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Landos Biopharma, Inc. (NASDAQ: LABP) announced its fourth quarter and full-year 2022 financial results, revealing a streamlined focus on NX-13, a novel treatment for ulcerative colitis. The company is set to initiate a Phase 2 trial for NX-13 in Q2 2023, with topline results expected by Q4 2024. For the quarter ended December 31, 2022, research and development expenses dropped to $3.4 million from $13.4 million year-over-year, while general and administrative expenses decreased to $3.1 million. The company secured $16.7 million in funding from Perceptive Advisors, projecting cash runway into H1 2025.
Landos Biopharma (NASDAQ: LABP) announced a strategic transaction involving its LANCL portfolio, which includes Omilancor, LABP-104, and LABP-111. The deal transfers these assets to Dr. Josep Bassaganya-Riera, the company's founder, in exchange for $3.0 million in cash and the repurchase of approximately 9.1 million shares, representing 23% of outstanding shares. Landos aims to focus on the clinical development of NX-13, with a Phase 2 trial for Ulcerative Colitis set to begin in Q2 2023. The company will earn a 6% royalty on future sales from the LANCL portfolio and improve its capital structure significantly.
Landos Biopharma is set to initiate its Phase 2 proof-of-concept clinical trial for the NLRX1 agonist NX-13 targeting Ulcerative Colitis in Q2 2023. An abstract detailing Phase 1b study results has been accepted for poster presentation at the ECCO Congress in March 2023. The trial aims to enhance treatment for moderate-to-severe UC patients, with topline data expected by Q4 2024. Landos focuses on developing innovative therapeutics for autoimmune diseases, holding a pipeline of promising drug candidates.
Landos Biopharma has announced key updates in its clinical development, specifically for NX-13, a novel treatment for Ulcerative Colitis. The company is on track to initiate a Phase 2 proof-of-concept trial in Q2 2023 and expects to report topline data by Q4 2024. Additionally, Landos secured $16.7 million in funding, ensuring a cash runway into the first half of 2025. The development strategy emphasizes NX-13 due to its promising prior trial results and aims to transform treatment standards for patients. Other pipeline assets are also positioned for future partnerships.