Design Therapeutics, Inc. reported a net loss of $49.6 million for the year ended December 31, 2024, compared to a net loss of $66.9 million in 2023. Total operating expenses decreased by $15.8 million to $62.4 million in 2024, primarily due to a $12.7 million decrease in research and development expenses and a $3.1 million decrease in general and administrative expenses. The decrease in research and development expenses was attributed to the completion of clinical activities for the Friedreich ataxia (FA) program in 2023 and lower headcount resulting in decreased personnel costs. The reduction in general and administrative expenses also stemmed from lower headcount and reduced personnel costs.
The company's cash, cash equivalents, and investment securities totaled $245.5 million as of December 31, 2024, a decrease of $36.3 million from the previous year. Net cash used in operating activities decreased to $43.1 million in 2024 from $58.6 million in 2023, primarily due to a lower net loss. Net cash provided by investing activities decreased to $43.9 million in 2024 from $52.5 million in 2023, reflecting changes in investment securities. The company had 54 full-time employees as of December 31, 2024, including 19 with Ph.D. or M.D. degrees.
Significant developments during the year included the initiation of a Phase 1 single-ascending dose clinical trial of DT-216P2, a reformulated version of DT-216, in healthy volunteers in Australia. This followed the completion of a Phase 1 multiple-ascending dose trial of the prior DT-216 formulation and its subsequent withdrawal of the IND. The company also completed dosing in a Phase 1 clinical trial of DT-168 for Fuchs endothelial corneal dystrophy (FECD) in healthy volunteers and is conducting an observational study in FECD patients. The company plans to nominate a development candidate for its myotonic dystrophy type-1 (DM1) program in 2025 and continues preclinical studies for Huntington's disease (HD).
The company's financial statements were audited by Ernst & Young LLP. Design Therapeutics, Inc. is an emerging growth company and has elected not to use the extended transition period for complying with any new or revised financial accounting standards. As of June 28, 2024, the aggregate market value of common stock held by non-affiliates was approximately $112.5 million. The company anticipates continuing to incur significant losses for the foreseeable future and will require substantial additional funding to complete the development and commercialization of its product candidates. The company's outlook includes providing an update in 2026 on the effect of DT-216P2 on endogenous frataxin levels following 12 weeks of dosing and providing results from the Phase 1 DT-168 trial in the first half of 2025.
About Design Therapeutics, Inc.
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