Context Therapeutics - FY23 focus squarely on CTIM-76
Context Therapeutics reported Q123 results and its strategic priority for FY23 and beyond. The key highlight for the quarter was its decision to pivot its pipeline focus towards its novel bispecific CLDN6xCD3 antibody, CTIM-76 (IND-enabling studies ongoing) and terminate the development of its ONA-XR program. Operating expenses for the quarter were $6.7m, an increase of 94% y-o-y (Q122: $3.4m), driven by a more than 3x increase in R&D expenses to $4.5m (Q122: $1.4m). With no further R&D earmarked for ONA-XR ($2.1m in Q123), we expect a lower run rate for operating expenses for the remainder of FY23. The period-end net cash balance was $29.8m, which management has guided to last into late 2024, well past the Q124 timeline for the CTIM-76 investigational new drug (IND) filing. This implies a quarterly burn rate of c $4.3m until Q424 ($5.7m in Q123; $3.6m ex-ONA-XR R&D expenses). We expect the IND filing for CTIM-76 to be the next share price catalyst for Context.
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