eFfector Therapeutics reports Q2 EPS (17c), consensus (20c)

Reports Q2 revenue $4.9M, vs.6.9M last year…Cash Position and Guidance: eFFECTOR had cash, cash equivalents, and short-term investments totaling $25.0 million as of June 30, 2023, compared to $19M as of March 31. eFFECTOR completed two registered direct financings during the second quarter of 2023, with aggregate gross proceeds totaling $16.2M. eFFECTOR anticipates that its current cash, cash equivalents and short-term investments will be sufficient to fund operations into the second quarter of 2024.”It was another productive quarter for eFFECTOR as we made considerable progress on all fronts,” remarked Steve Worland, Ph.D., president and chief executive officer of eFFECTOR. “The data presented at ASCO was a significant milestone for the zotatifin program, with substantially greater activity observed with the ZFA triplet than we would have expected in such heavily pretreated patients with just fulvestrant and abemaciclib. While still immature, we are encouraged by the emerging PFS data for the ZFA triplet and look forward to disclosing mature PFS data along with further dose escalation data later this year. We are now focusing on defining our registrational path for zotatifin in ER+ mBC and believe that the drug can be positioned as a second line therapy in multiple patient segments, with and without defined resistance mutations.” “The randomized Phase 2b KICKSTART clinical trial of tomivosertib combined with pembrolizumab for the treatment of non-small cell lung cancer ( continues to progress, with an anticipated data readout in the second half of 2023,” continued Dr. Worland. “In addition, we are thrilled to welcome Dr. Gary Chiang back to eFFECTOR as the Vice President of Translational Science, as we continue to build up internal expertise to support both tomivosertib and zotatifin development programs. Lastly, we bolstered our balance sheet by raising over $16.0 million during the quarter, which now extends our cash runway into the second quarter of 2024.”