On August 30, 2024 Rakovina Therapeutics Inc. (TSX-V: RKV, the "Company") a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies reported the financial results for the second quarter ending June 30, 2024, and provides an update to corporate activities (Press release, Rakovina Therapeutics, AUG 30, 2024, View Source;utm_medium=rss&utm_campaign=rakovina-therapeutics-announces-2024-q2-financial-results-and-provides-corporate-update [SID1234646237]).
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"We are thrilled by the rapid progress and strategic advancements we’ve made at Rakovina Therapeutics since announcing our collaboration with Prof. Artem Cherkasov and exclusive access to the groundbreaking Deep Docking AI platform. AI has propelled us into an exciting new era of precision medicine, allowing us to screen billions of molecular structures and identify promising candidates for clinical development," said Executive Chairman Jeffrey Bacha.
"The overwhelming support shown through our successful $2 million private placement and the expansion of our research collaborations with UBC and Pharma Inventor Inc. further solidifies our commitment to pioneering innovative cancer therapies. Together, these milestones bring us closer to our goal of delivering life-changing treatments to patients worldwide," added Bacha.
2024 Q2 Highlights and Recent Developments
Earlier this spring, we announced a strategic pivot in our business model that positions Rakovina Therapeutics at the forefront of artificial intelligence-driven (AI) precision medicine through a collaboration with Prof. Artem Cherkasov, which provides us with exclusive access to the proprietary Deep Docking (trademarked) AI platform for DNA-damage response targets. In the past three months, we have evaluated more than 1.5 billion molecular structures against DNA damage response targets as potential lead candidates utilizing the Deep Docking AI platform. This iterative process will eventually screen more than seven billion drug candidates and provide a "short list" of recommended novel small molecule structures for synthesis and validation in our laboratories as potential lead candidates for advancement to human clinical trials in collaboration with pharmaceutical partners.
On July 26, 2024, we announced the final closing of an over-subscribed non-brokered private placement financing of units priced at $0.10 per unit with each unit consisting of one common share and one common share purchase warrant with an exercise price of $0.20 per warrant and a term of three years for gross proceeds to the Company of $2 million (the "2024 Private Placement"). Each Warrant entitles the holder thereof to subscribe for and purchase one Common Share at a purchase price of $0.20 for a period of three years from the date of issuance. If the closing price for the Common Shares on the TSX Venture Exchange is $0.25 or greater for five consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants, upon written notice to the holder, to the date that is 30 days following such notice.
On May 8, 2024, we announced the expansion of our collaborations with the University of British Columbia ("UBC") and our medicinal chemistry partner, Pharma Inventor Inc. The expansion of our research collaborations was initiated to support our AI Drug Discovery Platform. The wet lab infrastructure at UBC combined with the additional medicinal chemistry resources will allow the Company to quickly synthesize and evaluate lead drug candidates identified by the AI platform.
Summary Financial Results for the quarter ended June 30, 2024
For the three and six months ended June 30, 2024, the Company reported a net loss of $820,580 and $1,572,963, respectively. Research and development expenses were $479,785 and $918,768 for the three and six months ended June 30, 2024, respectively.
General and administrative expenses were $276,184 and $527,274 for the three and six months ended June 30, 2024, respectively. Total cash expenses related to research and development and general and administrative expenses for the three and six months ended June 30, 2024, were $605,465 and $1,128,170, respectively.
Selected Financial Information
As at June 30, 2024 $
Cash & cash equivalents 1,386,372
Working capital 932,980
Intangible assets 4,247,731
Total Assets 6,227,085
Total liabilities 2,420,349
Deficit (12,498,274)
Total equity 3,806,736
Statements of net loss and comprehensive loss data:
Description For the three months ended June 30, 2024 For the six months ended June 30, 2023
Research & Development $479,785 $918,768
General and Administrative $276,184 $527,274
Net loss and comprehensive loss $820,611 $1,572,963
Basic and diluted income (loss) per share $(0.01) $(0.02)
Operating cash burn $605,465 $1,128,170
Weighted average shares outstanding 70,709,288 70,397,106
Rakovina Therapeutics’ financial statements as filed with SEDAR can be accessed from the Company’s website at: View Source
Senior management of Rakovina Therapeutics will hold an information and update webinar on Wednesday, Sept. 4, 2024, at 9:30 A.M. Pacific Time/12:30 P.M. Eastern Time. Interested parties may sign up at https://bit.ly/3ACQCxe