Gain Therapeutics Reports Financial Results for Third Quarter 2024 and Provides Corporate Update

On November 14, 2024, Gain Therapeutics, Inc. (NASDAQ: GANX) released its financial results for the third quarter which ended on September 30, 2024, along with a comprehensive business update. The company, a clinical-stage biotechnology firm at the forefront of discovering and developing novel allosteric small molecule therapies, outlined significant advancements during the said financial period.

Gene Mack, the Interim Chief Executive Officer and Chief Financial Officer of Gain Therapeutics, highlighted the substantial progress made in the third quarter of 2024. The company’s lead candidate for Parkinson’s disease treatment, GT-02287, has shown promising data in a Phase 1 study. This included a 53% increase in GCase activity and positive safety and tolerability results in healthy volunteers. With these outcomes, Gain Therapeutics aims to move ahead with a Phase 1b study in Parkinson’s patients, anticipated to commence by the end of 2024.

Key highlights from the third quarter and recent corporate updates include the following:

Pipeline Updates
– Positive results from the Phase 1 study of GT-02287 showcased increased GCase activity and safety in healthy volunteers.
– Preclinical data presented at Neuroscience 2024 demonstrated GT-02287’s potential to mitigate deficits in neuromuscular function and motor coordination in animal models.

Upcoming Milestones
– Gain Therapeutics plans to launch a Phase 1b trial for GT-02287 in Parkinson’s disease patients in the fourth quarter of 2024.
– A pre-IND meeting with the U.S. Food and Drug Administration (FDA) is expected by the end of 2024 to facilitate the Phase 2 expansion of clinical development plans for GT-02287 in 2025.

Financial Results for Q3 2024
Research and development expenses increased by $0.3 million to $2.6 million compared to the same period in 2023. General and administrative expenses decreased by $0.7 million to $1.8 million for the third quarter of 2024. The net loss for the third quarter ending September 30, 2024 was reported at $0.17 per share, both basic and diluted.

As of September 30, 2024, Gain Therapeutics held $12 million in cash, cash equivalents, and marketable securities, compared to $16.8 million as of December 31, 2023.

About Gain Therapeutics, Inc.
Gain Therapeutics is focused on developing allosteric therapies using its Magellan™ platform. Its lead candidate, GT-02287, is under evaluation for Parkinson’s disease treatment. The company aims to revolutionize disease-modifying treatments for challenging disorders.

Gain Therapeutics expressed forward-looking statements in its latest release while cautioning investors about potential risks associated with such statements. The company retains discretion in updating or revising its projections based on new information or future events.

Investor and Media Contacts:
Apaar Jammu and Chuck Padala
[email protected]; [email protected]

Russo Partners
Nic Johnson and Elio Ambrosio
[email protected]; [email protected]

These details are provided in accordance with the corporate update offered by Gain Therapeutics through its recent financial disclosure.

Gain Therapeutics, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Gain Therapeutics, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Gain Therapeutics’s 8K filing here.

About Gain Therapeutics

Gain Therapeutics, Inc, a biotechnology company, develops novel small molecule therapeutics to treat diseases across various therapeutic areas. Its drug discovery platform Magellan discovers novel allosteric binding sites in a disease; identifies proprietary small molecules that bind these sites to modulate protein function; and treats the underlying cause of the disease.