09:54 AM EDT, 04/10/2024 (MT Newswires) -- Theratechnologies ( THTX ) was at last look up near 6% in US premarket trade on Wednesday after reporting a narrower Q1 loss and an acceleration of the phase 1 trial of a drug for ovarian cancer.

The stock's advance came after an 8.3% jump in Canada on Tuesday

The net loss fell to US$4.5 million, or US$0.10 per share, in the three months ended Feb. 29 compared with a loss of US$10.4 million, or US$0.43 per share in the same quarter of last year. Revenue on the quarter fell 18% to US$16.25 million, compared with near US$20 million due to lower sales of Egrifta SV and Trogarzo.

Theratechnologies ( THTX ) confirmed its 2024 revenue guidance of US$87-90 million and an adjusted EBITDA of US$13-15 million.

"Despite lower revenues this quarter, we expect a reverse trend in the second quarter and an evening out of revenues in the second half of 2024," said CEO Paul Levesque.

Levesque added, "Following our recent Type A meeting with the FDA on the sBLA for tesamorelin F8, we remain on track to resubmit our file and receive a decision from the FDA on this new product formulation before the end of 2024. With M&A more important than ever to the evolution of portfolio and our overall growth strategy, I am confident that our positive trajectory of Adjusted EBITDA will facilitate the acquisition of new assets that should contribute to value creation for our business. We continue to prioritize our Phase 1 clinical trial studying sudocetaxel zendusortide in advanced ovarian cancer and welcome its acceleration with the recent milestone of the enrollment of the next cohort of patients at the higher dose level. Now that we have significantly advanced our oncology program with important evidence on multiple PDCs with different payloads, coupled with the more than 40 patients already treated with sudocetaxel zendusortide, we believe we are in a position of strength to continue engaging with a partner for additional developmental steps."

The company said it continues to prioritize its phase 1 clinical trial of sudocetaxel zendusortide, a treatment for advanced ovarian cancer, and that it has enrolled a new group of patients that will be tested receiving higher doses of the drug.

Price: 1.98, Change: -0.11, Percent Change: -5.26