PHILADELPHIA, PA — Context Therapeutics Inc. (Nasdaq: CNTX) has reported its financial results for the year ending December 31, 2024, while highlighting advancements in its clinical pipeline.
The company ended 2024 with $94.4 million in cash and cash equivalents, a significant increase from $14.4 million at the close of 2023. This robust financial position is expected to fund operations through 2027. Context also raised $100 million in a private placement in May 2024, bolstering its ability to advance therapeutic programs.
Research and development expenses increased to $22.7 million in 2024, compared to $17.8 million in 2023, primarily due to charges associated with the acquisition of CT-95 and the in-licensing of CT-202. General and administrative expenses, meanwhile, slightly declined to $7.2 million from $7.3 million in 2023. The company reported a net loss of $26.7 million in 2024, compared to $24.0 million the prior year.
CEO Martin Lehr characterized 2024 as a pivotal year for the company, stating, “We believe 2024 was a transformative year for Context, marked by strategic acquisitions, a strengthened financial position, and enhancements to our leadership team, all aligning with our mission to develop innovative T cell-engaging bispecific antibodies for solid tumors.”
Key pipeline highlights included the first patient dosed in January 2025 in Context’s Phase 1 trial for CTIM-76, which targets CLDN6-positive ovarian, endometrial, and testicular cancers. Additionally, the company’s acquisition of CT-95, a Mesothelin x CD3 T cell-engaging bispecific antibody, and the licensing of CT-202, a Nectin-4 x CD3 bispecific antibody, expand its portfolio of novel immune-oncology therapies.
Looking forward to 2025, Context anticipates initiating the Phase 1 trial for CT-95 by Q2 and filing an IND for CT-202 in mid-2026. Initial clinical data for CTIM-76’s Phase 1 trial is expected in the first half of 2026, with data for CT-95 following in mid-2026.
“We ended the year with cash and cash equivalents of $94.4 million, providing the financial resources needed to further advance our clinical programs,” Lehr added. “Our focus remains on delivering innovative therapies that address critical unmet medical needs in oncology.”
Corporate updates included the appointment of Andy Pasternak as Chairman of the Board, alongside other key leadership additions throughout the year. Context aims to continue scaling its operations and advancing its pipeline while maintaining a strong financial foundation to support its innovations in oncology.
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