Biotech company Bio-Path Holdings (NASDAQ: BPTH) reported a loss of $2.5 million or $0.87 per share for the second quarter ended June 30, 2019, compared to a loss of $1.7 million or $2.96 per share for the second quarter ended June 30, 2018. Bio-Path has not generated significant revenues to date. The company’s revenue generation in the future depends on the successful development and eventual commercialization of its drug candidates.
Research and development expenses increased to $1.5 million from $0.8 million in the prior-year quarter, primarily due to the commencement of activities related to Stage 2 of Phase 2 clinical trial in AML.
As of June 30, 2019, the company had cash of $17.1 million, compared to $1.0 million at December 31, 2018. Net cash used in operating activities for the six months ended June 30, 2019 was $4.2 million compared to $3.4 million for the comparable period in 2018.
“Throughout the second quarter we continued to execute on our clinical development plans for our innovative RNAi nanoparticle therapeutics,” said CEO Peter Nielsen.
He added, “We are also looking forward to completing Investigational New Drug (IND) enabling studies of BP1003, a novel liposome-incorporated STAT3 oligodeoxynucleotide inhibitor for the treatment of pancreatic cancer, and to file an IND application for a Phase 1 study of BP1003 for the treatment of pancreatic cancer in 2020.”
Bio-Path stock closed down 0.91% at $11.96 yesterday and has dipped 33% in the past three months.