G1 Therapeutics, Inc.

Q1 2024 COSELA net sales were $14.1 million, compared with $10.5 million in Q1 2023, an increase of 34%. Total revenue was $14.5 million versus $12.9 million a year ago. Total operating expenses were $23.5 million, down from $38.7 million in Q1 2023, including $1.1 million of cost of goods sold, $7.3 million of R&D expense, and $15.1 million of SG&A. Cash, cash equivalents and marketable securities ended the quarter at $65.2 million, down from $82.2 million at December 31, 2023, and this reflected an $8.7 million debt paydown. Management reaffirmed 2024 COSELA net sales guidance of $60 million to $70 million, expects operating expenses to be 15% to 20% lower than 2023, and continues to expect year-end cash of $50 million to $60 million and cash runway into Q3 2025.

The CEO said the company remains focused on expanding COSELA in its first indication, while also building toward profitability and cash flow positivity later next year if internal forecasts are met. He highlighted the importance of upcoming TNBC clinical readouts, saying positive data could support category leadership and faster movement toward an sNDA filing. He also framed the Pepper Bio lerociclib out-license as a way to advance value in the asset while preserving future economics through milestones and royalties.

The CFO said Q1 revenue and expense trends were favorable, with COSELA net sales of $14.1 million and total revenue of $14.5 million, while operating expenses fell to $23.5 million from $38.7 million a year ago. He attributed the lower spend mainly to reduced R&D and lower SG&A from personnel and medical affairs optimization. He also noted the quarter-end cash balance of $65.2 million included an $8.7 million debt paydown, which should save almost $1 million in cash interest this year; the company expects no further paydowns until December and still sees runway into Q3 2025.

Analysts pressed on whether the weaker Q1 COSELA growth reflected seasonality, and management said no, describing it instead as an execution issue that was identified through claims data and addressed during the quarter. Questions also focused on the PRESERVE 2 Ukraine patients; management said there were 13 patients enrolled in Ukraine out of 187, the FDA wanted those events included in the ITT analysis, and the company remains confident in the blinded data. On the sacituzumab combination, management said it is prioritizing partnership discussions and prefers to bring in development capital rather than fund a pivotal program alone.