Executive Summary

Pre-revenue biotech quarter with disciplined spend: Q4 net loss was $16.4M and basic/diluted EPS was -$0.74; cash/short-term investments were $152.1M, extending operating runway into 2027 .
EPS modestly beat Wall Street consensus by ~$0.05 (actual -$0.74 vs estimate -$0.785*) on interest income and controlled opex; revenue remains not reported/none expected* .
Program milestones reaffirmed: BBI-355 Phase 1/2 POTENTIATE progressing; preliminary proof-of-concept data expected in H2 2025; Kinesin program on track for development candidate mid-2025 and IND H1 2026 .
Stock reaction catalysts: runway extension, timeline clarity on BBI-355 PoC and Kinesin IND, and new CMO appointment support execution narrative; rising opex and slower prior enrollment remain watch items .

What Went Well and What Went Wrong

What Went Well

Runway extension and balance sheet strength: cash, cash equivalents, and short-term investments at $152.1M; management projects runway into 2027 .
Pipeline progress and milestones reaffirmed: BBI-355 POTENTIATE on track for preliminary PoC in H2 2025; novel Kinesin program aiming for development candidate mid-2025 and IND H1 2026 .
Management talent upgrade: appointment of Robert Doebele, M.D., Ph.D., as CMO adds deep oncology development experience .
- “We made important strides in 2024…we look forward to reporting preliminary proof-of-concept data in the second half of this year” — Zachary Hornby, President & CEO .

What Went Wrong

Higher operating expenses: Q4 R&D rose to $13.3M (vs $10.4M YoY) and G&A to $5.0M (vs $3.4M YoY), driving a wider net loss YoY .
Enrollment pace concerns previously flagged: combination cohorts in POTENTIATE were “slower than anticipated” in Q2; multiple initiatives were required to accelerate enrollment .
Burn trending down quarter-to-quarter but still material: cash declined from $179.3M (Q2) to $167.1M (Q3) to $152.1M (Q4) as clinical progress continued .

Financial Results

Quarterly Operating Metrics and Loss Profile

Metric	Q2 2024	Q3 2024	Q4 2024
R&D Expense ($USD Millions)	$14.735	$14.089	$13.314
G&A Expense ($USD Millions)	$4.656	$4.626	$4.964
Total Operating Expenses ($USD Millions)	$19.391	$18.715	$18.278
Loss from Operations ($USD Millions)	$(19.391)	$(18.715)	$(18.278)
Interest Income ($USD Millions)	$2.382	$2.174	$1.915
Total Other Income, net ($USD Millions)	$2.415	$2.206	$1.830
Net Loss ($USD Millions)	$(16.976)	$(16.509)	$(16.448)
EPS, Basic & Diluted ($)	$(0.77)	$(0.74)	$(0.74)
Weighted Avg Shares (Millions)	22.023	22.254	22.284

Notes: Q4 YoY comparables — R&D $10.414M, G&A $3.382M, Net Loss $12.144M, EPS -$9.76 (pre-IPO share base) .

Balance Sheet and Liquidity

Metric	Q2 2024	Q3 2024	Q4 2024
Cash, Cash Equivalents & ST Investments ($USD Millions)	$179.290	$167.135	$152.114
Total Assets ($USD Millions)	$188.203	$175.093	$206.409
Total Liabilities ($USD Millions)	$8.957	$10.010	$55.767
Stockholders’ Equity ($USD Millions)	$179.246	$165.083	$150.642
Working Capital ($USD Millions)	$174.175	$160.439	$146.255

Segment revenue/margin breakdown: Not applicable (pre-revenue; no segment reporting provided in press materials) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
BBI-355 Preliminary PoC (safety/antitumor activity)	H2 2025	H2 2025	H2 2025	Maintained
Kinesin Program – Development Candidate Nomination	Mid-2025	Advancing through lead optimization	Development candidate expected mid-2025	Raised/Specified
Kinesin Program – IND Submission	H1 2026	Advancing through lead optimization	IND expected H1 2026	New Specific Timing
Operating Runway	Through	Into Q4 2026	Into 2027	Raised/Extended

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript was not available in our document set or IR site; themes below reflect press releases and company updates instead .

Topic	Previous Mentions (Q2, Q3)	Current Period (Q4)	Trend
R&D execution (BBI-355)	Ongoing enrollment; slower-than-anticipated combo enrollment; initiatives to accelerate (NGS partners; new sites; ex-US prep)	Enrollment ongoing; PoC still targeted for H2 2025	Stabilizing; execution maintained
R&D execution (BBI-825)	First patient dosed; dose-escalation progressing; PoC H2 2025	STARMAP enrollment continues; PoC H2 2025 reaffirmed	On track
ECHO diagnostic	IRB approval and analytical validation; use as clinical trial assay	In use in POTENTIATE trial	Operationalized
Kinesin program	Advancing through lead optimization	DC nomination mid-2025; IND H1 2026	Timelines clarified/accelerated visibility
Corporate & talent	IPO completed Q1; focus on streamlining ops to extend runway	New CMO appointed (Feb-2025)	Strengthened leadership
Cash runway	Into Q4 2026	Into 2027	Extended

Management Commentary

“We made important strides in 2024 as we became a public company and continued to advance BBI-355…we look forward to reporting preliminary proof-of-concept data in the second half of this year.” — Zachary Hornby, President & CEO .
“We are on track to nominate a development candidate for our Kinesin program by mid-year, with the intention to submit an IND in the first half of 2026.” — Zachary Hornby .
Prior tone: “Streamlined operations expected to extend operating runway into the fourth quarter of 2026…multiple initiatives to help accelerate enrollment” — management on Q2 update .
“We are capitalized to advance our lead programs through proof-of-concept data and remain focused on delivering impactful results” — management in Q3 update .

Q&A Highlights

A Q4 2024 earnings call transcript or Q&A was not available via SEC filings or IR/Newswire sources; no call commentary could be reviewed .
Guidance clarifications and timelines were provided via the Q4 press release (POTENTIATE PoC H2 2025; Kinesin DC mid-2025; IND H1 2026; runway into 2027) .

Estimates Context

EPS vs consensus: -$0.74 actual vs -$0.785 Primary EPS Consensus Mean*; modest beat (~$0.05). Drivers include $1.915M interest income and lower opex vs Q3 .
Revenue: consensus $0.0*; company remains pre-revenue with no revenue reported in Q4 press materials .
Coverage depth: # of EPS estimates 2*, # of revenue estimates 2*.

Footnote: Values retrieved from S&P Global.*

Key Takeaways for Investors

Runway extended into 2027; liquidity provides multi-year visibility through key PoC readouts and IND, reducing near-term financing risk .
Execution milestones remain intact: BBI-355 PoC H2 2025; Kinesin DC mid-2025/IND H1 2026; continued STARMAP progress, supporting a catalyst-rich 2025–2026 .
Expense discipline needed: YoY opex up while quarter-on-quarter total opex moderated; monitor R&D/G&A trajectories vs enrollment progress .
Enrollment pace is the gating factor; watch for site expansion, NGS partnerships, and ex-US site activations translating to patient accrual improvements .
Pre-revenue status means EPS variance largely reflects opex and interest income; expectation resets should focus on clinical timelines rather than near-term P&L beats*.
Leadership additions (CMO) and diagnostic deployment (ECHO) underscore scaling of clinical operations and potential for more efficient patient identification .
Trading implication: headline catalysts likely tied to mid-year Kinesin DC and any interim clinical updates; sentiment lever will be confirmation of patient accrual momentum and maintaining H2 2025 PoC targets .

Sources: Q4 2024 8-K press release and exhibit ; prior quarters’ press releases/exhibits ; IR news releases .

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