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Fresh Tracks Therapeutics improves revenue, decreases loss during ‘transformational’ quarter

BOULDER — Fresh Tracks Therapeutics Inc. (Nasdaq: FRTX), the Boulder-based pharmaceutical company formerly called Brickell Biotech, saw both its top and bottom lines improve in the third quarter of 2022, a key transitional period for the company.

Revenue was $500,000 for the third quarter of 2022, compared with $100,000 for the third quarter last year.

Fresh Tracks’ net loss was $6 million for the most recent period, an improvement on a net loss of $13.3 million in the third quarter of 2021.

The company’s September rebrand occurred as the company seeks to pivot away from drugs that combat excessive sweating toward treatments for autoimmune, inflammatory and other debilitating diseases.

Brickell sold off the rights to sofpironium bromide, its excessive-sweating drug, for a $9 million upfront payment, this year to Botanix Pharmaceuticals Ltd., which pledged to make “additional success-based regulatory and sales milestone payments of up to $168 million and tiered earnout payments ranging from high single digits to mid-teen digits on net sales” of the gel, the company said in May.

“This year has been a transformational period for our company, as we executed a fundamental shift in strategy via the acquisition and development of a pipeline of new chemical entities targeting novel mechanisms of action for the treatment of a broad array of autoimmune and inflammatory diseases. To better align with our new strategic vision and plans, we recently rebranded the Company to Fresh Tracks Therapeutics,” FTT CEO Robert Brown said in a prepared statement. “This rebrand highlights our commitment to develop targeted, science-driven therapies, such as FRTX-02, our potential first-in-class oral DYRK1A inhibitor that is currently being evaluated in a Phase 1 clinical trial. We are pleased with the progress in this first-in-human study and remain on track to report topline results by early 2023.”

Fresh Tracks $11.3 million reported cash and cash equivalents of $11.3 million as of September 30, 2022, less than half of what it ended the 2021 calendar year with.

Still, with its cash and an upcoming payment of $6 million from Botanix, the company believes it has the funding to remain operational “ for at least the next 12 months,” Fresh Track said in its quarterly report. 

Source: BizWest