MALVERN, PA — Annovis Bio, Inc. (NYSE: ANVS) announced its financial results for the third quarter ending September 30, 2024, alongside significant progress in its Alzheimer’s treatment pipeline.
Maria Maccecchini, Ph.D., Founder, President, and CEO of Annovis, highlighted the company’s achievements, stating, “The third quarter was marked by important milestones outlining the next steps for buntanetap.” The company received FDA approval to initiate Phase 3 studies for early Alzheimer’s disease (AD), with plans to start these trials in the coming year. Additionally, Annovis expanded its intellectual property by filing patents for new drug combinations with buntanetap aimed at improving cognitive function.
During an End-of-Phase 2 meeting with the FDA, Annovis secured clearance to proceed with pivotal Phase 3 studies. These will include a 6-month trial to confirm buntanetap’s symptomatic benefits and an 18-month trial to explore its potential disease-modifying effects. The FDA raised no concerns regarding the drug’s safety, confirming the use of the new crystal form of buntanetap.
Financially, Annovis reported cash and cash equivalents of $13.6 million as of November 8, 2024. The company has raised a total of $12.7 million in net cash from its ELOC facility this year, ensuring sufficient liquidity to support upcoming Phase 3 studies. Operating expenses for the quarter amounted to $4.4 million, reflecting a significant reduction from $14.9 million in the same period last year. This decrease was primarily due to a drop in research and development expenses.
Annovis posted a net loss of $0.97 per common share for the third quarter of 2024, compared to a $1.63 loss per share in the previous year.
In addition to its financial and clinical advancements, Annovis presented research at the 17th Clinical Trials on Alzheimer’s Disease (CTAD) conference in Madrid, Spain, showcasing buntanetap’s efficacy data and related biomarkers.
The company also announced the appointment of Matthew Peterson, Ph.D., as Senior Clinical Scientist. Dr. Peterson will oversee the quality and success of the upcoming clinical trials for Alzheimer’s and Parkinson’s diseases.
With these strategic developments, Annovis Bio is poised to make significant contributions to the treatment of neurodegenerative diseases while maintaining a strong financial footing.
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