Executive Summary

Development-stage with no revenue; Q3 2024 net loss narrowed year-over-year to $7.84M and EPS improved to $0.17 loss vs $0.42 loss in Q3 2023, while sequentially EPS worsened from Q2’s $0.05 loss as other income normalized and OpEx rose modestly .
Cash, cash equivalents, and marketable securities were $10.1M at 9/30/2024 with stated runway into early 2025; management continues to pursue financing and strategic partnerships .
Clinical focus tightened on ADC VIP943; two complete responses reported in October, with additional Phase 1 data targeted by early 2025; VIP236 Phase 1 completed and moved toward partnering .
No earnings call transcript filed for Q3 2024; comparison to Wall Street consensus is unavailable today via S&P Global.

What Went Well and What Went Wrong

VIP943 delivered early efficacy signals (CRi in relapsed AML; CRL in higher-risk MDS) with favorable PK/PD suggesting a stable linker and target engagement; dose escalation continues with once-weekly and twice-weekly schedules .
Cost discipline reduced R&D year-over-year in Q3 by ~$2.2M, driven by lower research services and personnel costs; total OpEx fell to $7.79M from $9.61M YoY .
Management pursuing strategic partnerships and financing to advance lead programs: “Securing the funding necessary to advance our programs remains a priority” — CEO Ahmed Hamdy, M.D. .

Liquidity remains constrained; stated runway only into early 2025 with substantial doubt about going concern absent additional capital .
Sequential EPS and net loss worsened vs Q2 as Q2 benefited from a large positive warrant liability fair value change; change in fair value swung from +$5.56M in Q2 to -$0.05M total other income in Q3 .
G&A increased YoY in Q3 by ~$0.38M due to professional services; warrant liabilities increased to $0.463M at quarter-end, reflecting volatility .

Metric	Q1 2024	Q2 2024	Q3 2024
Revenues ($USD Millions)	$0.0	$0.0	$0.0
Total Operating Expenses ($USD Millions)	$7.48	$7.37	$7.79
Net Loss ($USD Millions)	$12.43	$1.81	$7.84
Diluted EPS ($USD)	$(0.58)	$(0.05)	$(0.17)
Weighted Avg Shares (Millions)	21.40	38.34	45.67

Metric	Q3 2023	Q3 2024
Total Operating Expenses ($USD Millions)	$9.61	$7.79
Net Loss ($USD Millions)	$9.01	$7.84
Diluted EPS ($USD)	$(0.42)	$(0.17)
R&D Expense ($USD Millions)	$6.10	$3.91
G&A Expense ($USD Millions)	$3.51	$3.89

Metric	Dec 31 2023	Mar 31 2024	Jun 30 2024	Sep 30 2024
Cash & Cash Equivalents ($USD Millions)	$12.78	$5.11	$7.92	$2.94
Short-term Marketable Securities ($USD Millions)	$0.00	$0.00	$8.40	$7.14
Cash + Marketable Securities ($USD Millions)	$12.78	$5.11	$16.32	$10.09
Common Stock Warrant Liabilities ($USD Millions)	$0.19	$5.40	$0.13	$0.46
Total Stockholders’ Equity ($USD Millions)	$11.22	$(0.62)	$15.45	$9.11

Notes:

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	FY2024 → early 2025	“Runway through 2024” (Q1/Q2)	“Runway into early 2025” (Q3)	Raised
VIP943 Phase 1 data timing	2024 → early 2025	“Data by end of Q4 2024” (Q1/Q2)	“Additional data by early 2025” (Q3)	Pushed modestly
VIP236 program status	Phase 1 data; internal dev	“Data by end of Q3 2024” (Q1/Q2)	“Phase 1 completed; seeking partner” (Q3/Oct)	Transitioned to partnering
Enitociclib program	Combination study progress	“Ongoing NIH combo study; initial PRs” (Q1)	“57% ORR in 7 pts; partner sought” (Oct)	Strengthened signals; partnering focus

Topic	Previous Mentions (Q1 2024)	Previous Mentions (Q2 2024)	Current Period (Q3 2024)	Trend
VIP943 efficacy/safety	Early PK favorable; no DLTs; enrollment ongoing	Data targeted by end of 2024	Two CRs; favorable PK/PD; dose escalation and twice-weekly induction under evaluation	Improving clinical signals; schedule optimization
VIP236 direction	AACR prelim activity; ongoing dose escalation	Data by end of Q3 2024	Phase 1 completed; 45% DCR; move to partnership	Deprioritized internal; partner-driven
Enitociclib combo	Multiple PRs; enrolling at 30mg	NIH presented interim results	57% ORR in 7 pts; monotherapy PR durability; seeking partner	Steady progress; external collaboration
Financing/runway	April financing; runway through 2024	Runway through 2024	Runway into early 2025; going concern risk disclosed	Extended modestly; capital need persistent
Strategic partnerships	Not emphasized	Platform capabilities highlighted	Priority on partnerships for differentiated tech	Increasing focus

Note: No Q3 earnings call transcript found; themes reflect press releases and 10-Q disclosures .

“Securing the funding necessary to advance our programs remains a priority. Alongside exploring financing options, we remain focused on strategic partnerships…” — Ahmed Hamdy, M.D., CEO .
“We are committed to advancing VIP943 based on the encouraging safety, efficacy, and tolerability results observed to date… additional data… by early next year” — Ahmed Hamdy, M.D., CEO .
“We’re not seeing neutropenia as a dose-limiting toxicity… encouraging and may allow the drug to move into earlier lines of therapy…” — Dr. M. Yair Levy, KOL, on VIP943 (Oct update) .

No Q3 2024 earnings call transcript was located; the company hosted an October webcast with Q&A and KOL commentary, but a transcript is not available in filings .
Guidance clarifications therefore rely on press release and 10-Q disclosures .

Wall Street consensus EPS and revenue estimates via S&P Global were unavailable today due to request limits; no comparison to consensus can be made.
Company provided no financial guidance (revenue/margins); it remains pre-revenue and focuses disclosures on OpEx, cash runway, and clinical timelines .

Liquidity is the near-term gating factor; runway into early 2025 implies a financing or partnering event is needed in the next few months to sustain development .
Clinical readouts are the primary catalysts: additional VIP943 Phase 1 data by early 2025, with two CRs already reported and favorable PK/PD profile supporting potential best-in-class positioning in CD123+ malignancies .
Portfolio streamlining continues; VIP236’s move to partnering and enitociclib’s collaboration track reduce internal spend while preserving optionality .
Year-over-year OpEx reduction and improved EPS vs Q3 2023 reflect disciplined cost controls, but sequential deterioration vs Q2 underscores sensitivity to non-operating items (warrant revaluation) and the need for sustained external capital .
Absent revenue and with going concern language, stock reaction is likely to hinge on clinical momentum and credible funding/partnering updates; traders should watch for partnership announcements and VIP943 cohort expansion data .
No non-GAAP framework; evaluate GAAP OpEx trendlines and cash metrics; warrant liabilities may add quarter-to-quarter noise given high underlying volatility .

Sources: Q3 press release/8-K Exhibit 99.1 ; October VIP943 update ; Q2 press release ; Q1 8-K Exhibit 99.1 ; Q3 10-Q financials and MD&A .