eFfector Therapeutics reports Q4 EPS ($3.42), consensus ($1.65)

Revenue was zero for the quarter ended December 31 compared to approximately $0.7M for the same quarter of 2022. Revenue for the full year of 2023 was zero, compared to $3.6Mfor the full year of 2022. Revenue for the year ended December 31, 2022, consisted of grant revenue in connection with the company’s subaward from the University of California San Francisco under a grant from DARPA to investigate new COVID-19 treatments.Reports Q4 cash, cash equivalents, and short-term investments totaling $18.4M as of December 31, compared to $26.3M as of December 31, . After incorporating the net proceeds of $13.6 million raised from the registered direct financing in January 2024, the company anticipates that its cash, cash equivalents, and short-term investments will be sufficient to fund operations into the first quarter of 2025.”In 2023 we continued to advance the development of our two wholly-owned clinical assets, tomivosertib and zotatifin, while strengthening our balance sheet to extend cash runway into the first quarter of 2025,” remarked Steve Worland, Ph.D., president and chief executive officer of eFFECTOR. “We are excited to report topline results, expected in early April 2024, from our randomized, placebo-controlled Phase 2b KICKSTART trial of tomivosertib, an MNK inhibitor designed to activate T cells, combined with pembrolizumab in frontline metastatic NSCLC. These data will include progression-free survival , the primary endpoint of the trial, as well as select secondary endpoints. These results, if positive, would enable activities, including interactions with regulatory agencies, intended to support initiation of a Phase 3 registrational trial.” “We are also pleased with the progress of zotatifin, including the 7.4 month mPFS previously reported for the ZFA expansion cohort that evaluated zotatifin in combination with fulvestrant and abemaciclib in heavily pretreated patients with ER+ breast cancer,” continued Dr. Worland. “In light of favorable safety and tolerability data, and in order to optimize zotatifin’s therapeutic potential, we resumed dose escalation using a more convenient schedule of dosing every other week. We look forward to finalizing the dose and schedule for zotatifin prior to interacting with the FDA in the second half of 2024, utilizing the recently granted Fast Track designation to expedite further development. We believe the zotatifin program is well positioned to move into a randomized trial in late 2024.”