Executive Summary

Q2 2024 loss narrowed materially: net loss was $1.81M ($0.05 per share), versus $11.55M ($0.54) in Q2 2023, driven by lower R&D/G&A and a positive $5.26M non-operating gain from change in warrant liabilities .
Operating discipline: R&D fell to $3.75M from $8.25M YoY; G&A declined to $3.61M from $3.81M YoY; total OpEx down ~39% YoY to $7.37M .
Liquidity improved: cash, cash equivalents and marketable securities were ~$16.3M at 6/30/24 (up from ~~$5.1M at 3/31/24) after the April financing (~~$16.9M proceeds); management guides runway through year-end 2024 .
Near-term catalysts: VIP236 Phase 1 data by end of Q3 2024 and VIP943 Phase 1 data by end of Q4 2024; management emphasized continued enrollment and execution .
Wall Street consensus for Q2 2024 (S&P Global) was unavailable; no estimate beat/miss assessment can be made for this quarter.

What Went Well and What Went Wrong

What Went Well

Net loss and EPS improved significantly YoY and sequentially on lower operating expenses and a non-operating gain from warrant liability fair-value change ($5.26M) .
R&D execution and pipeline progress continue: “our team focused on execution and the continued enrollment of patients in our ongoing Phase 1 studies for our potentially best-in-class ADC, VIP943, and first-in-class SMDC, VIP236” — CEO Ahmed Hamdy .
Liquidity strengthened with April financing; cash and marketable securities rose to ~$16.3M, with runway guided through end of 2024 .

What Went Wrong

No product revenue; the P&L remains driven by OpEx and non-operating items, with ongoing net losses .
Runway limited to year-end 2024, implying continued dependence on external funding or partnering near-term .
Estimates context unavailable (S&P Global), limiting visibility on Street expectations and potential surprise analysis for traders this quarter.

Financial Results

P&L YoY Comparison (Q2)

Metric	Q2 2023 ($USD Millions)	Q2 2024 ($USD Millions)
R&D Expense	$8.248	$3.754
G&A Expense	$3.811	$3.612
Total Operating Expenses	$12.059	$7.366
Loss from Operations	$(12.059)	$(7.366)
Change in Fair Value of Warrant Liabilities	$(0.118)	$5.263
Interest Income	$0.327	$0.157
Other Income (Expense)	$0.300	$0.138
Total Other Income (Expense)	$0.509	$5.558
Net Loss	$(11.550)	$(1.808)
EPS (Basic & Diluted)	$(0.54)	$(0.05)
Weighted Avg Shares (Millions)	21.274	38.339

Sequential Trend (Q4 2023 → Q1 2024 → Q2 2024)

Metric	Q4 2023 ($USD Millions)	Q1 2024 ($USD Millions)	Q2 2024 ($USD Millions)
R&D Expense	$3.713	$4.556	$3.754
G&A Expense	$1.820	$2.922	$3.612
Total Operating Expenses	$5.533	$7.478	$7.366
Loss from Operations	$(5.533)	$(7.478)	$(7.366)
Change in Fair Value of Warrant Liabilities	$(0.059)	$(5.204)	$5.263
Interest Income	$0.198	$0.099	$0.157
Other Income (Expense)	$0.444	$0.154	$0.138
Total Other Income (Expense)	$0.583	$(4.951)	$5.558
Net Loss	$(4.950)	$(12.429)	$(1.808)
EPS (Basic & Diluted)	$(0.23)	$(0.58)	$(0.05)
Weighted Avg Shares (Millions)	21.370	21.400	38.339

Balance Sheet Highlights

Metric	Dec 31 2023 ($USD Millions)	Mar 31 2024 ($USD Millions)	Jun 30 2024 ($USD Millions)
Cash & Cash Equivalents	$12.782	$5.110	$7.923
Short-term Marketable Securities	$0.000	$0.000	$8.396
Total Current Assets	$14.733	$7.677	$18.283
Total Liabilities	$6.995	$11.705	$6.079
Stockholders’ Equity	$11.222	$(0.622)	$15.448
Cash, Cash Equivalents & Marketable Securities (sum)	$12.782	$5.110	$16.319

Notes:

VINC reported no product revenue; results are driven by operating expenses and other income/expense .
The April financing and ATM activity boosted liquidity into Q2; management cites runway through end of 2024 .

KPIs (Clinical and Corporate)

KPI	Q4 2023	Q1 2024	Q2 2024
VIP236 Phase 1 enrolled patients (cumulative)	20 (to date)	20 (as of Mar 25, 2024)	Not updated in Q2 PR; data by end of Q3 2024
VIP943 Phase 1 patients dosed (cumulative)	9 (enrollment in third cohort)	11 patients; enrollment begun in fourth cohort	Continued enrollment; data by end of Q4 2024
Enitociclib Phase 1 combo PRs (NIH study)	Multiple PRs reported at sub-efficacious doses	A fourth PR detailed; 2/3 of patients achieved PR	Interim NIH results presented in June; ongoing
Cash runway	Into early Q3 2024	Through end of 2024 (post financing)	Through end of 2024

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	CY2024	Through end of 2024 (Q1 update)	Through end of 2024	Maintained
VIP236 Phase 1 Data Readout	2024	“By end of Q3 2024”	“By end of Q3 2024”	Maintained
VIP943 Phase 1 Data Readout	2024	“By end of Q4 2024”	“By end of Q4 2024”	Maintained
Enitociclib NIH Combo Study	2024	Ongoing; positive PRs highlighted -	Interim results presented June 2024; ongoing	Maintained trajectory

No revenue, margin, tax rate, or dividend guidance was provided in company materials .

Earnings Call Themes & Trends

No Q2 2024 earnings call transcript was available in our document set.

Topic	Previous Mentions (Q4 2023 and Q1 2024)	Current Period (Q2 2024)	Trend
R&D Execution (VIP236, VIP943)	VIP236: 20 patients; safety/early activity; VIP943: enrollment in third cohort, low circulating payload - -	Continued enrollment; VIP236 data Q3, VIP943 Q4	Consistent execution; approaching readouts
Enitociclib (CDK9 inhibitor)	Multiple PRs in NIH combo; monotherapy durable responses; ongoing dose-escalation -	Interim NIH results presented in June; study ongoing	Continued signal; external validation
VersAptx platform	Preclinical enhancements to TRODELVY and ENHERTU potency demonstrated	Platform highlighted; enabling bespoke bioconjugates	Technology narrative reinforced
Liquidity & Runway	Runway into early Q3 2024 (pre-financing)	Runway through end of 2024 (post financing)	Improved near-term funding horizon

Management Commentary

“During the second quarter, our team focused on execution and the continued enrollment of patients in our ongoing Phase 1 studies for our potentially best-in-class ADC, VIP943, and first-in-class SMDC, VIP236. We look forward to evaluating the results from additional cohorts and sharing data by end of Q3 for VIP236 and by end of year for VIP943.” — Ahmed Hamdy, M.D., CEO .
Q2 press materials reinforce VersAptx platform modularity and intent to improve efficacy while reducing severe toxicities, anchoring the pipeline narrative - .

Q&A Highlights

No Q2 2024 earnings call transcript was available; therefore, no Q&A themes can be reported from primary sources.

Estimates Context

S&P Global consensus estimates for Q2 2024 EPS and revenue for VINC were unavailable; no beat/miss determination can be made for this quarter.
Investors should monitor upcoming data readouts as potential catalysts that may drive estimate revisions.

Key Takeaways for Investors

Operating discipline and non-operating tailwinds drove a sharp YoY and sequential improvement in net loss and EPS; sustainability hinges on future financing/partnering and clinical milestones .
Near-term catalysts: VIP236 Phase 1 data (end of Q3 2024) and VIP943 Phase 1 data (end of Q4 2024) could re-rate the stock depending on efficacy/safety signals; prepare for volatility around events .
Liquidity improved post-April financing; runway guided through end-2024, but the company remains pre-revenue and reliant on external capital or strategic transactions .
Enitociclib continues to demonstrate activity in NIH-led studies; external presentation of interim results supports broader scientific interest and potential combination strategies .
With no Street estimates available this quarter, trading setups will key off primary clinical readouts and financing cadence rather than traditional beat/miss dynamics.
Watch warrant liability fair-value effects; these can materially swing reported net income and EPS despite limited change in core operations .
Medium-term thesis: value creation depends on translating VersAptx platform advantages into compelling clinical efficacy/safety data for VIP236/VIP943 and securing capital-efficient development paths.

Sources: Company press releases and 8-K filings for Q2 2024, Q1 2024, and Q4/FY 2023 - - -.

Vincerx Pharma, Inc. (VINC)·Q2 2024 Earnings Summary