Third Quarter 2023 Financial Results
Cash Position and Guidance: The company had cash, cash equivalents, and short-term investments totaling $17.8 million as of September 30,
2023, compared to $25.0 million as of June 30, 2023. The company anticipates that its current cash, cash equivalents and short-term investments will be sufficient to fund operations into the second quarter of 2024.
Research and Development (R&D) Expenses: R&D expenses were $5.4 million for the quarter ended September 30, 2023, compared to
$6.6 million for the same quarter of 2022. This decrease for the quarter was due to lower external development expenses primarily associated with the timing of clinical trial and manufacturing related activities for both the tomivosertib and
zotatifin programs, which also included a decrease in costs associated with the COVID-19 program. R&D expenses included approximately $0.5 million and $0.8 million of non-cash stock compensation expense in the quarters ended September 30, 2023 and 2022, respectively.
General
and Administrative (G&A) Expenses: G&A expenses were $2.5 million for the quarter ended September 30, 2023, compared to $3.5 million for the same quarter of 2022. This decrease was primarily associated with lower employee
related costs, consulting and D&O insurance for the three months ended September 30, 2023 compared to the same period in 2022. G&A expenses included approximately $0.6 million and $0.8 million of
non-cash stock compensation expense in the quarters ended September 30, 2023 and 2022, respectively.
Other Income (Expense): Other expense was $0.4 million for the quarter ended September 30, 2023, compared to $0.3 million for the same
quarter of 2022. The increase in other expense was primarily attributable to increased interest expense associated with the company’s term loans, which was partially offset by an increase in interest income.
Net Loss: Net loss was $8.3 million, or $0.13 per basic and diluted share, for the quarter ended September 30, 2023, as compared to
$9.6 million, or $0.23 per basic and diluted share, for the same quarter of 2022.
About eFFECTOR Therapeutics
eFFECTOR is a clinical-stage biopharmaceutical company pioneering the development of a new class of oncology drugs referred to as STRIs. eFFECTOR’s STRI
product candidates target the eIF4F complex and its activating kinase, mitogen-activated protein kinase interacting kinase (MNK). The eIF4F complex is a central node where two of the most frequently mutated signaling pathways in cancer, the PI3K-AKT and RAS-MEK pathways, converge to activate the translation of select mRNA into proteins that are frequent culprits in key disease-driving processes. Each of
eFFECTOR’s product candidates is designed to act on a single protein that drives the expression of a network of functionally related proteins, including oncoproteins and immunosuppressive proteins in T cells, that together control tumor growth,
survival and immune evasion. eFFECTOR’s lead product candidate, tomivosertib, is a MNK inhibitor currently being evaluated in KICKSTART, a randomized, double-blind, placebo-controlled Phase 2b trial of tomivosertib in combination with
pembrolizumab in patients with metastatic non-small cell lung cancer (NSCLC). Zotatifin, eFFECTOR’s inhibitor of eIF4A, is currently being evaluated in Phase 2a expansion cohorts in certain
biomarker-positive solid tumors, including ER+ breast cancer and KRAS-mutant NSCLC. eFFECTOR has a global collaboration with Pfizer to develop inhibitors of a third target, eIF4E.