Nuvectis Pharma, Inc. Reports First Quarter 2024 Financial Results and Business Highlights

Nuvectis Pharma, Inc. Reports First Quarter 2024 Financial Results and Business Highlights

  • Encouraging preliminary data announced from the NXP800 Phase 1b study in platinum resistant, ARID1a-mutated ovarian cancer, a program granted Fast Track Designation by the US FDA
  • Data presented at the 2024 AACR demonstrate NXP900's robust activity in non-small cell cancer cell lines
  • Several clinical data updates expected in 2H 2024

Nuvectis Pharma, Inc. (NASDAQ: NVCT) ("Nuvectis" or the "Company"), a clinical-stage biopharmaceutical company focused on the development of innovative precision medicines for the treatment of serious conditions of unmet medical need in oncology, today reported its financial results for the first quarter 2024 and provided an update on recent business progress.

Ron Bentsur, Chairman and Chief Executive Officer of Nuvectis, commented, "Our clinical development programs for NXP800 and NXP900 continued to advance nicely in the first quarter of 2024. For NXP800, we announced encouraging preliminary data from the Phase 1b study in platinum resistant, ARID1a-mutated ovarian cancer. We believe these data provide early evidence for the potential activity of NXP800 in this deadly disease. We are also pleased with the recent increase in patient enrollment into the study as more clinical sites are now fully activated. In addition, our collaboration with the Mayo Clinic investigating NXP800 as a treatment option for patients with cholangiocarcinoma is also advancing, providing a second potential opportunity for NXP800 in another disease representing a severe unmet medical need."

Mr. Bentsur continued, "With respect to NXP900, the Phase 1a dose-escalation study continues as planned, and we recently presented new preclinical data at the 2024 AACR conference confirming the report by AstraZeneca researchers previously published in Nature Communications that adding NXP900 to osimertinib, the active ingredient in TAGRISSO ® , an epidermal growth factor receptor (EGFR) inhibitor, re-sensitizes resistant non-small cell lung cancer (NSCLC) cells to osimertinib. In addition, we presented new preclinical data demonstrating the potential synergy between NXP900 and alectinib, the active ingredient in ALECENSA ® , in anaplastic lymphoma kinase (ALK)-mutated NSCLC cells. EGFR and ALK inhibitors are important therapies against NSCLC and these preclinical data for NXP900 demonstrate its potential in reversing resistance to EGFR and ALK targeted agents."

Mr. Bentsur concluded, "2024 is shaping up to be a potentially transformational year for Nuvectis with several clinical data updates expected in the second half of the year. Importantly, we remain cash flow efficient and ended the quarter with approximately $19.5 million in cash, which we believe provides runway into 2H 2025."

First Quarter   2024   Financial   Results

Cash, and cash equivalents were $19.5 million as of March 31, 2024, compared to $19.1 million as of December 31, 2023. The increase of $0.4 million in the cash balance in the first quarter of 2024 is a result of the utilization of the at-the-market facility, partially offset by the operating expenses for the quarter.

The Company's net loss was $4.2 million for the three months ended March 31, 2024, compared to $4.0 million for the three months ended March 31, 2023, an increase in net loss of $0.2 million. Net loss for the first quarter of 2024 fiscal year included $1.3 million in non-cash stock-based compensation.

Research and development expenses, including non-cash stock-based compensation, were $2.7 million for the three months ended March 31, 2024, compared to $2.4 million for the three months ended March 31, 2023, an increase of $0.3 million.

General and administrative expenses, including non-cash stock-based compensation, were $1.7 million for the three months ended March 31, 2024, compared to $1.7 million for the three months ended March 31, 2023.

Interest income was $0.2 million for the three months ended March 31, 2024, compared to $0.1 million for the three months ended March 31, 2023, an increase of $0.1 million.

About Nuvectis Pharma, Inc.

Nuvectis Pharma, Inc. is a biopharmaceutical company focused on the development of innovative precision medicines for the treatment of serious conditions of unmet medical need in oncology. The Company is currently developing two clinical-stage drug candidates, NXP800 and NXP900. NXP800 is an oral small molecule GCN2 activator currently in a Phase 1b clinical trial for the treatment for platinum resistant, ARID1a-mutated ovarian carcinoma and in an Investigator-sponsored clinical trial for the treatment of cholangiocarcinoma. The U.S. Food and Drug Administration granted Fast Track Designation to the NXP800 development program in platinum resistant, ARID1a-mutated ovarian carcinoma, and Orphan Drug Designation for the treatment of cholangiocarcinoma. NXP900 is an oral small molecule inhibitor of the SRC Family of Kinases (SFK), including SRC and YES1. NXP900 has a unique mechanism of action in that it inhibits both the catalytic and scaffolding functions of the SRC kinase thereby providing complete shutdown of the signaling pathway. NXP900 is currently in a Phase 1a dose escalation study.

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate", "believe", "contemplate", "could", "estimate", "expect", "intend", "seek", "may", "might", "plan", "potential", "predict", "project", "target", "aim", "should", "will", "would", or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nuvectis Pharma, Inc.'s current expectations, estimates, and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy, and financial needs. The outcome of the events described in these forward-looking statements are subject to inherent uncertainties, risks, assumptions, market and other conditions, and other factors that are difficult to predict and include statements regarding the conclusions and interpretation of preclinical data generated to date for NXP800 and NXP900, including preclinical experiments highlighting NXP900's potential to become a viable therapeutic option as a single-agent or in combination with other approved drugs for the treatment of non-small cell lung cancer and other diseases, the conclusions and interpretation of the Phase 1a data generated for NXP800 and the timing and clinical expectations for the NXP800 Phase 1b study, including statements regarding NXP800's potential ability to become a therapeutic option for the treatment of platinum-resistant, ARID1a-mutated ovarian carcinoma, cholangiocarcinoma and potentially other cancer indications, and the timing of and expectations for the Phase 1a study for NXP900. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are subject to market and other conditions and described more fully in the section titled "Risk Factors" in our 2023 Form 10-K filed with the Securities and Exchange Commission ("SEC"). However, these risks are not exhaustive and new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release or other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Company Contact

Ron Bentsur

Chairman, Chief Executive Officer and President

201-614-3151

rbentsur@nuvectis.com

Media Relations Contact

Christopher M. Calabrese

LifeSci Advisors

Tel: 917-680-5608

ccalabrese@lifesciadvisors.com


NUVECTIS PHARMA, INC.

BALANCE SHEET

(USD in thousands, except per share and share amounts)
March 31, December 31,
2024 2023
Assets
CURRENT ASSETS:
Cash and cash equivalents $ 19,464 $ 19,126
Other current assets 250 59
TOTAL CURRENT ASSETS 19,714 19,185
TOTAL ASSETS $ 19,714 $ 19,185
Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Accounts payables $ 1,759 $ 2,771
Accrued liabilities 486 415
Employee compensation and benefits 3,447 3,798
TOTAL CURRENT LIABILITIES 5,692 6,984
TOTAL LIABILITIES 5,692 6,984
COMMITMENTS AND CONTINGENCIES,
SHAREHOLDERS' EQUITY:
Common Shares, $0.00001 par value – 60,000,000 shares authorized as of March 31, 2024, and December 31, 2023, respectively, 18,356,060, and 17,418,886 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively * *
Additional paid in capital 72,438 66,446
Accumulated deficit (58,416 ) (54,245 )
TOTAL SHAREHOLDERS' EQUITY 14,022 12,201
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 19,714 $ 19,185

*        Represents an amount lower than $1,000 USD.


NUVECTIS PHARMA, INC.

STATEMENT OF OPERATIONS

(USD in thousands, except per share and share amounts)
Three Months Ended March 31,
2024 2023
OPERATING EXPENSES:
Research and development $ 2,660 $ 2,367
General and administrative 1,736 1,734
OPERATING LOSS (4,396 ) (4,101 )
Finance income 225 52
NET LOSS $ (4,171 ) $ (4,049 )
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (4,171 ) $ (4,049 )
BASIC AND DILUTED NET LOSS PER COMMON SHARES OUTSTANDING $ (0.25 ) $ (0.27 )
Basic and diluted weighted average number of common shares outstanding 16,559,335 14,724,249


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

NVCT
The Conversation (0)
Nuvectis Pharma, Inc. to Present at the H.C. Wainwright BioConnect Investor Conference

Nuvectis Pharma, Inc. to Present at the H.C. Wainwright BioConnect Investor Conference

Nuvectis Pharma, Inc. (NASDAQ: NVCT) ("Nuvectis" or the "Company"), a clinical-stage biopharmaceutical company focused on the development of innovative precision medicines for the treatment of serious conditions of unmet medical need in oncology, today announced that Ron Bentsur, Chairman and Chief Executive Officer, will present at the H.C. Wainwright 2 nd BioConnect Investor Conference at the NASDAQ world headquarters in New York City.

Event H.C. Wainwright 2nd Annual BioConnect Investor Conference at NASDAQ
Date May 20th, 2024
Time 12:00 PM Eastern Time
Link Fireside Chat [ Link ]

About Nuvectis Pharma, Inc.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
New York Plastic Surgical Group and Deep Blue Med Spa Receive State and National Recognition by Allergan Aesthetics

New York Plastic Surgical Group and Deep Blue Med Spa Receive State and National Recognition by Allergan Aesthetics

New York Plastic Surgical Group and Deep Blue Med Spa have been named the #1 provider of Allergan products in New York State. In addition, they have been ranked in the top 25 nationally. This distinction places them in the top 1% of over 30,000 Allergan medical aesthetic practices throughout the country.

As a pioneer in the field of aesthetic medicine, Allergan develops and manufactures a portfolio of leading brands and products including Botox Cosmetic, the Juvéderm family of fillers, Coolsculpting, Cooltone, DiamondGlow, and SkinMedica. To receive a top placement from such an authority within the industry is not only an accomplishment, but also a demonstration of true mastery. To date, NYPS Group and Deep Blue Med Spa are proud to have had multiple providers chosen to serve as national AMI (Allergan Medical Institute) trainers.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
AbbVie Announces European Commission Approval of RINVOQ®  for the Treatment of Adults with Giant Cell Arteritis

AbbVie Announces European Commission Approval of RINVOQ® for the Treatment of Adults with Giant Cell Arteritis

  • RINVOQ is the first and only oral Janus kinase (JAK) inhibitor approved in the European Union (EU) to treat adult patients with giant cell arteritis (GCA)
  • The approval is supported by data from the pivotal Phase 3 SELECT-GCA trial which demonstrated that RINVOQ achieved the primary endpoint of sustained remission* and key secondary endpoints, including reduction in disease flares, lower cumulative steroid exposure and complete remission †1
  • This marks the eighth approved indication for RINVOQ in the EU 2

AbbVie (NYSE: ABBV) today announced that the European Commission (EC) granted marketing authorization to RINVOQ ® (upadacitinib; 15 mg, once daily) for the treatment of giant cell arteritis (GCA) in adult patients. RINVOQ is the first and only oral JAK inhibitor approved in the EU, as well as Iceland Liechtenstein and Norway for the treatment of adult patients with GCA.

"GCA is a challenging and often debilitating condition. Patients may endure headaches, jaw pain and muscle aches, with many fearing sudden and permanent vision loss," 3 said Prof. Dr. med. Wolfgang Schmidt , M.D., MACR, Waldfriede Hospital, Department of Rheumatology, Berlin, Germany , and SELECT-GCA trial investigator. "Results from the SELECT-GCA trial show that patients can achieve sustained remission and reduce their cumulative steroid exposure with RINVOQ, addressing important patient goals in the treatment of GCA."

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Adicet Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635

Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today announced it granted inducement awards on March 31, 2025.

Two individuals were hired by Adicet in March 2025. In the aggregate, Adicet granted new hires non-qualified stock options to purchase 38,600 shares of Adicet's common stock with an exercise price of $0.76 per share, the closing price of Adicet's common stock as reported by Nasdaq on March 31, 2025. One-fourth of the shares underlying each employee's option will vest on the one-year anniversary of each recipient's start date and thereafter the remaining three-fourths of the shares underlying each employee's option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of the recipient's start date, in each case, subject to each such employee's continued employment with Adicet on such vesting dates.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
AbbVie to Host First-Quarter 2025 Earnings Conference Call

AbbVie to Host First-Quarter 2025 Earnings Conference Call

AbbVie (NYSE: ABBV) will announce its first-quarter 2025 financial results on Friday, April 25, 2025 before the market opens. AbbVie will host a live webcast of the earnings conference call at 8 a.m. Central time . It will be accessible through AbbVie's Investor Relations website at investors.abbvie.com . An archived edition of the session will be available later that day.

About AbbVie

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Adicet Bio to Participate in 2025 Canaccord Genuity Horizons in Oncology Virtual Conference

Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today announced that Chen Schor, President and Chief Executive Officer, will participate in a panel at the Canaccord Genuity Horizons in Oncology Virtual Conference being held April 7, 2025.

Details of the event are as follows:
Panel: "CAR T Approaches in the Autoimmune Space"
Date: Monday, April 7, 2025
Time: 3:00 p.m. ET

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors

The Radoff-JEC Group Nominates Three Highly Qualified Candidates for Election to the Atea Pharmaceuticals Board of Directors

Issues Open Letter to Atea's Stockholders Outlining the Case for Boardroom Change Based on Years of Stock Price Underperformance, Poor Decision-Making and Entrenchment Maneuvers

Believes its Three Highly Qualified Director Candidates Possess the Necessary Ownership Perspectives, Scientific Credibility and Public Company Board Experience to Create Value for Stockholders

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×