AnaptysBio Announces Third Quarter 2022 Financial Results and Provides Pipeline Update
09 November 2022 - 8:05AM
AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology
company focused on delivering innovative immunology therapeutics,
today reported operating results for the third quarter ended
September 30, 2022 and provided pipeline updates.
“We are excited about the potential of our novel immune cell
modulator pipeline, including our two checkpoint agonists in
clinical-stage development, rosnilimab and ANB032. We believe their
mechanisms of action, acting directly on cell types mediating
disease pathology, have the potential to treat a broad range of
autoimmune and inflammatory disorders” said Daniel Faga, interim
president and chief executive officer of AnaptysBio. “We’re well
capitalized to execute with over $590 million in cash at the end of
Q3 as we move forward in our strategic portfolio review.”
Rosnilimab (Anti-PD-1 agonist) Program
- Rosnilimab, our investigational wholly owned anti-PD-1 agonist
antibody, is in the ongoing AZURE Phase 2 clinical trial in
moderate-to-severe alopecia areata, and we anticipate top-line data
in Q1 2023.
ANB032 (Anti-BTLA agonist) Program
- ANB032, our investigational wholly owned anti-BTLA agonist
antibody, will be advancing with a U.S. IND submission for an
initial Phase 2 clinical trial in Q4 2022.
ANB033 (Anti-CD122 antagonist) Program
- ANB033, our investigational wholly owned anti-CD122 antagonist
antibody, targets the common beta subunit shared by the IL-15 and
IL-2 receptors. IL-15 signaling mediates the survival and
maintenance of tissue resident memory T cells (TRM). The presence
of long-lived and persistent TRM have been shown to drive
tissue-specific immune-mediated inflammation. We anticipate
submitting a U.S. IND in first half of 2024.
Imsidolimab (Anti-IL-36 receptor) Program
- Imsidolimab, our investigational wholly owned anti-IL-36R
therapeutic antibody, is in Phase 3 trials in generalized pustular
psoriasis (GPP), and we anticipate top-line data from the GEMINI-1
Phase 3 clinical trial in Q4 2023 and plan to outlicense
imsidolimab prior to potential FDA approval.
GSK Partnered Programs
- PERLA, a head-to head Phase 2 trial of JEMPERLI (dostarlimab)
vs. Keytruda in patients with metastatic non-squamous non-small
cell lung cancer met its primary endpoint of objective response
rate (ORR) of dostarlimab plus chemotherapy versus pembrolizumab
plus chemotherapy as assessed by blinded independent central review
per RECIST v1.1.
- GSK will present full results,
including the primary endpoint of ORR and the key secondary
endpoint of progression-free survival, at the ESMO Immuno-Oncology
Annual Congress on Friday, December 9th.
- COSTAR, a Phase 2 trial of dostarlimab
plus cobolimab, an anti-TIM-3 antagonist antibody, achieved
pre-specified efficacy and safety criteria, and GSK is advancing
both arms of the COSTAR Lung clinical trial from Phase 2 to Phase
3, testing both doublet and triplet combinations of dostarlimab
plus chemotherapy, and cobolimab plus dostarlimab plus chemotherapy
in advanced non-small cell lung cancer who have progressed on prior
anti-PD-(L)1 therapy and chemotherapy.
- Cobolimab was discovered at AnaptysBio
and licensed to TESARO, Inc., (GSK) as part of the same
collaboration agreement as dostarlimab.
- AnaptysBio earned a $5 million
milestone from GSK in October 2022 on initiation of the first Phase
3 trial with cobolimab.
- Sold our royalty interest on future
global net sales of Zejula to a wholly-owned subsidiary of DRI
Healthcare Trust for up to $45 million during Q3.
- Received an upfront payment of $35
million and are eligible for a further $10 million from DRI upon
FDA approval of Zejula for the treatment of endometrial cancer, for
which the drug is currently in a fully-enrolled ongoing Phase 3
study, to the extent that such approval occurs on or before
December 31, 2025.
Third Quarter Financial Results
- Cash, cash equivalents and
investments totaled $590.5 million as of September 30, 2022,
compared to $615.2 million as of December 31, 2021, for a decrease
of $24.7 million. The decrease relates primarily to cash used for
operating activities offset by cash received from the Zejula
royalty sale and stock option exercises.
- Collaboration revenue was $1.3
million and $3.5 million for the three and nine months ended
September 30, 2022, compared to $20.9 million and $62.2 million for
the three months and nine months ended September 30, 2021. The
decrease relates primarily to one development milestone achieved
for JEMPERLI for the three months ended September 30, 2021, and
four development milestones achieved for JEMPERLI for the nine
months ended September 30, 2021, and no development milestones
achieved during the nine months ended September 30, 2022.
- Research and development expenses
were $22.1 million and $65.4 million for the three and nine months
ended September 30, 2022, compared to $22.2 million and $71.7
million for the three and nine months ended September 30, 2021. The
year-to-date decrease was due primarily to reduced clinical costs
and manufacturing costs for the Company’s programs. The R&D
non-cash, stock-based compensation expense was $1.5 million and
$5.0 million for the three and nine months ended September 30,
2022, as compared to $1.8 million and $4.4 million in the same
period in 2021.
- General and administrative expenses
were $8.9 million and $27.2 million for the three and nine months
ended September 30, 2022, compared to $5.4 million and $16.1
million for the three and nine months ended September 30, 2021. The
increase was due primarily to $3.8 million of costs incurred from
personnel changes in the first quarter of 2022 and non-cash stock
compensation expense. The G&A non-cash, stock-based
compensation expense was $4.7 million and $15.7 million for the
three and nine months ended September 30, 2022, which includes $3.2
million of the $3.8 million one-time costs described earlier as
compared to $2.6 million and $7.0 million in the same period in
2021.
- Net loss was $33.5 million and
$102.3 million for the three and nine months ended September 30,
2022, or a net loss per share of $1.18 and $3.64, compared to a net
loss of $6.7 million and $25.3 million for the three and nine
months ended September 30, 2021, or a net loss per share of $0.24
and $0.92.
About AnaptysBio
AnaptysBio is a clinical-stage biotechnology company focused on
delivering innovative immunology therapeutics. We are developing
immune cell modulators, including two checkpoint agonists in
clinical-stage development, for autoimmune and inflammatory
disease: rosnilimab, our anti-PD-1 agonist program in Phase 2 for
the treatment of moderate-to-severe alopecia areata; and ANB032,
our anti-BTLA agonist program. AnaptysBio is also developing
imsidolimab, our anti-IL-36R antibody in Phase 3 for the treatment
of generalized pustular psoriasis, or GPP. We also have additional
preclinical programs and discovery research of potentially
innovative immunology therapeutics, including ANB033, an anti-CD122
antagonist antibody for the treatment of inflammatory diseases.
AnaptysBio has also developed multiple therapeutic antibodies in an
immuno-oncology collaboration with GSK, including an anti-PD-1
antagonist antibody (JEMPERLI (dostarlimab-gxly)), an anti-TIM-3
antagonist antibody (cobolimab, GSK4069889) and an anti-LAG-3
antagonist antibody (GSK4074386).
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to: the timing of the release of data from our clinical
trials, including imsidolimab’s Phase 3 clinical trial in GPP and
rosnilimab’ s Phase 2 clinical trial in alopecia areata; and the
timing of ANB032’s IND filing for a Phase 2 clinical trial and the
timing of ANB033’s IND filing; our ability to find a licensing
partner for imsidolimab and the timing of any such transaction; and
our projected use of our cash resources. Statements including words
such as “plan,” “continue,” “expect,” or “ongoing” and statements
in the future tense are forward-looking statements. These
forward-looking statements involve risks and uncertainties, as well
as assumptions, which, if they do not fully materialize or prove
incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
that may cause the company’s actual activities or results to differ
significantly from those expressed in any forward-looking
statement, including risks and uncertainties related to the
company’s ability to advance its product candidates, obtain
regulatory approval of and ultimately commercialize its product
candidates, the timing and results of preclinical and clinical
trials, the company’s ability to fund development activities and
achieve development goals, the company’s ability to protect
intellectual property and other risks and uncertainties described
under the heading “Risk Factors” in documents the company files
from time to time with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date of this
press release, and the company undertakes no obligation to revise
or update any forward-looking statements to reflect events or
circumstances after the date hereof.
Contact:Dennis MulroyAnaptysBio, Inc.
858.732.0201dmulroy@anaptysbio.com
AnaptysBio,
Inc.Consolidated Balance Sheets
(in thousands, except par value
data)(unaudited)
|
September 30,2022 |
|
December 31,2021 |
|
|
|
|
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
58,547 |
|
|
$ |
495,729 |
|
Receivables from collaborative
partners |
|
1,180 |
|
|
|
876 |
|
Short-term investments |
|
384,419 |
|
|
|
52,368 |
|
Prepaid expenses and other
current assets |
|
6,298 |
|
|
|
4,903 |
|
Total current assets |
|
450,444 |
|
|
|
553,876 |
|
Property and equipment,
net |
|
1,972 |
|
|
|
2,283 |
|
Operating lease right-of-use
assets |
|
18,320 |
|
|
|
19,558 |
|
Long-term investments |
|
147,511 |
|
|
|
67,097 |
|
Other long-term assets |
|
256 |
|
|
|
256 |
|
Total assets |
$ |
618,503 |
|
|
$ |
643,070 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,006 |
|
|
$ |
1,741 |
|
Accrued expenses |
|
16,453 |
|
|
|
12,853 |
|
Current portion of operating
lease liability |
|
1,604 |
|
|
|
1,505 |
|
Total current liabilities |
|
21,063 |
|
|
|
16,099 |
|
Liability related to sale of
future royalties |
|
301,586 |
|
|
|
251,093 |
|
Operating lease liability, net
of current portion |
|
18,235 |
|
|
|
19,450 |
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.001 par
value, 10,000 shares authorized and no shares, issued or
outstanding at September 30, 2022 and December 31, 2021,
respectively |
|
— |
|
|
|
— |
|
Common stock, $0.001 par
value, 500,000 shares authorized, 28,354 shares and 27,647 shares
issued and outstanding at September 30, 2022 and December 31, 2021,
respectively |
|
28 |
|
|
|
28 |
|
Additional paid in
capital |
|
707,662 |
|
|
|
678,575 |
|
Accumulated other
comprehensive loss |
|
(6,007 |
) |
|
|
(422 |
) |
Accumulated deficit |
|
(424,064 |
) |
|
|
(321,753 |
) |
Total stockholders’ equity |
|
277,619 |
|
|
|
356,428 |
|
Total liabilities and stockholders’ equity |
$ |
618,503 |
|
|
$ |
643,070 |
|
AnaptysBio, Inc.
Consolidated Statements of Operations and Comprehensive
Loss(in thousands, except per share data)
(unaudited)
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Collaboration revenue |
$ |
1,293 |
|
|
$ |
20,890 |
|
|
$ |
3,479 |
|
|
$ |
62,164 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
22,064 |
|
|
|
22,221 |
|
|
|
65,424 |
|
|
|
71,720 |
|
General and administrative |
|
8,862 |
|
|
|
5,432 |
|
|
|
27,236 |
|
|
|
16,101 |
|
Total operating expenses |
|
30,926 |
|
|
|
27,653 |
|
|
|
92,660 |
|
|
|
87,821 |
|
Loss from operations |
|
(29,633 |
) |
|
|
(6,763 |
) |
|
|
(89,181 |
) |
|
|
(25,657 |
) |
Other income (expense),
net: |
|
|
|
|
|
|
|
Interest income |
|
2,262 |
|
|
|
64 |
|
|
|
3,711 |
|
|
|
363 |
|
Non-cash interest expense for the sale of future royalties |
|
(6,135 |
) |
|
|
— |
|
|
|
(16,857 |
) |
|
|
— |
|
Other income, net |
|
4 |
|
|
|
33 |
|
|
|
16 |
|
|
|
36 |
|
Total other income (expense), net |
|
(3,869 |
) |
|
|
97 |
|
|
|
(13,130 |
) |
|
|
399 |
|
Net loss |
|
(33,502 |
) |
|
|
(6,666 |
) |
|
|
(102,311 |
) |
|
|
(25,258 |
) |
Unrealized loss on available for sale securities |
|
(2,146 |
) |
|
|
(24 |
) |
|
|
(5,585 |
) |
|
|
(196 |
) |
Comprehensive loss |
$ |
(35,648 |
) |
|
$ |
(6,690 |
) |
|
$ |
(107,896 |
) |
|
$ |
(25,454 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(1.18 |
) |
|
$ |
(0.24 |
) |
|
$ |
(3.64 |
) |
|
$ |
(0.92 |
) |
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
28,289 |
|
|
|
27,436 |
|
|
|
28,071 |
|
|
|
27,397 |
|
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