Artificial Intelligence
BioXcel Therapeutics Reports Third Quarter 2020 Financial Results and Provides Business Update
Complete NDA submission for BXCL501 for the acute treatment of agitation in patients with schizophrenia and bipolar disorders on track for Q1 2021
TRANQUILITY and RELEASE studies are on track; Preparing to initiate a Phase 2 trial with BXCL501 in patients with agitation associated with delirium
Encouraging data from the two ongoing combination trials of BXCL701 and KEYTRUDA® was presented at the Society for Immunotherapy of Cancer’s 35th Anniversary Annual Meeting (“SITC”)
Strong cash position of $233 million to fund key milestones well into 2022
Company to host conference call today at 8:30 a.m. ET
NEW HAVEN, Conn., Nov. 12, 2020 (GLOBE NEWSWIRE) — BioXcel Therapeutics, Inc. (“BTI” or the “Company”) (Nasdaq: BTAI), a clinical-stage biopharmaceutical company utilizing artificial intelligence to identify improved therapies in neuroscience and immuno-oncology, today announced its quarterly results for the third quarter ended September 30, 2020 and provided an update on key strategic and operational initiatives.
“Building on the successful data readout from the Phase 3 SERENITY trials earlier this year, we have continued to make substantial progress with BXCL501’s development as a treatment for agitation across neuropsychiatric conditions,” stated Vimal Mehta, Chief Executive Officer of BTI. “Recently, we completed our pre-NDA meeting with the FDA and have initiated rolling submission of the NDA. This is a key milestone for our neuroscience franchise, laying a strong foundation for multiple follow-on indications and a catalyst for the ongoing build of our commercial infrastructure. While the TRANQUILITY and RELEASE trials advance, we are preparing to initiate a Phase 2 trial for agitation associated with delirium. Together, we believe that these trials, along with our strong cash position, will help to support our long-term strategy of establishing BXCL501 as an innovative treatment for agitation regardless of the patient’s underlying diagnosis.”
Dr. Mehta continued, “We are also making excellent strides advancing our immuno-oncology program, with two combination therapy trials progressing well. Earlier this week, we presented encouraging preliminary efficacy and safety data at SITC from both the Phase 1b/2 trial of BXCL701 and KEYTRUDA® for the treatment of advanced prostate cancer and the MD Anderson-led Phase 2 basket trial in advanced solid tumors. Across both trials, we have already seen promising signals of activity in numerous difficult-to-treat tumors.”
Third Quarter 2020 and Recent Highlights
BXCL501-Neuroscience Program
BXCL501 is an investigational, proprietary, orally dissolving, sublingual thin film formulation of dexmedetomidine, a selective alpha-2 adrenergic receptor agonist, designed for the treatment of agitation and opioid withdrawal symptoms. The Company believes BXCL501 may directly target a causal agitation mechanism.
- Following the recently announced positive topline results from the Phase 3 SERENITY trials, last month, BTI completed a successful pre-NDA meeting with the FDA for BXCL501 for the acute treatment of agitation in patients with schizophrenia and bipolar disorders. The FDA agreed to a rolling review of the NDA and BTI has already submitted part of the application to the FDA, with plans to submit the complete application in the first quarter of 2021.
- The Company initiated the third dose cohort (90 mcg) in the TRANQUILITY study, a Phase 1b/2 trial of BXCL501 for the acute treatment of agitation associated with dementia. Based on the findings, the Company expects to report topline results in the fourth quarter of 2020, or, if needed, proceed to an additional dose cohort.
- The RELEASE study, a Phase 1b/2 trial of BXCL501 for the treatment of opioid withdrawal symptoms, is ongoing, with enrollment of the dose cohorts progressing well. The Company expects to report topline results from the study in the first quarter of 2021.
- In October, BTI received FDA clearance of its Investigational New Drug (“IND”) application for BXCL501 for the treatment of hospitalized patients with agitation associated with delirium, including COVID-19 patients. The Company plans to initiate a Phase 2 trial within the next several months.
- BTI recently analyzed topline data from a cross-over study in healthy volunteers comparing the bioavailability of BXCL501 administered sublingually with the film placed drug-side down under the tongue, compared to the film placed drug-side up under the tongue, and administered buccally (between the lower lip and the gum). It was determined that all three administrations of BXCL501 are bioequivalent and were rapidly absorbed into the systemic circulation. Also, drinking water starting at 15 minutes following sublingual administration did not have any affect on bioavailability.
- The Company was issued U.S. patent No. 10,792,24 on October 6, 2020, which covers film formulations containing Dex and methods of treating agitation using such film formulations. The patent is expected to extend intellectual property (“IP”) protection until 2039.
BXCL701-Immuno-Oncology Program
BXCL701 is an orally-delivered small molecule, innate immunity activator designed to inhibit dipeptidyl peptidase (DPP) 8/9 and block immune evasion by targeting Fibroblast Activation Protein (FAP). It has shown single agent activity in melanoma and safety has been evaluated in more than 700 healthy subjects and cancer patients.
- The Phase 2 portion of the Phase 1b/2 trial of BXCL701 in combination with pembrolizumab (KEYTRUDA®) for treatment emergent Neuroendocrine Prostate Cancer (“tNEPC”) and castrate-resistant prostate cancer (“CRPC”) is advancing. Data from the 1b portion of this trial was presented recently at SITC, with an additional efficacy update planned.
- The MD Anderson-led Phase 2 open label basket trial evaluating the combination of BXCL701 and KEYTRUDA® in patients with advanced solid tumors is progressing well, and has already moved to the stage-2 efficacy phase. Preliminary efficacy data on 14 patients (5 patients in the checkpoint naïve cohort and 9 patients in the checkpoint pretreated cohort) was presented earlier this week at SITC.
- The BXCL701 phase of the triple combination study of BXCL701, bempegaldesleukin (NKTR-214, Nektar Therapeutics, Inc.) and BAVENCIO® (avelumab, Merck KGaA, Darmstadt, Germany and Pfizer) in second line pancreatic cancer was planned to initiate following Nektar and Pfizer’s Phase 1B dose-escalation trial of bempegaldesleukin and avelumab, which was delayed. All parties have agreed to discontinue activities on the triple combination study and instead reallocate resources to other studies and development programs. The parties terminated their clinical trial collaboration agreement, effective November 10, 2020.
Corporate Highlight
- In July 2020, the Company raised net proceeds of approximately $187 million in connection with its common stock offering. BTI believes that the proceeds from this offering, together with current reserves, provide the cash runway to fund key clinical, regulatory, operational, and commercial activities well into 2022.
Third Quarter 2020 Financial Results
BTI reported a net loss of $24.8 million for the third quarter of 2020 compared to a net loss of $9.0 million for the same period in 2019. The third quarter 2020 results include approximately $5.3 million in non-cash stock-based compensation compared to $0.8 million for the same period in 2019.
Research and development expenses were $16.3 million for the third quarter of 2020, compared to $7.1 million for the same period in 2019. The increase was primarily attributable to increased clinical trial costs and professional research related to the acceleration of the Company’s research and development activities, primarily related to its SERENITY I and II clinical trials as well increased costs associated with its TRANQUILITY and RELEASE clinical trials for BXCL501. These amounts were partially offset by reduced costs related to the BXCL701 pancreatic cancer trial.
Personnel costs also increased, primarily related to the growth of BTI’s clinical team as the Company continues to expand its clinical programs, and in preparation of the potential commercial launch of BXCL501 in the U.S. Non-cash stock-based compensation also increased as result of the additional personnel combined with increased grant date fair values arising from higher market prices of the Company’s common stock.
General and administrative expenses were $8.5 million for the third quarter of 2020, compared to $2.0 million for the same period in 2019. The increase was primarily due to increased non-cash stock-based compensation and personnel costs related to the growth of BTI’s operations combined with increased grant date fair values arising from higher market prices of the Company’s common stock. Professional fees also increased which is primarily attributable to increased corporate legal and investor relations fees combined with increased insurance premiums.
Total operating expenses for the third quarter of 2020 were approximately $24.8 million, compared to total operating expenses of approximately $9.1 million for the same period in 2019.
As of September 30, 2020, cash and cash equivalents totaled approximately $233.4 million.
Conference Call:
BTI will host a conference call and webcast today at 8:30 a.m. ET. To access the call, please dial 877-407-2985 (domestic) and 201-378-4915 (international). A live webcast of the call will be available on the Investors sections of the BTI website at www.bioxceltherapeutics.com. The replay will be available through at least November 26, 2020.
About BioXcel Therapeutics, Inc.:
BioXcel Therapeutics, Inc. is a clinical stage biopharmaceutical company focused on drug development that utilizes artificial intelligence to identify improved therapies in neuroscience and immuno-oncology. BTI’s drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. BTI’s two most advanced clinical development programs are BXCL501, an investigational, proprietary, orally dissolving, sublingual thin film formulation of dexmedetomidine for the treatment of agitation and opioid withdrawal symptoms, and BXCL701, an investigational, orally administered, systemic innate immunity activator in development for the treatment of aggressive forms of prostate cancer and advanced solid tumors that are refractory or treatment naïve to checkpoint inhibitors. For more information, please visit www.bioxceltherapeutics.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to the timing and data from clinical development initiatives, applications and trials for BXCL501 and BXCL701, the timing of the Company’s NDA submission for BXCL501 for the acute treatment of agitation in patients with schizophrenia and bipolar disorders, the Company’s cash runway and the Company’s future growth, corporate strategy and position to execute on key milestones. When used herein, words including “anticipate,” “being,” “will,” “plan,” “may,” “continue,” and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon BTI’s current expectations and various assumptions. BTI believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain.
BTI may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, its limited operating history; its incurrence of significant losses; its need for substantial additional funding and ability to raise capital when needed; its limited experience in drug discovery and drug development; its dependence on the success and commercialization of BXCL501 and BXCL701 and other product candidates; the failure of preliminary data from its clinical studies to predict final study results; failure of its early clinical studies or preclinical studies to predict future clinical studies; its ability to receive regulatory approval for its product candidates; its ability to enroll patients in its clinical trials; undesirable side effects caused by BTI’s product candidates; its approach to the discovery and development of product candidates based on EvolverAI is novel and unproven; its exposure to patent infringement lawsuits; its ability to comply with the extensive regulations applicable to it; impacts from the COVID-19 pandemic; its ability to commercialize its product candidates; and the other important factors discussed under the caption “Risk Factors” in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 as such factors may be updated from time to time in its other filings with the SEC, including, but not limited to, its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 to be filed with the SEC, each accessible on the SEC’s website at www.sec.gov and the Investors section of our website at www.bioxceltherapeutics.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While BTI may elect to update such forward-looking statements at some point in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing BTI’s views as of any date subsequent to the date of this press release.
BioXcel Therapeutics, Inc. (BTAI)
Statement of Operations
(Unaudited, in thousands, except per share amounts)
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | – | $ | – | $ | – | $ | – | |||||||
Operating Expenses | |||||||||||||||
Research and Development | $ | 16,317 | $ | 7,122 | $ | 46,595 | $ | 19,302 | |||||||
General and administrative | 8,451 | 2,012 | 14,605 | 5,886 | |||||||||||
Total operating expenses | 24,768 | 9,134 | 61,200 | 25,188 | |||||||||||
Loss from Operations | (24,768 | ) | (9,134 | ) | (61,200 | ) | (25,188 | ) | |||||||
Other Income (expense) | |||||||||||||||
Divided and interest income | 20 | 134 | 140 | 542 | |||||||||||
Interest expense | (5 | ) | (18 | ) | (23 | ) | (47 | ) | |||||||
Net loss | $ | (24,753 | ) | $ | (9,018 | ) | $ | (61,083 | ) | $ | (24,693 | ) | |||
Net loss per – basic and diluted | $ | (1.07 | ) | $ | (0.57 | ) | $ | (2.94 | ) | $ | (1.57 | ) | |||
Weighted average shares outstanding – basic and diluted | 23,050 | 15,752 | 20,779 | 15,695 | |||||||||||
BioXcel Therapeutics, Inc.
Condensed Balance Sheet
(Unaudited, in thousands)
September 30, | December 31, | ||||
2020 | 2019 | ||||
Cash and cash equivalents | 233,428 | 32,426 | |||
Working capital | 219,789 | 25,639 | |||
Total assets | 238,749 | 36,392 | |||
Long-term liabilities | 1,467 | 1,029 | |||
Total liabilities | 17,811 | 9,497 | |||
Total stockholders’ equity | 220,938 | 26,895 | |||
Contact Information:
BioXcel Therapeutics, Inc.
www.bioxceltherapeutics.com
Investor Relations:
John Graziano
[email protected]
1.646.378.2942
Media:
Julia Deutsch
[email protected]
1.646.378.2967
Artificial Intelligence
Car as a Connected Living Ecosystem worth USD 1.5 trillion by 2035 | MarketsandMarkets
CHICAGO, May 9, 2024 /PRNewswire/ — Car as a Connected Living Ecosystem is estimated to grow from USD 8 billion in 2023 to more than USD 1.5 trillion by 2035 at the CAGR of 54.5%. according to a new report by MarketsandMarkets. Factors such as technology developments and advanced connectivity levels across automotive OEMs and customer perceptions & service expectations from connected cars are driving the growth of the car as a connected living ecosystem market. Customers, especially the GenZ customers and customers paying a premium for the advanced connectivity, expect to see a range of connected features such as advanced safety, remote vehicle features, security, car-home connectivity, and EV & energy management services. Almost all OEMs such as Mercedes Benz, BMW, Stellantis, VW and others are aggressively focused on the connected car market to earn new revenue streams.
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Car as a Connected Living Ecosystem Scope:
Report Coverage
Details
Market Revenue in 2023
USD 8 billion
Estimated Value by 2035
USD 1.5 trillion
Growth Rate
Poised to grow at a CAGR of 54.5%
Market Size Available for
2023–2035
Forecast Period
2024–2035
Forecast Units
Value (USD Billion – Trillion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Connected Living (through the car) Market by Segments – In-car connectivity, Connected Energy, Connected Aftermarket, Connected Health, and other
Geographies Covered
Global
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Greenfield Market
Key Market Drivers
Advanced Technologies & Customer Propensity to Adopt
The car is emerging as the new smartphone.
Connected cars have moved beyond being data generating machines for fleet management and safety compliance. Connected cars have emerged as the golden goose for automakers, with its ability to drive continuous revenues across lifetime. The cars are capable of performing almost any function that is offered by our smartphones today and even more, offering comprehensive connected living solutions at the touch of a button. The cars can remotely unlock, drive and navigate themselves, save themselves from potential hazards and security threats, manage energy requirements, offer in-car marketplaces with integrated payment platforms, entertain passengers, take care of their health and homes, manage work diaries, civil responsibilities, and can integrate the physical and virtual realm.
The In-Car Connectivity segment is expected to dominate the digital connected living services market.
There services are expected to be available to customers at an annual cost of $1,600 by 2035. Over the next decade, OEMs must identify their connectivity and subscription revenue strategy – in-car experience is expected to earn the lion’s share of revenue at 87% with health, energy, and aftermarket developing as formidable segments. However, the key challenge is to strike the right balance between subscription costs and customer willingness to pay.
The wider ecosystem of connected car offers further growth potential.
OEMs stand to gain further through developing competencies in the wider automotive ecosystem such as energy management services and connected insurance. Tesla, Hyundai, GM, and Ford are not just selling EVs but the entire spectrum of services such as renewable energy generation, energy storage, and V2G technology, required for energy independence. Tesla, GM, and JLR are leveraging connected vehicle data to offer connected insurance services underwritten by insurance companies. A third revenue stream is data monetization partnerships with various stakeholders such as cities, automotive workshops, and others. Several other revenue streams could emerge from a single connected car.
From being able to communicate with drivers, offering AR based driver assist and autonomous driving systems and automatically managed maintenance systems, to managing energy services, insurance and healthcare through the car’s ecosystem. 6G connectivity, V2X technology, and VR repair and maintenance will change the way customers experience the car.
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Key Market Players of Car as a Connected Living Ecosystem Industry:
Major players in the Car as a Connected Living include Mercedez Benz (Germany), BMW (Germany), VW (Germany), Stellantis (Netherlands), Hyundai (South Korea), Toyota (Japan), GM (USA), Ford (USA), Nio (China), Xpeng (China). All OEMs offer vary levels of connectivity solutions through the car.
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Car as a Connected Living Ecosystem Industry Recent Developments:
In January 2024, Mercedes Benz unveiled its AI powered MBUX Virtual Assistant.In January 2024, Stellantis acquired Artificial Intelligence Technologies and IP from CloudMade for advanced connectivity features.In January 2024, GM introduced OnStar connectivity features in Saudi Arabia.Car as a Connected Living Ecosystem Size – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the connected living solutions.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. This report provides insights on:
Analysis of key drivers (advanced technologies, customer propensity to adopt), restraints (cost of technology development), challenges (undertaking strategic partnerships), and opportunities (first mover advantage).Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the connected living space.Market Development: Comprehensive information about lucrative markets – the report analyses the future of connected living solutions through the car.Market Diversification: Exhaustive information about new products & services, recent developments, and investments in the connected living space.Competitive Assessment: Competitor benchmarking to understand ket industry connected living service offerings.Get access to the latest updates on Car as a Connected Living Ecosystem Industry Growth
Related Reports:
Connected Car Market – Global Forecast to 2026
India Connected Car Market – Forecast to 2025
Connected Rail Market – Global forecast to 2027
Connected Motorcycle Market – Global Forecast to 2027
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Artificial Intelligence
Infosys and Formula E Strike New Partnership to Enable Next-Gen Fan Experiences Powered by AI and Digital Innovations
This multi-year technology association will provide in-race insights, fan engagement, and sustainability solutions for the world’s first all-electric motorsport
BENGALURU, India, May 9, 2024 /PRNewswire/ — Infosys (NSE : INFY), (BSE: INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced a strategic three-year partnership with the ABB FIA Formula E World Championship, the global motorsport championship for electric cars, as its official Digital Innovation Partner. Through this collaboration, Infosys will provide in-race analytics, unlock fan engagement experiences, and enhance sustainability reporting and tracking for the Formula E championship.
The partnership between Infosys and Formula E will focus on three core areas: fan growth, technology innovation, and continued environmental stewardship.
Creating a new Fan Customer Data Platform: With the aim of engaging 500 million fans by 2030, Infosys will help build an AI-powered Fan Customer Data Platform for Formula E to unlock deep fan engagement and personalization opportunities, allowing Formula E to better serve its growing global fan base.In-race insights and Driver Statistics: Leveraging Infosys Topaz, an AI-first suite of offerings using generative AI technologies, the collaboration aims to provide real-time insights and real time driver statistics during races, enhancing the overall viewing experience for fans.An enhanced sustainability data management tool: With the objective of playing a pivotal role in supporting Formula E’s carbon reduction target of 45% by 2030, Infosys will work to transform the sport’s carbon reporting capabilities by using AI to improve accuracy, reliability, and traceability of data collection, and setting new standards in sustainability assessments for the championship.Jeff Dodds, Chief Executive Officer, Formula E, said, “Infosys’ expertise in cutting-edge technologies makes them the ideal partner to help us drive the future of electric motorsport. We are excited to work with them to deliver exceptional experiences for our global fan base and further strengthen Formula E’s position as a leader in sustainable, digital-first sports. Infosys’ commitment to sustainability and innovation aligns perfectly with our vision, and we are confident that this collaboration will unlock new avenues in our key focus areas.”
Sumit Virmani, EVP & Global Chief Marketing Officer, Infosys, said, “Infosys has built and nurtured several strategic sports collaborations globally. We are now delighted to partner with Formula E, a visionary motorsport series, that shares our passion for sustainability and AI-led innovation. This strategic collaboration will showcase our AI, digital, and analytics prowess, elevating the fan experience, while enhancing Formula E’s sustainability goals. Together, we aim to redefine the possibilities in electric motorsport.”
As a brand, Infosys has been successfully associated with the global tennis ecosystem for nine years through strong partnerships with Roland-Garros, Australian Open, ATP, and the International Tennis Hall of Fame. In addition, we continue to accelerate brand momentum through our collaboration with the Madison Square Garden, including key MSG properties New York Knicks, New York Rangers, and the Madison Square Garden Arena. Through all these partnerships, Infosys has successfully demonstrated how it brings to life the benefits of AI into sports.
About Formula E and the ABB FIA Formula E World Championship
As the world’s first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation.
The Formula E network of teams, manufacturers, partners, broadcasters, and host cities are united by a passion for the sport and belief in its potential to accelerate sustainable human progress and create a better future for people and planet.
www.FIAFormulaE.com
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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Artificial Intelligence
Latest VIPRE Security Group Email Threat Trends Research Exposes Global Phishing and Malware Threat Landscape
The US, UK, Ireland, and Japan emerge as the main source of spam; manufacturing, government, and IT sectors are most victimized; Pikabot top malware family
LONDON, May 9, 2024 /PRNewswire/ — VIPRE Security Group, a global leader and award-winning cybersecurity, privacy, and data protection company, today released its Q1 2024 Email Threat Trends report, based on an analysis of 1.8 billion emails. The findings reveal the evolving landscape of email-based threats and emerging tactics malicious actors are employing.
The US, UK, Ireland, and Japan top the spam sources listThe report identifies the US as the top source of spam emails globally, followed by the U.K., Ireland, and Japan. The US, UK, and Canada are the top three countries most subjected to email-based attacks.
Attackers aim at the manufacturing sectorThe manufacturing, government, and IT sectors are the most victimized by malicious actors. In Q1 2024, the manufacturing sector suffered 43% of email-based attacks, with the government (15%) and IT (11%) trailing well behind. This is a change from Q1 2023, when attackers targeted the financial (25%), healthcare (22%), and education (15%) sectors most often.
Scams surpassing phishing This research warns that ‘scams’ within the spam category are growing in popularity among cybercriminals, overtaking phishing emails in the first quarter of 2024.
There’s been a notable increase in phishing emails masquerading as communications from Human Resources, falsely claiming to relate to employee benefits, compensation, or insurance within a company. These emails contain malicious attachments in .html or .pdf formats, featuring phishing QR codes that redirect recipients to phishing sites upon scanning.
New phishing trends and techniquesIn email phishing campaigns, 75% of emails leverage links, 24% favor attachments, and 1% use QR codes. Attackers are employing links in phishing emails for URL redirection (54%), compromised websites (22%), and newly created domains (15%).
Emerging tactics employed by cybercriminals to execute phishing attacks include the use of .ics calendar invite and .rtf attachment file formats to trick recipients into opening malicious content.
Malspam links and top malware familyEncouraged by the success of password-oriented phishing emails that use links, cybercriminals are opting for malicious links in malspam emails instead of attachments. Malware is increasingly being hidden in cloud storage platforms such as Google Drive. The use of malware-based emails employing attachments has increased to 22% in Q1 2024, from only 3% in Q1 2023.
Due to the void left by the dismantled Qakbot malware, Pikabot has emerged as the top malware family, with IceID a distant second.
Exploiting software vulnerabilitiesCriminals are exploiting a web application vulnerability, most notably Reflected Cross-Site Scripting (XSS), focusing on the tag attribute “href”, to circumvent detection by using a variety of tactics such as images as the entire email content, encoding URLs, and directing the victim through multiple URLs.
Malicious actors are also finding success with thread hijacking of NTLM (NT LAN Manager), a security protocol used by Microsoft Windows operating systems for authentication. By hijacking the authentication thread, attackers extract NTLM challenge-response hashes from legitimate SMB (Server Message Block) sessions, to enable them to impersonate authenticated users and gain unauthorized access.
“Criminals are using email with success to scam, infiltrate networks, and unleash malicious payloads,” warns Usman Choudhary, Chief Product and Technology Officer, VIPRE Security Group. “We’re witnessing bad actors relentlessly exploiting human vulnerabilities and software flaws, circumventing email gateways and security measures with alarming precision. Robust email and endpoint defenses, coupled with a vigilant human frontline, remain our strongest defense against these unyielding attacks.”
To read the full report, click here: VIPRE’s Email Threat Trends Report: Q1 2024.
VIPRE leverages its unique understanding of email security to equip organizations with the information they need to protect themselves. This report is based on proprietary intelligence gleaned from round-the-clock vigilance of the cybersecurity landscape.
About VIPRE Security Group VIPRE Security Group, part of Ziff Davis, Inc., is a leading provider of internet security solutions purpose-built to protect businesses, solution providers, and home users from costly and malicious cyber threats. With over 25 years of industry expertise, VIPRE is one of the world’s largest threat intelligence clouds, delivering exceptional protection against today’s most aggressive online threats. Our award-winning software portfolio includes next-generation antivirus endpoint cloud solutions, advanced email security products, along with threat intelligence for real-time malware analysis, and security awareness training for compliance and risk management. VIPRE solutions deliver easy-to-use, comprehensive layered defense through cloud-based and server security, with mobile interfaces that enable instant threat response. VIPRE is a proud Advanced Technology Partner of Amazon Web Services operating globally across North America and Europe.
The group operates under various brands, including VIPRE®, StrongVPN®, IPVanish®, Inspired eLearning®, Livedrive®, and SugarSync®. www.VIPRE.com
View original content:https://www.prnewswire.co.uk/news-releases/latest-vipre-security-group-email-threat-trends-research-exposes-global-phishing-and-malware-threat-landscape-302141052.html
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