Analyst Summary:
Rain Oncology Inc., a late-stage biotechnology company, reported its financial results for the fourth quarter and full year ended December 31, 2022, along with an update on the Company's key corporate highlights and upcoming milestones. Rain Oncology has a strong year-end cash position of $130.5 million, which provides a runway to complete all ongoing and planned clinical trials of milademetan, including the Phase 3 MANTRA trial in liposarcoma, Phase 2 MANTRA-2 basket trial, and planned Phase 1/2 MANTRA-4 basket trial. The topline data for Phase 3 pivotal MANTRA trial is expected in the second quarter of 2023. Management anticipates the potential to assert the importance of p53’s role across cancer patients, either as a monotherapy or as an essential combo agent used broadly in clinical practice. Rain Oncology’s lead product candidate, milademetan, is an oral small molecule inhibitor of the MDM2-p53 complex that reactivates p53.