Bellicum Reports First Quarter 2021 Financial Results and Provides Operational Update
May 17 2021 - 7:30AM
Bellicum Pharmaceuticals, Inc. (Nasdaq: BLCM), a leader in
developing novel, controllable cellular immunotherapies for
cancers, today reported financial results for the first quarter
2021 and provided an operational update.
“In the first quarter, Bellicum maintained focus on the clinical
studies of our next generation CAR-T cell therapies,” said Rick
Fair, President and Chief Executive Officer. “Our trials of BPX-601
in prostate cancer and BPX-603 in HER2+ solid tumors are well
underway, and we look forward to providing future updates on our
clinical progress for both programs.”
Program Highlights and Current Updates
BPX-601
GoCAR-T®
- Patient enrollment is ongoing in the Phase 1/2 dose-escalation
clinical trial evaluating BPX-601 and rimiducid in patients with
previously treated metastatic pancreatic or prostate cancer.
- Bellicum plans to present a Phase 1 data update on BPX-601 and
rimiducid in patients with metastatic castration-resistant prostate
cancer in the first quarter of 2022.
BPX-603 GoCAR-T
- Bellicum is conducting its Phase 1/2 clinical trial for BPX-603
in patients with solid tumors that express human epidermal growth
factor 2 (HER2), including breast, endometrial, ovarian, gastric,
and colorectal cancers. BPX-603 is the company’s first dual-switch
GoCAR-T product candidate, which incorporates Bellicum’s iMC
activation and CaspaCIDe® safety switch technologies. The company
expects to present initial Phase 1 data from this trial in the
fourth quarter of 2021.
CaspaCIDe
- As announced in February, the first reported use of the
CaspaCIDe safety switch to mitigate CAR-T cell toxicity was
published as an ahead-of-print publication in the digital edition
of Blood, a journal published by The American Society of
Hematology. The report described a case from an
investigator-sponsored trial at the University of North Carolina
Lineberger Comprehensive Cancer Center of autologous CAR-T cells
expressing CD19 and CaspaCIDe. In this patient, grade 3-4 immune
effector cell-associated neurotoxicity syndrome (ICANS) refractory
to standard therapies was treated with rimiducid to activate
CaspaCIDe. Within 12 hours of rimiducid administration, ICANS grade
improved from 3 to 1 and was fully resolved after four days.
First Quarter 2021 Financial Results
R&D Expenses: Research and development
expenses were $6.5 million for the first quarter of 2021 compared
to $10.4 million during the first quarter of 2020. The reduction in
expenses in the first quarter 2021 resulted primarily from reduced
rivo-cel activities and the corporate restructuring implemented
during the fourth quarter of 2020, partially offset by an increase
in expenses related to the GoCAR™ programs.
G&A Expenses: General and administrative
expenses were $2.0 million in the first quarter of 2021 compared to
$4.2 million in the period a year ago. The reduction in expenses
during the first quarter 2021 relative to the comparable period in
2020 was primarily due to the effects of the corporate
restructuring that reduced employee-related charges.
Loss from Operations: Bellicum reported a loss
from operations of $8.9 million for the first quarter of 2021
compared to a loss from operations of $14.6 million for the
comparable period in 2020.
Net Income/Loss: Bellicum reported a net loss
of $11.3 million for the first quarter of 2021 compared to net
income of $17.6 million for the comparable period in 2020. The
results included a non-cash loss of $2.3 million related to the
change in fair value of the warrant and private placement option
liability for the first quarter of 2021.
Shares Outstanding: As of May 10, 2021,
Bellicum had 8,397,803 shares of common stock and 452,000 shares of
preferred stock outstanding. Each share of preferred stock is
convertible into 10 shares of common stock.
Cash Position and Guidance: Bellicum reported
cash and cash equivalents and restricted cash totaling $29.6
million as of March 31, 2021, compared to $37.0 million as of
December 31, 2020. Based on current operating plans, Bellicum
expects that current cash resources will be sufficient to meet
operating requirements into the second quarter of 2022.
About Bellicum Pharmaceuticals
Bellicum is a clinical stage biopharmaceutical company striving
to deliver cures through controllable cell therapies. The company’s
next-generation product candidates are differentiated by powerful
cell signaling technologies designed to produce more effective
CAR-T cell therapies. Bellicum’s GoCAR-T® product candidates,
BPX-601 and BPX-603, are designed to be more efficacious CAR-T cell
products capable of overriding key immune inhibitory mechanisms.
More information about Bellicum can be found at
www.bellicum.com.
Forward-Looking Statements
This press release contains forward-looking statements for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Bellicum may, in some cases, use
terms such as “predicts,” “believes,” “potential,” “proposed,”
“continue,” “designed,” “estimates,” “anticipates,” “expects,”
“plans,” “intends,” “may,” “could,” “might,” “will,” “should” or
other words that convey uncertainty of future events or outcomes to
identify these forward-looking statements. Forward-looking
statements include statements regarding Bellicum’s intentions,
beliefs, projections, outlook, analyses or current expectations
concerning, among other things: Bellicum’s plans to continue its
focus on next generation CAR-T cell therapies; the timing of
updates regarding Bellicum’s clinical trials and other development
programs; our expected cash runway. Various factors may cause
differences between Bellicum’s expectations and actual results as
discussed in greater detail under the heading “Risk Factors” in
Bellicum’s filings with the Securities and Exchange Commission,
including without limitation Bellicum’s quarterly report on Form
10-Q for the three months ended March 31, 2021 and Bellicum’s
annual report on Form 10-K the year ended December 31, 2020. Any
forward-looking statements that Bellicum makes in this press
release speak only as of the date of this press release. Bellicum
assumes no obligation to update Bellicum’s forward-looking
statements whether as a result of new information, future events or
otherwise, after the date of this press release.
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BELLICUM PHARMACEUTICALS, INC. |
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Consolidated Balance Sheets |
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(Unaudited; in thousands) |
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March 31, |
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December 31, |
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2021 |
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2020 |
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Current
Assets: |
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Cash and
cash equivalents |
$ |
28,082 |
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$ |
35,495 |
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Restricted
cash |
|
1,501 |
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|
|
1,501 |
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Accounts
receivable, interest and other receivables |
|
375 |
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|
|
2 |
|
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Prepaid
expenses and other current assets |
|
1,481 |
|
|
|
802 |
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Assets held
for sale |
|
- |
|
|
|
1,643 |
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Non-Current
Assets: |
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|
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Operating
lease right-of-use assets |
|
- |
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|
645 |
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Property and
equipment, net |
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63 |
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189 |
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Other
assets |
|
5 |
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307 |
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Total assets |
$ |
31,507 |
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$ |
40,584 |
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Current
Liabilities: |
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Accounts
payable |
$ |
669 |
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$ |
891 |
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Accrued
expenses and other current liabilities |
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5,120 |
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4,165 |
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Warrant
derivative liability |
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11,863 |
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10,345 |
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Private
placement option liability |
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8,622 |
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7,803 |
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Current
portion of lease liabilities |
|
31 |
|
|
|
825 |
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Liabilities
held for sale |
|
- |
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672 |
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Long-Term
Liabilities: |
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Long-term
lease liabilities |
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27 |
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344 |
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Preferred
stock |
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18,036 |
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18,036 |
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Total
stockholders' deficit |
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(12,861 |
) |
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(2,497 |
) |
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Total liabilities, preferred stock and stockholders' deficit |
$ |
31,507 |
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$ |
40,584 |
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- |
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- |
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BELLICUM PHARMACEUTICALS, INC. |
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Consolidated Statements of Operations |
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(Unaudited; in thousands, except share and per share
amounts) |
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Three months
ended |
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March
31, |
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2021 |
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2020 |
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Operating
Expenses: |
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Research and development |
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6,460 |
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10,448 |
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General and administrative |
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2,012 |
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4,171 |
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Total
operating expenses |
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8,472 |
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14,619 |
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Loss on lease termination |
|
464 |
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- |
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Loss
from operations |
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(8,936 |
) |
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(14,619 |
) |
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Interest income |
|
10 |
|
|
|
354 |
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Interest expense |
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(4 |
) |
|
|
(985 |
) |
Change in fair value of warrant and private placement option
liabilities |
|
(2,337 |
) |
|
|
32,826 |
|
Net income
(loss) |
$ |
(11,267 |
) |
|
$ |
17,576 |
|
Undistributed earnings to participating securities |
|
- |
|
|
|
(12,084 |
) |
Net income
(loss) attributable to common shareholders |
$ |
(11,267 |
) |
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$ |
5,492 |
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Net income
(loss) per common share attributable to common shareholders,
basic |
$ |
(1.12 |
) |
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$ |
1.09 |
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Net loss per
common share attributable to common shareholders, diluted |
$ |
(1.12 |
) |
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$ |
1.09 |
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Weighted-average shares outstanding, basic |
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10,034,970 |
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5,039,695 |
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Weighted-average shares outstanding, diluted |
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10,034,970 |
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5,040,056 |
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Source: Bellicum Pharmaceuticals
Investors:Robert H. UhlManaging DirectorWestwicke
ICR858-356-5932Robert.uhl@westwicke.com
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