Landos Biopharma, Inc. Quarterly Report: Financial Statements (Unaudited)

Press release · 05/10 10:22
Landos Biopharma, Inc. Quarterly Report: Financial Statements (Unaudited)

Landos Biopharma, Inc. Quarterly Report: Financial Statements (Unaudited)

Landos Biopharma, Inc. has reported a quarterly financial update, highlighting key financial statements, including condensed consolidated balance sheets, statements of operations and comprehensive loss, cash flows, and changes in stockholders’ equity. The company is an emerging growth company and has 3,125,841 shares of common stock outstanding. The financial report provides an overview of the company’s financial condition and results of operations, as well as disclosures about market risk, controls and procedures, legal proceedings, and risk factors.

Overview of Landos’ Financial Performance

Landos is a clinical-stage biopharmaceutical company focused on developing novel therapeutics for autoimmune diseases. The company does not currently have any approved products and has not generated any revenue from product sales. Landos has funded operations primarily through equity financings and an upfront payment from a license agreement.

As of March 31, 2024, Landos had an accumulated deficit of $164.3 million. The company expects to continue incurring substantial losses for at least the next several years as it advances its lead product candidate NX-13 through clinical trials.

Landos believes its $29.0 million in cash resources as of March 31, 2024 will be sufficient to fund operations into mid-2025. This runway could be shortened if the pending merger agreement with AbbVie is terminated.

Revenue and Profit Trends

Landos has not generated any revenues to date. The company’s net loss for the first quarter of 2024 was $8.9 million compared to a net loss of $6.0 million for the first quarter of 2023. The increased net loss was primarily attributable to higher general and administrative expenses related to the proposed merger with AbbVie.

Landos expects net losses to increase in the near term as it continues clinical development activities for NX-13. The company’s ability to generate future revenues is dependent on the success of its product pipeline.

Strengths and Weaknesses


  • NX-13 Phase 2 trial underway with initial data expected in 2024
  • Solid cash position to advance lead program with $29 million in cash
  • Pending merger with AbbVie provides path to commercialization


  • No approved products and unproven development pipeline
  • History of net losses; expects increasing expenses and losses
  • Termination of AbbVie merger could require new business plan


The most significant milestone for Landos is the potential completion of its pending merger agreement with AbbVie in 2024. This would provide funding and capabilities to advance Landos’ pipeline.

If the merger agreement is terminated, Landos would need to develop a new business plan. The company would require additional capital to continue operations and advance the NX-13 program.

The Phase 2 data from the NX-13 trial in 2024 will be an important indicator of the future potential of this program. Positive results could enable further development and partnerships.

In summary, Landos faces considerable risks as an early-stage biotech company with no approved products. The proposed merger with AbbVie is currently the company’s clearest path to realizing value from its pipeline.