Avenue Therapeutics, Inc., a specialty pharmaceutical company, announced its financial results for the fiscal year ended December 31, 2023, on March 18, 2024. The company reported a net loss of $10.5 million, or $0.98 per share, compared to a net loss of $3.6 million, or $1.63 per share, in the previous year. Research and development expenses increased to $6.1 million from $2.7 million, reflecting the company's investment in its clinical programs, including the acquisition of the AJ201 license. General and administrative expenses decreased to $4.2 million from $5.3 million. The company's cash position declined from $6.7 million to $1.8 million. Avenue Therapeutics also highlighted its progress in developing treatments for neurologic diseases, including the completion of enrollment in a Phase 1b/2a clinical trial for AJ201, a potential treatment for spinal and bulbar muscular atrophy, with...Show More

Avenue Therapeutics, Inc., a specialty pharmaceutical company, announced its financial results for the fiscal year ended December 31, 2023, on March 18, 2024. The company reported a net loss of $10.5 million, or $0.98 per share, compared to a net loss of $3.6 million, or $1.63 per share, in the previous year. Research and development expenses increased to $6.1 million from $2.7 million, reflecting the company's investment in its clinical programs, including the acquisition of the AJ201 license. General and administrative expenses decreased to $4.2 million from $5.3 million. The company's cash position declined from $6.7 million to $1.8 million. Avenue Therapeutics also highlighted its progress in developing treatments for neurologic diseases, including the completion of enrollment in a Phase 1b/2a clinical trial for AJ201, a potential treatment for spinal and bulbar muscular atrophy, with topline data expected in the second quarter of 2024. Positive preclinical data for BAER-101, a treatment for epilepsy, was presented at scientific meetings, and a final agreement was reached with the FDA on the Phase 3 safety study of IV tramadol for acute post-operative pain. The company's continued listing on the Nasdaq Capital Market was extended through May 20, 2024, subject to compliance with listing criteria.