NeuroSense Therapeutics Reports Year End 2024 Financial Results and Provides Business Updates
Phase 2b study completed in amyotrophic lateral sclerosis (ALS) demonstrated lead asset PrimeC slows disease progression and functional decline
Ongoing partnership discussions to advance PrimeC to Phase 3 study in ALS and commercialization
Phase 3 study design for PrimeC in ALS aligned with FDA; planned initiation in 2025
CAMBRIDGE, Mass., April 7, 2025 /PRNewswire/ -- NeuroSense Therapeutics Ltd. (NASDAQ:NRSN) ("NeuroSense"), a clinical-stage biotechnology company developing novel treatments for severe neurodegenerative diseases, today reports its financial results for the year ended December 31, 2024 and provides a business update.
Business highlights from 2024 and to date
PrimeC achieved primary and secondary clinical endpoints in PARADIGM Phase 2b study investigating PrimeC in ALS (n=68) with data showing the following:- PrimeC slowed disease progression (measured by ALSFRS-R) by approximately 33% after 18 months (p=0.007)- PrimeC reduced likelihood of mortality, hospitalization and respiratory support, resulting in an overall 58% improvement in survival rates. - PrimeC slowed functional decline, especially speaking and swallowing functions. - PrimeC demonstrated favorable safety and tolerability profile, achieving the study's primary endpoint.
Phase 3 study design for PrimeC for ALS aligned with FDA following Type C meeting.
Partnership discussions are continuing in order to advance PrimeC towards regulatory approval and eventual commercialization.
Plans to file for early commercialization for PrimeC in Canada, with an estimated potential market opportunity of $100m-$150m in peak annual revenues.
Key patent granted by U.S. Patent and Trademark Office (USPTO), extending the patent protection for the novel formulation of PrimeC until 2042.
"2024 was a year of significant clinical progress for NeuroSense," stated NeuroSense CEO, Alon Ben-Noon. "We successfully completed our Phase 2b study for PrimeC in ALS, with data showing transformative results in a neurodegenerative indication of immense medical need. The results conclude with PrimeC's disease-modifying potential and strongly support advancing PrimeC towards a Phase 3 study. With positive FDA feedback on the proposed study design, we are putting everything in place for the next stage of NeuroSense's growth, driven by PrimeC's continued clinical development."
Financial Results
Research and development expenses for the years ended December 31, 2024 and 2023 were $5.7 million and $7.3 million, respectively. The decrease of $1.6, or 21.9%, was mainly attributed to a decrease in our expenses to subcontractors and consultants and a decrease in share-based payment expense.
General and administrative expenses for the years ended December 31, 2024 and 2023 were $4.2 million and $4.8 million, respectively. The decrease of $0.6, or 12.5%, was mainly attributed to a decrease in share-based compensation and insurance costs and a decrease in salaries and social benefit expenses mainly due to decrease in the number of employees which were offset by an increase in professional services expenses.
As of December 31, 2024, NeuroSense had cash of approximately $3.4 million.
A summary of NeuroSense's consolidated financial results is included in the tables below.
A copy of the Company's annual report on Form 20-F for the year ended December 31, 2024 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on the Company's investor relations website at https://neurosense.investorroom.com/sec-filings. The Company will deliver a hard copy of its annual report, including its complete audited financial statements, free of charge, to its shareholders upon request at
NeuroSense Therapeutics Ltd.
Consolidated Statements of Financial Position
(U.S. dollars in thousands, except share and per share data)
As of December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalent
$
3,378
$
2,640
Other receivables
989
236
Restricted deposits
35
40
Total current assets
4,402
2,916
Non-current assets:
Property and equipment, net
66
85
Right of use assets
84
162
Restricted deposit
23
22
Total non-current assets
173
269
Total assets
$
4,575
$
3,185
Liabilities shareholders' and equity
Current liabilities:
Trade payables
$
1,160
$
1,459
Other current liabilities
832
2,000
Total current liabilities
1,992
3,459
Non-current liabilities:
Lease liability less current maturity
-
73
Liability in respect of warrants
-
1,412
-
1,485
Total liabilities
1,992
4,944
Shareholders' equity:
https://www.benzinga.com/pressreleases/25/04/n44675386/neurosense-therapeutics-reports-year-end-2024-financial-results-and-provides-business-updates
