TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) Q1 2020 Earnings Conference Call - Final Transcript
May 13, 2020 • 04:30 pm ET
our cash runway into late 3 quarter 2021. Importantly, our financial runway could further be extended through use of our ATM or shelf registration statement or through nondilutive capital from the license of rights to TRC253 or success-based milestones through our TJ4309 partnership with I-Mab.
At this time, Scott will provide an update on our financials.
Thank you, Charles, and good afternoon, everyone. Research and development expenses were $2 million for the first quarter of 2020 compared to $5.2 million for the comparable period of 2019. The decrease was primarily attributable to lower manufacturing and clinical trial expenses related to the termination of the TRC105 program in April of last year, along with lower manufacturing expenses for TRC253. General and administrative expenses were $1.9 million for the first quarter of 2020 and 2019. Our net loss was $4 million for the first quarter of 2020 compared to $7.2 million for the comparable period of 2019.
Turning to the balance sheet. At March 31, 2020, our cash and cash equivalents totaled $14.1 million compared to $16.4 million at December 31, 2019. As Charles said, we expect our current capital resources to be sufficient to fund our planned operations into the first quarter of 2021, which could be further extended through use of the equity line with Aspire Capital.
With that, I will turn the call back over to Charles.
Thank you, Scott. To recap, we are pleased the FDA agreed with the ENVASARC pivotal trial design and endpoints as we believe it to be a fast-to-market opportunity to provide envafolimab to sarcoma patients in need of a new therapy as expeditiously as possible. This is also important to investigators who are very enthusiastic about initiating the ENVASARC trial. Envafolimab solves for our quest to license an exciting late-stage asset and repositions the company to forward integrate and potentially build our commercial capabilities, which we eventually intend to leverage across multiple products over time.
We expect to deliver multiple potential value-creating envafolimab milestones in the next few months, including filing the envafolimab IND, receiving orphan drug designation and, importantly, dosing the ENVASARC pivotal trial in sarcoma. We also expect our partners, 3D Medicines and Alphamab Oncology, to file envafolimab for approval in China in MSI-high cancer and present envafolimab clinical trial data in MSI-high cancer at ASCO, including abstract contents that we expect to highlight in a press release tomorrow.
We look forward to providing further updates in the coming months and remain confident that we have the right strategy in place to deliver on our development and business plans for the benefit of patients and shareholders.
Thank you for your time and attention, and we are available to answer your questions.