Artelo Biosciences Reports Third Quarter 2024 Financial Results and Provides Business Update

SOLANA BEACH, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (NASDAQ:ARTL), a clinical-stage pharmaceutical company focused on modulating lipid-signaling pathways to develop treatments for people living with cancer, pain, dermatologic and neurological conditions, today reported its financial and operating results for the three months ended September 30, 2024, and provided a business update.

"With the ongoing, rapid progress of our pipeline, we anticipate multiple clinical readouts over the next 15 months," stated Gregory D. Gorgas, President and CEO of Artelo Biosciences. "Starting with ART26.12, our promising Fatty Acid Binding Protein 5 (FABP5) inhibitor drug candidate, we received FDA clearance to begin trials in chemotherapy-induced peripheral neuropathy. This debilitating condition, for which there is no approved treatment, affects up to 40% of people experiencing chemotherapy. Phase 1 results are expected in the first half of 2025. Additionally, we presented data at several conferences during the quarter highlighting the promising effects of inhibiting FABP5 across multiple cancer types and cancer bone pain."

Artelo's Phase 2 CAReS trial is on track for completion of patient enrollment in early 2025 and for announcement of results as soon as all required safety data is collected on ART27.13, which is designed to treat cancer-related anorexia. "We are encouraged by the trial's progress and safety profile to date, with no serious adverse events reported. This positions ART27.13 as a potential new therapy to improve the quality of life of people struggling with significant and severe loss of appetite and weight associated with their cancer and cancer treatment," added Mr. Gorgas.

Simultaneously, Artelo's ART12.11, an innovative and proprietary CBD-TMP cocrystal is expected to initiate clinical trials for anxiety and depression in 2025. This unique cocrystal composition offers a novel approach to mental health treatment.

Financial Results for Quarter Ended September 30, 2024

Cash and Investments: Cash and investments totaled $4.9 million as of September 30, 2024.

R&D Expenses: Research and development expenses were $0.3 million for the three months ended September 30, 2024, compared to $1.6 million for the same period in 2023.

G&A Expenses: General and administrative expenses were $0.9 million for the three months ended September 30, 2024, compared to $1.0 million for the same period in 2023.

Net Loss: For the three months ended September 30, 2024, net loss was $1.1 million, or $0.35 per basic and diluted common share, which included $0.2 million of net non-cash expenses, compared to a net loss of $2.4 ...

https://www.benzinga.com/pressreleases/24/11/g41898735/artelo-biosciences-reports-third-quarter-2024-financial-results-and-provides-business-update