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Biora Therapeutics (BIOR) Q2 Earnings call transcript Aug 12, 2024

AInvestTuesday, Aug 13, 2024 5:53 pm ET
1min read

Biora Therapeutics recently unveiled its second-quarter 2024 financial results, accompanied by a corporate update that highlighted significant progress in its NaviCap platform and BioJet systemic therapeutics platform. The earnings call, led by CEO Adi Mohanty and CFO Eric d'Esparbes, showcased a robust strategic outlook and a strong financial position, positioning Biora for continued growth and innovation.

NaviCap Platform Advancements

A highlight of the call was the successful Phase I clinical trial for the BT-600 program using the NaviCap platform. The trial demonstrated the platform's ability to achieve direct topical delivery to the colon, potentially revolutionizing the treatment of ulcerative colitis (UC). The trial's pharmacokinetic data showed a significant reduction in systemic circulation levels, which could potentially minimize toxicity risks associated with UC drugs. Furthermore, the trial data showed a strong correlation between plasma and tissue levels, suggesting improved colon tissue exposure and predicting increased efficacy.

BioJet Platform Progress

Another significant development was the update on the BioJet platform, which continues to exceed performance targets in solving the challenge of oral delivery of large molecules. The platform's potential to enable liver-targeted delivery of large molecules has been recognized by potential partners, leading to active partnership discussions. Biora aims to achieve a pharma partnership for the BioJet platform by the end of 2024.

Financial Highlights

Biora reported a $6.5 million net income position for the second quarter of 2024, driven by a significant capital raise from a core group of large institutions. This funding will support the company's advancements in clinical development and preclinical work, particularly with the NaviCap and BioJet platforms.

Looking Ahead

Biora's strategic focus on optimizing JAK inhibitor therapy and enabling combination therapies for UC positions the company to address a significant unmet need in the therapeutic market. With the successful Phase I clinical trial results for BT-600, Biora is poised to initiate a clinical study in UC patients, aiming to confirm the PK profile and inform dose selection for subsequent trials. Additionally, the company's partnership discussions with large pharma companies for the BioJet platform are promising, with plans to bring on a partner in the near term.

In conclusion, Biora Therapeutics' Q2 2024 financial results underscore its commitment to innovation and strategic partnerships. With the NaviCap platform's breakthrough in colon-targeted drug delivery and the BioJet platform's potential to revolutionize oral delivery of large molecules, Biora is well-positioned to address significant challenges in the therapeutic market. The company's financial stability, driven by a successful capital raise, further strengthens its position for continued growth and success.

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