ANAPTYSBIO INC
For the period ended Jun 30, 2024. Filed Aug 5, 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.
Jun 30, 2024 · Filed Aug 5, 2024
ANAB$46.45+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-09.
0001370053-24-000027
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-05.
0001370053-24-000041
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 101 previous paragraphs and 106 current paragraphs.
76 unchanged; 23 reworded; 5 added; 2 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (5)
Current report
Research and development expenses were $79.0 million during the six months ended June 30, 2024 compared to $67.9 million during the six months ended June 30, 2023 for an increase of $11.1 million, primarily due to a $17.7 million increase in clinical expenses, $6.3 million increase in salaries and related expenses, including stock-based compensation expense, and $0.9 million increase in other research and development expenses, offset by a decrease of $13.8 million in outside services for manufacturing expenses.
Current report
General and administrative expenses were $9.3 million during the three months ended June 30, 2024 compared to $10.7 million during the three months ended June 30, 2023 for a decrease of $1.4 million, primarily due to a $1.5 million decrease in personnel costs, including stock-based compensation expense, offset by an increase of $0.1 million increase in legal and other general and administrative expenses.
Current report
Non-cash interest expense was $17.3 million and $8.7 million during the six months ended June 30, 2024 and 2023, respectively. The increase of $8.6 million in non-cash interest expense is primarily due to the Jemperli Amendment which increased the threshold amounts of aggregate Jemperli royalties and milestones to be received by Sagard.
Current report
Interest income was $9.2 million and $9.1 million during the six months ended June 30, 2024 and 2023, respectively, which primarily related to our short-term and long-term investments. The slight increase in interest income is primarily due to the timing of sales, maturities and purchases of our investments.
Current report
Other (Expense) Income, Net
Removed paragraphs (2)
Previous report
We also completed a randomized placebo-controlled 45-patient Phase 2 trial assessing a single 400mg monthly dose of rosnilimab over six months in moderate-to-severe alopecia areata patients. In January 2023, we reported interim results of blinded data which suggested that sufficient improvement in the severity of alopecia tool (SALT) endpoint necessary to justify further development in alopecia was not achieved. Furthermore, we reported safety and pharmacodynamics data suggesting that rosnilimab was generally well tolerated, with no dose limiting toxicities observed and no SAEs reported.
Previous report
Other Expense, Net
Reworded paragraphs (23)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited consolidated financial statements and related notes for the three months ended March 31, 2024, included in Part I, Item 1 of this report and with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K. This discussion and other sections of this Quarterly Report contain forward-looking statements that involve risks and uncertainties, such as our plans, objectives, expectations, intentions, and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled “Risk Factors” included in Part II, Item 1A of this Quarterly Report. You should also carefully read “Special Note Regarding Forward-Looking Statements.”
Current wording
You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited consolidated financial statements and related notes for the six months ended June 30, 2024, included in Part I, Item 1 of this report and with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K. This discussion and other sections of this Quarterly Report contain forward-looking statements that involve risks and uncertainties, such as our plans, objectives, expectations, intentions, and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled “Risk Factors” included in Part II, Item 1A of this Quarterly Report. You should also carefully read “Special Note Regarding Forward-Looking Statements.”
Previous wording
We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics. We are developing immune cell modulating antibodies, including two wholly owned checkpoint agonists in clinical-stage development, for autoimmune and inflammatory diseases: rosnilimab, our PD-1 agonist in a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (“RA”) and a Phase 2 trial for the treatment of moderate-to-severe ulcerative colitis (“UC”); and ANB032, our BTLA agonist, in a Phase 2b trial for the treatment of moderate-to-severe atopic dermatitis (“AD”). We also have other preclinical immune cell modulator candidates for the treatment of autoimmune and inflammatory diseases in our portfolio, including ANB033, an anti-CD122 antagonist antibody, and ANB101, a BDCA2 modulator antibody. In addition, we have developed two cytokine antagonists that we are exploring options for out-licensing: imsidolimab, our anti-IL-36R antibody, that has completed Phase 3 trials for the treatment of generalized pustular psoriasis (“GPP”), and etokimab, our anti-IL-33 antagonist that is Phase 2/3 ready. We have also discovered multiple therapeutic antibodies licensed to GlaxoSmithKline, Inc. (“GSK”) in a financial collaboration for immuno-oncology, including an anti-PD-1 antagonist antibody (Jemperli (dostarlimab-gxly) or “Jemperli”) and an anti-TIM-3 antagonist antibody (cobolimab, GSK4069889). We currently recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK.
Current wording
We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics. We are developing immune cell modulating antibodies, including two wholly owned checkpoint agonists in clinical-stage development, for autoimmune and inflammatory diseases: rosnilimab, our PD-1 agonist in a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (“RA”) and a Phase 2 trial for the treatment of moderate-to-severe ulcerative colitis (“UC”); and ANB032, our BTLA agonist, in a Phase 2b trial for the treatment of moderate-to-severe atopic dermatitis (“AD”). We also have other immune cell modulator candidates in our portfolio, including ANB033, an anti-CD122 antagonist antibody, entering a Phase 1 trial and ANB101, a BDCA2 modulator antibody, in preclinical development. In addition, we have developed two cytokine antagonists that we are exploring options for out-licensing: imsidolimab, our anti-IL-36R antibody, that has completed Phase 3 trials for the treatment of generalized pustular psoriasis (“GPP”), and etokimab, our anti-IL-33 antagonist that is Phase 2/3 ready. We have also discovered multiple therapeutic antibodies licensed to GlaxoSmithKline, Inc. (“GSK”) in a financial collaboration for immuno-oncology, including an anti-PD-1 antagonist antibody (Jemperli (dostarlimab-gxly) or “Jemperli”) and an anti-TIM-3 antagonist antibody (cobolimab, GSK4069889). We currently recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK.
Previous wording
We are conducting a randomized placebo-controlled 420-patient global Phase 2b trial assessing three dose levels of subcutaneously administrated rosnilimab in moderate-to-severe RA for up to 28 weeks on well-established endpoints including ACR20/50/70 and DAS28-CRP. We anticipate reporting top-line data on the primary endpoint in the RA trial by mid 2025. We are also conducting a randomized placebo-controlled 130-patient, global Phase 2 trial assessing two dose levels of subcutaneously administered rosnilimab in moderate-to-severe UC for up to 24 weeks on well-established endpoints including clinical remission on the modified Mayo score (“mMS”), clinical response on the mMS and endoscopic remission. We anticipate reporting top-line data on the primary endpoint in the UC trial in the first half of 2026.
Current wording
We are conducting a randomized placebo-controlled global Phase 2b trial assessing three dose levels of subcutaneously administrated rosnilimab in moderate-to-severe RA for up to 28 weeks on well-established endpoints including ACR20/50/70 and DAS28-CRP. We anticipate reporting top-line data on the primary endpoint in the RA trial in the first quarter of 2025. We are also conducting a randomized placebo-controlled 130-patient, global Phase 2 trial assessing two dose levels of subcutaneously administered rosnilimab in moderate-to-severe UC for up to 24 weeks on well-established endpoints including clinical remission on the modified Mayo score (“mMS”), clinical response on the mMS and endoscopic remission. We anticipate reporting top-line data on the primary endpoint in the UC trial in the first quarter of 2026.
Previous wording
We are conducting a randomized placebo-controlled 160 patient global Phase 2b trial assessing three dose levels of subcutaneously administered ANB032 in moderate-to-severe AD for 12 weeks on well-established endpoints including EASI75, EASI90 and IGA 0/1 measured at week 14. Patients will then be followed for an additional 24 weeks after the final dose at week 12 to understand longer term safety as well as the potential for prolonged and sustained efficacy. We anticipate reporting top-line data on the primary endpoint from this trial by the end of 2024.
Current wording
EASI75, EASI90 and IGA 0/1 measured at week 14. Patients will be followed for an additional 24 weeks after the final dose at week 12 to understand longer term safety as well as the potential for prolonged and sustained efficacy. We anticipate reporting top-line data on the primary endpoint from this trial in December 2024.
Previous wording
ANB033 targets CD122, the common beta subunit shared by the IL-15 and IL-2 receptors. IL-15 and IL-2 signaling mediate the proliferation and survival of NK cells and certain CD8 T cell subsets. ANB033 is an antibody designed with an affinity to CD122 that inhibits IL-15 and IL-2 signaling through the low affinity IL-2 receptor (comprised of CD122 and the common gamma subunit, CD132) while sparing IL-2 signaling through the high affinity IL-2 receptor (comprised of CD122, CD132 and the alpha receptor subunit for IL-2, CD25) expressed by regulatory T cells. This leads to the potential to achieve and maintain remission of inflammation through the reduction of disease-causing NK cells and certain CD8 T cell subsets, while sparing regulatory T cells. By preventing the consumption of IL-2 by pathogenic cells that express the low affinity IL-2 receptor, circulating levels of IL-2 may increase, potentially enhancing regulatory T cell numbers that express the high affinity IL-2 receptor in the setting of inflammation. We anticipate submitting an IND for a Phase 1 clinical trial with ANB033 during the second quarter of 2024.
Current wording
ANB033 targets CD122, the common beta subunit shared by the IL-15 and IL-2 receptors. IL-15 and IL-2 signaling mediate the proliferation and survival of NK cells and certain CD8 T cell subsets. ANB033 is an antibody designed with an affinity to CD122 that inhibits IL-15 and IL-2 signaling through the low affinity IL-2 receptor (comprised of CD122 and the common gamma subunit, CD132) while sparing IL-2 signaling through the high affinity IL-2 receptor (comprised of CD122, CD132 and the alpha receptor subunit for IL-2, CD25) expressed by regulatory T cells. This leads to the potential to achieve and maintain remission of inflammation through the reduction of disease-causing NK cells and certain CD8 T cell subsets, while sparing regulatory T cells. By preventing the consumption of IL-2 by pathogenic cells that express the low affinity IL-2 receptor, circulating levels of IL-2 may increase, potentially enhancing regulatory T cell numbers that express the high affinity IL-2 receptor in the setting of inflammation. We anticipate starting the Phase 1 trial in the fourth quarter of 2024.
Previous wording
Blood dendritic cell antigen 2 (“BDCA2”) is a molecule specifically expressed on plasmacytoid dendritic cells (“pDCs”), a class of immune cells which, while found in relatively small numbers in healthy patients, are enriched in patients with a variety of inflammatory diseases, that is critical to the regulation of toll-like receptor signaling and interferon secretion. pDCs are a key upstream node in the inflammatory cascade that serve as a bridge between innate and adaptive immunity. They have been shown to be prolific secretors of type I interferons, which drive activation of a variety of downstream cell types including T cells and monocytes. Together with their ability to present antigens to the adaptive immune system, this creates a pro-inflammatory environment for the establishment and perpetuation of autoimmune pathology. BDCA2 has been implicated in the pathophysiology of systemic lupus erythematosus (“SLE”), where there exists mechanistic clinical proof of concept for pDC modulation. ANB101 is a BDCA2 modulator antibody that targets pDCs and potently inhibits interferon secretion and modulates antigen presentation for the treatment of autoimmune and inflammatory diseases. We anticipate submitting an IND for a Phase 1 clinical trial with ANB101 during the second half of 2024.
Current wording
Blood dendritic cell antigen 2 (“BDCA2”) is a molecule specifically expressed on plasmacytoid dendritic cells (“pDCs”), a class of immune cells which, while found in relatively small numbers in healthy patients, are enriched in patients with a variety of inflammatory diseases, that is critical to the regulation of toll-like receptor signaling and interferon secretion. pDCs are a key upstream node in the inflammatory cascade that serve as a bridge between innate and adaptive immunity. They have been shown to be prolific secretors of type I interferons, which drive activation of a variety of downstream cell types including T cells and monocytes. Together with their ability to present antigens to the adaptive immune system, this creates a pro-inflammatory environment for the establishment and perpetuation of autoimmune pathology. BDCA2 has been implicated in the pathophysiology of systemic lupus erythematosus (“SLE”), where there exists mechanistic clinical proof of concept for pDC modulation. ANB101 is a BDCA2 modulator antibody that targets pDCs and potently inhibits interferon secretion and modulates antigen presentation for the treatment of autoimmune and inflammatory diseases. We anticipate submitting an IND for a Phase 1 clinical trial with ANB101 in the fourth quarter of 2024.
Previous wording
Our revenue has been derived from amortization of upfront license payments, research and development funding, milestone and royalty payments under collaboration and license agreements with our collaborators. From inception through March 31, 2024, we have recognized $262.4 million in revenue from our collaborators. We have not generated any revenue from product sales.
Current wording
Our revenue has been derived from amortization of upfront license payments, research and development funding, milestone and royalty payments under collaboration and license agreements with our collaborators. From inception through June 30, 2024, we have recognized $273.4 million in revenue from our collaborators. We have not generated any revenue from product sales.
Previous wording
Results of Operations – Comparison of the Three Months Ended March 31, 2024 and 2023
Current wording
Results of Operations – Comparison of the Three and Six Months Ended June 30, 2024 and 2023
Previous wording
Collaboration revenue consists of both milestone payments under the collaborations, and royalty payments. We recognized $0 in milestone revenue during each of the three months ended March 31, 2024 and 2023. We expect that any collaboration revenue we generate will continue to fluctuate from period to period as a result of the timing and amount of milestones from our existing collaborations.
Current wording
Collaboration revenue consists of both milestone payments under the collaborations, and royalty payments. We recognized $0 in milestone revenue during each of the three and six months ended June 30, 2024 and 2023. We expect that any collaboration revenue we generate will continue to fluctuate from period to period as a result of the timing and amount of milestones from our existing collaborations.
Previous wording
Royalty revenue is a function of our partners’ product sales and the applicable royalty rate. During the three months ended March 31, 2024 and 2023, we recognized $7.2 million and $1.4 million, respectively, related to the net sales of GSK’s Jemperliand Zejula, which we estimate based on either GSK’s prior sales experience or actuals. All royalty revenue related to Zejula global net sales starting July 2022 are paid directly to a wholly owned subsidiary of DRI Healthcare Trust pursuant to the Zejula Royalty Monetization Agreement. For more information see Note 5 — Sale of Future Royalties in the accompanying notes to the consolidated financial statements.
Current wording
Royalty revenue is a function of our partners’ product sales and the applicable royalty rate. During the three months ended June 30, 2024 and 2023, we recognized $11.0 million and $3.5 million, respectively, related to the net sales of GSK’s Jemperliand Zejula, which we estimate based on either GSK’s prior sales experience or actuals. During the six months ended June 30, 2024 and 2023, we recognized $18.2 million and $4.8 million, respectively, of royalty revenue related to the net sales of GSK’s Jemperliand Zejula. All royalty revenue related to Zejula global net sales starting July 2022 is paid directly to a wholly owned subsidiary of DRI Healthcare Trust pursuant to the Zejula Royalty Monetization Agreement. For more information see Note 5 — Sale of Future Royalties in the accompanying notes to the consolidated financial statements.
Previous wording
Research and development expenses were $37.0 million during the three months ended March 31, 2024 compared to $35.0 million during the three months ended March 31, 2023 for an increase of $2.0 million, primarily due to a $5.6 million increase in clinical expenses, $3.1 million increase in salaries and related expenses, including stock-based compensation expense, and $0.5 million increase in other research and development expenses, offset by a decrease of $7.2 million in outside services for manufacturing expenses.
Current wording
Research and development expenses were $42.0 million during the three months ended June 30, 2024 compared to $32.9 million during the three months ended June 30, 2023 for an increase of $9.1 million, primarily due to a $12.1 million increase in clinical expenses, $3.2 million increase in salaries and related expenses, including stock-based compensation expense, and $0.4 million increase in other research and development expenses, offset by a decrease of $6.6 million in outside services for manufacturing expenses.
Previous wording
General and administrative expenses were $12.3 million during the three months ended March 31, 2024 compared to $10.8 million during the three months ended March 31, 2023 for an increase of $1.5 million, primarily due to a $1.5 million increase in personnel costs, including stock-based compensation expense, $0.4 million increase in legal and other general and administrative expenses, offset by a $0.4 million decrease in market research cost and insurance expense.
Current wording
General and administrative expenses were $21.6 million during the six months ended June 30, 2024 compared to $21.5 million during the six months ended June 30, 2023 for an increase of $0.1 million, primarily due to a $0.4 million increase in legal and other general and administrative expenses, and a $0.1 million increase in personnel costs, including stock-based compensation expense, offset by a decrease of $0.4 million in market research cost and insurance expense.
Previous wording
Non-cash interest expense was $6.3 million and $4.3 million during the three months ended March 31, 2024 and 2023, respectively. The increase of $2.0 million in non-cash interest expense is due to increased GSKJemperli sales which changed the expected timing for Sagard to be paid per the Jemperli Royalty Monetization Agreement.
Current wording
Non-cash interest expense was $11.0 million and $4.4 million during the three months ended June 30, 2024 and 2023, respectively. The increase of $6.6 million in non-cash interest expense is primarily due to the Jemperli Amendment which increased the threshold amounts of aggregate Jemperli royalties and milestones to be received by Sagard.
Previous wording
Interest income was $4.6 million and $4.5 million during the three months ended March 31, 2024 and 2023, respectively, which primarily related to our short-term and long-term investments. The increase in interest income is due to higher interest rates earned on investments during the three months ended March 31, 2024.
Current wording
Interest income was $4.6 million and $4.7 million during the three months ended June 30, 2024 and 2023, respectively, which primarily related to our short-term and long-term investments. The slight decrease in interest income is primarily due to the timing of sales, maturities and purchases of our investments.
Previous wording
Other expense, net was less than $0.1 million for the three months ended March 31, 2024 and 2023, which primarily related to foreign exchange transactions with our foreign CROs and CMOs.
Current wording
Other income, net was less than $0.1 million for both the three months ended June 30, 2024 and 2023, which primarily related to foreign exchange transactions with our foreign CROs and CMOs.
Previous wording
From our inception through March 31, 2024, we have received an aggregate of $1.2 billion to fund our operations, which included $638.1 million from the sale of equity securities, $285.0 million from the sale of future royalties, and $234.2 million from our collaboration agreements. As of March 31, 2024, we had $370.1 million in cash, cash equivalents and investments.
Current wording
From our inception through June 30, 2024, we have received an aggregate of $1.2 billion to fund our operations, which included $639.1 million from the sale of equity securities, $335.0 million from the sale of future royalties, and $234.2 million from our collaboration agreements. As of June 30, 2024, we had $393.5 million in cash, cash equivalents and investments.
Previous wording
Cash, cash equivalents and investments totaled $370.1 million as of March 31, 2024, compared to $417.9 million as of December 31, 2023. We believe that our existing cash, cash equivalents and investments will fund our current operating plan for at least the next twelve months from the issuance of our consolidated financial statements. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we expect. Additionally, the process of testing product candidates in clinical trials and seeking regulatory approval is costly, and the timing of progress and expenses in these trials is uncertain.
Current wording
Cash, cash equivalents and investments totaled $393.5 million as of June 30, 2024, compared to $417.9 million as of December 31, 2023. We believe that our existing cash, cash equivalents and investments will fund our current operating plan for at least the next twelve months from the issuance of our consolidated financial statements. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we expect. Additionally, the process of testing product candidates in clinical trials and seeking regulatory approval is costly, and the timing of progress and expenses in these trials is uncertain.
Previous wording
The following table summarizes our cash flows for the three months ended March 31, 2024 and 2023:
Current wording
The following table summarizes our cash flows for the six months ended June 30, 2024 and 2023:
Previous wording
Net cash used in operating activities during the three months ended March 31, 2023 of $24.6 million was primarily due to our net loss of $44.3 million, adjusted for addbacks for non-cash expenses of $11.6 million, which includes stock-based compensation, amortization of operating right-of-use assets, non-cash interest expense, income from marketable securities and net increases in working capital of $8.1 million.
Current wording
Net cash used in operating activities during the six months ended June 30, 2024 of $58.6 million was primarily due to our net loss of $90.6 million, adjusted for addbacks for non-cash expenses of $30.7 million, which includes stock-based compensation, amortization of operating ROU assets, non-cash interest expense, income from marketable securities and net increases in working capital of $1.3 million.
Previous wording
Net cash used in operating activities during the three months ended March 31, 2024 of $37.3 million was primarily due to our net loss of $43.9 million, adjusted for addbacks for non-cash expenses of $14.0 million, which includes stock-based compensation, amortization of operating right-of-use assets, non-cash interest expense, income from marketable securities, offset by net decreases in working capital of $7.4 million.
Current wording
Net cash used in operating activities during the six months ended June 30, 2023 of $50.0 million was primarily due to our net loss of $84.1 million, adjusted for addbacks for non-cash expenses of $22.8 million, which includes stock-based compensation, amortization of operating ROU assets, non-cash interest expense, income from marketable securities and net increases in working capital of $11.3 million.
Previous wording
Net cash provided by investing activities during the three months ended March 31, 2024 and 2023 of $68.6 million and $85.4 million, respectively, primarily relates to the timing of sales, maturities and purchases of our investments.
Current wording
Net cash provided by investing activities during the six months ended June 30, 2024 and 2023 of $66.2 million and $64.9 million, respectively, primarily relates to the timing of sales, maturities and purchases of our investments.
Previous wording
The net cash used in financing activities during the three months ended March 31, 2024 of $13.6 million was primarily related to $6.9 million for repayments of the liability for the sale of future royalties, $7.5 million for net share settlement of equity awards, offset by $0.8 million of cash received for the issuance of common stock.
Current wording
The net cash provided by financing activities during the six months ended June 30, 2024 of $28.3 million was primarily related to $50.0 million received for the sale of future royalties, $1.8 million of cash received for the issuance of common stock, offset by $16.0 million for repayments of the liability for the sale of future royalties and $7.5 million for net share settlement of equity awards.
Previous wording
The net cash used by financing activities during the three months ended March 31, 2023 of $37.6 million was primarily related to $37.5 million paid for repurchases and retirements of common stock, $1.3 million for repayments of the liability for the sale of future royalties, offset by $1.3 million of cash received for the issuance of common stock.
Current wording
The net cash used in financing activities during the six months ended June 30, 2023 of $51.1 million was primarily related to $50.0 million paid for repurchases and retirements of common stock, $3.1 million for repayments of the liability for the sale of future royalties, offset by $2.0 million of cash received for the issuance of common stock.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
We have completed enrollment of a randomized, placebo-controlled global Phase 2b trial assessing three dose levels of subcutaneously administered ANB032 in moderate-to-severe AD for 12 weeks on well-established endpoints including
Current report — wording carried from elsewhere
Other expense, net was less than $0.1 million for both the six months ended June 30, 2024 and 2023, which primarily related to foreign exchange transactions with our foreign CROs and CMOs.