Fusion Pharmaceuticals reports Q2 EPS (38c), consensus (39c)

Reports Q2 revenue $34,000, consensus $80,000. As of June 30 Fusion held cash, cash equivalents and investments of $226.5M compared to cash, cash equivalents and investments of $186.6M as of December 31, 2022. Fusion expects its existing cash, cash equivalents and investments as of June 30 will be sufficient to fund operations into the Q2 of 2025. CEO John Valliant, commented, “In the Q2 we achieved progress across our clinical pipeline of targeted alpha therapies, or TATs. Patient enrollment is ongoing for the Phase 2 clinical trial of FPI-2265, a small molecule-based TAT targeting prostate specific membrane antigen, or PSMA, for the treatment of metastatic castration-resistant prostate cancer, or mCRPC, and we are on track to report data in the Q1 of 2024. Patient enrollment is also ongoing in the Phase 1 study of FPI-2059 targeting neurotensin receptor 1. Additionally, the FDA cleared the Investigational New Drug, or IND, application for FPI-2068, a bispecific TAT jointly developed with AstraZeneca for the treatment of various solid tumors that express EGFR-cMET.”