Avenue Therapeutics reported a net loss of $2.7 million for Q2 2024, compared to $4.0 million in Q2 2023, with cash and cash equivalents of $4.9 million as of June 30, 2024. Research and development expenses decreased 55% to $1.4 million, while general and administrative expenses increased 63% to $1.5 million. The company completed several warrant inducement transactions that generated net proceeds of approximately $8.2 million during the first half of 2024.The company continues to advance its key pipeline candidates, including AJ201 for spinal and bulbar muscular atrophy, with top-line Phase 1b/2a data expected in H2 2024. Avenue has also reached final agreement with the FDA on the Phase 3 safety study protocol for IV tramadol and plans to initiate the study pending financing. Additionally, the company established an ATM facility in May 2024 that allows for sales of...Show More

Avenue Therapeutics reported a net loss of $2.7 million for Q2 2024, compared to $4.0 million in Q2 2023, with cash and cash equivalents of $4.9 million as of June 30, 2024. Research and development expenses decreased 55% to $1.4 million, while general and administrative expenses increased 63% to $1.5 million. The company completed several warrant inducement transactions that generated net proceeds of approximately $8.2 million during the first half of 2024.The company continues to advance its key pipeline candidates, including AJ201 for spinal and bulbar muscular atrophy, with top-line Phase 1b/2a data expected in H2 2024. Avenue has also reached final agreement with the FDA on the Phase 3 safety study protocol for IV tramadol and plans to initiate the study pending financing. Additionally, the company established an ATM facility in May 2024 that allows for sales of up to $3.85 million in common stock.Management indicates current cash runway extends into Q1 2025 and is actively pursuing additional financing options. The company successfully regained compliance with Nasdaq listing requirements in May 2024 but remains subject to continued monitoring through May 2025. Avenue continues to focus on advancing its neurology-focused pipeline while managing expenses and exploring various funding alternatives.