Executive Summary

Q2 2023 reflected disciplined OpEx control but continued clinical-trial-driven burn: net loss was $4.021M, up year-over-year ($3.566M) but improved sequentially vs Q1 ($4.932M) as R&D cadence normalized post-Q1 ramp .
No product revenue; focus remained on Berubicin’s potentially pivotal GBM study, with ~75% of expected patients enrolled (180 patients, 46 of 60 sites open), and the DSMB-triggering futility criteria reached; topline interim analysis is targeted for Q4 2023 .
Liquidity: cash $4.279M and working capital ~$2.074M; management reiterated runway into Q4 2023 through interim topline for Berubicin, while estimating an additional ~$9.1–$13.1M needed to complete the trial and fund near-term WP1244/WP1874 work .
Key near-term stock catalyst: 200th patient in Q3 2023 and Q4 2023 interim topline readout; enrollment pace accelerated materially (first 75 patients in 18 months vs second 75 in <6 months) .

What Went Well and What Went Wrong

Enrollment acceleration and operational execution: “We are just a few months away from reporting topline results… remain hopeful as we also approach full enrollment of the trial” — John Climaco, CEO; 180 patients enrolled; 46 trial sites opened across U.S. and Europe; futility-analysis criteria reached for DSMB review .
Clear milestone path: company reiterated sequence — 200th patient (Q3), interim topline (Q4), complete enrollment (Q4) — tightening the narrative toward clinically meaningful events .
G&A efficiency YoY: Q2 G&A decreased to $1.180M from $1.343M, driven by lower compensation, legal/professional, insurance and other expenses .

Liquidity pressure: cash fell to $4.279M (from $5.111M in Q1), working capital ~$2.074M, implying limited cushion and reliance on external financing to extend runway beyond Q4 2023 .
Higher R&D YoY: Q2 R&D rose to $2.846M (from $2.221M YoY) as CRO activity scaled with trial progress; net loss widened YoY to $4.021M .
Internal controls: management cited material weaknesses (segregation of duties, timeliness/completeness of CRO cost data, and documentation of control environment), with remediation steps in progress .

Metric	Q2 2022	Q1 2023	Q2 2023
Revenue ($USD Millions)	N/A – no revenue line in statements	N/A – no revenue line in statements	N/A – no revenue line in statements
R&D Expense ($USD)	$2,221,339	$3,567,759	$2,845,553
G&A Expense ($USD)	$1,343,002	$1,358,752	$1,179,833
Total Operating Expenses ($USD)	$3,564,341	$4,926,511	$4,025,386
Net Loss ($USD)	$(3,565,952)	$(4,931,947)	$(4,021,234)
Loss per Share (Basic/Diluted) ($)	$(2.67)/$(2.67)	$(2.59)/$(2.59)	$(1.04)/$(1.04)
Cash and Equivalents ($USD)	$8,958,880 (end of Q2 2022)	$5,110,531	$4,279,251
Working Capital ($USD)	N/A	$3,049,000	$2,074,000

Segment breakdown: Not applicable (no commercial segments disclosed) .

KPIs:

KPI	Q2 2022	Q1 2023	Q2 2023
Patients Enrolled (Berubicin Study)	N/A	“over 100”	180 (~75% of expected)
Trial Sites Open (of 60)	N/A	45	46
DSMB Futility Criteria Reached	N/A	N/A	Reached; DSMB to review
Expected Interim Topline Timing	N/A	Q3 2023	Q4 2023
Cash Runway	N/A	Into/beyond interim and into Q4 2023	Into Q4 2023 through interim topline

Metric	Period	Previous Guidance	Current Guidance	Change
Interim Topline (Berubicin)	2023	Q3 2023	Q4 2023	Deferred
200th Patient Enrolled	Q3 2023	Not specified	Q3 2023	New specific milestone
Enrollment Completion	Q4 2023	Not specified	Q4 2023	New specific milestone
Cash Runway	2023	Beyond interim; into Q4 2023	Into Q4 2023 through interim topline	Maintained (clarified scope)
Additional Funding Required (clinical + WP1244/WP1874)	Multi-period	~$15.5–$19.5M to complete Phase 2 (incl. $5.1M cash at Q1)	~$9.1–$13.1M additional to complete clinical trial (incl. $4.3M cash at Q2)	Lower range (scope/assumption update)

No Q2 2023 earnings call transcript found. Themes derived from press releases and 10-Q/MD&A:

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2023)	Trend
R&D Execution & Enrollment	Q1: “over 100 patients” enrolled; rapid site activations; interim in Q3	180 patients (~75% of expected); 46 sites; interim now Q4; futility criteria met	Positive momentum; schedule refined
Regulatory/Trial Design	Emphasis on DSMB interim futility analysis and OS primary endpoint in filings	DSMB review to confirm value vs Lomustine; Q4 interim target	On plan; DSMB milestone reached
Liquidity & Funding	Q1: cash $5.111M; working capital $3.049M; runway into/beyond interim	Cash $4.279M; working capital ~$2.074M; runway into Q4; additional ~$9.1–$13.1M needed	Tightening liquidity; funding gap persists
Corporate Governance	Board enhancements (Chair and new independent director)	Continued director additions and option grants	Strengthening governance
Market/Trading	—	Shareholder Intelligence “naked short selling” investigation phase 1 completed; continued monitoring	Addressing market-structure concerns

“We are approaching the most important milestone… poised for an exciting remainder of the year with significant milestones anticipated in the near term” — John Climaco, CEO .
Enrollment pace “rapidly accelerating” (first 75 patients in 18 months vs second 75 in <6 months) .
Cash runway “sufficient to fund operations into the fourth quarter of 2023, through the topline data readout” while acknowledging clinical cost uncertainty .

No Q2 2023 earnings call transcript was available; no Q&A to report [earnings-call-transcript search returned none].

Wall Street consensus (EPS and revenue) via S&P Global was unavailable at time of query due to a daily request limit; therefore, no beat/miss assessment vs estimates can be provided for Q2 2023. If you want, we can reattempt retrieval later for formal comparison [GetEstimates error].

Near-term binary catalyst: Q4 2023 interim topline in a potentially pivotal Berubicin GBM study; accelerated enrollment and DSMB futility criteria reached tighten execution credibility .
OpEx discipline but continued burn: sequential net loss improved, YoY higher on CRO activity; G&A trending lower YoY reflects cost control .
Liquidity limited: cash $4.279M, runway into Q4; additional ~$9.1–$13.1M needed to complete trial and near-term preclinical work; expect financing overhang until data readout .
Internal controls remediation underway; watch for progress on CRO reporting timeliness and control documentation as potential governance de-riskers .
Stock setup: multiple enrollment and data milestones (Q3/Q4) could drive volatility; interim outcomes likely dominate valuation and financing optionality .
No revenue; value is tied to clinical data quality and regulatory pathway; Orphan/Fast Track designations support potential future exclusivity if efficacy demonstrated .
Absent consensus data, estimate-based positioning is unclear; re-run estimates closer to events to refine beat/miss probabilities [GetEstimates error].

References: Q2 2023 8-K and press release ; Q2 2023 10-Q –; Q1 2023 8-K press release –; Q1 2023 10-Q –.