Summary by Moomoo AI
NeuroSense Therapeutics Ltd., a biotechnology company focused on neurodegenerative diseases, announced on June 24, 2024, its first quarter financial results for 2024 and provided a corporate update. The company reported research and development expenses of $1.88 million, consistent with the previous year's $1.85 million, attributing the stability to increased subcontractor and consultant costs balanced by decreased share-based compensation expenses. General and administrative expenses were slightly reduced from $1.14 million in 2023 to $1.11 million in 2024. NeuroSense ended the quarter with $0.74 million in cash, not including $4.5 million from a recent financing round. The company also transitioned its accounting method from IFRS to U.S. GAAP, reissuing its 2023 financial statements accordingly. NeuroSense's CEO, Alon Ben-Noon, highlighted the positive outcomes from the Phase 2b PARADIGM clinical trial of their lead drug candidate, PrimeC, which showed a significant slowing of ALS progression. The company anticipates sharing 12-month clinical results and additional biomarker data in June 2024, with an FDA meeting expected in Q3 2024, and preparations for a Phase 3 clinical trial in the US underway.
