Avenue Therapeutics reported a Q3 2024 net loss of $3.1 million compared to net income of $0.5 million in Q3 2023. Research and development expenses increased to $2.3 million from $0.9 million year-over-year, primarily due to higher pre-clinical and clinical development costs. Cash and cash equivalents stood at $2.6 million as of September 30, 2024.The company made significant progress on its clinical programs, with last patient last visit completed in the Phase 1b/2a trial of AJ201 for SBMA treatment, expecting top-line data around year-end 2024. Additionally, Avenue reached final agreement with FDA on the Phase 3 safety study protocol for IV tramadol, designed to assess opioid-induced respiratory depression risk compared to IV morphine in approximately 300 post-bunionectomy patients.Avenue strengthened its financial position through multiple transactions, including warrant exercises and ATM offerings that generated aggregate net proceeds of $9.1 million during the nine months ended September 30, 2024. However, management indicated current cash is only sufficient to fund operations through first half of 2025 and additional capital will be required to execute the company's development plans.

Avenue Therapeutics reported a Q3 2024 net loss of $3.1 million compared to net income of $0.5 million in Q3 2023. Research and development expenses increased to $2.3 million from $0.9 million year-over-year, primarily due to higher pre-clinical and clinical development costs. Cash and cash equivalents stood at $2.6 million as of September 30, 2024.The company made significant progress on its clinical programs, with last patient last visit completed in the Phase 1b/2a trial of AJ201 for SBMA treatment, expecting top-line data around year-end 2024. Additionally, Avenue reached final agreement with FDA on the Phase 3 safety study protocol for IV tramadol, designed to assess opioid-induced respiratory depression risk compared to IV morphine in approximately 300 post-bunionectomy patients.Avenue strengthened its financial position through multiple transactions, including warrant exercises and ATM offerings that generated aggregate net proceeds of $9.1 million during the nine months ended September 30, 2024. However, management indicated current cash is only sufficient to fund operations through first half of 2025 and additional capital will be required to execute the company's development plans.