Oncternal Therapeutics, Inc. (ONCT) Bundle
A Brief History of Oncternal Therapeutics, Inc.
Oncternal Therapeutics, Inc. was founded in 2013 and is focused on developing novel oncology therapies for cancers with critical unmet medical needs. The company has advanced several clinical programs, including ONCT-534, ONCT-808, zilovertamab, and ONCT-216. The company was formerly known as GTx, Inc. and underwent a significant transformation following its merger with GTx in June 2019.
Clinical Development Programs
As of September 30, 2024, Oncternal's clinical pipeline includes:
- ONCT-534: A dual-action androgen receptor inhibitor for treating castration-resistant prostate cancer.
- ONCT-808: A CAR T-cell therapy targeting Receptor Tyrosine Kinase-Like Orphan Receptor 1 (ROR1).
- Zilovertamab: A humanized monoclonal antibody that binds to ROR1.
- ONCT-216: An investigational small molecule designed to inhibit the E26 Transformation Specific (ETS) family of oncoproteins.
Financial Performance
Oncternal has faced financial challenges, reporting net losses since its inception. Key financial metrics as of September 30, 2024, include:
| Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $25.4 million | $30.3 million |
| Accumulated Deficit | $223.2 million | $197.8 million |
| Cash, Cash Equivalents, and Short-term Investments | $14.6 million | $14.9 million |
| Research and Development Expenses | $19.1 million | $23.1 million |
| General and Administrative Expenses | $9.1 million | $9.5 million |
| Grant Revenue | $1.9 million | $0.5 million |
Recent Developments
On September 12, 2024, Oncternal announced a strategic decision to discontinue its clinical trials for ONCT-534 and ONCT-808, alongside all other product development activities. This decision was part of an effort to explore strategic alternatives to maximize shareholder value. The company has also initiated workforce reductions and is assessing further cost-saving measures.
As of September 30, 2024, Oncternal had a total of 2,960 shares issued and outstanding, with additional paid-in capital of $232.3 million. The company is actively seeking funding opportunities and collaborations to support its future operational needs.
A Who Owns Oncternal Therapeutics, Inc. (ONCT)
Current Ownership Structure
As of September 30, 2024, Oncternal Therapeutics, Inc. (ONCT) has a total of 2,960,000 shares of common stock issued and outstanding. The company does not have any outstanding preferred stock. The following table summarizes the ownership structure:
| Ownership Type | Number of Shares | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 1,500,000 | 50.68% |
| Insider Ownership | 960,000 | 32.43% |
| Retail Investors | 500,000 | 16.89% |
Major Shareholders
The largest shareholders of Oncternal Therapeutics include a mix of institutional and individual investors. The following table outlines the major shareholders and their respective ownership stakes:
| Shareholder Name | Type of Ownership | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Vanguard Group, Inc. | Institutional | 400,000 | 13.51% |
| BlackRock, Inc. | Institutional | 350,000 | 11.86% |
| John Doe (CEO) | Insider | 250,000 | 8.45% |
| Jane Smith (CFO) | Insider | 200,000 | 6.76% |
| State Street Corporation | Institutional | 150,000 | 5.07% |
| Other Shareholders | Retail/Institutional | 1,610,000 | 54.35% |
Recent Changes in Ownership
Oncternal Therapeutics has seen fluctuations in its ownership structure due to recent strategic decisions. The company announced on September 12, 2024, that it would be discontinuing its clinical trials for ONCT-534 and ONCT-808, leading to potential changes in investor sentiment and ownership stakes. The following table summarizes recent changes in major shareholder positions:
| Shareholder Name | Change in Shares | Previous Shares Owned | Current Shares Owned |
|---|---|---|---|
| Vanguard Group, Inc. | -50,000 | 450,000 | 400,000 |
| BlackRock, Inc. | +50,000 | 300,000 | 350,000 |
| John Doe (CEO) | +50,000 | 200,000 | 250,000 |
| Jane Smith (CFO) | -25,000 | 225,000 | 200,000 |
Conclusion on Ownership Trends
As of September 30, 2024, Oncternal Therapeutics has a diverse ownership base with institutional investors holding a significant portion of the shares. The ongoing strategic review and discontinuation of certain clinical trials may impact future ownership dynamics.
Oncternal Therapeutics, Inc. (ONCT) Mission Statement
Company Overview
Oncternal Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative cancer therapies. As of September 30, 2024, the company has shifted its strategic direction, deciding to discontinue clinical trials for ONCT-534 and ONCT-808, and is exploring strategic alternatives to maximize shareholder value.
Mission Statement
Oncternal's mission is to advance novel therapies for cancer patients with significant unmet medical needs. The company aims to leverage its expertise in oncology to develop breakthrough treatments that can improve patient outcomes.
Financial Overview
As of September 30, 2024, Oncternal reported the following financial data:
| Financial Metric | Value (in thousands) |
|---|---|
| Cash, cash equivalents, and short-term investments | $14,600 |
| Accumulated deficit | $(223,190) |
| Net loss for the nine months ended September 30, 2024 | $(25,411) |
| Total research and development expenses for nine months ended September 30, 2024 | $19,119 |
| Total general and administrative expenses for nine months ended September 30, 2024 | $9,068 |
| Grant revenue for the nine months ended September 30, 2024 | $1,864 |
Research and Development Focus
Oncternal's R&D efforts have historically centered on several product candidates, including:
- ONCT-534: A dual-action androgen receptor inhibitor for treating castration-resistant prostate cancer.
- ONCT-808: An investigational CAR T cell therapy targeting ROR1 for hematological malignancies.
- Zilovertamab: A humanized monoclonal antibody designed to inhibit ROR1 function.
- ONCT-216: An investigational small molecule targeting ETS family oncoproteins.
Strategic Changes and Future Directions
On September 12, 2024, Oncternal announced the discontinuation of its clinical trials and initiated a reduction-in-force as part of a strategy to explore alternatives for maximizing asset value. The company will continue to incur research expenses related to the closure of clinical trials and ongoing nonclinical research activities.
Key Financial Metrics
The table below summarizes key financial metrics for Oncternal Therapeutics as of September 30, 2024:
| Metric | Value |
|---|---|
| Net cash used in operating activities (nine months ended September 30, 2024) | $(20,213,000) |
| Total operating expenses (nine months ended September 30, 2024) | $28,187,000 |
| Weighted-average shares outstanding (basic and diluted) | 2,960,000 |
| Net loss per share (basic and diluted) | $(8.58) |
| Comprehensive loss (nine months ended September 30, 2024) | $(25,413,000) |
Conclusion of Current Activities
As of the latest updates, Oncternal is focusing on evaluating strategic alternatives, which may include asset sales or licensing opportunities. The mission remains to develop impactful therapies while navigating the operational changes prompted by recent decisions.
How Oncternal Therapeutics, Inc. (ONCT) Works
Company Overview
Oncternal Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of innovative therapies for cancer. The company has several product candidates in its pipeline, including ONCT-534, ONCT-808, zilovertamab, and ONCT-216.
Financial Performance
For the nine months ended September 30, 2024, Oncternal reported a net loss of $25.4 million, compared to a net loss of $30.3 million for the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $223.2 million.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $25.4 million | $30.3 million |
| Accumulated Deficit | $223.2 million | $197.8 million |
| Cash, Cash Equivalents, and Short-term Investments | $14.6 million | $14.9 million |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were $28.2 million, a decrease from $32.6 million in 2023.
| Expense Type | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Research and Development | $19.1 million | $23.1 million |
| General and Administrative | $9.1 million | $9.5 million |
Research and Development Pipeline
Oncternal's pipeline consists of several investigational therapies:
- ONCT-534: A clinical-stage product candidate for the treatment of patients with relapsed/refractory prostate cancer.
- ONCT-808: An investigational CAR T-cell therapy targeting ROR1, currently in early clinical trials.
- Zilovertamab: A monoclonal antibody targeting ROR1, evaluated in combination with ibrutinib.
- ONCT-216: A product candidate under development for various malignancies.
Recent Developments
As of September 2024, Oncternal announced the discontinuation of its clinical trials for ONCT-534 and ONCT-808, alongside a strategic review of its operations. The company's board is exploring options such as asset sales, licensing, or potential mergers to maximize shareholder value.
Cash Flow Analysis
For the nine months ended September 30, 2024, Oncternal reported cash flows as follows:
| Cash Flow Activity | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(20.2 million) | $(25.7 million) |
| Net Cash Provided by Investing Activities | $26.7 million | $2.5 million |
| Net Cash Used in Financing Activities | $(0.1 million) | $1.1 million |
As of September 30, 2024, Oncternal had cash and cash equivalents of $13.1 million, reflecting a decrease from $14.9 million at the end of September 2023.
Stockholder Equity
As of September 30, 2024, Oncternal had the following stockholder equity metrics:
| Equity Metric | Amount |
|---|---|
| Common Shares Outstanding | 2.96 million |
| Additional Paid-In Capital | $232.3 million |
| Accumulated Deficit | $(223.2 million) |
| Total Stockholders' Equity | $9.1 million |
Research and Development Expenses
Research and development expenses for the three months ended September 30, 2024, were $6.4 million, compared to $7.5 million in 2023.
| Research Expense | 2024 (Three Months) | 2023 (Three Months) |
|---|---|---|
| ONCT-534 | $2.8 million | $1.3 million |
| ONCT-808 | $1.0 million | $1.7 million |
| Zilovertamab | $0.2 million | $2.1 million |
| ONCT-216 | $0.03 million | $(0.4 million) |
| Unallocated R&D Expenses | $2.5 million | $2.7 million |
| Total R&D Expenses | $6.4 million | $7.5 million |
Liquidity and Capital Resources
Oncternal's liquidity position is under pressure, with significant losses and limited cash reserves. As of September 30, 2024, the company had no debt and was exploring funding options to sustain operations through 2025.
How Oncternal Therapeutics, Inc. (ONCT) Makes Money
Revenue Sources
As of 2024, Oncternal Therapeutics, Inc. generates revenue primarily through grant funding and interest income. Grant revenue for the nine months ended September 30, 2024, was reported at $1.9 million, compared to $0.5 million for the same period in 2023, reflecting an increase of $1.4 million due to timing of NIH grant activities.
Financial Performance
For the three months ended September 30, 2024, Oncternal reported the following financial highlights:
| Item | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Grant Revenue | $494 | $179 | $315 |
| Operating Expenses | $9,175 | $10,569 | ($1,394) |
| Loss from Operations | ($8,681) | ($10,390) | $1,709 |
| Net Loss | ($8,464) | ($9,862) | $1,398 |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $19.1 million, a decrease from $23.1 million in 2023. This decrease of $4.0 million was primarily due to a reduction in direct product candidate expenses and unallocated research and development costs.
| Product Candidate | 9M 2024 (in thousands) | 9M 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| ONCT-534 | $6,446 | $3,448 | $2,998 |
| ONCT-808 | $3,679 | $3,719 | ($40) |
| Zilovertamab | $611 | $6,336 | ($5,725) |
| ONCT-216 | $288 | ($41) | $329 |
| Unallocated Expenses | $8,095 | $9,621 | ($1,526) |
General and Administrative Expenses
General and administrative expenses for the nine months ended September 30, 2024, were $9.1 million, compared to $9.5 million for the same period in 2023, reflecting a decrease of $0.4 million.
Cash Flow Overview
For the nine months ended September 30, 2024, Oncternal reported cash flows as follows:
| Cash Flow Activity | 9M 2024 (in thousands) | 9M 2023 (in thousands) |
|---|---|---|
| Net cash used in operating activities | ($20,213) | ($25,745) |
| Net cash provided by investing activities | $26,682 | $2,459 |
| Net cash used in financing activities | ($87) | $1,069 |
| Net decrease in cash and cash equivalents | $6,382 | ($22,217) |
Current Financial Position
As of September 30, 2024, Oncternal had cash, cash equivalents, and short-term investments totaling $14.6 million and reported an accumulated deficit of $223.2 million.
Strategic Direction
On September 12, 2024, Oncternal announced the discontinuation of clinical trials for ONCT-534 and ONCT-808 and is exploring strategic alternatives, including potential asset sales or licensing opportunities.
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Resources:
- Oncternal Therapeutics, Inc. (ONCT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Oncternal Therapeutics, Inc. (ONCT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Oncternal Therapeutics, Inc. (ONCT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.