On August 13, 2024, Panbela Therapeutics, Inc., a clinical-stage biopharmaceutical company, issued a press release announcing its financial results for the second quarter ended June 30, 2024. The company reported a net loss of approximately $7.1 million, or $1.47 per diluted share, which is an increase from the net loss of $5.8 million, or $159.15 per diluted share, in the same period last year. This increase in net loss was attributed to higher research and development expenses, which totaled approximately $7.0 million due to the growth in active sites and enrollment in the ASPIRE clinical trial. General and administrative expenses decreased to $1.1 million from $1.6 million in the previous year, primarily due to reduced legal and compensation expenses. Total cash on hand was reported at $59,000, with current assets of...Show More

On August 13, 2024, Panbela Therapeutics, Inc., a clinical-stage biopharmaceutical company, issued a press release announcing its financial results for the second quarter ended June 30, 2024. The company reported a net loss of approximately $7.1 million, or $1.47 per diluted share, which is an increase from the net loss of $5.8 million, or $159.15 per diluted share, in the same period last year. This increase in net loss was attributed to higher research and development expenses, which totaled approximately $7.0 million due to the growth in active sites and enrollment in the ASPIRE clinical trial. General and administrative expenses decreased to $1.1 million from $1.6 million in the previous year, primarily due to reduced legal and compensation expenses. Total cash on hand was reported at $59,000, with current assets of $0.8 million and current liabilities of $16.8 million. The company also highlighted clinical progress, including a favorable third independent safety review of its Phase 3 ASPIRE trial for metastatic pancreatic ductal adenocarcinoma (mPDAC) and the issuance of a new patent in the US and Canada. The interim data analysis for the ASPIRE trial is now expected in Q1 2025. Additionally, Panbela secured a loan of $1.5 million from its partner in Pediatric Neuroblastoma, US WorldMeds®, and received a nondilutive payment of approximately $0.8 million in exchange for a reduction in potential future milestone payments.