Executive Summary

Q1 2024 delivered smaller net loss and lower R&D spend year-over-year; net loss was $8.8M ($2.16 per share) vs $10.0M ($5.96 per share) in Q1 2023, driven by reduced external development and manufacturing costs .
Cash, cash equivalents, and short-term investments increased to $25.4M, aided by a $15.0M January registered direct financing; runway guided into Q1 2025, though the 10-Q flags substantial doubt without new capital over the next 12 months .
Pipeline: dose escalation concluded for ZF doublet (new RP2D 0.2 mg/kg Q2W); ZFA triplet dose escalation ongoing at 0.14 mg/kg with RP2D expected in H2 2024; mature ZFA data showed 7.4-month mPFS and 26% PR rate in heavily pretreated ER+ mBC .
Tomivosertib KICKSTART topline (April 2024) did not meet the prespecified PFS threshold; management does not see a path forward in frontline NSCLC—an overhang removed but negative for the asset’s trajectory .
Wall Street consensus from S&P Global was unavailable for EFTR in Q1; third-party coverage indicated EPS matched an estimate at -$2.16, but this is not S&P data (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well

ZF doublet dose escalation reached a higher, more convenient RP2D (0.2 mg/kg Q2W), potentially increasing exposure and therapeutic window; CEO emphasized triplet progress and readiness to move into randomized trial later in 2024 .
Mature ZFA triplet data in ER+ mBC showed 7.4-month mPFS with 26% PR rate and generally well-tolerated safety (mostly Grade 1/2 AEs), supporting continued escalation and FDA engagement under Fast Track .
Financing and ATM sales strengthened liquidity to $25.4M and extended runway into Q1 2025, enabling continued zotatifin activities and investigator-sponsored trials (Stanford ER+ mBC; Northwestern AML) .

Quote: “We are highly encouraged with the safety profile and activity already reported for the ZFA triplet… and look forward to finalizing the dose and schedule in the second half of 2024. We believe the zotatifin program is well positioned to move into a randomized trial later this year.” — Steve Worland, Ph.D., CEO .

What Went Wrong

Tomivosertib KICKSTART topline did not meet the PFS p-value threshold (HR 0.62; two-sided p=0.21), leading management to halt further development in frontline NSCLC—reducing optionality for the MNK program .
The 10-Q disclosed substantial doubt about going concern within 12 months absent additional capital; term loan principal began amortizing in March 2024 and is classified as current, intensifying near-term cash needs .
No product revenue and continued operating losses; while Q1 net loss improved YoY, EFTR remains reliant on external financing and/or partnerships to advance pipeline plans .

Financial Results

P&L and Cash Comparison (oldest → newest)

Metric	Q1 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$0.00	$0.00	$0.00 (Pfizer milestone revenue constrained)
R&D Expense ($USD Millions)	$6.61	$6.07	$5.31
G&A Expense ($USD Millions)	$2.93	$2.52	$3.09
Total Operating Expenses ($USD Millions)	$9.54	$8.60	$8.40
Operating Loss ($USD Millions)	$(9.54)	$(8.60)	$(8.40)
Other Income (Expense) ($USD Millions)	$(0.48)	$(0.53)	$(0.44)
Net Loss ($USD Millions)	$(10.01)	$(9.13)	$(8.83)
EPS (Basic & Diluted) ($)	$(5.96)	$(3.42)	$(2.16)
Weighted Avg Shares (Basic & Diluted)	1,680,032	2,669,960	4,081,580

Note: EFTR effected a 1-for-25 reverse stock split on Jan 12, 2024; Q4 2023 per-share metrics are retroactively adjusted; Q3 2023 release was pre-split .

Balance Sheet Snapshot

Metric	Q1 2023	Q4 2023	Q1 2024
Cash & Cash Equivalents ($USD Millions)	$10.31	$14.88	$15.51
Short-term Investments ($USD Millions)	$3.50	$3.50	$9.88
Cash + ST Investments ($USD Millions)	$13.81	$18.37	$25.39
Current Term Loans, net ($USD Millions)	n/a	$19.39	$18.92
Total Assets ($USD Millions)	n/a	$20.54	$27.13
Stockholders’ Equity (Deficit) ($USD Millions)	n/a	$(5.80)	$0.83

KPIs (Clinical/Operational)

KPI	Prior Periods	Q1 2024	Notes
ZF Doublet RP2D	Dose escalation resumed; targeting higher exposure	RP2D set at 0.2 mg/kg Q2W	Expected to increase overall zotatifin exposure
ZFA Triplet Dose	0.07 mg/kg D1/D8 q21d in data; mPFS 7.4 months; PR 26%	Escalation ongoing at 0.14 mg/kg; RP2D expected H2 2024	Well-tolerated; mostly Grade 1/2 AEs
ER+ mBC Outcomes	PR 26% (5/19); mPFS 7.4 months (95% CI 2.8–NE)	Continued escalation; plan for randomized trial late 2024	Fast Track designation supports engagement with FDA
Tomivosertib KICKSTART	Primary analysis planned early April 2024	HR 0.62; p=0.21; no clear path forward in frontline NSCLC	Program refocused to AML IST

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Through Q1 2025	Into Q1 2025 post-January financing	Into Q1 2025 reaffirmed	Maintained
ZF Doublet Dose	Near-term	Escalation ongoing; exploring higher doses	RP2D set at 0.2 mg/kg Q2W	Finalized/Updated
ZFA Triplet RP2D	H2 2024	RP2D determination ongoing	RP2D expected H2 2024; escalation at 0.14 mg/kg	Maintained
Zotatifin Randomized Trial	Late 2024 target	“Well positioned to move into randomized trial late 2024”	Plan to initiate randomized, potentially registrational trial after RP2D and FDA interaction	Maintained/Clarified
Tomivosertib in Frontline NSCLC	2024	Topline PFS readout expected early April; potential Phase 3 discussions if positive	Primary analysis did not meet threshold; no obvious path forward in frontline NSCLC	Lowered/Discontinued pathway

Earnings Call Themes & Trends

Note: No Q1 2024 earnings call transcript was found; emphasis below reflects management commentary across filings/press releases.

Topic	Previous Mentions (Q3 2023 and Q4 2023)	Current Period (Q1 2024)	Trend
ER+ mBC ZFA efficacy/safety	PR 26%; mPFS data anticipated Q4 2023; AE profile mostly Grade 1/2	Mature mPFS 7.4 months; ongoing dose escalation; FDA engagement planned	Positive efficacy signal; dosing optimization progressing
Dose escalation strategy	Resuming dose escalation (ZF doublet) to increase exposure	ZF doublet RP2D set; ZFA triplet escalation at 0.14 mg/kg	Advancing dose and schedule optimization
Regulatory	Fast Track for zotatifin+FA in ER+/HER2- mBC	Planning FDA interactions before randomized trial	Regulatory momentum maintained
Financing/liquidity	Baby shelf constraints; registered directs in 2023	$15M financing Jan 2024; runway into Q1 2025; going concern note	Liquidity improved, but capital needs remain
Tomivosertib (NSCLC)	Expect topline early 2024; Phase 3 potential if positive	Trial did not meet threshold; pivot away from frontline NSCLC	Negative; strategy shift
ISTs (Stanford ER+; Northwestern AML)	Initiated/enrolling	Continuing ISTs to conserve capital and advance assets	Ongoing external leverage

Management Commentary

“We are highly encouraged with the safety profile and activity already reported for the ZFA triplet… look forward to finalizing the dose and schedule in the second half of 2024.” — Steve Worland, Ph.D., President & CEO .
“While we were disappointed in the results from the KICKSTART trial, our commitment to maximizing the value of all assets in our pipeline remains unchanged… we will continue investigator-sponsored trials of zotatifin… and tomivosertib in AML.” — Steve Worland, Ph.D. .
Business update: $15.0M registered direct financing (Jan 29, 2024) with warrants at $9.95, extending runway into Q1 2025 .

Q&A Highlights

No Q1 2024 earnings call transcript or Q&A session was located; management commentary derived from the Q1 2024 8-K press release and 10-Q -.

Estimates Context

S&P Global consensus estimates were unavailable for EFTR Q1 2024 (no SPGI mapping returned).
Third-party coverage indicated EPS of -$2.16 matched an estimate of -$2.16; EFTR reported EPS of -$2.16, but this reference is not from S&P Global .
With no S&P data, analyst estimate comparisons are not provided (S&P Global consensus unavailable).

Key Takeaways for Investors

Reduced net loss and R&D spend YoY, with liquidity strengthened post-January financing; however, the going concern disclosure and current term loan amortization elevate near-term financing risk—watch for equity/partnering catalysts .
Zotatifin remains the core value driver: RP2D for ZF doublet finalized; ZFA triplet escalation advancing with mature efficacy (mPFS 7.4 months, PR 26%) and an H2 2024 decision on RP2D—an upcoming catalyst ahead of potential randomized trial initiation .
Tomivosertib’s NSCLC outcome removes a speculative upside path; focus shifts to AML IST and capital-efficient external trials—reduces program breadth but simplifies the pipeline narrative .
Near-term stock reaction catalysts: RP2D determination for ZFA triplet, FDA interaction details, randomized trial design, and any capital raises/partnership announcements .
With no revenue and continued operating losses, EFTR’s trajectory hinges on clinical readouts, regulatory progress, and sustained access to capital; monitor dilution and warrant overhang alongside clinical milestones .
Absent S&P consensus, traders should treat third-party estimate “beats/misses” cautiously; focus on clinical catalysts and financing runway as principal drivers .

Sources: Q1 2024 8-K/press release , Q1 2024 10-Q - - - -, Q4 2023 8-K -, Q3 2023 8-K -, third-party coverage (non-S&P) .

eFFECTOR Therapeutics, Inc. (EFTR)·Q1 2024 Earnings Summary