Unicycle Therapeutics, Inc. (NASDAQ: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease, today announced its financial results for the three months ended June 30, 2024.
Research and Development expenses were $4.9 million for the quarter compared to $2.3 million for the three months ended June 30, 2023. The increase in research and development expenses was primarily due to increased drug development costs.
General and Administrative expenses were $2.5 million for the quarter compared to $2.1 million for the three months ended June 30, 2023. The increase was primarily due to increased non-cash stock compensation costs.
Net income attributable to common stockholders for the three months ended June 30, 2024 was $3.0 million, and basic earnings per share was $0.08. On a diluted basis, we reported a loss per share for the same period of $0.15. The net income figure was attributable to a decrease in the fair value of our warrant liability.
For the three months ended June 30, 2023, UNCY reported a net loss of $4.4 million, and basic loss per share of $0.29. On a diluted basis, we reported a loss per share for the same period of $0.29. As of June 30, 2024, cash and cash equivalents totaled $41.8 million. “The Company,” concluded this morning’s news release, “believes that it has sufficient resources to fund planned operations into 2026.”
UNCY shares increased two cents, or 8.8%, to 25.7 cents.
