Executive Summary

Q1 2024 was a heavy investment quarter: net loss widened to $6.71M driven by R&D ramp on DA‑1241 (MASH) and DA‑1726 (obesity), while cash declined to $16.0M; management expects runway into Q4 2024 and is exploring financing alternatives .
NeuroBo accelerated DA‑1726 timelines: SAD Part 1 top‑line now expected in Q3 2024 (previously H1 2025), and MAD Part 2 first‑patient dosing targeted for Q3 2024 with top‑line in Q1 2025 — a clear positive catalyst path for H2 2024/H1 2025 vs. .
DA‑1241 Phase 2a Part 1 completed enrollment (~49 patients), Part 2 combination with sitagliptin continues; top‑line results expected in Q4 2024, supporting near‑term data readout potential .
No earnings call transcript was available; estimates from S&P Global were unavailable (SPGI mapping missing), so beat/miss vs consensus cannot be assessed.
Key upcoming catalysts: DA‑1726 SAD top‑line in Q3 2024 and DA‑1241 Phase 2a top‑line in Q4 2024, both highlighted repeatedly by management .

What Went Well and What Went Wrong

What Went Well

Dosed first patient in DA‑1726 Phase 1 SAD and pulled forward SAD top‑line to Q3 2024; MAD Part 2 expected to start in Q3 2024 with top‑line in Q1 2025, tightening the clinical catalyst window .
Completed enrollment of DA‑1241 Phase 2a Part 1 (~49 patients) and continued enrolling Part 2 combo arm; Safety Review Committee recommended trial continuation without modification, an early safety signal .
CEO tone confident on DA‑1726 tolerability and dual‑agonist profile: “we strongly believe that DA‑1726 may offer a superior tolerability profile compared to currently available GLP‑1 agonists…” and reiterated multiple upcoming data disclosures .

What Went Wrong

Operating loss widened materially due to higher R&D (investigational drug manufacturing, non‑clinical/preclinical services, clinical trials, consulting) and increased compensation; net loss rose to $6.71M and EPS to $(1.32) vs $(0.51) YoY .
Cash declined to $16.0M (from $22.4M at 12/31/23); while management still sees runway into Q4 2024, it is “exploring various financing alternatives,” implying potential dilution or debt constraints .
Disclosure controls were deemed “not effective” due to previously identified material weaknesses (segregation of duties, logical access, supervision/review); remediation is underway but not complete, posing governance/process risk .

Financial Results

Quarterly Snapshot (oldest → newest)

Metric	Q3 2023	Q4 2023	Q1 2024
R&D Expense ($USD Millions)	$2.292	—	$4.904
G&A Expense ($USD Millions)	$1.601	—	$1.977
Total Operating Expenses ($USD Millions)	$3.893	—	$6.881
Net Loss ($USD Millions)	$3.818	—	$6.714
EPS (Basic & Diluted) ($USD)	$(0.09)	—	$(1.32)
Weighted Avg Shares (Basic & Diluted)	40,606,537	—	5,089,408
Cash and Equivalents ($USD Millions)	$25.837 (as of 9/30/23)	$22.435 (as of 12/31/23)	$15.988 (as of 3/31/24)

Notes: Q4 2023 quarter-level R&D/G&A/Net Loss/EPS not disclosed in FY 2023 press release or filings extracted above; FY-level metrics were provided but are not used to derive quarterly figures .

YoY Comparison – Q1 2024 vs Q1 2023

Metric	Q1 2023	Q1 2024	Change
R&D Expense ($USD Millions)	$0.637	$4.904	+$4.267
G&A Expense ($USD Millions)	$1.883	$1.977	+$0.094
Total Operating Expenses ($USD Millions)	$2.520	$6.881	+$4.361
Net Loss ($USD Millions)	$2.604	$6.714	+$4.110
EPS (Basic & Diluted) ($USD)	$(0.51)	$(1.32)	$(0.81)
Interest Income ($USD Millions)	$0.000	$0.237	+$0.237
Cash and Equivalents ($USD Millions)	$30.813 (as of 3/31/23)	$15.988 (as of 3/31/24)	$(14.825)

KPIs (Clinical/Operational)

DA‑1726 Phase 1 SAD: first patient dosed (April 2024); SAD targets ~45 participants in 5 cohorts (6:3 randomization); MAD Part 2 targets ~36 participants in 4 cohorts .
DA‑1241 Phase 2a: Part 1 (~49 patients) enrolled; Part 2 (100 mg DA‑1241 + 100 mg sitagliptin vs placebo) enrolling; trial designed 16‑week, randomized, double‑blind, placebo‑controlled .
Cash runway: expected to fund operations into Q4 2024 .

Segment breakdown: Not applicable (clinical‑stage; no revenue segments reported).

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
DA‑1726 Phase 1 SAD top‑line	Q3/Q4 timing	H1 2025 top‑line	Q3 2024 top‑line	Accelerated
DA‑1726 Phase 1 MAD Part 2 – first patient	Start	H1 2024 initiate	Q3 2024 first patient	Deferred to Q3
DA‑1726 Phase 1 MAD Part 2 top‑line	Q1/Q2 timing	H2 2025	Q1 2025	Accelerated
DA‑1241 Phase 2a full enrollment	Quarter	H2 2024	Q3 2024	Clarified earlier
DA‑1241 Phase 2a top‑line	Quarter	H2 2024	Q4 2024	Narrowed window
Cash runway	Horizon	Into Q4 2024	Into Q4 2024	Maintained

Earnings Call Themes & Trends

Note: No Q1 2024 earnings call transcript available in the filings database window; themes inferred from Q3 2023 and FY 2023 releases and Q1 2024 8‑K/10‑Q.

Topic	Previous Mentions (Q3 2023)	Previous Mentions (Q4 2023/FY)	Current Period (Q1 2024)	Trend
R&D execution	First patient dosed in DA‑1241 Phase 2a; DA‑1726 IND submission expected YE’23	IND cleared for DA‑1726; first site IRB approved; SRC approval to continue DA‑1241 Phase 2a	DA‑1726 Phase 1 SAD first patient dosed; DA‑1241 Phase 2a Part 1 enrollment completed; Part 2 enrolling	Execution advancing
Regulatory	IRB approvals and IND prep for DA‑1726	FDA IND clearance for DA‑1726; SRC recommendation on DA‑1241	Continued IRB approvals and dosing initiation for DA‑1726	Positive momentum
Cash/runway	$25.8M cash; runway into Q4 2024	$22.4M cash; runway into Q4 2024	$16.0M cash; runway maintained into Q4 2024; exploring financing	Runway steady, cash lower
Obesity program profile	Preclinical suggests weight‑loss efficacy vs semaglutide/tirzepatide	Reiterated superior weight loss in preclinical models	Emphasizes tolerability via GLP1R/GCGR balance; clinical initiation and near‑term SAD readout	Confidence, timelines pulled forward
MASH program	DA‑1241 mechanism (GPR119) and prior safety/efficacy signals	SRC positive, combo sitagliptin synergy; Part 2 enrollment opened	Part 1 enrolled (~49), Part 2 enrolling; top‑line Q4 2024	Advancing to readout

Management Commentary

“During the first quarter and subsequently, we continued to diligently advance the clinical development of our two, next generation cardiometabolic assets… we strongly believe that DA‑1726 may offer a superior tolerability profile compared to currently available GLP‑1 agonists…” — Hyung Heon Kim, President & CEO .
“Additionally… we fully enrolled Part 1 of the Phase 2a clinical trial for DA‑1241… Part 2 of this trial… continues to enroll patients… we continue to believe that DA‑1241 has the potential to be a safe and effective treatment for MASH and anticipate reporting top‑line results in the fourth quarter of this year.” — Hyung Heon Kim .
“Cash was approximately $16.0 million… expected to fund operations into the fourth quarter of 2024 and we are currently exploring various financing alternatives.” — Company statement .

Q&A Highlights

No public Q1 2024 earnings call transcript was available; no Q&A themes to report from a call. Strategy and timelines are drawn from the Q1 2024 8‑K press release and 10‑Q .

Estimates Context

S&P Global/Capital IQ consensus estimates for EPS and revenue were unavailable for NRBO due to missing SPGI mapping, so we cannot assess beats/misses vs Street for Q1 2024. Values retrieved from S&P Global were unavailable.

Key Takeaways for Investors

Near‑term catalysts: DA‑1726 SAD top‑line in Q3 2024 and DA‑1241 Phase 2a top‑line in Q4 2024; MAD Part 2 top‑line Q1 2025 — these events can re‑rate clinical probability and sentiment .
R&D ramp is intentional; operating expenses will remain elevated as both programs progress; monitor cash burn and financing updates given runway only into Q4 2024 .
DA‑1726 timeline acceleration is a significant positive; confirmation of safety/tolerability in SAD and dosing initiation in MAD will be important for differentiation vs existing GLP‑1/GIP classes .
DA‑1241 combination strategy (with sitagliptin) and SRC endorsement reduce execution risk; Q4 top‑line will be a pivotal read on mechanism and combo benefits .
Governance/process risk: disclosure controls not yet effective; remediation underway — keep an eye on progress to reduce non‑operational risk .
Without Street estimates, trading may be catalyst‑driven rather than numbers‑driven; positioning into Q3/Q4 events should consider financing overhang and potential dilution .

NeuroBo Pharmaceuticals, Inc. (NRBO)·Q1 2024 Earnings Summary