Gain Therapeutics Reports Q2 2024 Financial Results and Provides Corporate Update

Gain Therapeutics Reports Financial Results for Second Quarter 2024 and Provides Corporate Update - Gain Therapeutics (NASDAQ:GANX)

Topline Results From MAD Phase 1 Study of GT-02287 on Track for August 2024 With Full Presentation at Upcoming Medical Conferences in Early Q4 2024 Initiation of Phase 1b Study of GT-02287 in Parkinson's Disease Patients Anticipated in Q4 2024 BETHESDA, Md., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. GANX ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today reports financial results for the quarter ended June 30, 2024, and provides a corporate update. "The second quarter of 2024 proved to be productive for Gain, as we made significant progress in advancing our lead candidate GT-02287," said Gene Mack, Interim CEO and CFO of Gain. "We are encouraged by results to date, from both the SAD and MAD studies completed in the second quarter, demonstrating GT-02287's favorable safety profile. As we eagerly await the full topline results from the MAD part of the study expected this month, we remain confident in the potential of GT-02287 to become a lead treatment for Parkinson's disease in patients with or without a GBA1 mutation. We look forward to presenting our findings at medical conferences this fall and advancing GT-02287 into a Phase 1b study to evaluate its efficacy in actual Parkinson's patients in the fourth quarter of 2024. Finally, we believe we are well-positioned to continue executing on our near-term clinical milestones, with the goal of delivering a life-changing therapy to patients in need." Second Quarter 2024 and Recent Corporate Highlights Pipeline Updates Announced the completion of dosing in the Multiple Ascending Dose (MAD) portion of the Phase 1 trial of GT-02287, the Company's lead candidate being evaluated for the treatment of Parkinson's disease in patients with or without a GBA1 mutation;Announced positive results from the Single Ascending Dose (SAD) portion of the Phase 1 trial of GT-02287; andPresented preclinical data demonstrating an improvement in cognitive performance and activities of daily living with GT-02287 treatment in a mouse model of Parkinson's disease in a late-breaking poster presentation at the Federation of European Neuroscience Societies (FENS) Forum 2024 held in Austria. Corporate Updates Announced appointment of Gene Mack as interim CEO and Chief Financial Officer. Khalid Islam, Ph.D., founder and Chairman of the Company's Board of Directors, is serving as Executive Chairman; andCompleted an underwritten public offering that resulted in approximately $10.0 million of net proceeds. Upcoming Milestones Data lock for the MAD portion of the Phase 1 trial for GT-02287 in healthy volunteers will occur in mid-August with topline results expected soon after;Presentation of late-breaking abstract at International Congress of Parkinson's Disease and Movement Disorders from September 27th through October 1st;Presentation of abstract at Neuroscience 2024 from October 5th through October 9th ; andInitiation of Phase 1b trial evaluating GT-02287 in actual Parkinson's disease patients expected in Q4 2024. Q2 2024 Financial Results Research and development expenses increased by $0.4 million to $4.4 million for the three months ended June 30, 2024, as compared to $4.0 million for the three months ended June 30, 2023. The increase in research and development expenses was primarily related to costs associated with the ongoing Clinical Phase 1 trial of our lead program GT-02287 for the treatment of Parkinson's Disease in patients with or without a GBA1 mutation. General and administrative expenses for the three months ended June 30, 2024, were $3.7 million, consistent with the expenses for the three months ended June 30, 2023. General and administrative expenses mainly consist of legal and professional fees relating to general corporate matters, share-based compensation expenses and employee's termination benefits expenses. Net loss for the three months ended June 30, 2024, was $0.42 per share, basic and diluted, compared to $0.62 per share, basic and diluted, for the three months ended June 30, 2023. Cash, cash equivalent and marketable securities were $16.9 million as of June 30, 2024, compared to $16.8 million as of December 31, 2023. About Gain Therapeutics, Inc. Gain Therapeutics, Inc. is a clinical-stage biotechnology company leading the discovery and development of next generation allosteric therapies. Gain's lead drug candidate GT-02287 for the treatment of Parkinson's disease with or without a GBA1 mutation is currently being evaluated in a Phase 1 clinical trial. Leveraging AI-supported structural biology, proprietary algorithms, and supercomputer-powered physics-based models, the company's Magellan™ drug discovery platform can identify novel allosteric binding sites on disease-implicated proteins, pinpointing pockets that cannot be found or drugged with current technologies. Its AI and machine-learning tools and virtual screening capabilities leverage the emerging on-demand compound libraries covering vast chemical spaces of over five trillion compounds to identify and select suitable small molecule hits for experimental validation. Gain's unique approach enables the discovery of novel, allosteric small molecule modulators that can restore or disrupt protein function. Deploying its highly advanced platform, Gain is accelerating drug discovery and unlocking novel disease-modifying treatments for untreatable or difficult-to-treat disorders including neurodegenerative diseases, rare genetic disorders and oncology. This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are typically preceded by words such as "believes," "expects," "anticipates," "intends," "will," "may," "should," or similar expressions. These forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct or that those goals will be achieved, and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks associated with market conditions and the satisfaction of customary closing conditions related to the offering and uncertainties related to the offerings and the use of proceeds from the offerings. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, please refer to the Company's prospectus supplement to be filed with the SEC, and the documents incorporated by reference therein, including the Company's Form 10-K for the year ended December 31, 2023 and Form 10-Q for the quarter ended June 30, 2024. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. We have no obligation, and expressly disclaim any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise. Investor Contacts: Apaar Jammu and Chuck Padala [email protected] [email protected] Media Contacts: Russo Partners Nic Johnson and Elio Ambrosio [email protected] [email protected] (212) 845-4242 GAIN THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023Revenues: Collaboration revenues$ -- $ -- $ -- $55,180 Other income -- -- -- -- Total revenues$ -- $ -- $ -- $55,180 Operating expenses: Research and development (4,437,631) (3,987,943) (6,944,537) (6,779,148)General and administrative (3,745,193) (3,743,171) (5,615,987) (6,236,930)Total operating expenses (8,182,824) (7,731,114) (12,560,524) (13,016,078) Loss from operations$(8,182,824) $(7,731,114) $(12,560,524) $(12,960,898) Other income/(expense): Interest income, net 84,531 129,929 199,834 281,964 Foreign exchange gain/(loss), net (43,576) (60,195) 224,501 (103,037)Loss before income tax$(8,141,869) $(7,661,380) $(12,136,189) $(12,781,971) Income tax (1,209) (26,589) (21,083) (43,317) Net loss$(8,143,078) $(7,687,969) $(12,157,272) $(12,825,288) Net loss per shares: Net loss per share attributable to common stockholders - basic and diluted$(0.42) $(0.62) $(0.65) $(1.05)Weighted average common shares - basic and diluted 19,215,582 12,387,089 18,600,683 12,157,969 GAIN THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) June 30, December 31, 2024 2023Assets Current assets: Cash and cash equivalents$16,936,315 $11,794,949 Marketable securities - current -- 4,999,704 Tax credits 313,248 242,577 Prepaid expenses and other current assets 1,289,316 741,638 Total current assets$18,538,879 $17,778,868 Non-current assets: Property and equipment, net$123,930 $125,962 Internal-use software 158,149 193,375 Operating lease - right of use assets 325,879 459,215 Restricted cash 31,803 34,021 Long-term deposits and other non-current assets 17,547 17,890 Total non-current assets 657,308 830,463 Total assets$19,196,187 $18,609,331 Liabilities and stockholders' equity Current liabilities: Accounts payable$2,046,832 $1,318,965 Operating lease liability - current 186,846 229,693 Other current liabilities 3,468,254 2,160,366 Deferred income - current 710,001 1,122,138 Loans - current 111,051 118,797 Total current liabilities$6,522,984 $4,949,959 Non-current liabilities: Defined benefit pension plan$298,428 $307,454 Operating lease liability - non-current 134,321 229,855 Deferred income - non-current 80,364 94,786 Loans - non-current 375,352 449,053 Total non-current liabilities 888,465 1,081,148 Total liabilities$7,411,449 $6,031,107 Stockholders' equity Preferred stock, $0.0001 par value; 10,000,000 shares authorized; nil shares issued and outstanding as of June 30, 2024 and December 31, 2023. -- -- Common stock, $0.0001 par value: 50,000,000 shares authorized; 25,172,573 issued and outstanding as of June 30, 2024; 16,206,680 issued and outstanding as of December 31, 2023. 2,518 1,621 Additional paid-in capital 84,710,747 73,113,079 Accumulated other comprehensive income 12,462 247,241 Accumulated deficit (60,783,717) (38,516,197)Loss for the period (12,157,272) (22,267,520)Total stockholders' equity 11,784,738 12,578,224 Total liabilities and stockholders' equity$19,196,187 $18,609,331 Market News and Data brought to you by Benzinga APIs

Gain Therapeutics Reports Financial Results for Second Quarter 2024 and Provides Corporate Update

Topline Results From MAD Phase 1 Study of GT-02287 on Track for August 2024 With Full Presentation at Upcoming Medical Conferences in Early Q4 2024 Initiation of Phase 1b Study of GT-02287 in Parkinson's Disease Patients Anticipated in Q4 2024 BETHESDA, Md., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (Nasdaq: GANX) ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today reports financial results for the quarter ended June 30, 2024, and provides a corporate update. "The second quarter of 2024 proved to be productive for Gain, as we made significant progress in advancing our lead candidate GT-02287," said Gene Mack, Interim CEO and CFO of Gain. "We are encouraged by results to date, from both the SAD and MAD studies completed in the second quarter, demonstrating GT-02287's favorable safety profile. As we eagerly await the full topline results from the MAD part of the study expected this month, we remain confident in the potential of GT-02287 to become a lead treatment for Parkinson's disease in patients with or without a GBA1 mutation. We look forward to presenting our findings at medical conferences this fall and advancing GT-02287 into a Phase 1b study to evaluate its efficacy in actual Parkinson's patients in the fourth quarter of 2024. Finally, we believe we are well-positioned to continue executing on our near-term clinical milestones, with the goal of delivering a life-changing therapy to patients in need." Second Quarter 2024 and Recent Corporate Highlights Research and development expenses increased by $0.4 million to $4.4 million for the three months ended June 30, 2024, as compared to $4.0 million for the three months ended June 30, 2023. The increase in research and development expenses was primarily related to costs associated with the ongoing Clinical Phase 1 trial of our lead program GT-02287 for the treatment of Parkinson's Disease in patients with or without a GBA1 mutation. General and administrative expenses for the three months ended June 30, 2024, were $3.7 million, consistent with the expenses for the three months ended June 30, 2023. General and administrative expenses mainly consist of legal and professional fees relating to general corporate matters, share-based compensation expenses and employee's termination benefits expenses. Net loss for the three months ended June 30, 2024, was $0.42 per share, basic and diluted, compared to $0.62 per share, basic and diluted, for the three months ended June 30, 2023. Cash, cash equivalent and marketable securities were $16.9 million as of June 30, 2024, compared to $16.8 million as of December 31, 2023. About Gain Therapeutics, Inc. Gain Therapeutics, Inc. is a clinical-stage biotechnology company leading the discovery and development of next generation allosteric therapies. Gain's lead drug candidate GT-02287 for the treatment of Parkinson's disease with or without a GBA1 mutation is currently being evaluated in a Phase 1 clinical trial. Leveraging AI-supported structural biology, proprietary algorithms, and supercomputer-powered physics-based models, the company's Magellan™ drug discovery platform can identify novel allosteric binding sites on disease-implicated proteins, pinpointing pockets that cannot be found or drugged with current technologies. Its AI and machine-learning tools and virtual screening capabilities leverage the emerging on-demand compound libraries covering vast chemical spaces of over five trillion compounds to identify and select suitable small molecule hits for experimental validation. Gain's unique approach enables the discovery of novel, allosteric small molecule modulators that can restore or disrupt protein function. Deploying its highly advanced platform, Gain is accelerating drug discovery and unlocking novel disease-modifying treatments for untreatable or difficult-to-treat disorders including neurodegenerative diseases, rare genetic disorders and oncology. Forward-Looking Statements This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are typically preceded by words such as "believes," "expects," "anticipates," "intends," "will," "may," "should," or similar expressions. These forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct or that those goals will be achieved, and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks associated with market conditions and the satisfaction of customary closing conditions related to the offering and uncertainties related to the offerings and the use of proceeds from the offerings. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, please refer to the Company's prospectus supplement to be filed with the SEC, and the documents incorporated by reference therein, including the Company's Form 10-K for the year ended December 31, 2023 and Form 10-Q for the quarter ended June 30, 2024. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. We have no obligation, and expressly disclaim any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.