AUSTIN, Texas, May 15, 2024 (GLOBE NEWSWIRE) -- Molecular Templates, Inc. (NASDAQ:MTEM, "Molecular Templates, " or "MTEM")), a clinical-stage biopharmaceutical company focused on the discovery and development of proprietary targeted biologic therapeutics, engineered toxin bodies ("ETBs"), to create novel therapies with potent differentiated mechanisms of action, today reported financial results and business updates for the first quarter of 2024. Recent Company Highlights MTEM presented clinical data at the 2024 AACR Annual Meeting that demonstrated MT-6402's tolerable safety and promising efficacy profile in relapsed/refractory HNSCC patients. As monotherapy in 7 evaluable HNSCC patients (all heavily pretreated and checkpoint experienced), 2 confirmed PRs (ongoing at 10 and 20 months, respectively) and 4 SDs (two of whom showed tumor reduction) were observed. An expansion cohort in relapsed/refractory HNSCC with MT-6402 monotherapy is underway with data expected by year-end. A second monotherapy MT-6402 expansion cohort is enrolling for solid tumor patients with high PD-L1 (≥ 50%). The MT-8421 Phase 1 dose escalation is ongoing with continued observation of unique pharmacodynamic profile (peripheral and TME Treg depletion) In April, MTEM completed the second closing of the July 2023 financing with gross proceeds of approximately $9.5M Eric Poma, PhD., Chief Executive and Chief Scientific Officer of MTEM, stated, "MT-6402 and MT-8421 represent novel approaches to validated immuno-oncology targets. Monotherapy activity with MT-6402 in patients that have progressed on available therapy, including checkpoint therapy, demonstrates the potential of our technology. We look forward to expanding on these promising data." Conferences and Upcoming Meetings MTEM will participate at the BIO International conference taking place at the San Diego Convention Center from June 3 – 6, 2024. One-on-one meetings may be scheduled by directly contacting Molecular Templates. First Quarter 2024 Financial Results The net income attributable to common shareholders for the first quarter of 2024 was $0.6 million, or $0.11 per basic share and $0.08 per diluted share. This compares with a net income attributable to common shareholders of $10.8 million, or $2.89 per basic and diluted share, for the same period in 2023. Revenues for the first quarter of 2024 were $11.1 million, compared to $36.6 million for the same period in 2023. Total research and development expenses for the first quarter of 2024 were $7.4 million, compared with $19.0 million for the same period in 2023. Total general and administrative expenses for the first quarter of 2024 were $3.7 million, compared with $5.8 million for the same period in 2023. As of March 31, 2024, MTEM's cash and cash equivalents totaled $6.8 million. The Company expects that its cash and cash equivalents for the quarter ended March 31, 2024, and the subsequent second closing of the July 2023 financing with gross proceeds of approximately $9.5M, will support its ongoing operations into the fourth quarter of 2024. Molecular Templates, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data)(unaudited)                   Three Months EndedMarch 31,     2024   2023 Research and development revenue   $ 10,924     $ 33,627   Grant revenue     162       3,002   Total revenue     11,086       36,629   Operating expenses:             Research and development     7,405       19,042   General and administrative     3,731       5,802   Total operating expenses     11,136       24,844   Income/(loss) from operations     (50 )     11,785   Interest and other income, net     109       455   Interest and other expense, net     (31 )     (1,395 ) Change in valuation of contingent value right     544