NeuroBo Shares Rise on First Quarter Accomplishments and Clinical Updates

Overweight person measuring waist with a tape measure

NeuroBo Pharmaceuticals (Nasdaq: NRBO) has announced its financial results for the first quarter ended March 31, 2024. During the period, the company achieved a number of important milestones, including receiving FDA clearance for its Investigational New Drug (IND) application for a Phase 1 clinical trial of DA-1726 in obesity, completing enrollment of Part 1 of its two-part Phase 2a trial evaluating the efficacy and safety of DA-1241 in metabolic dysfunction-associated steatohepatitis (MASH), and dosing the first patient in Part 1 of its two-part Phase 1 clinical trial of DA-1726 for the treatment of obesity.

The company expects to announce a number of clinical milestones in 2024, including topline data from Part 1 of its study of DA-1726 in obesity in Q3 2024, and the initiation of Part 2 of the study in Q3 2024. NeuroBo’s study of DA-1241 in MASH is expected to be fully enrolled in Q3 2024 and topline results are expected in Q4 2024.

“During the first quarter and subsequently, we continued to diligently advance the clinical development of our two, next generation cardiometabolic assets, with promising therapeutic potential in the obesity and metabolic dysfunction-associated steatohepatitis (MASH) markets,” commented Hyung Heon Kim, President and Chief Executive Officer of NeuroBo.

Financial Highlights

Research and Development (R&D) expenses were ~$4.9 million for the three months ended March 31, 2024, as compared to ~$0.6 million for the three months ended March 31, 2023.

General and Administrative Expenses were ~$2.0 million for the three months ended March 31, 2024, compared to ~$1.9 million for the three months ended March 31, 2023.

Net Loss for the three months ended March 31, 2024, was ~$6.7 million

Cash was ~$16.0 million as of March 31, 2024, compared to ~$22.4 million as of December 31, 2023.

About NeuroBo Pharmaceuticals

NeuroBo Pharmaceuticals, Inc. is a clinical-stage biotechnology company focused on transforming cardiometabolic diseases. The company is currently developing DA-1726 for the treatment of obesity,  and is developing DA-1241 for the treatment of Metabolic Dysfunction-Associated Steatohepatitis (MASH).  DA-1726 is a novel oxyntomodulin (OXM) analogue that functions as a glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR) dual agonist. OXM is a naturally-occurring gut hormone that activates GLP1R and GCGR, thereby decreasing food intake while increasing energy expenditure, thus potentially resulting in superior body weight loss compared to selective GLP1R agonists. DA-1241 is a novel G-protein-coupled receptor 119 (GPR119) agonist that promotes the release of key gut peptides GLP-1, GIP, and PYY. In pre-clinical studies, DA-1241 demonstrated a positive effect on liver inflammation, lipid metabolism, weight loss, and glucose metabolism, reducing hepatic steatosis, hepatic inflammation, and liver fibrosis, while also improving glucose control.

For more information, please visit www.neurobopharma.com.

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NeuroBo Shares Rise on First Quarter Accomplishments and Clinical Updates

Catie Corcoran

Biotech Editor