The Company affirms that it has no plans for a public or private offering at this time.
Hoth's financial position remains robust, with a strong balance sheet that includes over $10 million in cash and no debt.
Hoth is pleased to report that enrollment in the HT-001 clinical trial is proceeding as planned, with all trial sites now active and enrolling participants.
NEW YORK, Jan. 8, 2025 /PRNewswire/ -- Hoth Therapeutics, Inc. (NASDAQ: HOTH), a biopharmaceutical company focused on developing innovative, patient-focused treatments, today responded to recent market rumors and inquiries from shareholders regarding its financial plans and ongoing clinical trials.
(PRNewsfoto/Hoth Therapeutics Inc.)
The Company affirms that it has no plans for a public or private offering at this time. Hoth's financial position remains robust, with a strong balance sheet that includes over $10 million in cash and no debt. This fiscal strength positions the Company well to execute its strategic initiatives and advance its pipeline without the immediate need for additional financing.
"We want to assure our shareholders that Hoth remains focused on creating long-term value and advancing our clinical programs," said Robb Knie, Chief Executive Officer of Hoth Therapeutics. "With our strong financial foundation, we are well-equipped to continue progressing our innovative therapies."
The Company also provided an update on the clinical development of HT-001, its lead therapeutic candidate designed to treat rash and skin disorders associated with cancer therapy. Hoth is pleased to report that enrollment in the HT-001 clinical trial is proceeding as planned, with all trial sites now active and enrolling participants.
"Activating all trial sites for HT-001 marks a significant milestone in the development of this promising therapy," Robb Knie added. "We are excited about the progress and remain committed to addressing unmet needs for patients undergoing cancer treatment."
Hoth remains dedicated to transparency and will continue to provide updates as material developments occur.
About Hoth Therapeutics, Inc.
Hoth Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing innovative, impactful, and ground-breaking treatments with a goal to improve patient quality of life. We are a catalyst in early-stage pharmaceutical research and development, elevating drugs from the bench to pre-clinical and clinical testing. Utilizing a patient-centric approach, we collaborate and partner with a team of scientists, clinicians, and key opinion leaders to seek out and investigate therapeutics that hold immense potential to create breakthroughs and diversify treatment options. To learn more, please visit https://ir.hoththerapeutics.com/ .
Forward-Looking Statement
This press release includes forward-looking statements based upon Hoth's current expectations, which may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws, and are subject to substantial risks, uncertainties, and assumptions. These statements concern Hoth's business strategies; the timing of regulatory submissions; the ability to obtain and maintain regulatory approval of existing product candidates and any other product candidates we may develop, and the labeling under any approval we may obtain; the timing and costs of clinical trials, and the timing and costs of other expenses; market acceptance of our products; the ultimate impact of the current coronavirus pandemic, or any other health epidemic, on our business, our clinical trials, our research programs, healthcare systems, or the global economy as a whole; our intellectual property; our reliance on third-party organizations; our competitive position; our industry environment; our anticipated financial and operating results, including anticipated sources of revenues; our assumptions regarding the size of the available market, benefits of our products, product pricing, and timing of product launches; management's expectation with respect to future acquisitions; statements regarding our goals, intentions, plans, and expectations, including the introduction of new products and markets; and our cash needs and financing plans. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. You should not place reliance on these forward-looking statements, which include words such as "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" or similar terms, variations of such terms, or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes. Hoth may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section titled "Risk Factors" in Hoth's most recent Annual Report on Form 10-K and Hoth's other filings made with the U. S. Securities and Exchange Commission. All such statements speak only as of the date made. Consequently, forward-looking statements should be regarded solely as Hoth's current plans, estimates, and beliefs. Investors should not place undue reliance on forward-looking statements. Hoth cannot guarantee future results, events, levels of activity, performance, or achievements. Hoth does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events, or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.
