05:51 AM EDT, 04/09/2024 (MT Newswires) -- Biophytis ( BPTS ) said late Monday that there is "significant doubt" over its ability to continue its business activities in the next year as its current cash and cash equivalents "should not be sufficient" to support its operating plan.

The company said it had about 5.6 million euros ($1.1 million) in cash and cash equivalents as of the end of 2023, down from 11.1 million euros at the end of 2022. However, Biophytis ( BPTS ) expects to have enough financing to support operations and activities planned in Q1 2025.

In a separate statement, Biophytis ( BPTS ) said it will start a new clinical development program named OBA to evaluate BIO101 as a potential treatment for obesity in combination with GLP-1 receptor agonists.

Preclinical studies of BIO101 in obesity demonstrated the product candidate's metabolic effects on muscle and fat tissues, the company said. The OBA phase 2 study is expected to start mid-2024, with the first results on efficacy targeted for 2025, Biophytis ( BPTS ) added.

Shares of Biophytis ( BPTS ) rose more than 52% in recent premarket activity on Tuesday.

Price: 0.49, Change: +0.17, Percent Change: +52.83