Fulcrum Therapeutics Inc
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
FULC$3.70+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-31.
0000950170-24-088238
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-13.
0000950170-24-125931
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 145 previous paragraphs and 148 current paragraphs.
92 unchanged; 44 reworded; 9 added; 3 removed; 6 previous and 3 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
In September 2024, we announced topline results from our Phase 3 REACH clinical trial of losmapimod in facioscapulohumeral muscular dystrophy, or FSHD. The Phase 3 REACH trial did not achieve its primary endpoint of change from baseline in relative surface area with losmapimod compared to placebo. In addition, secondary endpoints did not achieve nominal statistical significance. The safety and tolerability profile of losmapimod was consistent with previously reported studies. We plan to share the results at an upcoming medical meeting. Based on the results of the REACH trial, we have suspended future development of losmapimod.
Current report
In September 2024, we also announced a strategic plan to reprioritize research and development activities and are now focused on advancing pociredir for the treatment of SCD, novel therapeutic agents for the potential treatment of inherited aplastic anemias, such as DBA, Shwachman-Diamond syndrome, and Fanconi anemia, and our early discovery programs. The plan reduced our workforce from 80 to 51 full-time employees, including a reduction of positions across both research and development and general and administrative functions. This restructuring will result in annual operating expense savings of approximately $10.0 million beginning in the first quarter of 2025.
Current report
In September 2024, we announced a plan to reprioritize research and development activities to focus on advancing pociredir for the treatment of SCD, novel therapeutic agents for the treatment of inherited aplastic anemias, such as DBA, Shwachman-Diamond syndrome, and Fanconi anemia, and our early discovery programs. The plan reduced our workforce from 80 to 51 full-time employees, including a reduction of positions across both research and development and general and administrative functions.
Current report
Collaboration revenue decreased by $0.8 million from $0.8 million for the three months ended September 30, 2023 to zero for the three months ended September 30, 2024. The decrease was attributable to the completion of our research services under our collaboration agreement with MyoKardia during the fourth quarter of 2023.
Current report
Restructuring charges were $2.1 million for the three months ended September 30, 2024, compared to zero for the three months ended September 30, 2023.
Current report
Other income, net increased by less than $0.1 million from $3.4 million for the three months ended September 30, 2023 to $3.4 million for the three months ended September 30, 2024. The slight increase was primarily attributable to an increase in investment income on our cash, cash equivalents, and marketable securities as a result of an overall increased rate of return.
Current report
Comparison of the Nine Months ended September 30, 2024 and 2023
Current report
and $0.4 million of decreased other costs;
Current report
Restructuring charges were $2.1 million for the nine months ended September 30, 2024, compared to zero for the nine months ended September 30, 2023.
Removed paragraphs (3)
Previous report
In May 2024, we entered into a collaboration and license agreement with Genzyme Corporation, a wholly-owned subsidiary of Sanofi, or Sanofi, pursuant to which we granted Sanofi an exclusive license under certain intellectual property rights to commercialize losmapimod outside of the United States. Pursuant to a mutually agreed global development plan, we will continue to conduct the ongoing REACH trial. We and Sanofi will equally share global development costs. In addition to potential future activities conducted under a mutually agreed global development plan, Sanofi will also have the right to conduct certain development activities that are solely intended to support obtaining or maintaining regulatory approval outside of the United States. We will have the sole right to manufacture for our activities under the global development plan and for commercialization in the United States and, subject to the terms of a supply agreement, we will supply Sanofi’s clinical and commercial supply requirements of losmapimod until Sanofi elects to take over such manufacturing responsibilities.
Previous report
Per the terms of the agreement, Sanofi made an upfront license payment of $80.0 million to us in the second quarter of 2024. We are also eligible to receive up to an additional $975.0 million in specified regulatory and sales-based milestones, and Sanofi will pay us tiered royalties ranging from low-teens to mid-twenties percent of Sanofi’s and any of its affiliates’ and sublicensees’ annual net sales of losmapimod outside the United States. The royalties are payable on a product-by-product basis during a specified royalty term, and may be reduced in specified circumstances.
Previous report
Comparison of the Six Months ended June 30, 2024 and 2023
Reworded paragraphs (44)
Previous wording
We are a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Our most advanced clinical-stage product candidate, losmapimod, is being developed for the potential treatment of facioscapulohumeral muscular dystrophy, or FSHD. Our other clinical product candidate is pociredir, which is being developed for the potential treatment of sickle cell disease, or SCD. We initiated REACH, a randomized, double-blind, placebo-controlled, multi-national Phase 3 clinical trial of losmapimod in the second quarter of 2022 and completed enrollment during September 2023, enrolling 260 patients. We expect to report topline data from REACH by the end of October 2024.
Current wording
We are a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Our clinical-stage product candidate, pociredir, is being developed for the potential treatment of sickle cell disease, or SCD.
Previous wording
In January 2023, we announced interim data from our Phase 1b clinical trial of pociredir in SCD. We completed enrollment in the 6 mg and 2 mg dose cohorts, and do not plan to enroll additional subjects in these cohorts. Although we commenced enrollment in the 12 mg dose cohort, in February 2023 the FDA placed a full clinical hold on the investigational new drug, or IND, application for pociredir for SCD, which was lifted in August 2023. Following the clinical hold, we amended the protocol to revise the inclusion and exclusion criteria for the Phase 1b clinical trial to target subjects with higher disease severity. We reinitiated the Phase 1b clinical trial at the 12 mg once daily dose level in the fourth quarter of 2023, with that cohort expected to enroll approximately 10 subjects, to be followed by an additional cohort of approximately 10 subjects at the 20 mg once daily dose level. We expect to provide clinical data from this trial in 2025.
Current wording
In January 2023, we announced interim data from our Phase 1b clinical trial of pociredir in SCD. We completed enrollment in the 6 mg and 2 mg dose cohorts, and do not plan to enroll additional subjects in these cohorts. Although we commenced enrollment in the 12 mg dose cohort, in February 2023 the FDA placed a full clinical hold on the investigational new drug, or IND, application for pociredir for SCD, which was lifted in August 2023. Following the clinical hold, we amended the protocol to revise the inclusion and exclusion criteria for the Phase 1b clinical trial to target subjects with higher disease severity. We reinitiated the Phase 1b clinical trial at the 12 mg once daily dose level in the fourth quarter of 2023, with that cohort expected to enroll up to 10 subjects, to be followed by an additional cohort of up to 10 subjects at the 20 mg once daily dose level. We expect to provide clinical data from this trial in 2025.
Previous wording
In addition to our product candidates, we developed a discovery approach that we employ to systematically identify and validate cellular drug targets that can potentially modulate gene expression to treat known root causes of genetically defined rare diseases. Our discovery approach led to the identification of both losmapimod for FSHD and pociredir for SCD, as well as a robust discovery pipeline.
Current wording
In addition to our product candidates, we developed a discovery approach that we employ to systematically identify and validate cellular drug targets that can potentially modulate gene expression to treat known root causes of genetically defined rare diseases. Our discovery approach led to the identification of pociredir for SCD, as well as a robust discovery pipeline.
Previous wording
We have incurred significant operating losses since our inception, with the exception of the three and six months ended June 30, 2024, and we expect to continue to incur significant operating losses for the foreseeable future. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net income was $28.5 million for the six months ended June 30, 2024, primarily due to the $80.0 million of collaboration revenue associated with our collaboration and license agreement with Sanofi that we recognized during the period. Our net loss was $48.6 million for the six months ended June 30, 2023. As of June 30, 2024, we had an accumulated deficit of $481.1 million. Excluding the potential for future milestone payments under our collaboration and license agreement with Sanofi, we expect our expenses and operating losses will increase substantially over the next several years in connection with our ongoing activities, as we:
Current wording
We have incurred significant operating losses since our inception, with the exception of the nine months ended September 30, 2024, and we expect to continue to incur significant operating losses for the foreseeable future. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net income was $6.8 million for the nine months ended September 30, 2024, primarily due to the $80.0 million of collaboration revenue associated with our collaboration and license agreement with Sanofi that we recognized during the period. Our net loss was $72.6 million for the nine months ended September 30, 2023. As of September 30, 2024, we had an accumulated deficit of $502.8 million. We expect our expenses and operating losses will increase over the next several years in connection with our ongoing activities, as we:
Previous wording
continue our clinical development of losmapimod and pociredir;
Current wording
continue our clinical development of pociredir;
Previous wording
advance clinical-stage product candidates into later stage trials such as REACH, the Phase 3 clinical trial of losmapimod for the treatment of FSHD;
Current wording
advance clinical-stage product candidates into later stage trials;
Previous wording
pursue the discovery of drug targets for other genetically-defined rare diseases and the subsequent development of any resulting product candidates, including for Diamond Blackfan Anemia, or DBA, under our license agreement with CAMP4;
Current wording
pursue the discovery of drug targets for other genetically-defined rare diseases and the subsequent development of any resulting product candidates, including for the potential treatment of inherited aplastic anemias, such as DBA, Shwachman-Diamond syndrome, and Fanconi anemia under our license agreement with CAMP4;
Previous wording
make any milestone payments to affiliates of GlaxoSmithKline plc, or GSK, under our right of reference and license agreement with GSK upon the achievement of specified clinical or regulatory milestones, or to CAMP4 under our license agreement with CAMP4;
Current wording
make any milestone payments to CAMP4 under our license agreement;
Previous wording
As of June 30, 2024, we had $273.8 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of June 30, 2024 will enable us to fund our operating expenses and capital expenditure requirements into 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “—Liquidity and Capital Resources.”
Current wording
As of September 30, 2024, we had $257.2 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of September 30, 2024 will enable us to fund our operating expenses and capital expenditure requirements into at least 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “—Liquidity and Capital Resources.”
Previous wording
During the three months ended June 30, 2024, we recognized $80.0 million of revenue associated with the upfront license payment. During the three months ended June 30, 2024, we recorded a $2.3 million reduction in research and development expenses in connection with global development activities for losmapimod. During the three months ended June 30, 2024, we recognized no revenue associated with the Sanofi territory-specific manufacturing activities for losmapimod.
Current wording
During the nine months ended September 30, 2024, we recognized $80.0 million of revenue associated with the upfront license payment. During the three and nine months ended September 30, 2024, we recorded a $3.7 million and $6.0 million reduction in research and development expenses in connection with global development activities for losmapimod, respectively. During the three and nine months ended September 30, 2024, we recognized no revenue associated with the Sanofi territory-specific manufacturing activities for losmapimod. As a result of the suspension offuture development of losmapimod, we do not expect to recognize additional revenues under the Sanofi collaboration agreement.
Previous wording
For the three months ended June 30, 2024 and 2023, we recognized zero and $0.9 million, respectively, of collaboration revenue under the MyoKardia collaboration agreement. As of June 30, 2024 and December 31, 2023, we have recorded no deferred revenue associated with the MyoKardia collaboration agreement. As of June 30, 2024, we had received $7.7 million of cost reimbursement payments and $2.5 million of milestone payments under the MyoKardia collaboration agreement. As of June 30, 2024, we recorded no accounts receivable or unbilled accounts receivable under the MyoKardia collaboration agreement.
Current wording
For the three months ended September 30, 2024 and 2023, we recognized zero and $0.8 million, respectively, of collaboration revenue under the MyoKardia collaboration agreement. As of September 30, 2024 and December 31, 2023, we have recorded no deferred revenue associated with the MyoKardia collaboration agreement. As of September 30, 2024, we had received $7.7 million of cost reimbursement payments and $2.5 million of milestone payments under the MyoKardia collaboration agreement. As of September 30, 2024, we recorded no accounts receivable or unbilled accounts receivable under the MyoKardia collaboration agreement.
Previous wording
The following table summarizes our external research and development expenses by program following nomination as a development candidate for the three and six months ended June 30, 2024 and 2023. Pre-development candidate expenses, unallocated expenses and internal research and development expenses are classified separately. Payments to or reimbursements from Sanofi related to global development activities are accounted for as an increase to or reduction of losmapimod external expenses.
Current wording
The following table summarizes our external research and development expenses by program following nomination as a development candidate for the three and nine months ended September 30, 2024 and 2023. Pre-development candidate expenses, unallocated expenses and internal research and development expenses are classified separately. Payments to or reimbursements from Sanofi related to global development activities are accounted for as an increase to or reduction of losmapimod external expenses.
Previous wording
Research and development activities account for a significant portion of our operating expenses. We expect our research and development expenses to increase significantly in future periods as we continue to implement our business strategy, which includes advancing losmapimod for the treatment of FSHD, advancing pociredir for the treatment of SCD, expanding our research and development efforts, including hiring additional personnel to support our research and development efforts, and seeking regulatory approvals for our product candidates that successfully complete clinical trials. In addition, product candidates in later stages of clinical development generally incur higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. As a result, we expect our research and development expenses to increase as our product candidates advance into later stages of clinical development. However, we do not believe that it is possible at this time to accurately project total program-specific expenses through approval and commercialization. There are numerous factors associated with obtaining regulatory approval and the successful commercialization of any of our product candidates, including future trial design and various regulatory requirements, many of which cannot be determined with accuracy at this time based on our stage of development.
Current wording
Research and development activities account for a significant portion of our operating expenses. We expect our research and development expenses to increase in future periods as we continue to implement our business strategy, which includes advancing pociredir for the treatment of SCD, expanding our research and development efforts, including hiring additional personnel to support our research and development efforts, and seeking regulatory approvals for our product candidates that successfully complete clinical trials. In addition, product candidates in later stages of clinical development generally incur higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. As a result, we expect our research and development expenses to increase as our product candidates advance into later stages of clinical development. However, we do not believe that it is possible at this time to accurately project total program-specific expenses through approval and commercialization. There are numerous factors associated with obtaining regulatory approval and the successful commercialization of any of our product candidates, including future trial design and various regulatory requirements, many of which cannot be determined with accuracy at this time based on our stage of development.
Previous wording
We expect that our general and administrative expenses will increase in the future to support continued research and development activities and planned commercialization activities in the United States, including establishing a sales, marketing and distribution infrastructure to commercialize any medicines for which we may obtain marketing approval. These increases will likely include increased costs related to the hiring of additional personnel, legal, audit, filing fees, and general compliance and consulting expenses, among other expenses.
Current wording
We expect that our general and administrative expenses will increase in the future to support continued research and development activities and planned commercialization activities, including establishing a sales, marketing and distribution infrastructure to commercialize any medicines for which we may obtain marketing approval. These increases will likely include increased costs related to the hiring of additional personnel, legal, audit, filing fees, and general compliance and consulting expenses, among other expenses.
Previous wording
Research and development expense decreased by $0.5 million from $17.8 million for the three months ended June 30, 2023 to $17.3 million for the three months ended June 30, 2024. The decrease in research and development expense was primarily attributable to the following:
Current wording
Research and development expense decreased by $3.6 million from $18.2 million for the three months ended September 30, 2023 to $14.6 million for the three months ended September 30, 2024. The decrease in research and development expense was primarily attributable to the following:
Previous wording
$0.8 million of decreased external research and development costs, primarily due to $2.3 million of reimbursement from the global development cost sharing under our collaboration with Sanofi for losmapimod, partially offset by increased development costs associated with the advancement of REACH, as we completed enrollment in September 2023;
Current wording
$2.3 million of decreased external research and development costs, primarily due to $3.7 million of reimbursement from the global development cost sharing under our collaboration with Sanofi for losmapimod, partially offset by increased development costs associated with the advancement of REACH, as we completed enrollment in September 2023, as well as increased costs associated with pociredir;
Previous wording
$0.2 million of decreased employee compensation costs due to decreased headcount, which reflects a partial offset of $0.3 million increase in stock-based compensation expense;
Current wording
$0.6 million of decreased employee compensation costs, which reflects a partial offset of $0.3 million in increased stock-based compensation expense.
Previous wording
$0.6 million of decreased laboratory supplies costs;
Current wording
$0.5 million of decreased laboratory supplies costs;
Previous wording
$0.1 million of decreased facility costs; and
Current wording
$0.2 million of decreased facility costs; and
Previous wording
General and administrative expenses decreased by $0.1 million from $10.3 million for the three months ended June 30, 2023 to $10.2 million for the three months ended June 30, 2024. The decrease in general and administrative expenses was primarily attributable to the following:
Current wording
General and administrative expenses decreased by $1.6 million from $10.0 million for the three months ended September 30, 2023 to $8.4 million for the three months ended September 30, 2024. The decrease in general and administrative expenses was primarily attributable to the following:
Previous wording
$1.8 million of decreased employee compensation costs, which reflects a $0.5 million decrease in stock-based compensation expense, due to decreased headcount;
Current wording
$1.7 million of decreased employee compensation costs due to decreased headcount, including a $0.2 million decrease in stock-based compensation expense;
Previous wording
partially offset by $0.5 million of increased professional services costs, primarily due to increased legal costs.
Current wording
partially offset by $0.6 million of increased professional services costs, primarily due to increased legal and commercial costs.
Previous wording
The following summarizes our results of operations for the six months ended June 30, 2024 and 2023 along with the changes in those items in dollars:
Current wording
The following summarizes our results of operations for the nine months ended September 30, 2024 and 2023 along with the changes in those items in dollars:
Previous wording
Collaboration revenue increased by $79.1 million from $0.9 million for the three months ended June 30, 2023 to $80.0 million for the three months ended June 30, 2024. The increase was primarily attributable to the recognition of $80.0 million of revenue associated with the upfront license payment received during the second quarter of 2024 under the Sanofi collaboration agreement.
Current wording
Collaboration revenue increased by $78.1 million from $1.9 million for the nine months ended September 30, 2023 to $80.0 million for the nine months ended September 30, 2024. The increase was primarily attributable to the recognition of $80.0 million of revenue associated with the upfront license payment received during the second quarter of 2024 under the Sanofi collaboration agreement.
Previous wording
The following table summarizes our research and development expenses for the six months ended June 30, 2024 and 2023:
Current wording
The following table summarizes our research and development expenses for the nine months ended September 30, 2024 and 2023:
Previous wording
Research and development expense increased by $2.4 million from $34.6 million for the six months ended June 30, 2023 to $37.0 million for the six months ended June 30, 2024. The increase in research and development expense was primarily attributable to the following:
Current wording
Research and development expense decreased by $1.1 million from $52.8 million for the nine months ended September 30, 2023 to $51.7 million for the nine months ended September 30, 2024. The decrease in research and development expense was primarily attributable to the following:
Previous wording
partially offset by $0.9 million of decreased laboratory supplies costs;
Current wording
$1.4 million of decreased laboratory supplies costs;
Previous wording
$1.9 million of increased external research and development costs, primarily due to the advancement of REACH as we completed enrollment in September 2023, partially offset by $2.3 million reimbursement from the global development cost sharing under our collaboration with Sanofi for losmapimod;
Current wording
$0.4 million of decreased external research and development costs, primarily due to $6.0 million of reimbursement from the global development cost sharing under our collaboration with Sanofi for losmapimod, partially offset by increased development costs associated with the advancement of REACH, as we completed enrollment in September 2023, as well as increased pociredir costs;
Previous wording
partially offset by $1.0 million of increased employee compensation costs, including a $0.7 million increase in stock-based compensation expense.
Current wording
partially offset by $1.3 million of increased employee compensation costs, primarily due to increased stock-based compensation costs.
Previous wording
The following table summarizes our general and administrative expenses for the six months ended June 30, 2024 and 2023:
Current wording
The following table summarizes our general and administrative expenses for the nine months ended September 30, 2024 and 2023:
Previous wording
General and administrative expenses decreased by $1.5 million from $21.8 million for the three months ended June 30, 2023 to $20.3 million for the six months ended June 30, 2024. The decrease in general and administrative expenses was primarily attributable to the following:
Current wording
General and administrative expenses decreased by $3.1 million from $31.8 million for the three months ended September 30, 2023 to $28.7 million for the nine months ended September 30, 2024. The decrease in general and administrative expenses was primarily attributable to the following:
Previous wording
$1.9 million of increased employee compensation costs, including a $1.2 million increase in stock-based compensation expense;
Current wording
$3.5 million of decreased employee compensation costs, including a $0.8 million decrease in stock-based compensation expense, due to decreased headcount;
Previous wording
$0.3 million of decreased facility costs as a result of the expiration of our lease agreement for office space at 125 Sidney Street;
Current wording
$0.8 million of decreased facility costs as a result of the expiration of our lease agreement for office space at 125 Sidney Street;
Previous wording
partially offset by $0.7 million of increased professional services costs, primarily due to increased legal costs.
Current wording
partially offset by $1.3 million of increased professional services costs, primarily due to increased legal and commercial costs.
Previous wording
Other income, net decreased by $0.8 million from $6.7 million for the six months ended June 30, 2023 to $5.9 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in our average cash, cash equivalents, and marketable securities balance.
Current wording
Other income, net decreased by $0.8 million from $10.1 million for the nine months ended September 30, 2023 to $9.3 million for the nine months ended September 30, 2024. The decrease was primarily attributable to a decrease in our average cash, cash equivalents, and marketable securities balance.
Previous wording
We have incurred significant operating losses since our inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. As of June 30, 2024, we have funded our operations primarily with aggregate gross proceeds of $792.5 million from the sale of shares of our capital stock and from upfront payments received under our collaboration and license agreements. As of June 30, 2024, we had cash, cash equivalents, and marketable securities of $273.8 million.
Current wording
We have incurred significant operating losses since our inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. We have not yet commercialized any product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. As of September 30, 2024, we have funded our operations primarily with aggregate gross proceeds of $792.5 million from the sale of shares of our capital stock and from upfront payments received under our collaboration and license agreements. As of September 30, 2024, we had cash, cash equivalents, and marketable securities of $257.2 million.
Previous wording
The following table provides information regarding our cash flows for the six months ended June 30, 2024:
Current wording
The following table provides information regarding our cash flows for the nine months ended September 30, 2024:
Previous wording
Net cash provided by operating activities was $33.6 million during the six months ended June 30, 2024 compared to net cash used in operating activities of $44.9 million during the six months ended June 30, 2023. The increase in net cash provided by operating activities of $78.5 million was primarily due to the receipt of the $80.0 million upfront license payment during the second quarter of 2024 under the Sanofi collaboration agreement, partially offset by an increase in our net loss, including as a result of increased external research and development costs as we continued the advancement of REACH.
Current wording
Net cash provided by operating activities was $14.5 million during the nine months ended September 30, 2024 compared to net cash used in operating activities of $67.8 million during the nine months ended September 30, 2023. The increase in net cash provided by operating activities of $82.3 million was primarily due to the receipt of the $80.0 million upfront license payment during the second quarter of 2024 under the Sanofi collaboration agreement.
Previous wording
Net cash provided by investing activities was $25.6 million during the six months ended June 30, 2024 compared to net cash used in investing activities of $74.1 million during the six months ended June 30, 2023. The increase in net cash provided by investing activities of $99.7 million was primarily due to net maturities of marketable securities during the six months ended June 30, 2024, as compared to net purchases of marketable securities during the six months ended June 30, 2023.
Current wording
Net cash provided by investing activities was $30.0 million during the nine months ended September 30, 2024 compared to net cash used in investing activities of $55.0 million during the nine months ended September 30, 2023. The increase in net cash provided by investing activities of $85.0 million was primarily due to net maturities of marketable securities during the nine months ended September 30, 2024, as compared to net purchases of marketable securities during the nine months ended September 30, 2023.
Previous wording
Net cash provided by financing activities was $2.0 million during the six months ended June 30, 2024 compared to net cash provided by financing activities of $117.8 million during the six months ended June 30, 2023. Net cash provided by financing activities during the six months ended June 30, 2024 consisted of net proceeds of $1.8 million from the issuance of common stock under our benefit plans. Net cash provided by financing activities during the six months ended June 30, 2023 primarily consisted of net proceeds of $117.3 million from the January 2023 public offering of our common stock.
Current wording
Net cash provided by financing activities was $2.7 million during the nine months ended September 30, 2024 compared to net cash provided by financing activities of $117.8 million during the nine months ended September 30, 2023. Net cash provided by financing activities during the nine months ended September 30, 2024 consisted of net proceeds of $2.4 million from the issuance of common stock under our benefit plans. Net cash provided by financing activities during the nine months ended September 30, 2023 primarily consisted of net proceeds of $117.3 million from the January 2023 public offering of our common stock.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
$0.1 million of decreased other costs.
Current report — wording carried from elsewhere
and $0.1 million of decreased other costs;
Current report — wording carried from elsewhere
$0.3 million of decreased facility costs;
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
In the future, we may generate revenue from services performed related to Sanofi territory-specific manufacturing for losmapimod, as well as from milestones and royalty payments under the Sanofi collaboration agreement. We expect that our revenue may fluctuate from quarter-to-quarter and year-to-year based on our performance of Sanofi territory-specific manufacturing services and as a result of the timing, amount, and achievement of milestones under the Sanofi collaboration agreement.
Previous report — wording carried elsewhere
$0.2 million of decreased other costs;
Previous report — wording carried elsewhere
Other income, net decreased by $0.6 million from $3.5 million for the three months ended June 30, 2023 to $2.9 million for the three months ended June 30, 2024. The decrease was primarily attributable to a decrease in our average cash, cash equivalents, and marketable securities balance.
Previous report — wording carried elsewhere
Collaboration revenue increased by $78.8 million from $1.2 million for the six months ended June 30, 2023 to $80.0 million for the six months ended June 30, 2024. The increase was primarily attributable to the recognition of $80.0 million of revenue associated with the upfront license payment received during the second quarter of 2024 under the Sanofi collaboration agreement.
Previous report — wording carried elsewhere
$0.1 million of decreased facility costs; and
Previous report — wording carried elsewhere
$0.3 million of decreased other costs.