Earnings ·
Palisade Bio reports Q3 net loss of $0.07 per share as R&D costs surge to $10.6 million
PALIPalisade Bio, Inc.
Palisade Bio reported a third-quarter net loss of $14.6 million, or $0.07 per share, compared to a $2.9 million loss in the prior-year period. Research and development expenses rose sharply to $10.6 million from $1.4 million due to Phase 2 clinical trial start-up activities for PALI-2108, while general and administrative costs increased to $5.1 million. The company ended the quarter with $113.6 million in cash and cash equivalents. Clinically, Palisade Bio dosed the first patient in its global Phase 2b ASCENTRA-UC trial for ulcerative colitis and received FDA clearance for the Phase 2a ASCENTRA-CD trial in Crohn's disease. The company is a clinical-stage biopharmaceutical firm developing oral therapies for immune-mediated and fibrotic diseases.