Neurosense Therapeutics Reports Q1, Provides Business Update By Investing.com

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Neurosense Therapeutics Reports Q1, Provides Business Update By Investing.com


Neurosense Therapeutics (NRSN) Reports Q1, Provides Business Update

NeuroSense Therapeutics Ltd. (Nasdaq: NRSN) (“NeuroSense”), a company developing treatments for severe neurodegenerative diseases, today announced financial results for the quarter ended March 31, 2023 and provided a business update.

“Having completed patient enrollment in our Phase 2b amyotrophic lateral sclerosis (ALS) trial, we are optimistic that topline results may offer new hope for people living with ALS and may generate a major inflection point for NeuroSense as we advance our combination therapy, PrimeC, toward market,” stated NeuroSense’s CEO, Alon Ben-Noon. “As we witness the trend of successful combination therapy strategies for neurodegenerative diseases, PrimeC has the added advantage of offering both a synergistic mechanism of action and an improved pharmacokinetic profile to enhance efficacy. We see the fact that nearly all PARADIGM participants who have completed the 6-month trial to date have chosen to continue receiving PrimeC for 12 more months as a positive signal.”

Business Update

  • Completed Patient Enrollment in Phase 2b ALS PARADIGM Trial; 96% of Participants Who Completed the Trial Chose to Continue with PrimeC for 12-month OLE

In May 2023, NeuroSense announced the completion of enrollment in PARADIGM, (NCT05357950), a multinational, randomized, double-blind, placebo-controlled Phase 2b clinical trial of PrimeC in people living with ALS. The clinical trial is evaluating PrimeC’s efficacy, as well as safety and tolerability. Study participants are dosed for six months after being randomized 2:1 to receive PrimeC or placebo, respectively. Participants who complete the 6-month study have the option to be treated with PrimeC during a 12-month open label extension (OLE) phase. 96% of participants who completed the 6-month portion of the trial have opted to continue with the OLE. Topline results for the six month study are expected in Q4 2023.

  • Phase 2 Alzheimer’s Disease (AD) Trial Under Preparation; Patient Enrollment to Commence Q3 2023

Data from an AD biomarker study completed in Q1 2023 demonstrated the therapeutic potential of NeuroSense’s combination drug platform for AD. The study revealed elevated levels of the novel biomarker TDP-43 in AD as compared to the healthy control group. NeruoSense’s platform has already shown a statistically significant reduction of TDP-43 in a prior Phase 2a clinical trial biomarker study in ALS. A Phase 2 double-blind proof-of-concept clinical study is now under preparation, with regulatory submissions and site readiness set for the end of Q2 2023. The first patient is expected to be enrolled in Q3 2023. NeuroSense is collaborating with QuantalX, using direct electrophysiology imaging technology (Delphi-MD) to provide multiple clinically objective and accurate measurements in the Phase 2 AD study.

  • Positive Results from Parkinson’s Disease (PD) Biomarker Study

In May 2023, NeuroSense reported results from a biomarker study conducted to evaluate the potential of its combination platform therapy for the treatment of PD. NeuroSense observed a statistically significant (p= 0.002) decrease in levels of AGO2, a novel PD biomarker, in newly diagnosed PD patients (n=15) when compared to the healthy control group. There were no significant changes observed in AGO2 levels of more advanced stage PD patients, indicating that this trend could be related to disease onset. NeuroSense’s platform combination therapy technology has already shown a statistically significant increase of AGO2 in a Phase 2a clinical trial biomarker study in ALS. These results strengthen the scientific rationale to develop NeuroSense’s platform technology for PD. NeuroSense is now exploring potential co-development for this asset with collaborators that have a core focus in PD.

  • Established Collaboration with Massachusetts General Hospital’s NeuroEpigenetics Lab

NeuroSense’s collaboration with Dr. Ghazaleh Sadri-Vakili, MS, PhD and Massachusetts General Hospital’s NeuroEpigenetics Lab explores the neurotherapeutic effects of PrimeC by utilizing a novel in vitro model generated from post-mortem ALS brain tissue (synaptoneurosomes (SNs) system). The objective of the collaborative studies is to expand the understanding of PrimeC’s mechanism of action in attenuating ALS-related pathology, specifically TDP-43 accumulation, autophagy defects, mitochondrial dysfunction, and oxidative stress.

  • Established Collaboration with QuantalX to Improve Early Detection and Treatment of Neurodegenerative Diseases

In addition to QuantalX’s Delphi-MD providing multiple clinically objective measurements in NeuroSense’s upcoming Phase 2 AD trial, the companies agreed that Delphi-MD will be used for early diagnosis and ongoing monitoring of trial participants in NeuroSense’s planned future pivotal Phase 3 ALS trial, pending the successful conclusion of PARADIGM.

Financial Summary

  • Research and development expenses for the three months ended March 31, 2023 increased to $2.09 million compared to $1.30 million for the three months ended March 31, 2022. This increase was primarily attributable to an increase in expenses to subcontractors and consultants as well as salaries and social benefits as a result of the commencement of a Phase 2b ALS clinical study in the second quarter of 2022, which were offset by a decrease in share-based compensation expenses. NeuroSense expects research and development expenses will remain steady through 2023 as a result of the ongoing Phase 2b ALS clinical study and the start of the Phase 2 AD study.
  • General and administrative expenses for the three months ended March 31, 2023 decreased to $1.54 million compared to $1.97 million for the three months ended March 31, 2022. This decrease was primarily attributable to a decrease in directors and officers insurance expenses and share-based compensation. NeuroSense expects that general and administrative expenses will remain steady through 2023.
  • Operating expenses for the three months ended March 31, 2023 were $3.64 million compared to $3.26 million for the three months ended March 31, 2022 due to the reasons described above.

As of March 31, 2023, NeuroSense had cash and short-term deposits of $4.41 million.

A summary of NeuroSense’s unaudited consolidated financial results is included in the tables below.

NeuroSense Therapeutics Ltd.

Condensed Interim Unaudited Consolidated Statements of Financial Position As Of:

U.S. dollars in thousands

March 31,

December 31,

2023

2022

Assets

Current assets:

Cash

1,359

3,543

Short term deposits

3,053

3,547

Other receivables

567

255

Restricted deposits

39

36

Total current assets

5,018

7,381

Non-current assets:

Property, plant and equipment, net

84

77

Right of use assets

210

229

Non-current restricted deposit

23

23

Total non-current assets

317

329

Total assets

5,335

7,710

Liabilities and Equity

Current liabilities:

Trade payables

419

498

Other payables

1,374

1,228

Total current liabilities

1,793

1,726

Non Current liabilities:

Long term lease liability

126

147

Liability in respect of warrants

527

218

653

365

Total liabilities

2,446

2,091

Shareholders’ equity:

Share premium and capital reserve

27,564

26,405

Accumulated deficit

(24,675)

(20,786)

Total Shareholders’ equity

2,889

5,619

Total liabilities and shareholders’ equity

5,335

7,710

NeuroSense Therapeutics Ltd.

Condensed Interim Unaudited Consolidated Statements of Income and Comprehensive Loss

U.S. dollars in thousands except share and per share data

Three months

Three months

For the year

ended

ended

ended

March 31,

March 31,

December 31,

2023

2022

2022

Research and development expenses

(2,098)

(1,296)

(6,416)

General and administrative expenses

(1,543)

(1,968)

(7,136)

Operating loss

(3,641)

(3,264)

(13,552)

Financing expenses

(310)

(23)

(45)

Financing income

62

572

1,257

Financing income (expenses), net

(248)

549

1,212

Net loss and comprehensive loss

(3,889)

(2,715)

(12,340)

Basic and diluted net loss per share

(0.33)

(0.24)

(1.07)

NeuroSense Therapeutics Ltd.

Condensed Interim Unaudited Consolidated Statements of Changes in Equity

U.S. dollars in thousands

Ordinary

Share
Premium
And
Capital

Accumulated

Total

Shares

Reserve

Deficit

Equity

Three months ended March 31, 2023:

Balance as at January 1, 2023

26,405

(20,786)

5,619

Share-based compensation

1,159

1,159

Net loss and comprehensive loss

(3,889)

(3,889)

Balance as at March 31, 2023

27,564

(24,675)

2,889

Three months ended March 31, 2022:

Balance as at January 1, 2022

17,452

(8,446)

9,006

Share-based compensation

1,597

1,597

Net loss and comprehensive loss

(2,715)

(2,715)

Cancelation of options

(96)

(96)

Exercise of warrants

4,314

4,314

Balance as at March 31, 2022

23,267

(11,161)

12,106

For the year ended December 31, 2022:

Balance as at January 1, 2022

17,452

(8,446)

9,006

Share-based compensation

4,735

4,735

Net loss and comprehensive loss

(12,340)

(12,340

Cancelation of options

(96)

(96)

Exercise of warrants

4,314

4,314

Balance as at December 31, 2022

26,405

(20,786)

5,619



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