Aadi Bioscience, Inc., a pharmaceutical preparations company, disclosed the results of its annual stockholders meeting held on Monday. The meeting saw the election of directors and advisory votes on executive compensation, as well as the ratification of the company's independent auditor for the current fiscal year.
According to the press release statement, approximately 62% of the voting power was present in person or by proxy at the annual meeting. The two Class I directors, Caley Castelein, M.D., and Neil Desai, Ph.D., were elected to serve until the annual meeting of stockholders in 2027 and until their successors are duly elected and qualified. Dr. Castelein received 9,946,929 votes in favor and 1,906,524 withheld, while Dr. Desai garnered 8,171,610 votes for and 3,681,843 withheld. There were 3,251,160 broker non-votes for each director seat.
The compensation of the named executive officers was approved on an advisory basis, with 8,971,541 votes in favor, 2,599,458 against, and 282,454 abstentions. Additionally, there were 3,251,160 broker non-votes regarding this proposal.
Stockholders also ratified the appointment of BDO USA LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm's appointment was confirmed with 13,464,651 votes for, 635,298 against, and 1,004,664 abstentions.
The voting results were part of an 8-K filing with the Securities and Exchange Commission. This annual meeting is a regular process for public companies like Aadi Bioscience, Inc., allowing stockholders to make key decisions about the company's governance and oversight. The company, formerly known as Aerpio Pharmaceuticals (NASDAQ:AADI), Inc., and before that as ZETA ACQUISITION CORP II, is incorporated in Delaware and has its principal executive offices in Pacific Palisades, California.
In other recent news, Aadi Bioscience, a biopharmaceutical company, has disclosed its financial reports for the first quarter of 2024 and provided updates on its ongoing clinical trials. The company's PRECISION1 trial for nab-sirolimus, targeting solid tumors with specific genetic alterations, has reached full enrollment. Despite a decline in Q1 net product sales for FYARRO, the company projects a resurgence in the subsequent quarter. Aadi Bioscience's financial standing remains robust, with sufficient cash reserves anticipated to fund operations until the fourth quarter of 2025.
Additional recent developments include the termination of the collaboration with Mirati, allowing the company to focus on nab-sirolimus evaluation. The company ended Q1 with $88.3 million in cash, cash equivalents, and short-term investments. Phase II trials for nab-sirolimus in endometrial cancer and neuroendocrine tumors are also progressing, with the initial data expected later this year. In the meantime, Aadi Bioscience expects to report early efficacy and safety data from EEC and NET trials by year-end. Lastly, the company is forecasting a return to sales growth for FYARRO in Q2 2024 following a Q1 decline.
InvestingPro Insights
Aadi Bioscience, Inc. has recently navigated through its annual stockholder meeting with several key decisions made regarding the company's leadership and financial auditing. To further understand the company's financial health and market position, a glance at the real-time data from InvestingPro reveals some critical metrics.
The company's market capitalization stands at a modest $41.86M, reflecting its size in the pharmaceutical preparations industry. Notably, Aadi Bioscience has experienced a significant 26.97% revenue growth over the last twelve months as of Q1 2024, but this is contrasted by a quarterly revenue decline of 8.76% in Q1 2024. This fluctuation in revenue may indicate the volatile nature of the market segments Aadi operates within or the impact of its business strategies.
InvestingPro Tips suggest that Aadi Bioscience holds more cash than debt on its balance sheet, which is a positive sign for liquidity. However, the company is quickly burning through cash and analysts have revised their earnings downwards for the upcoming period. Moreover, with a negative gross profit margin of -128.6% over the last twelve months, the company's profitability challenges are underscored. Analysts are not optimistic about the company turning a profit this year, and the valuation implies a poor free cash flow yield.
For investors looking for a deeper dive into Aadi Bioscience's financial health and future prospects, there are additional InvestingPro Tips available at InvestingPro's platform. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover more insights that could guide investment decisions. With the company's stock price having fallen significantly over the last year, these insights could be particularly valuable for assessing its potential for recovery or further decline.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.