Third Harmonic Bio, Inc. (NASDAQ: THRD) shares cleared breakeven Tuesday, as the biopharmaceutical company focused on advancing the next wave of medicine for inflammatory diseases, today reported financial results for the fourth quarter ended December 31, 2023.
“Our team’s execution continues to be outstanding, with the filing of our U.S. IND for THB335 ahead of our internal timelines for submission,” said CEO Natalie Holles. “We look forward to the agency’s feedback and the opportunity to initiate clinical studies during the second quarter for this potentially first-in-class oral wild-type KIT inhibitor for the treatment of chronic spontaneous urticaria and other mast cell-mediated inflammatory diseases.”
The Phase 1 SAD/14-day MAD study is designed to evaluate safety, pharmacokinetics and pharmacodynamics of THB335 in healthy volunteers, followed by planned Phase 2 expansion initially focusing on chronic spontaneous urticaria.
Third Harmonic Bio has a strong financial position with cash and cash equivalents totaling $269.1 million as of December 31, 2023, and continues to be managed in a capital efficient manner.
The San Francisco-based Third Harmonic reported net loss for the quarter decreased to $6.8 million from a net loss of $11.5 million for the same period in 2022.
Shares gained six cents to $8.83.
