Catalyst Biosciences Reports Fourth Quarter and Year-end 2021 Operating & Financial Results and Provides a Corporate Update
March 31 2022 - 8:00AM
Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced its
operating and financial results for the fourth quarter and year
ended December 31, 2021 and provided a corporate update.
“In late 2021 we announced a strategic change in corporate
strategy, pivoting from hemophilia to a highly promising complement
therapeutics and protease medicines platform,” said Nassim Usman,
Ph.D., president and chief executive officer of Catalyst. “This
month, we re-acquired the full rights to CB 2782-PEG adding to our
promising portfolio, which includes CB 4332 our enhanced CFI
development candidate. Having the full rights to these two
potentially best-in-class candidates in dry AMD provides another
opportunity in our exploration of strategic alternatives that was
announced in February. We are also implementing expense reduction
measures, including headcount, while we continue this process.”
Recent Milestones
- Regained the rights to CB 2782-PEG
for the treatment of Dry AMD, expanding the Company’s complement
portfolio in ophthalmology. With the full rights to CB 2782-PEG
back under the company’s control, Catalyst now has two wholly
owned, potentially best-in-class development candidates. Dry AMD is
a leading cause of blindness in its severe form for which there are
no currently approved drugs. The potential dry AMD market is
estimated to be over $10 billion.
- Received Rare Pediatric Disease
Designation for CB 4332 for the treatment of CFI Deficiency. Under
the FDA’s rare pediatric disease designation program, the FDA may
grant a priority review voucher to a sponsor that received product
approval for a rare pediatric disease. A rare pediatric disease is
defined as a serious or life-threatening condition that affects
less than 200,000 individuals in the U.S. per year and who are
primarily less than 18 years of age.
- Announced plans to explore
strategic alternatives for the company.
- Implemented further personnel and
cost reductions, including additional headcount reductions of
approximately 19 employees, or 70%, that are expected to be
completed by April 30, 2022.
Fourth Quarter and Year-End 2021 Results and Financial
Highlights
- Cash, cash equivalents, and, investments, as of December 31,
2021, were $46.9 million.
- Research and development expense for the three months and year
ended December 31, 2021 was $16.1 million and $68.9 million
respectively, compared with $14.6 million and $53.0 million for the
prior year periods, respectively. The increase was due primarily to
an increase in MarzAA clinical and manufacturing costs, preclinical
research costs, personnel-related costs including one-time
severance costs associated with our restructuring, and an increase
in facilities costs.
- General and administrative expense for the three months and
year ended December 31, 2021 was $4.2 million and $19.0 million,
respectively, compared with $4.3 million and $16.2 million, for the
prior year periods, respectively. This increase was due primarily
to an increase in personnel-related costs and an increase in
professional services.
- Interest and other income (expense), net for the three months
and year ended December 31, 2021 was $(16,000) and $(39,000)
respectively, compared with $(0.1) million and $1.1 million, for
the prior year periods, respectively. The $1.2 million decrease was
primarily due to a decrease in interest income and due to the
payment received in the first quarter of 2020 under an agreement
associated with neuronal nicotinic receptor asset sold in
2016.
- Net loss attributable to common stockholders for the three
months and year ended December 31, 2021 was $20.3 million, or
($0.65) per basic and diluted share, and $87.9 million, or ($2.87)
per basic and diluted share, respectively, compared with $18.9
million, or ($0.86) per basic and diluted share, and $56.2 million,
or ($2.93) per basic and diluted share, for the prior year periods,
respectively.
- As of December 31, 2021, the Company had 31,409,707 shares of
common stock outstanding.
About Catalyst Biosciences, the Protease Medicines
companyCatalyst is a research and clinical development
biopharmaceutical company focused on developing protease
therapeutics to address unmet medical needs in disorders of the
complement system. Proteases are natural regulators of this
biological system. We engineer proteases to create improved or
novel molecules to treat diseases that result from dysregulation of
the complement cascade. Our complement pipeline consists of several
proteases that regulate the complement cascade including CB
2782-PEG, a C3 degrader for the potential treatment of dry
age-related macular degeneration (dAMD), improved Complement Factor
I protease CB 4332 for patients with deficiencies in CFI including
dAMD, and proteases from our ProTUNE™ C3b/C4b degrader and
ImmunoTUNE™ C3a/C5a degrader platforms designed to target other
disorders of the complement or inflammatory pathways.
Forward-Looking StatementsThis press release
contains forward-looking statements that involve substantial risks
and uncertainties. Forward-looking statements include, without
limitation, those regarding potential strategic alternatives,
potential markets for CB 2782-PEG and CB 4332, plans for clinical
development of CB 2782-PEG and CB 4332 in dry AMD, and the
continued generation of candidates to treat diseases that result
from dysregulation of the complement cascade, as well as statements
about the benefits of our protease engineering platform. 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 we will not identify or execute any
strategic alternatives, that clinical trials and preclinical
studies may be delayed as a result of COVID-19, competitive
products, and other factors, that CB 2782-PEG, CB 4332 and the
Company's complement degraders are not yet in human clinical trials
and will require clinical additional testing, including multiple
clinical trials, before being approved, that the Company will need
to raise additional capital, and other risks described in the "Risk
Factors" section of the Company's Annual Report on Form 10-K filed
with the Securities and Exchange Commission (the "SEC") on March
31, 2022, the Quarterly Report on Form 10-Q filed with the SEC on
November 12, 2021, and in other filings filed from time to time
with the SEC. The Company does not assume any obligation to update
any forward-looking statements, except as required by law.
Contact:
Trisha ColtonCatalyst Biosciences,
Inc.investors@catbio.com
Catalyst Biosciences,
Inc.Condensed Consolidated Balance
Sheets(In thousands, except share and per share
amounts)
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
44,347 |
|
|
$ |
30,360 |
|
Short-term investments |
|
|
2,504 |
|
|
|
48,994 |
|
Accounts receivable |
|
|
1,818 |
|
|
|
3,313 |
|
Prepaid and other current assets |
|
|
2,807 |
|
|
|
6,843 |
|
Total current assets |
|
|
51,476 |
|
|
|
89,510 |
|
Long-term investments |
|
|
— |
|
|
|
2,543 |
|
Other assets, noncurrent |
|
|
472 |
|
|
|
528 |
|
Right-of-use assets |
|
|
2,744 |
|
|
|
1,832 |
|
Property and equipment,
net |
|
|
970 |
|
|
|
433 |
|
Total
assets |
|
$ |
55,662 |
|
|
$ |
94,846 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,419 |
|
|
$ |
5,931 |
|
Accrued compensation |
|
|
1,467 |
|
|
|
2,476 |
|
Deferred revenue |
|
|
230 |
|
|
|
1,983 |
|
Other accrued liabilities |
|
|
4,072 |
|
|
|
6,743 |
|
Operating lease liability |
|
|
1,977 |
|
|
|
663 |
|
Total current liabilities |
|
|
14,165 |
|
|
|
17,796 |
|
Operating lease liability,
noncurrent |
|
|
408 |
|
|
|
981 |
|
Total liabilities |
|
|
14,573 |
|
|
|
18,777 |
|
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;
31,409,707 and 22,097,820 shares issued and outstanding at December
31, 2021 and 2020, respectively |
|
|
31 |
|
|
|
22 |
|
Additional paid-in capital |
|
|
443,752 |
|
|
|
390,803 |
|
Accumulated other comprehensive income |
|
|
— |
|
|
|
5 |
|
Accumulated deficit |
|
|
(402,694 |
) |
|
|
(314,761 |
) |
Total stockholders’ equity |
|
|
41,089 |
|
|
|
76,069 |
|
Total liabilities and
stockholders’ equity |
|
$ |
55,662 |
|
|
$ |
94,846 |
|
|
|
|
|
|
|
|
|
|
Catalyst Biosciences,
Inc. Condensed Consolidated Statements of
Operations(In thousands, except share and per share
amounts)
|
|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
License |
|
$ |
— |
|
|
$ |
15,100 |
|
Collaboration |
|
|
7,338 |
|
|
|
5,848 |
|
License
and collaboration revenue |
|
|
7,338 |
|
|
|
20,948 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of license |
|
|
— |
|
|
|
3,102 |
|
Cost of collaboration |
|
|
7,380 |
|
|
|
6,061 |
|
Research and development |
|
|
68,889 |
|
|
|
52,975 |
|
General and administrative |
|
|
18,963 |
|
|
|
16,180 |
|
Total operating expenses |
|
|
95,232 |
|
|
|
78,318 |
|
Loss
from operations |
|
|
(87,894 |
) |
|
|
(57,370 |
) |
Interest
and other income (expense), net |
|
|
(39 |
) |
|
|
1,129 |
|
Net
loss |
|
$ |
(87,933 |
) |
|
$ |
(56,241 |
) |
Net loss
per share attributable to common stockholders, basic and
diluted |
|
$ |
(2.87 |
) |
|
$ |
(2.93 |
) |
Shares
used to compute net loss per share attributable to common
stockholders, basic and diluted |
|
|
30,640,977 |
|
|
|
19,179,299 |
|
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