Neon Therapeutics Reports Third Quarter 2018 Financial Results and Recent Business Highlights
Data presented at
“Throughout the third quarter we continued to execute our strategy and are pleased with the progress we have made. Our neoantigen-based platform and product candidates have the potential to have a meaningful impact on patients and we recently presented a series of encouraging data at major scientific meetings that support that goal,” said Hugh O’Dowd, president and chief executive officer of Neon. “We are excited to be a leader in the neoantigen field building on the body of science across multiple product candidates that span both T cell and vaccine modalities. Importantly, the strength of our balance sheet supports these promising clinical programs through value-creating inflection points.”
Third Quarter and Recent Business Highlights
August 2018, Neon announced the appointment of Jolie M. Siegel as general counsel and secretary. Ms. Siegel leads the legal, intellectual property, compliance and corporate governance functions for the company and reports to Hugh O’Dowd, president and chief executive officer of Neon.
October 2018, Neon presented updated data from NT-001, its ongoing Phase 1b clinical trial evaluating NEO-PV-01 in the metastatic setting, at the European Society for Medical Oncology ( ESMO) 2018 Congress in Munich, Germany.
October 2018, Neon announced a research collaboration with Natera, Inc., utilizing Natera’s Signatera™ (RUO) circulating tumor DNA assay as a biomarker to assess treatment response to NEO-PV-01 in Neon’s NT-002 clinical trial.
November 2018, Neon announced the appointment of Robert Bazemoreto its Board of Directors. Mr. Bazemore is currently President and Chief Executive Officer of Epizyme.
November 2018, Neon presented supplementary data from NT-001 at the Society for Immunotherapy of Cancer ( SITC) 33rd Annual Meeting in Washington, D.C.
November 2018, Neon presented new data relating to its NEO-PTC-01 program at the Society for Immunotherapy of Cancer ( SITC) 33rd Annual Meeting in Washington, D.C.
Third Quarter 2018 Financial Results
- Cash Position: As of September 30, 2018, cash, cash equivalents and marketable securities were $121.7 million, as compared to cash, cash equivalents and marketable securities of $79.7 million as of December 31, 2017.
- R&D Expenses: R&D expenses were $14.4 million for the quarter ended September 30, 2018, compared to $11.5 million for the same quarter last year. The increase of $2.9 million was driven by higher personnel costs as well as increased costs related to the advancement of NEO-PV-01.
- G&A Expenses: G&A expenses were $4.6 million for the quarter ended September 30, 2018, compared to $2.6 million for the same quarter last year. The increase of $2.0 million was primarily driven by increased costs of being a public company, including professional fees, personnel costs and other related costs.
- Net Loss Attributable to Common Stockholders: Net loss attributable to common stockholders was $18.4 million for the quarter ended September 30, 2018, or $0.67 per basic and diluted share, as compared to a net loss attributable to common stockholders of $16.5 million for the same quarter last year, or $9.59 per basic and diluted share.
Neon Therapeutics is a clinical-stage immuno-oncology company and a leader in the field of neoantigen-targeted therapies, dedicated to transforming the treatment of cancer by directing the immune system towards neoantigens. Neon is using its neoantigen platform to develop both vaccine and T cell therapies, including NEO-PV-01, a clinical stage neoantigen vaccine for the treatment of metastatic melanoma, non-small cell lung cancer, and bladder cancer; NEO-PTC-01, a neoantigen T cell therapy for the treatment of solid tumors; and NEO-SV-01, a neoantigen vaccine for the treatment of a subset of estrogen-receptor-positive breast cancer.
For more information, please visit www.neontherapeutics.com.
This press release contains “forward-looking statements” of
Selected Condensed Consolidated Balance Sheet Data (Unaudited)
(amounts in thousands)
| December 31,
|Cash, cash equivalents and marketable securities||$||121,741||$||79,725|
|Working capital (1)||$||114,459||$||72,539|
|Redeemable convertible preferred stock & contingently redeemable restricted common stock||$||—||$||175,250|
|Total stockholders' equity (deficit)||$||122,907||$||(93,572||)|
|(1) Working capital is defined as current assets less current liabilities.|
Condensed Consolidated Statements Of Operations (Unaudited)
(amounts in thousands, except per share data)
|Three Months Ended
|Nine Months Ended
|Research and development||$||14,441||$||11,530||$||42,403||$||26,274|
|General and administrative||4,612||2,612||12,524||7,180|
|Total operating expenses||19,053||14,142||54,927||33,454|
|Loss from operations||(19,053||)||(14,142||)||(54,927||)||(33,454||)|
|Other income (expense), net|
|Total other income, net||662||153||1,116||394|
|Accretion of redeemable convertible preferred stock to redemption value.||—||(2,530||)||(6,371||)||(7,509||)|
|Net loss attributable to common stockholders||$||(18,391||)||$||(16,519||)||$||(60,182||)||$||(40,569||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.67||)||$||(9.59||)||$||(5.55||)||$||(25.33||)|
|Weighted average common shares outstanding, basic and diluted||27,358||1,723||10,834||1,602|
Will O’Connor, Stern Investor Relations
Source: Neon Therapeutics, Inc.