -1.6%, and are now trading at a price of $13.06. Check out the company's full 8-K submission here.
