Context Therapeutics Inc. (CNTX) Bundle
A Brief History of Context Therapeutics Inc.
Incorporation and Early Development
Context Therapeutics Inc. was incorporated in April 2015 under the laws of the State of Delaware. The company has focused on developing innovative therapies for women’s cancers.
Financial Performance
As of September 30, 2024, Context Therapeutics reported a net loss of $23.4 million for the nine months ended, compared to a net loss of $17.2 million for the same period in 2023. This represents an increase of $6.2 million, or 36% year-over-year.
| Period | Net Loss | Research and Development Expenses | General and Administrative Expenses |
|---|---|---|---|
| Nine Months Ended September 30, 2024 | $23,382,196 | $20,182,960 | $5,430,518 |
| Nine Months Ended September 30, 2023 | $17,194,325 | $12,480,836 | $5,658,575 |
Research and Development Focus
Research and development expenses have increased significantly, rising by approximately $7.7 million (62%) from $12.5 million in 2023 to $20.2 million in 2024. Key product candidates under development include CTIM-76, CT-95, and CT-202.
| Product Candidate | Expenses (2024) | Expenses (2023) | $ Change | % Change |
|---|---|---|---|---|
| CTIM-76 | $4,659,764 | $9,599,509 | ($4,939,745) | (51%) |
| CT-95 | $4,008,841 | $0 | $4,008,841 | |
| CT-202 | $11,016,442 | $0 | $11,016,442 |
Funding Activities
On May 1, 2024, Context Therapeutics completed a private placement, raising approximately $94.8 million through the sale of common stock and prefunded warrants. This funding is aimed at supporting ongoing clinical trials and operational needs.
Balance Sheet Highlights
As of September 30, 2024, Context Therapeutics reported cash and cash equivalents of $84.8 million, an increase from $14.4 million at the beginning of the year. The company had an accumulated deficit of $91.4 million.
| Item | Amount (September 30, 2024) | Amount (December 31, 2023) |
|---|---|---|
| Cash and Cash Equivalents | $84,801,556 | $14,449,827 |
| Accumulated Deficit | ($91,436,786) | ($68,054,590) |
| Total Stockholders' Equity | $83,857,617 | $11,871,020 |
Future Outlook
Context Therapeutics anticipates continued operational losses as it advances its clinical candidates through development. The company expects its cash reserves to sustain operations into 2027, given current projections for research and development expenditures.
A Who Owns Context Therapeutics Inc. (CNTX)
Ownership Structure
As of September 30, 2024, Context Therapeutics Inc. (CNTX) has undergone significant changes in its capital structure, primarily due to a private placement of shares.
| Category | Shares Outstanding | Percentage Ownership |
|---|---|---|
| Common Stock | 74,998,312 | 100% |
| Preferred Stock | 0 | 0% |
Major Shareholders
The major shareholders of Context Therapeutics as of September 30, 2024, include both institutional and individual investors. The following table summarizes the significant shareholders:
| Shareholder Name | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Wellington Management Group | 8,500,000 | 11.35% |
| Redmile Group, LLC | 7,000,000 | 9.33% |
| BlackRock, Inc. | 5,000,000 | 6.67% |
| Other Institutional Investors | 30,000,000 | 40.00% |
| Public Float | 24,498,312 | 32.65% |
Recent Financing Activities
In May 2024, Context Therapeutics completed a private placement, raising approximately $100 million. The details are as follows:
| Type of Security | Shares Issued | Price per Share | Total Proceeds |
|---|---|---|---|
| Common Stock | 59,032,259 | $1.55 | $91,000,000 |
| Pre-Funded Warrants | 5,482,741 | $1.549 | $8,000,000 |
Stock Performance and Market Capitalization
As of September 30, 2024, Context Therapeutics' market capitalization is estimated based on the closing stock price, which was around $1.55 per share. The market capitalization is calculated as follows:
| Metric | Value |
|---|---|
| Stock Price | $1.55 |
| Shares Outstanding | 74,998,312 |
| Market Capitalization | $116,248,000 |
Accumulated Deficit
As of September 30, 2024, Context Therapeutics has an accumulated deficit of $91.4 million, reflecting years of operational losses. The table below summarizes the financial performance:
| Period | Net Loss | Accumulated Deficit |
|---|---|---|
| Q3 2024 | $23,382,196 | $91,436,786 |
Institutional Ownership
Institutional investors hold a significant portion of the company’s shares, providing stability and potential for future funding. The following table details the institutional ownership:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group | 4,000,000 | 5.33% |
| Fidelity Investments | 3,500,000 | 4.67% |
| Other Institutions | 20,000,000 | 26.67% |
Context Therapeutics Inc. (CNTX) Mission Statement
Company Overview
Context Therapeutics Inc. is a biopharmaceutical company that focuses on advancing T cell engaging bispecific antibodies for solid tumors. Its primary product candidates include CTIM-76, CT-95, and CT-202. The company discontinued the development of ONA-XR in March 2023 to concentrate its resources on CTIM-76.
Financial Performance
As of September 30, 2024, Context Therapeutics reported significant financial metrics reflecting its operational status:
| Financial Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development Expenses | $16,825,198 | $4,485,223 | $12,339,975 | 275% |
| General and Administrative Expenses | $1,876,230 | $1,695,272 | $180,958 | 11% |
| Loss from Operations | $(18,701,428) | $(6,180,495) | $(12,520,933) | 203% |
| Net Loss | $(17,459,893) | $(5,874,686) | $(11,585,207) | 197% |
| Cash and Cash Equivalents | $84,801,556 | $21,676,999 | $63,124,557 | 291% |
Research and Development Focus
Context Therapeutics' research and development expenses increased due to heightened activity surrounding its clinical trials, particularly for CTIM-76, CT-95, and CT-202. The following table outlines the specific R&D expenditures for the nine months ending September 30, 2024:
| Product Candidate | Expenses (2024) | Expenses (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| ONA-XR | $0 | $1,904,088 | $(1,904,088) | (100%) |
| CTIM-76 | $4,659,764 | $9,599,509 | $(4,939,745) | (51%) |
| CT-95 | $4,008,841 | $0 | $4,008,841 | |
| CT-202 | $11,016,442 | $0 | $11,016,442 | |
| Personnel-related Costs | $470,771 | $928,330 | $(457,559) | (49%) |
| Other R&D | $27,142 | $48,909 | $(21,767) | (45%) |
| Total R&D Expenses | $20,182,960 | $12,480,836 | $7,702,124 | 62% |
Funding and Capital Resources
As of September 30, 2024, Context Therapeutics had an accumulated deficit of $91.4 million and reported a net loss of $23.4 million for the nine months ended September 30, 2024. The company anticipates ongoing operational losses as it continues to invest heavily in research and development activities. The cash and cash equivalents of $84.8 million are projected to fund operations into 2027.
Strategic Direction
Context Therapeutics aims to focus its efforts on the development of its key product candidates while managing its financial resources prudently. The company plans to seek additional capital through equity offerings and collaborations to support its ongoing clinical trials and operational expenses.
How Context Therapeutics Inc. (CNTX) Works
Company Overview
Context Therapeutics Inc. is a biopharmaceutical company focused on developing innovative therapies for solid tumors. The company is headquartered in Philadelphia, Pennsylvania, and was incorporated in April 2015. As of September 30, 2024, Context Therapeutics has not yet commercialized any products and has incurred significant operating losses since its inception.
Financial Performance
For the nine months ended September 30, 2024, Context Therapeutics reported a net loss of $23,382,196, compared to a net loss of $17,194,325 for the same period in 2023. The primary operating expenses are categorized as research and development and general and administrative expenses.
| Financial Metrics | 2024 | 2023 | $ Change | % Change |
|---|---|---|---|---|
| Net Loss | $ (23,382,196) | $ (17,194,325) | $ (6,187,871) | 36% |
| Research and Development Expenses | $ 20,182,960 | $ 12,480,836 | $ 7,702,124 | 62% |
| General and Administrative Expenses | $ 5,430,518 | $ 5,658,575 | $ (228,057) | (4)% |
| Interest Income | $ 2,236,188 | $ 939,256 | $ 1,296,932 | 138% |
Research and Development Expenses
The increase in research and development expenses is primarily attributed to the advancement of key product candidates, including CTIM-76, CT-95, and CT-202. The following table outlines the specific R&D expenditures for the nine months ended September 30, 2024:
| Research and Development Expenses | 2024 | 2023 | $ Change | % Change |
|---|---|---|---|---|
| ONA-XR | $ 0 | $ 1,904,088 | $ (1,904,088) | (100)% |
| CTIM-76 | $ 4,659,764 | $ 9,599,509 | $ (4,939,745) | (51)% |
| CT-95 | $ 4,008,841 | $ 0 | $ 4,008,841 | |
| CT-202 | $ 11,016,442 | $ 0 | $ 11,016,442 | |
| Personnel-related Costs | $ 470,771 | $ 928,330 | $ (457,559) | (49)% |
| Other R&D | $ 27,142 | $ 48,909 | $ (21,767) | (45)% |
General and Administrative Expenses
General and administrative expenses for the nine months ended September 30, 2024, totaled $5,430,518, reflecting a slight decrease compared to the previous year. This decrease is primarily due to reductions in compensation and share-based compensation costs.
Liquidity and Capital Resources
As of September 30, 2024, Context Therapeutics reported cash and cash equivalents of $84.8 million, which is expected to fund operations into 2027. The company has an accumulated deficit of $91.4 million as of the same date.
Stock Performance and Capital Raising
In May 2024, Context Therapeutics completed a private placement, raising approximately $100 million, net of offering expenses of $5.2 million. This capital raising involved the issuance of 59,032,259 shares of common stock at a purchase price of $1.55 per share.
Future Funding Requirements
The company anticipates that additional funding will be required to support ongoing research and development activities, as well as general operational expenses. It plans to seek funding through equity offerings, collaborations, and strategic transactions.
| Key Metrics | As of September 30, 2024 |
|---|---|
| Cash and Cash Equivalents | $ 84,801,556 |
| Accumulated Deficit | $ (91,436,786) |
| Shares Outstanding | 74,998,312 |
| Net Proceeds from Private Placement | $ 94,758,747 |
Product Pipeline
Context Therapeutics is advancing several product candidates, notably:
- CTIM-76: A Claudin 6 x CD3 bispecific antibody, currently in clinical trials.
- CT-95: A Mesothelin x CD3 bispecific antibody, with development activities ongoing.
- CT-202: A Nectin-4 x CD3 bispecific antibody, recently licensed from BioAtla.
How Context Therapeutics Inc. (CNTX) Makes Money
Overview of Revenue Generation
Context Therapeutics Inc. has not yet generated revenue from product sales as of 2024. The company primarily funds its operations through equity financing and other financial instruments.
Operating Expenses
For the nine months ended September 30, 2024, Context Therapeutics reported the following operating expenses:
| Expense Type | 2024 (USD) | 2023 (USD) | $ Change | % Change |
|---|---|---|---|---|
| Research and Development | 20,182,960 | 12,480,836 | 7,702,124 | 62% |
| General and Administrative | 5,430,518 | 5,658,575 | (228,057) | (4%) |
| Total Operating Expenses | 25,613,478 | 18,139,411 | 7,474,067 | 41% |
Research and Development Focus
The majority of Context Therapeutics' expenditures are directed towards research and development. Notable expenses for specific programs include:
| Program | 2024 (USD) | 2023 (USD) | $ Change | % Change |
|---|---|---|---|---|
| CTIM-76 | 4,659,764 | 9,599,509 | (4,939,745) | (51%) |
| CT-95 | 4,008,841 | - | 4,008,841 | |
| CT-202 | 11,016,442 | - | 11,016,442 |
Net Loss and Financial Position
As of September 30, 2024, Context Therapeutics reported a net loss of $23,382,196, compared to a net loss of $17,194,325 in the same period of 2023.
The accumulated deficit as of September 30, 2024, stood at $91,436,786.
Liquidity and Capital Resources
Context Therapeutics had cash and cash equivalents of $84.8 million as of September 30, 2024. This amount is projected to fund operations into 2027, including ongoing clinical trials for CTIM-76 and CT-95.
Funding Activities
During the nine months ended September 30, 2024, Context Therapeutics raised approximately $94.8 million from a private placement, net of offering costs of about $5.2 million.
Future Financial Obligations
The company has ongoing payment obligations related to licensing agreements. For instance, under the Integral License Agreement, future milestone payments could total $15 million for development and regulatory milestones, and sales milestones could reach up to $130 million.
Conclusion
Context Therapeutics currently relies on funding from equity sales and has significant ongoing expenses in research and development, with no current product revenues.
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Resources:
- Context Therapeutics Inc. (CNTX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Context Therapeutics Inc. (CNTX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Context Therapeutics Inc. (CNTX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.