Celyad Oncology reports first quarter 2023 financial results and recent business highlights
May 05 2023 - 1:00AM
Celyad Oncology (Euronext & Nasdaq: CYAD) (the “Company”), a
biotechnology company focused on innovative technologies for
chimeric antigen receptor (CAR) T-cell therapies, today reports its
financial results for the first quarter of 2023 and provides an
update on recent business developments.
“Celyad Oncology is now fully committed to
leveraging its expertise, know-how and intellectual property (IP)
portfolio with the goal of providing innovative solutions to
overcome the current limitations of CAR T-cell approaches. We have
generated exiting data from our short hairpin RNA (shRNA)-based
multiplexing platform, which highlights the versatility and
adaptability of the technology. We also have made significant
progress with our dual CAR program, for which we anticipate sharing
an update at international conferences in the upcoming months,”
commented Georges Rawadi, Chief Executive Officer of the
Company.
Corporate highlights
-
Georges Rawadi was appointed as Chief Executive Officer of the
Company
Operational highlights
-
shRNA multiplexing platform: Data validating our
shRNA multiplexing approach, which allows to down-regulate several
genes simultaneously, were presented at the World Oncology Cell
Therapy Congress in Boston, US (April 25-26, 2023):
- We developed a microRNA (miRNA)-based multiplex shRNA platform
designed for easy, efficient, and tunable knock-down regulation of
up to four target genes simultaneously;
- Furthermore, we showed that the down-regulation of each target
gene could be fine-tuned, from a moderate down-regulation up to
achieving a functional knock-out, all without the need of gene
editing and thus avoiding associated potential safety issues;
- The plug-and-play design of our platform is designed to allow
for swapping each target sequence without affecting performance,
streamlining the generation of engineered adoptive T-cell
therapies; and
- To demonstrate the effectiveness of our approach, we have been
able to simultaneous knock down in CAR T-cells several genes
involved in different cellular processes such as alloreactivity
(CD3ζ), cell persistence (β2M, CIITA), T-cell exhaustion (PD-1,
LAG-3), or ligand-induced apoptosis (CD95).
-
NKG2D-based CAR T-cells: Results from the
hematological arm of the Phase I THINK trial have been published in
The Lancet Haematology journal (Lancet Haematol. 2023
Mar;10(3):e191-e202). Data from the 16 patients treated in the
dose-escalation segment provided proof-of-concept of targeting
NKG2D ligands by CAR T-cell therapy. Further development of
NKG2D-based CAR T-cells are warranted, potentially via
combinatorial approaches or further CAR optimization to improve
anti-tumor efficacy; and
-
We continue to progress on the development of NKG2D-based dual CARs
and B7-H6-targeting CAR T-cells, with the aim of broadening the
landscape of CAR T-cell therapies.
Financial highlights – First quarter
2023 financial review
As of March 31, 2023, the Company had cash and
cash equivalents of €9.2 million ($10.0 million). Net cash burn
during the first quarter of 2023 amounted to €3.2 million, in line
with expectations.
The Company projects that its existing cash and
cash equivalents should be sufficient to fund operating expenses
and capital expenditure requirements into the fourth quarter of
2023.
After due consideration of detailed budgets and
estimated cash flow forecasts for the years 2023 and 2024, the
Company continues to project that its existing cash and cash
equivalents will not be sufficient to fund its estimated operating
and capital expenditures over at least the next 12 months from the
date that this release is issued.
The Company is currently evaluating different
financing options to obtain the required funding to extend the
Company’s cash runway beyond 12 months from the date this release
is issued.
Financial Calendar 2023
|
First Half 2023 Interim Results |
|
Third Quarter 2023 Business Update |
The financial calendar is communicated on an
indicative basis and may be subject to change.
Upcoming Anticipated
Milestones
-
The Company will provide an update on its dual CAR platform and
business development in the first half of 2023; and
- The
Company anticipates fundraising in the first half of 2023.
Upcoming Conferences
-
The Company will take part in the Immuno-Oncology Summit in London
(June 20-22, 2023) and the BIO International Convention in Boston
(June 5-8, 2023).
About Celyad Oncology
Celyad Oncology is a biotechnology company
focused on the discovery and development of innovative technologies
chimeric antigen receptor (CAR) T-cell therapies. The Company is
focusing on opportunities to fully harness the true potential of
its proprietary technology platforms and intellectual property and
support the development of next-generation CAR T candidates in
solid tumors and hematological malignancies. Celyad Oncology is
based in Mont-Saint-Guibert, Belgium and New York, NY. For more
information, please visit www.celyad.com.
Celyad Oncology Forward-Looking
Statement
This release may contain forward-looking
statements, within the meaning of applicable securities laws,
including the Private Securities Litigation Reform Act of 1995, as
amended, including, without limitation, statements regarding
beliefs about and expectations for the Company’s future business
plans, statements regarding the Company’s plans to raise additional
capital, and statements regarding the continuation of the Company’s
existence. The words “will,” “potential,” “continue,” “target,”
“project,” “should” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
forward-looking statements in this release are based on
management’s current expectations and beliefs and are subject to a
number of known and unknown risks, uncertainties and important
factors which might cause actual events, results, financial
condition, performance or achievements of Celyad Oncology to differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without
limitation, risks related to the material uncertainty about the
Company’s ability to continue as a going concern; the Company’s
ability to realize the expected benefits of its updated strategic
business model; the Company’s ability to develop its IP assets and
enter into partnerships with outside parties; the Company’s ability
to enforce its patents and other IP rights; the possibility that
the Company may infringe on the patents or IP rights of others and
be required to defend against patent or other IP rights suits; the
possibility that the Company may not successfully defend itself
against claims of patent infringement or other IP rights suits,
which could result in substantial claims for damages against the
Company; the possibility that the Company may become involved in
lawsuits to protect or enforce its patents, which could be
expensive, time-consuming, and unsuccessful; the Company’s ability
to protect its IP rights throughout the world; the potential for
patents held by the Company to be found invalid or unenforceable;
and other risks identified in Celyad Oncology’s U.S. Securities and
Exchange Commission (SEC) filings and reports, including in the
latest Annual Report on Form 20-F filed with the SEC and subsequent
filings and reports by Celyad Oncology. These forward-looking
statements speak only as of the date of publication of this
document and Celyad Oncology’s actual results may differ materially
from those expressed or implied by these forward-looking
statements. Celyad Oncology expressly disclaims any obligation to
update any such forward-looking statements in this document to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based, unless required by law or regulation.
Celyad Oncology Contacts:
Investor Contact: |
Media Contact: |
David GeorgesVP Finance and Administrationinvestors@celyad.com |
Caroline LonezR&D Communications and Business
Developmentcommunications@celyad.com |
Source: Celyad Oncology SA
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