Catalyst Biosciences Reports Third Quarter 2020 Operating & Financial Results and Provides a Corporate Update
November 05 2020 - 8:00AM
Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced its
operating and financial results for the third quarter ended
September 30, 2020 and provided a corporate update.
“In the third quarter we focused on preparing to
initiate two clinical trials for MarzAA and building our complement
programs. We plan to enroll patients in a pivotal Phase 3 study of
MarzAA for the treatment of bleeding in hemophilia A or B patients
with inhibitors and initiate a Phase 1/2 trial of MarzAA for the
treatment of bleeding in Factor VII Deficiency, Glanzmann
thrombasthenia, and Hemlibra patients by the end of the year”, said
Nassim Usman, Ph.D., president and chief executive officer of
Catalyst Biosciences. “In addition, we are on track to deliver on
other important program milestones including disclosing a
development candidate for our systemic complement program this
year.”
Recent Milestones:
- Complement intellectual
property: The United States Patent and Trademark Offices
issued a patent covering Catalyst’s portfolio of engineered
proteases that selectively cleave and degrade complement factor 3
(C3), including the lead candidate CB 2782-PEG, a potential
best-in-class treatment for dry AMD currently under development
under a license and collaboration agreement with Biogen. These
modified proteases inhibit complement activation and have the
potential to treat multiple diseases in which complement activation
plays a role. The newly issued patent provides protection until at
least 2038.
Expected Milestones:
-
Marzeptacog alfa (activated) – MarzAA, a
subcutaneously (SQ) administered next-generation engineered
coagulation Factor VIIa (FVIIa):
▪ Enroll the
first patient in a Phase 3 open-label trial before the end of the
year, evaluating the efficacy of SQ MarzAA to treat episodic
bleeding in individuals with hemophilia A or B with inhibitors,
and
▪ Initiate a
Phase 1/2 trial in FVII Deficiency, Glanzmann Thrombasthenia, and
Hemlibra patients before year-end.
- Systemic
complement: Announce a development candidate in December
2020.
Third Quarter
2020 Results and Financial
Highlights:
- Cash, cash equivalents and,
investments, as of September 30, were $104.1 million.
- Research and development expenses
were $12.2 million and $9.9 million during the three months ended
September 30, 2020 and 2019, respectively, an increase of $2.3
million, or 23%. The increase was due primarily to an increase of
$1.1 million in personnel and facilities costs, an increase of $0.7
million in preclinical research, and an increase of $0.3 million in
clinical manufacturing costs.
- General and administrative expenses
were $3.8 million and $3.3 million during the three months ended
September 30, 2020 and 2019, respectively, an increase of $0.5
million, or 17%. The increase was due primarily to an increase of
$0.4 million in professional services and an increase of $0.4
million in payroll and payroll related costs, partially offset by a
decrease of $0.2 million in indirect employee and facilities
costs.
- Interest and other income, net was
$0.1 million and $0.5 million during the three months ended
September 30, 2020 and 2019, respectively, a decrease of $0.4
million. The decrease was primarily due to a decrease in interest
income on investments.
- Net loss attributable to common
stockholders for the three months ended September 30, 2020 was
$16.0 million, or ($0.73) per basic and diluted share, compared
with $12.7 million, or ($1.06) per basic and diluted share, for the
prior year period.
- As of September 30, 2020, the
Company had 22,082,924 shares of common stock outstanding.
About Catalyst Biosciences
Catalyst is a research and clinical development
biopharmaceutical company focused on addressing unmet medical needs
in rare hematologic and complement-mediated disorders. Our protease
engineering platform generated two late-stage clinical programs in
hemophilia; a research program on engineering of subcutaneous (SQ)
complement inhibitors; a discovery stage Factor IX gene therapy
construct - CB 2679d-GT - for Hemophilia B, and a partnered
preclinical development program with Biogen for dry age-related
macular degeneration (AMD). The product candidates generated by our
protease engineering platform have improved functionality and
potency that allow for: SQ administration of recombinant
coagulation factors and complement inhibitors; low-dose, high
activity gene therapy constructs; and less frequently dosed
intravitreal therapeutics.
Forward-Looking Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties.
Forward-looking statements include statements about Catalyst’s
plans to enroll the first patient in a Phase 3 open-label trial of
MarzAA and initiate a Phase 1/2 trial of MarzAA in FVII Deficiency,
Glanzmann Thrombasthenia, and Hemlibra patients before year-end,
the potential for MarzAA to effectively and therapeutically treat
hemophilia subcutaneously, the superiority of CB 2679d-GT over
other gene therapy candidates and the Company’s collaboration with
Biogen for the development and commercialization of pegylated CB
2782 for the potential treatment of geographic atrophy-associated
dry age-related macular degeneration. Actual results or events
could differ materially from the plans, intentions, expectations
and projections disclosed in the forward-looking statements.
Various important factors could cause actual results or events to
differ materially, including, but not limited to, the risk that
trials and studies may be delayed as a result of COVID-19 and other
factors, that trials may not have satisfactory outcomes, that
additional human trials will not replicate the results from earlier
trials, that potential adverse effects may arise from the testing
or use of MarzAA, including the generation of neutralizing
antibodies, the risk that costs required to develop or manufacture
the Company’s products will be higher than anticipated, including
as a result of delays in development and manufacturing resulting
from COVID-19 and other factors, the risk that Biogen will
terminate Catalyst’s agreement, competition and other risks
described in the “Risk Factors” section of the Company’s quarterly
report filed with the Securities and Exchange
Commission on November 5, 2020, and in other filings with
the Securities and Exchange Commission. The Company does not
assume any obligation to update any forward-looking statements,
except as required by law.
Contact:
Ana KaporCatalyst Biosciences,
Inc.investors@catbio.com
Catalyst Biosciences,
Inc. Condensed Consolidated Balance
Sheets (In thousands, except share and per share
amounts)
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
|
(Unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
24,923 |
|
|
$ |
15,369 |
|
Short-term investments |
|
|
77,959 |
|
|
|
61,496 |
|
Accounts receivable |
|
|
1,555 |
|
|
|
15,000 |
|
Prepaid and other current assets |
|
|
3,535 |
|
|
|
4,201 |
|
Total current assets |
|
|
107,972 |
|
|
|
96,066 |
|
Long-term investments |
|
|
1,171 |
|
|
|
— |
|
Other assets, noncurrent |
|
|
698 |
|
|
|
257 |
|
Right-of-use assets |
|
|
1,524 |
|
|
|
1,927 |
|
Property and equipment, net |
|
|
439 |
|
|
|
304 |
|
Total
assets |
|
$ |
111,804 |
|
|
$ |
98,554 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,244 |
|
|
$ |
4,279 |
|
Accrued compensation |
|
|
2,543 |
|
|
|
2,106 |
|
Deferred revenue |
|
|
764 |
|
|
|
15,000 |
|
Other accrued liabilities |
|
|
8,750 |
|
|
|
7,031 |
|
Operating lease liability |
|
|
519 |
|
|
|
483 |
|
Total current liabilities |
|
|
16,820 |
|
|
|
28,899 |
|
Operating lease liability,
noncurrent |
|
|
925 |
|
|
|
1,319 |
|
Total liabilities |
|
|
17,745 |
|
|
|
30,218 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 5,000,000 shares authorized;
zero shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 100,000,000 shares authorized;
22,082,924 and 12,040,835 shares issued and outstanding at
September 30, 2020 and December 31, 2019, respectively |
|
|
22 |
|
|
|
12 |
|
Additional paid-in capital |
|
|
389,883 |
|
|
|
326,810 |
|
Accumulated other comprehensive income |
|
|
8 |
|
|
|
34 |
|
Accumulated deficit |
|
|
(295,854 |
) |
|
|
(258,520 |
) |
Total stockholders’ equity |
|
|
94,059 |
|
|
|
68,336 |
|
Total liabilities and
stockholders’ equity |
|
$ |
111,804 |
|
|
$ |
98,554 |
|
The accompanying notes are an integral part of
these condensed consolidated financial statements.
Catalyst Biosciences, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts) (Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
License |
|
$ |
32 |
|
|
$ |
— |
|
|
$ |
15,100 |
|
|
$ |
— |
|
Collaboration |
|
|
861 |
|
|
|
— |
|
|
|
3,817 |
|
|
|
— |
|
License and collaboration
revenue |
|
|
893 |
|
|
|
— |
|
|
|
18,917 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of license |
|
|
32 |
|
|
|
— |
|
|
|
3,102 |
|
|
|
— |
|
Cost of collaboration |
|
|
879 |
|
|
|
— |
|
|
|
4,030 |
|
|
|
— |
|
Research and development |
|
|
12,249 |
|
|
|
9,927 |
|
|
|
38,419 |
|
|
|
33,066 |
|
General and administrative |
|
|
3,833 |
|
|
|
3,268 |
|
|
|
11,895 |
|
|
|
10,224 |
|
Total operating expenses |
|
|
16,993 |
|
|
|
13,195 |
|
|
|
57,446 |
|
|
|
43,290 |
|
Loss from operations |
|
|
(16,100 |
) |
|
|
(13,195 |
) |
|
|
(38,529 |
) |
|
|
(43,290 |
) |
Interest and other income,
net |
|
|
67 |
|
|
|
489 |
|
|
|
1,195 |
|
|
|
1,722 |
|
Net loss |
|
$ |
(16,033 |
) |
|
$ |
(12,706 |
) |
|
$ |
(37,334 |
) |
|
$ |
(41,568 |
) |
Net loss per share attributable
to common stockholders, basic and diluted |
|
$ |
(0.73 |
) |
|
$ |
(1.06 |
) |
|
$ |
(2.05 |
) |
|
$ |
(3.47 |
) |
Shares used to compute net loss
per share attributable to common stockholders, basic and
diluted |
|
|
22,072,243 |
|
|
|
12,022,620 |
|
|
|
18,199,575 |
|
|
|
11,992,240 |
|
The accompanying notes are an integral part of
these condensed consolidated financial statements.
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