Full Press Release Details
Inhibikase Therapeutics Announces 2024 Financial Results and Highlights Recent Activity
New Leadership and Focus on Advancement of IkT-001 into a Late-Stage Clinical Trial Program
in Pulmonary Arterial Hypertension
March 27, 2025 Inhibikase Therapeutics, Inc. (Nasdaq: IKT)
( Inhibikase or Company ), a clinical-stage pharmaceutical company innovating small molecule kinase inhibitor therapeutics to treat pulmonary arterial hypertension ( PAH ), today reported financial results for the
year ended December 31, 2024 and highlighted recent developments.
The financing concluded in October positioned us to focus our clinical
development efforts on advancing IkT-001 toward a late-stage clinical trial in PAH, said Mark Iwicki, Chief Executive Officer of Inhibikase. To drive the Company toward its next phase of growth, we
subsequently added depth to our management team with the additions of Chris Cabell and John Adams, two accomplished scientific leaders with established track records in the PAH space. Additionally, we expect Chris and John will enable us to
accelerate the build out of our team as we make preparations to execute on the IkT-001 Phase 2b clinical trial in PAH. We enter 2025 well positioned to aggressively advanced our
IkT-001 development plan.
Recent Developments:
2024 Financial Results
Net Loss: Net loss for the year ended December 31, 2024, was $27.5 million, or $1.16 per share, compared to a net loss of $19.1 million,
or $3.16 per share in the year ended December 31, 2023.
R&D Expenses: Research and development expenses were $17.2 million for the
year ended December 31, 2024 compared to $13.6 million in the year ended December 31, 2023.
SG&A Expenses: Selling, general and
administrative expenses for the year ended December 31, 2024 were $11.4 million compared to $6.7 million for the year ended December 31, 2023.
Cash Position: Cash, cash equivalents and marketable securities were $97.5 million as of December 31, 2024.
Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
The Board approved the grant of non-statutory stock options to each of Mr. Adams and Mr. Cabell to purchase
an aggregate of 2,250,000 and 2,810,000 shares of common stock, respectively, as an inducement material to the employees acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise
price of $2.97 per share, which is equal to the closing price of the Company s common stock on February 21, 2025, the effective date of grant. The options have a ten year term, vesting annually over three years, commencing on the one-year anniversary of the employee s date of hire. The options are subject to the employee s continued service with the Company on each such vesting date and the terms and conditions of an award
About Inhibikase (www.inhibikase.com)
Inhibikase Therapeutics, Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company developing Abelson Tyrosine Kinase inhibitor therapeutics for
Cardiopulmonary disease. Inhibikase s cardiopulmonary disease portfolio is led by IkT-001, a prodrug of imatinib mesylate, for PAH. Inhibikase is headquartered in Atlanta, Georgia with offices in
Lexington, Massachusetts.
Social Media Disclaimer
Investors and others should note that the Company announces material financial information to investors using its investor relations website, press releases,
SEC filings and public conference calls and webcasts. The Company intends to also use X, Facebook, LinkedIn and YouTube as a means of disclosing information about the Company, its services and
other matters and for complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
terminology such as believes, expects, may, will, should, anticipates, plans, or similar expressions or the negative of these terms and similar expressions are
intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements that express the Company s intentions, beliefs, expectations, strategies, predictions or any other statements related
to the initiation of the Company s Phase 2b trial of IkT-001 in PAH, the Company s future activities, or future events or conditions; and expectations regarding the
anticipated contribution of Dr. Cabell and Dr. Adams to our operations and progress. These forward-looking statements are based on Inhibikase s current expectations and
assumptions. Such statements are subject to certain risks and uncertainties, which could cause Inhibikase s actual results to differ materially from those anticipated by the forward-looking statements. Important factors that could cause actual
results to differ materially from those in the forward-looking statements include our ability to commence and execute a Phase 2b 702 trial to evaluate IkT-001 as a treatment for PAH, as well as
such other factors that are included in our periodic reports on Form 10-K and Form 10-Q that we file with the U.S. Securities and Exchange Commission. Any
forward-looking statement in this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or
otherwise, except as may be required by any applicable securities laws.
Inhibikase Therapeutics, Inc.
Consolidated Balance Sheets
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 56,490,579 | $ | 9,165,179 | ||||
| Marketable securities | 41,052,949 | 4,086,873 | ||||||
| Prepaid research and development | 81,308 | 219,817 | ||||||
| Prepaid expenses and other current assets | 826,473 | 739,179 | ||||||
| Total current assets | 98,451,309 | 14,211,048 | ||||||
| Equipment and improvements, net | 47,100 | 73,372 | ||||||
| Right-of-use asset | 101,437 | 222,227 | ||||||
| Total assets | $ | 98,599,846 | $ | 14,506,647 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 943,019 | $ | 646,767 | ||||
| Lease obligation, current | 110,517 | 150,095 | ||||||
| Accrued expenses and other current liabilities | 2,680,030 | 2,259,955 | ||||||
| Insurance premium financing payable | 381,784 | |||||||
| Total current liabilities | 3,733,566 | 3,438,601 | ||||||
| Lease obligation, net of current portion | 90,124 | |||||||
| Total liabilities | 3,733,566 | 3,528,725 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity: | ||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2024 and December 31, 2023 | ||||||||
| Common stock, $0.001 par value; 100,000,000 shares authorized; 69,362,439 and 6,186,280 shares issued and outstanding at December 31, 2024 and December 31, 2023 | 69,362 | 6,186 | ||||||
| Additional paid-in capital | 189,254,777 | 77,871,584 | ||||||
| Accumulated other comprehensive (loss) income | (37,248 | ) | 877 | |||||
| Accumulated deficit | (94,420,611 | ) | (66,900,725 | ) | ||||
| Total stockholders equity | 94,866,280 | 10,977,922 | ||||||
| Total liabilities and stockholders equity | $ | 98,599,846 | $ | 14,506,647 |
Inhibikase Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
| Year ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue: | ||||||||
| Grant revenue | $ | $ | 260,501 | |||||
| Total revenue | 260,501 | |||||||
| Costs and expenses: | ||||||||
| Research and development | 17,210,548 | 13,618,348 | ||||||
| Selling, general and administrative | 11,378,520 | 6,731,945 | ||||||
| Total costs and expenses | 28,589,068 | 20,350,293 | ||||||
| Loss from operations | (28,589,068 | ) | (20,089,792 | ) | ||||
| Interest income | 1,069,182 | 1,060,909 | ||||||
| Net loss | (27,519,886 | ) | (19,028,883 | ) | ||||
| Other comprehensive loss, net of tax | ||||||||
| Unrealized loss on marketable securities | (38,125 | ) | (103,841 | ) | ||||
| Comprehensive loss | $ | (27,558,011 | ) | $ | (19,132,724 | ) | ||
| Net loss per share basic and diluted | $ | (1.16 | ) | $ | (3.16 | ) | ||
| Weighted-average number of common shares basic and diluted | 23,712,220 | 6,028,210 |