Ryvu Therapeutics Reports Third Quarter 2023 Financial Results and Provides Corporate Update
KRAKOW, Poland, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Ryvu Therapeutics (WSE: RVU), a clinical-stage drug discovery and development company focusing on novel small molecule therapies that address emerging targets in oncology, today reported financial results for the third quarter of 2023 and provided a corporate update.
“The third quarter and the last months of 2023 proved to be an exceptionally productive period for our company,” said Pawel Przewiezlikowski, CEO of Ryvu Therapeutics. “In October, we announced the updated development plan for the RVU120 program. Considering the attractive development opportunities, we plan to advance RVU120 into multiple Phase II studies, focusing on hematologic malignancies. We have also entered into key partnerships with service providers that will enable a quick study start for planned studies. As our clinical-stage pipeline advances, we continue to make significant progress in our earlier-stage pipeline, highlighted by the presentation of data from our synthetic lethality program at this year’s AACR-NCI-EORTC meeting, including our potentially best-in-class MTA-cooperative PRMT5 inhibitors. Looking ahead, Ryvu remains well capitalized to execute our clinical development strategy, with our cash runway still through the first quarter of 2026.”
Third Quarter 2023 and Recent Highlights
Announced updated clinical development plan for RVU120
Presented preclinical data on PRMT5 and Ryvu’s synthetic lethality platfor at the 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics
Expanded development of MEN1703 (SEL24) with global licensee, Menarini, for a new study in advanced diffuse large B-cell lymphoma (DLBCL)
In Q4 2023, Ryvu will participate in the following scientific conferences:
Third Quarter 2023 Financial Update
Cash Position – On November 24, 2023, Ryvu Therapeutics held $64.5M in cash, cash equivalents, and bonds, compared to $23.2M at the end of 2022.
Operating Revenues – In the first three quarters of 2023, Ryvu recognized total operating revenues (including grants) of $11.9M, which constitutes an increase of 42%1, compared to the corresponding period of 2022, when the total operating revenue amounted to $8.0M. The increase in revenues resulted mostly from the achievement of a milestone from Exelixis Inc. and ongoing research collaboration with BioNTech SE.
Operating costs - Excluding the non-cash cost of valuation of the Incentive Program ($1.7M) and valuation of NodThera shares ($0.2M), for the first three quarters ended September 30, 2023, amounted to $27.4M and related primarily to research and development expenditures, while the operating costs without Incentive Program and valuation of NodThera shares for the same period last year amounted to $19.2M.
Net Loss Attributable to Common Shareholders – Net loss attributable to common shareholders, excluding the non-cash cost of valuation of the Incentive Program, was $13.5M for the first three quarters ended September 30, 2023, as compared to a net loss without the Incentive Program of $12.5M for the same period last year.
About Ryvu Therapeutics
Ryvu Therapeutics is a clinical-stage drug discovery and development company focused on novel small-molecule therapies that address emerging targets in oncology. Internally discovered pipeline candidates use diverse therapeutic mechanisms driven by emerging knowledge of cancer biology, including small molecules directed at kinase, synthetic lethality, and immuno-oncology targets.
Ryvu’s most advanced programs are RVU120 — a selective CDK8/CDK19 kinase inhibitor with potential for the treatment of hematological malignancies and solid tumors, currently in phase Ib clinical development for the treatment of acute myeloid leukemia and myelodysplastic syndromes, and phase I/II for the treatment of r/r metastatic or advanced solid tumors — and SEL24 (MEN1703), a dual PIM/FLT3 kinase inhibitor licensed to the Menarini Group. Ryvu Therapeutics has signed multiple partnering and licensing deals with global companies, including BioNTech, Exelixis, Menarini, and Merck.
The Company was founded in 2007 and is headquartered in Kraków, Poland. Ryvu is listed on the Warsaw Stock Exchange and is a component of the mWIG40 index. For more information, please see www.ryvu.com.