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BOSTON - Monte Rosa Therapeutics , Inc. (NASDAQ:GLUE) reported fourth quarter revenue that significantly exceeded analyst expectations, sending shares up 6.9% in early trading.
The clinical-stage biotechnology company, which develops novel molecular glue degrader-based medicines, announced Q4 revenue of $60.64 million, surpassing the consensus estimate of $51.19 million. This marks the company’s first quarter of substantial revenue generation, derived from collaboration agreements with Roche and Novartis (SIX:NOVN).
Monte Rosa reported a net income of $13.4 million for Q4, compared to a net loss of $33.3 million in the same quarter last year. The company’s strong financial position was bolstered by a $150 million upfront payment from its recent licensing agreement with Novartis for VAV1 molecular glue degraders, including MRT-6160.
"We continue to make excellent progress with our clinical and preclinical molecular glue degrader programs, targeting areas poorly addressed by conventional pharmaceutical approaches and with expansive therapeutic potential," said Markus Warmuth, M.D., Chief Executive Officer of Monte Rosa Therapeutics.
The company provided updates on its clinical programs, including encouraging early signals from its MRT-2359 study in castration-resistant prostate cancer patients. Monte Rosa plans to focus development efforts on this indication moving forward.
Additionally, the company reported positive results from its Phase 1 study of MRT-6160, demonstrating deep VAV1 degradation and a favorable safety profile. These data support advancement into Phase 2 studies for potential applications in immune-mediated diseases.
Monte Rosa ended the quarter with $377 million in cash and equivalents, which it expects will fund operations into 2028.
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