Viracta Therapeutics Inc (NASDAQ:VIRX) released its third-quarter financial results and clinical trial updates on Thursday. The company, led by CEO Mark Rothera, reported significant progress in its ongoing trials and a solid financial position.
In the NAVAL-1 trial for Nana-val, a treatment targeting EBV+ cancers, a 40% response rate was achieved in patients with relapsed or refractory EBV+ PTCL. These results underscore Nana-val's potential as a therapeutic option for EBV-associated cancers. The company aims to complete enrollment for the PTCL Stage 2 cohort and initiate discussions with the FDA in 2024.
Simultaneously, the Phase 1b/2 trial for advanced EBV+ solid tumors reported partial responses at higher doses without dose-limiting toxicities. This sets the stage for further dose escalation and Phase 2 dose determination in 2024.
Financially, Viracta reported a cash position of $63.0 million in Q3, which is anticipated to support operations until late 2024. Research and development expenses increased to $8.2 million due to heightened investment in clinical trials and staff recruitment. However, general and administrative expenses fell to $4.3 million due to non-recurring costs from the previous year.
The company's net loss for Q3 was $12.6 million, marking a substantial decrease from the $17.7 million loss reported in Q3 of 2022. This improvement reflects Viracta's ongoing efforts to streamline operations and maximize efficiency while advancing critical clinical trials.
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