SOLANA BEACH, Calif., May 13, 2024 (GLOBE NEWSWIRE) --  Artelo Biosciences, Inc. (Nasdaq: ARTL), a clinical-stage pharmaceutical company focused on modulating lipid-signaling pathways to develop treatments for people living with cancer, pain, dermatologic and neurological conditions, today reported financial and operating results for the three months ended March 31, 2024 and provided a business update. "Our entire clinical and preclinical development portfolio is progressing as planned," commented Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. "Significantly, our Investigational New Drug (IND) application to the U.S. Food and Drug Administration for ART26.12, our lead Fatty Acid Binding Protein 5 (FABP5) inhibitor for the treatment of neuropathic pain, is in the final stages of preparation." ART26.12 has shown great promise during preclinical studies in treating and preventing oxaliplatin-induced peripheral neuropathy as recently highlighted in the Journal of Pain, a peer-reviewed journal. In addition, Artelo was one of three finalists in the Johnson & Johnson Innovation Challenge and presented positive preclinical psoriasis research on ART26.12 to the Johnson & Johnson dermatology leadership team. To initiate and support Phase 1 studies once ART26.12's IND is approved, Artelo has selected a premier contract research organization (CRO), Worldwide Clinical Trials, with extensive experience in the neurology space. "We are pleased with the progress made during the first quarter of 2024 and with over $7.6 million of cash and cash equivalents and believe we are well positioned to achieve ART26.12's IND submission by the middle of this year and to commence Phase 1 research soon thereafter. We also plan to fully enroll the Phase 2a portion of our Cancer Appetite Recovery Study (CAReS) placebo-controlled Phase 2a trial, evaluating ART27.13 for the treatment of cancer-related anorexia and weight loss by year-end and look forward to further announcing important preclinical data with ART12.11 over the next few months," concluded Mr. Gorgas. Financial Results Ended March 31, 2024 Cash and Investments: Cash and investments totaled $7.6 million as of March 31, 2024. R&D Expenses: Research and development expenses were $1.5 million for the three months ended March 31, 2024, compared to $1.2 million for the same period in 2023. G&A Expenses: General and administrative expenses were $1.1 million for the three months ended March 31, 2024, compared to $1.1 million for the same period in 2023. Net Loss: For the three months ended March 31, 2024, net loss was $2.5 million, or ...