Design Therapeutics reports Q2 EPS (36c), consensus (40C)

Reports Q2 Cash, cash equivalents and marketable securities were $303.1M as of June 30. As a result of a strategic review of program spend and clinical prioritization, Design now expects its cash, cash equivalents and marketable securities as of June 30 to fund its planned operating expenses through 2026..”Throughout the first half of 2023, our team has been focused on executing our programs to bring our novel GeneTAC small molecules to patients who need them,” said Joao Siffert, M.D., president and chief executive officer of Design Therapeutics. “Today, we presented initial results from our Phase 1 multiple-ascending dose trial of DT-216 for the treatment of Friedreich ataxia, which show proof-of-concept for clinical activity and are in-line with our founding hypothesis that GeneTAC molecules are capable of restoring FXN transcription in patients with FA. Additionally, we are preparing to submit an IND later this year to enable clinical development of our novel DT-168 eye drop for patients with FECD, a degenerative genetic eye disease that affects millions of people. With an expert team and strong financial position afforded by efficient cost and program management, I am confident in our ability to execute our goals. We look forward to providing an update on our progress across our GeneTAC pipeline in the months to come.”