TRACON Pharmaceuticals, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 05:01 pm EST
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TRACON Pharmaceuticals, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net income was USD 10.76 million compared to net loss of USD 6.44 million a year ago. Basic earnings per share from continuing operations was USD 5.8 compared to basic loss per share from continuing operations of USD 6 a year ago. Diluted earnings per share from continuing operations was USD 5.8 compared to diluted loss per share from continuing operations of USD 6 a year ago.
For the nine months, net loss was USD 4.03 million compared to USD 22.14 million a year ago. Basic loss per share from continuing operations was USD 2.6 compared to USD 21.6 a year ago. Diluted loss per share from continuing operations was USD 2.6 compared to USD 21.6 a year ago.
TRACON Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of novel targeted therapeutics for cancer and utilizing its contract research organization (CRO) independent product development platform to partner with other life science companies to develop and commercialize products in the United States. The Companyâs clinical-stage oncology product candidate is TRC102, which is a small molecule that has been studied in Phase 1 and Phase 2 trials for the treatment of mesothelioma, lung cancer, glioblastoma and solid tumors and YH001, which is a monospecific investigational cytotoxic T-lymphocyte-associated protein 4 (CTLA-4) antibody. TRC102 is a small molecule in clinical development to reverse resistance to specific chemotherapeutics by inhibiting DNA base excision repair (BER). Its clinical-stage product candidate, Envafolimab, is a PD-L1 antibody that is being developed for the treatment of sarcoma.