Tracon Pharmaceuticals reports Q4 EPS (31c), consensus (27c)

Cash and cash equivalents were $17.4M at December 31, 2022, compared to $24.1M at December 31, 2021, and is expected to fund the company into mid-2023. "The significant progress we achieved in the fourth quarter sets up 2023 to be a potentially transformational year for TRACON," said Charles Theuer, president and CEO of Tracon. "In December we announced interim efficacy results from the ongoing ENVASARC pivotal trial demonstrating that envafolimab achieved a double-digit objective response rate, both as a single agent and in combination with Yervoy, in 36 patients with refractory sarcoma. We also secured a non-dilutive non-recourse financing of up to $30 million related to the I-Mab arbitration award decision which we expect this month, of which $3.5 million was funded in December. Importantly, accrual in ENVASARC remains ahead of projections and we expect the second and final interim efficacy analysis of 92 patients in the third quarter, after each patient has had two on-study scans, and to complete accrual before year end, leading to final data in 2024."