Indapta Therapeutics Secures $22.5 Million to Advance Clinical Trials of Innovative Cancer and Autoimmune Treatments

On December 17, 2024 Indapta Therapeutics, Inc., a privately held clinical stage biotechnology company developing next-generation cell therapies for the treatment of cancer and autoimmune diseases, reported it has closed a $22.5 million round of new financing to accelerate the clinical development of its differentiated allogeneic Natural Killer (NK) cell therapy (Press release, Indapta Therapeutics, DEC 17, 2024, View Source [SID1234649183]). Current investors RA Capital Management, LP, Leaps by Bayer, the impact investment arm of Bayer AG, Vertex Ventures HC, Pontifax, and the Myeloma Investment Fund, the venture philanthropy subsidiary of the Multiple Myeloma Research Foundation, completed the round.

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"This funding will enable us to generate significant additional data in our ongoing trial of IDP-023 in cancer as well as initial data from our first trial in autoimmune disease," said Mark Frohlich, Indapta’s CEO. "Preliminary results of IDP-023 in cancer are encouraging and we look forward to initiating our Phase 1 trial for multiple sclerosis in Q1 2025. This financing, together with our recently announced collaboration with Sanofi, highlights the promise of our differentiated platform."

Advancing Clinical Trials of Lead Product IDP-023

Indapta has completed enrollment in the safety run-in portion of the Phase 1 clinical trial of IDP-023 in Non-Hodgkin’s Lymphoma (NHL) and Multiple Myeloma (MM), in which patients received up to three doses of IDP-023 without and with interleukin (IL)-2. As presented at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) meeting, the mean maximum decrease in serum M-protein or light chain was 73% in responding myeloma patients with relapsed/refractory disease, with three patients achieving a reduction of 84% or greater. Enrollment of cohorts receiving IDP-023 in combination with monoclonal antibodies targeting CD20 or CD38 is underway.

In August, Indapta announced FDA clearance of its IND of IDP-023 in combination with ocrelizumab in progressive MS. The company’s approach is highly differentiated from other cellular approaches to autoimmune diseases, with at least three different mechanisms that can address the biology of the disease: 1) by combining with a B cell targeting antibody like ocrelizumab, IDP-023 can deplete B cells more effectively than antibody alone; 2) g-NK cells are capable of targeting autoreactive T and B cells that are known to upregulate HLA-E; and 3) given their inherent anti-viral activity, g-NK cells can potentially address the EBV viral reservoir that contributes to the disease pathogenesis.

TAE Life Sciences and CNAO Announce Definitive Agreement on BNCT, a Next-Generation Cancer Therapy

On December 17, 2024 TAE Life Sciences (TLS), a leading developer of Boron Neutron Capture Therapy (BNCT) systems and drugs, and the Italian National Center for Oncological Hadrontherapy (CNAO), a premier hadrontherapy center in Europe, reported a definitive agreement to collaborate on groundbreaking global drug research and development initiatives for the implementation of BNCT (Press release, TAE Life Sciences, DEC 17, 2024, View Source [SID1234649182]).

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This strategic partnership will bring together the expertise of two innovative leaders in cancer treatment, with the purpose to revolutionize cancer care through BNCT, a targeted radiation therapy designed to improve outcomes for patients with complex and metastatic cancers. CNAO’s extensive experience in hadrontherapy, encompassing proton, carbon ions and other particles, complements TLS’s leadership in advancing cancer treatment with BNCT technology and drug development.

BNCT is a type of combination cancer treatment that uses neutron radiation and a special boron compound to target and destroy cancer cells. The process involves two main steps. In the first one, a boron-rich compound is administered to the patient, typically via injection or infusion. This compound is designed to be selectively absorbed by cancer cells, with minimal uptake by normal tissues. In the second step, after the boron compound has been absorbed by the cancer cells, the patient is exposed to a beam of low-energy neutrons. These neutrons interact with the boron atoms within the cancer cells and destroy them.

In late 2020, CNAO had already entered into an agreement with TLS to adopt the BNCT system and install an accelerator-based neutron source in Italy. Now, the new agreement completes the collaboration, including the drug development as well.

Prof. Gianluca Vago, CNAO President, commented: "Our mission has always been to leverage cutting-edge technologies to expand treatment opportunities for the benefit of cancer patients. Being chosen by TLS for such an important collaboration is a further recognition of CNAO’s expertise in particle therapies, both in clinical and research activities. For this project, our center will work in close cooperation with University of Pavia, Polytechnic University of Milan, National Institute for Nuclear Physics and Fondazione IRCCS Policlinico San Matteo of Pavia. The partnership with TLS will enable us to open up new frontiers in BNCT and make CNAO a unique facility in the world to combine treatments with protons, heavy ions (carbon ions and other species) and neutrons."

Planned Milestones and Key Objectives:

Installation and Clinical Trials: The installation of TLS’s Alphabeam BNCT system at CNAO is scheduled to begin in 2025, with clinical trials launching in 2026. The initial trials will leverage Steboronine (Boronophenylalanine, BPA)—an boron drug developed by Stella Pharma for BNCT and distributed by TLS in Europe and the US. Steboronine selectively accumulates boron in cancer cells and is already approved in Japan for recurrent head and neck cancers, the focus of these first trials.
Advancing Cancer Treatment: The collaboration is poised to expand the clinical applications of BNCT to address a wide range of cancers, including metastatic cancers, offering new hope for patients worldwide.
CNAO NEXT Services: The partnership includes efforts to promote the range of services offered by CNAO NEXT, an independent company set up by CNAO, which operates in the field of precision therapies, providing technical and clinical consultancy and assisting other centers in implementing particle therapies.
A significant aspect of the collaboration involves the clinical implementation and commercialization of new TLS BNCT drugs, such as Boronotyrosine (BTS), which has shown promising preclinical results in animal models. "Our partnership with CNAO marks a transformative step in advancing BNCT as a next-generation cancer therapy," said Rob Hill, CEO of TAE Life Sciences. "Together, we aim to push the boundaries of cancer treatment and provide groundbreaking solutions to patients who need them most."

Additionally, prof. Lisa Licitra, Scientific Director of CNAO, Chief of Head and Neck Cancer Medical Oncology Dept at Fondazione IRCCS Istituto Nazionale dei Tumori, Associate Professor at the University of Milan, has joined the TLS Clinical Advisory Board as an internationally recognized leader in head and neck oncology. She will serve as leading oncologist for the BNCT clinical trials at CNAO focusing on head and neck cancer and will oversee the clinical trial at CNAO, further strengthening the collaboration’s scientific foundation.

Prof. Lisa Licitra, Scientific Director of CNAO, affirmed: "BNCT has demonstrated compelling responses for recurrent or refractory tumours, such as head and neck cancers. Therefore, working with Prof. Ester Orlandi, Head of CNAO Clinical Department, we will initially focus on patients with this type of tumours. With the introduction of BNCT, we can reduce treatment to 1-2 sessions, expand therapeutic indications and potentially offer new hope to patients with metastatic tumours. Our goal will be to offer increasingly customized therapeutic options, by having at our disposal a wide range of particles: not only protons and carbon ions but also neutrons for BNCT, helium and oxygen."

City of Hope Scientists Uncover Protein That Helps Cancer Cells Dodge CAR T Cell Therapy

On December 17, 2024 Scientists at City of Hope, one of the largest and most advanced cancer research and treatment organizations in the U.S. with its National Medical Center named top 5 in the nation for cancer by U.S. News & World Report, reported to have collared a tricky culprit that helps cancer cells evade CAR T cell therapy (Press release, City of Hope, DEC 17, 2024, View Source [SID1234649180]).

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CAR T cell therapy harnesses the immune system to seek out and kill tumor cells. This treatment is used in certain types of leukemia and lymphoma — blood cancers. Some wily cancer cells, however, have learned how to hide from the immune system to avoid destruction. The study published today in the journal Cell could lead to more personalized therapies that improve cancer patients’ survival.

The researchers identified a protein called YTHDF2 that plays a starring role in advancing the development of blood cancers. City of Hope then created a new medicinal compound called CCI-38, which targets and suppresses YTHDF2, reducing the growth of aggressive blood cancers. The approach improves the likelihood of successful cancer treatment.

"We believe that using CCI-38 to target YTHDF2 will significantly enhance the effectiveness of CAR T cell therapy on blood cancer cells," said Jianjun Chen, Ph.D., Simms/Mann Family Foundation Chair in Systems Biology and the director of the Center for RNA Biology and Therapeutics at Beckman Research Institute of City of Hope.

"One of the challenges in treating blood cancers is a phenomenon called ‘antigen escape.’ A key target for these therapies is a protein called CD19 found on the cancer cells," added Dr. Chen, corresponding author of the new study.

However, in 28-68% of cases, the cancer cells lower or lose this CD19 marker, making treatments less effective. Although researchers are working on strategies to target multiple components, nearly half of patients are still affected by this issue.

YTHDF2 switches on genes that help cancer cells produce a stable energy source to fuel the cells’ ability to grow and spread. Moreover, this protein helps cancer cells conceal themselves by reducing the presence of antigen biomarkers that normally trigger the immune system to detect and attack cancer. Lastly, excess YTHDF2 works like a werewolf’s bite to transform blood cells from healthy to cancerous in mouse studies.

"Reducing the need for follow-up treatments could lead to better long-term survival and less relapse for our patients while lowering side effects and medical costs," said Xiaolan Deng, Ph.D., an associate research professor in systems biology at Beckman Research Institute of City of Hope and a co-corresponding author of the study.

City of Hope, a recognized leader in CAR T cell therapies for glioblastoma and other cancers, has treated more than 1,600 patients since its CAR T program started in the late 1990s. The institution continues to have one of the most comprehensive CAR T cell clinical research programs in the world.

"Unraveling the biology underlying YTHDF2’s function will help us develop new strategies to prevent tumor cells from escaping immune surveillance," said Zhen-Hua Chen, Ph.D., a staff scientist in systems biology at Beckman Research Institute of City of Hope and first author of the study. "This could lead to personalized approaches for patients whose blood cancers don’t respond to initial treatment or who relapse after initial response to T cell-based immunotherapy."

The City of Hope team has filed a patent application covering critical aspects of this work, which holds implications for improving care for patients with other cancers and severe autoimmune diseases. The next phase of research will focus on improving CCI-38’s safety and effectiveness, exploring new methods to drive YTHDF2 out of cancer cells, and developing clinical trials.

The Cell study "YTHDF2 promotes ATP synthesis and immune-evasion in B-cell malignancies" was supported by a National Institutes of Health grant (P30CA33572), multiple NIH R01 grants to Dr. Jianjun Chen (CA280389, CA271497, CA243386, CA214965, CA236399 and CA211614), and funding from the Simms/Mann Family Foundation.

U.S. FDA Grants Breakthrough Therapy Designation to Trodelvy® (sacituzumab govitecan-hziy) for Second-Line Treatment of Extensive-Stage Small Cell Lung Cancer

On December 17, 2024 Gilead Sciences, Inc. (Nasdaq: GILD) reported that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation to Trodelvy (sacituzumab govitecan-hziy) for the treatment of adult patients with extensive-stage small cell lung cancer (ES-SCLC) whose disease has progressed on or after platinum-based chemotherapy (Press release, Gilead Sciences, DEC 17, 2024, View Source [SID1234649176]).

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The Breakthrough Therapy Designation is based on results from the global Phase 2 TROPiCS-03 study ES-SCLC cohort, which showed encouraging results with Trodelvy as a second-line treatment for ES-SCLC. As recently presented at the IASLC 2024 World Conference on Lung Cancer, Trodelvy demonstrated promising antitumor activity in both platinum-resistant (PR) and platinum-sensitive (PS) disease, and the safety profile was consistent with previous Trodelvy studies. These data support further investigation of Trodelvy in ES-SCLC and Gilead plans to initiate a Phase 3 clinical trial in this patient population.

Lung cancer is the second most diagnosed cancer in the U.S., and the leading cause of cancer-related deaths. Approximately 15% of lung cancer cases are SCLC, with nearly 70% of patients with SCLC diagnosed at extensive-stage, which occurs when the cancer has spread to both lungs or beyond the lungs to lymph nodes or other organs. For people with ES-SCLC whose disease does not respond to current first-line standard of care (platinum-based chemotherapy or immunotherapy), the prognosis is often poor, and treatment options are limited. There is an urgent need for new and more effective approaches to care that can improve survival and slow the progression of the disease.

Breakthrough Therapy Designation is designed to expedite the development and regulatory review of investigational treatments for serious or life-threatening conditions that, based on preliminary clinical evidence, have the potential to substantially improve clinical outcomes compared with available therapy. This is the second Breakthrough Therapy Designation for Trodelvy.

Trodelvy is the first and only approved Trop-2-directed antibody-drug conjugate (ADC) that has demonstrated meaningful survival advantages in two different types of metastatic breast cancers. Across Phase 3 trials, we are exploring Trodelvy alone or in combination with other agents across many diverse tumor types and stages of disease. This includes collaborations with partners in academia, industry and the global cancer community.

About Trodelvy

Trodelvy (sacituzumab govitecan-hziy) is a first-in-class Trop-2-directed antibody-drug conjugate. Trop-2 is a cell surface antigen highly expressed in multiple tumor types, including in more than 90% of breast and lung cancers. Trodelvy is intentionally designed with a proprietary hydrolyzable linker attached to SN-38, a topoisomerase I inhibitor payload. This unique combination delivers potent activity to both Trop-2 expressing cells and the tumor microenvironment through a bystander effect.

Trodelvy is currently approved in more than 50 countries for second-line or later metastatic triple-negative breast cancer (TNBC) patients and in more than 40 countries for certain patients with pre-treated HR+/HER2- metastatic breast cancer.

Trodelvy is being investigated for use in other TNBC and HR+/HER2- breast cancer populations, as well as a range of tumor types where Trop-2 is highly expressed, including small cell lung cancer and first-line metastatic non-small cell lung cancer where Trodelvy has shown clinical activity through the TROPiCS-03 proof-of-concept study and the EVOKE-02 proof-of-concept study, respectively. Trodelvy is also being studied in head and neck cancer and gynecological cancers.

U.S. Indications for Trodelvy

In the United States, Trodelvy is indicated for the treatment of adult patients with:

Unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease.
Unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC 1+ or IHC 2+/ISH–) breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting.
U.S. Important Safety Information for Trodelvy

BOXED WARNING: NEUTROPENIA AND DIARRHEA

Severe or life-threatening neutropenia may occur. Withhold Trodelvy for absolute neutrophil count below 1500/mm3 or neutropenic fever. Monitor blood cell counts periodically during treatment. Consider G-CSF for secondary prophylaxis. Initiate anti-infective treatment in patients with febrile neutropenia without delay.
Severe diarrhea may occur. Monitor patients with diarrhea and give fluid and electrolytes as needed. At the onset of diarrhea, evaluate for infectious causes and, if negative, promptly initiate loperamide. If severe diarrhea occurs, withhold Trodelvy until resolved to ≤Grade 1 and reduce subsequent doses.
CONTRAINDICATIONS

Severe hypersensitivity reaction to Trodelvy.
WARNINGS AND PRECAUTIONS

Neutropenia: Severe, life-threatening, or fatal neutropenia can occur and may require dose modification. Neutropenia occurred in 64% of patients treated with Trodelvy. Grade 3-4 neutropenia occurred in 49% of patients. Febrile neutropenia occurred in 6%. Neutropenic colitis occurred in 1.4%. Withhold Trodelvy for absolute neutrophil count below 1500/mm3 on Day 1 of any cycle or neutrophil count below 1000/mm3 on Day 8 of any cycle. Withhold Trodelvy for neutropenic fever. Administer G-CSF as clinically indicated or indicated in Table 1 of USPI.

Diarrhea: Diarrhea occurred in 64% of all patients treated with Trodelvy. Grade 3-4 diarrhea occurred in 11% of patients. One patient had intestinal perforation following diarrhea. Diarrhea that led to dehydration and subsequent acute kidney injury occurred in 0.7% of all patients. Withhold Trodelvy for Grade 3-4 diarrhea and resume when resolved to ≤Grade 1. At onset, evaluate for infectious causes and if negative, promptly initiate loperamide, 4 mg initially followed by 2 mg with every episode of diarrhea for a maximum of 16 mg daily. Discontinue loperamide 12 hours after diarrhea resolves. Additional supportive measures (e.g., fluid and electrolyte substitution) may also be employed as clinically indicated. Patients who exhibit an excessive cholinergic response to treatment can receive appropriate premedication (e.g., atropine) for subsequent treatments.

Hypersensitivity and Infusion-Related Reactions: Serious hypersensitivity reactions including life-threatening anaphylactic reactions have occurred with Trodelvy. Severe signs and symptoms included cardiac arrest, hypotension, wheezing, angioedema, swelling, pneumonitis, and skin reactions. Hypersensitivity reactions within 24 hours of dosing occurred in 35% of patients. Grade 3-4 hypersensitivity occurred in 2% of patients. The incidence of hypersensitivity reactions leading to permanent discontinuation of Trodelvy was 0.2%. The incidence of anaphylactic reactions was 0.2%. Pre-infusion medication is recommended. Have medications and emergency equipment to treat such reactions available for immediate use. Observe patients closely for hypersensitivity and infusion-related reactions during each infusion and for at least 30 minutes after completion of each infusion. Permanently discontinue Trodelvy for Grade 4 infusion-related reactions.

Nausea and Vomiting: Nausea occurred in 64% of all patients treated with Trodelvy and Grade 3-4 nausea occurred in 3% of these patients. Vomiting occurred in 35% of patients and Grade 3-4 vomiting occurred in 2% of these patients. Premedicate with a two or three drug combination regimen (e.g., dexamethasone with either a 5-HT3 receptor antagonist or an NK 1 receptor antagonist as well as other drugs as indicated) for prevention of chemotherapy-induced nausea and vomiting (CINV). Withhold Trodelvy doses for Grade 3 nausea or Grade 3-4 vomiting and resume with additional supportive measures when resolved to Grade ≤1 . Additional antiemetics and other supportive measures may also be employed as clinically indicated. All patients should be given take-home medications with clear instructions for prevention and treatment of nausea and vomiting.

Increased Risk of Adverse Reactions in Patients with Reduced UGT1A1 Activity: Patients homozygous for the uridine diphosphate-glucuronosyl transferase 1A1 (UGT1A1)*28 allele are at increased risk for neutropenia, febrile neutropenia, and anemia and may be at increased risk for other adverse reactions with Trodelvy. The incidence of Grade 3-4 neutropenia was 58% in patients homozygous for the UGT1A1*28, 49% in patients heterozygous for the UGT1A1*28 allele, and 43% in patients homozygous for the wild-type allele. The incidence of Grade 3-4 anemia was 21% in patients homozygous for the UGT1A1*28 allele, 10% in patients heterozygous for the UGT1A1*28 allele, and 9% in patients homozygous for the wild-type allele. Closely monitor patients with known reduced UGT1A1 activity for adverse reactions. Withhold or permanently discontinue Trodelvy based on clinical assessment of the onset, duration and severity of the observed adverse reactions in patients with evidence of acute early-onset or unusually severe adverse reactions, which may indicate reduced UGT1A1 function.

Embryo-Fetal Toxicity: Based on its mechanism of action, Trodelvy can cause teratogenicity and/or embryo-fetal lethality when administered to a pregnant woman. Trodelvy contains a genotoxic component, SN-38, and targets rapidly dividing cells. Advise pregnant women and females of reproductive potential of the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment with Trodelvy and for 6 months after the last dose. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with Trodelvy and for 3 months after the last dose.

ADVERSE REACTIONS

In the pooled safety population, the most common (≥ 25%) adverse reactions including laboratory abnormalities were decreased leukocyte count (84%), decreased neutrophil count (75%), decreased hemoglobin (69%), diarrhea (64%), nausea (64%), decreased lymphocyte count (63%), fatigue (51%), alopecia (45%), constipation (37%), increased glucose (37%), decreased albumin (35%), vomiting (35%), decreased appetite (30%), decreased creatinine clearance (28%), increased alkaline phosphatase (28%), decreased magnesium (27%), decreased potassium (26%), and decreased sodium (26%).

In the ASCENT study (locally advanced or metastatic triple-negative breast cancer), the most common adverse reactions (incidence ≥25%) were fatigue, diarrhea, nausea, alopecia, constipation, vomiting, abdominal pain, and decreased appetite. The most frequent serious adverse reactions (SAR) (>1%) were neutropenia (7%), diarrhea (4%), and pneumonia (3%). SAR were reported in 27% of patients, and 5% discontinued therapy due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the ASCENT study were reduced neutrophils, leukocytes, and lymphocytes.

In the TROPiCS-02 study (locally advanced or metastatic HR-positive, HER2-negative breast cancer), the most common adverse reactions (incidence ≥25%) were diarrhea, fatigue, nausea, alopecia, and constipation. The most frequent serious adverse reactions (SAR) (>1%) were diarrhea (5%), febrile neutropenia (4%), neutropenia (3%), abdominal pain, colitis, neutropenic colitis, pneumonia, and vomiting (each 2%). SAR were reported in 28% of patients, and 6% discontinued therapy due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the TROPiCS-02 study were reduced neutrophils and leukocytes.

DRUG INTERACTIONS

UGT1A1 Inhibitors: Concomitant administration of Trodelvy with inhibitors of UGT1A1 may increase the incidence of adverse reactions due to potential increase in systemic exposure to SN-38. Avoid administering UGT1A1 inhibitors with Trodelvy.

UGT1A1 Inducers: Exposure to SN-38 may be reduced in patients concomitantly receiving UGT1A1 enzyme inducers. Avoid administering UGT1A1 inducers with Trodelvy.

Please see full Prescribing Information , including BOXED WARNING.

ESSA Pharma Provides Corporate Update and Reports Financial Results for Fiscal Fourth Quarter and Year Ended September 30, 2024

On December 17, 2024 ESSA Pharma Inc. ("ESSA," or the "Company") (NASDAQ: EPIX), a clinical-stage pharmaceutical company that, prior to the discontinuation of its clinical trials and preclinical and other development programs, has been focused on developing novel therapies for the treatment of prostate cancer, reported a corporate update and provided financial results for the fourth quarter and fiscal year ended September 30, 2024 (Press release, ESSA, DEC 17, 2024, View Source [SID1234649174]).

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"We recently made the difficult decision to terminate the clinical development of masofaniten, and withdraw the related IND and CTAs, based on an interim analysis of the data from the Phase 2 combination study, concluding that masofaniten combined with enzalutamide was unlikely to meet its primary endpoint," said David Parkinson, MD, President and CEO of ESSA. "We are currently evaluating and reviewing our strategic options focused on maximizing shareholder value and look forward to providing further updates in the near future."

Fourth Quarter Fiscal 2024 and Recent Updates

In October 2024, ESSA made the decision to terminate all clinical trials evaluating masofaniten and to withdraw the related IND and CTAs. The decision was based on the outcome of a futility analysis conducted as part of a protocol-specified interim review of the Phase 2 clinical trial evaluating masofaniten combined with enzalutamide versus enzalutamide monotherapy in patients with metastatic castration-resistant prostate cancer ("mCRPC") naïve to second-generation antiandrogens.

The interim analysis, which reviewed the Phase 2 safety, PK and efficacy data, showed that the study enzalutamide monotherapy control arm (which is the standard of care for this patient population) had a much higher rate of PSA90 response than was expected based upon historical data. In addition, there was no clear efficacy benefit seen with the combination of masofaniten plus enzalutamide compared to enzalutamide single agent. A futility analysis determined a low likelihood of meeting the prespecified primary endpoint of the study. It was therefore concluded that the study was unlikely to achieve its primary endpoint.

The combination of masofaniten plus enzalutamide was well-tolerated with no new safety signals and a safety profile similar to that seen in Phase 1 monotherapy and combination studies.

ESSA has initiated a comprehensive process to explore and review a range of strategic options focused on maximizing shareholder value, which may include, but are not limited to a merger, amalgamation, take-over, business combination, asset sale or acquisition, shareholder distribution, wind-up, liquidation and dissolution, seek new products for development, or other strategic direction. The process is expected to involve headcount and other cost reductions.

On December 12, 2024, ESSA provided a notice of termination of the License Agreement to the Licensors, notifying the Licensors that it terminated the License Agreement in accordance with its terms, effective as of December 12, 2024.
Summary Financial Results
(Amounts expressed in U.S. dollars)

Net Loss. ESSA recorded a net loss of $28.5 million for the year ended September 30, 2024 compared to a net loss of $26.6 million for the year ended September 30, 2023. For the year ended September 30, 2024, this included non-cash share-based payments of $6.5 million compared to $5.3 million for the prior year, recognized for stock options granted and vesting. Net loss for the fourth quarter ended September 30, 2024 was $6.4 million compared to a net loss of $5.5 million for the fourth quarter ended September 30, 2023.
Research and Development ("R&D") expenditures. R&D expenditures for the year ended September 30, 2024 were $21.2 million compared to $21.3 million for the year ended September 30, 2023, and include non-cash costs related to share-based payments ($1.8 million for the year ended 2024 compared to $2.7 million for the year ended 2023). R&D expenditures for the fourth quarter ended September 30, 2024 were $4.2 million compared to $5.2 million for the fourth quarter ended September 30, 2023 due to lower expenditures on preclinical and manufacturing.
General and Administration ("G&A") expenditures. G&A expenditures for the year ended September 30, 2024 were $13.2 million compared to $10.8 million for the year ended September 30, 2023, and include non-cash costs related to share-based payments of $4.7 million for the year ended 2024 compared to $2.6 million for the year ended 2023. G&A expenditures for the fourth quarter ended September 30, 2024 were $3.5 million compared to $1.9 million for the fourth quarter ended September 30, 2023. The increase for the fourth quarter was primarily due to increased share-based payments and higher salary figures.
Liquidity and Outstanding Share Capital

As of September 30, 2024, the Company had available cash reserves and short-term investments of $126.8 million and net working capital of $124.3 million. The Company has no long-term debt facilities.
As of September 30, 2024, the Company had 44,388,550 common shares issued and outstanding, and there were 2,920,000 common shares issuable upon the exercise of prefunded warrants at an exercise price of $0.0001.