Atrium Therapeutics Reports Clinical Progress Amid Cash Burn Concerns
On August 13, Atrium Therapeutics (NASDAQ:RNA) reported second-quarter results showing clinical progress with the FDA clearance of its IND application for ATR 1072 and a $15 million milestone payment from Bristol Myers Squibb. The company is set to begin Corventis, a Phase 1/2 trial targeting PRKAG2 syndrome, enrolling approximately 37 participants across two phases. Despite these developments, the firm continues to burn cash at an accelerating rate. Second-quarter expenses totaled $25.6 million against just $3 million in collaboration revenue from Bristol Myers Squibb. Atrium reported holding $263.9 million in cash and equivalents as of June 30, which it estimates will fund operations through mid-2028. Hedge funds have reduced their stake in the company, with ownership dropping to 30 funds from 37 ahead of this report. This suggests some institutional investors are pulling back despite clinical advancements.
Topics: biotech FDA clearance funding update pipeline progress