AnaptysBio Announces Third Quarter 2019 Financial Results and Provides Pipeline Updates
- Topline Data From Etokimab ATLAS Phase 2b Clinical Trial in Moderate-to-Severe Atopic Dermatitis Failed to Meet Primary Endpoint
- Reported Positive Topline Data from Interim Analysis of GALLOP Phase 2 Clinical Trial of ANB019 Monotherapy in Moderate-to-Severe Generalized Pustular Psoriasis
- IND Filing for Company’s Third Wholly-Owned Program, ANB030, an anti-PD-1 Agonist Antibody, Expected in 4Q19
“While we are disappointed with the top-line results of our etokimab ATLAS trial, we intend to re-evaluate our etokimab development strategy following additional data from ATLAS and top-line results from ECLIPSE in the first quarter of 2020,” said
Etokimab (ANB020 Anti-IL-33) Program
- The Company today announced topline data from its ATLAS trial, a Phase 2b randomized, double-blinded, placebo-controlled, multi-dose study in approximately 300 adult patients treated with etokimab in moderate-to-severe atopic dermatitis. Each of the etokimab dosing arms failed to meet the primary endpoint of the trial, which was demonstration of statistically greater improvement in the Eczema Area and Severity Index (EASI) relative placebo at week 16.
AnaptysBiois conducting a randomized, placebo-controlled Phase 2 trial in approximately 100 adult patients with chronic rhinosinusitis with nasal polyps, also referred to as the ECLIPSE trial. Patients are being treated with two multi-dosing frequencies of subcutaneously-administered etokimab or placebo, each in combination with mometasone furoate nasal spray as background therapy. The Company anticipates topline data from an interim analysis of the ECLIPSE trial in the first quarter of 2020.
- The Company has decided to postpone the initiation of its planned Phase 2b etokimab clinical trial in eosinophilic asthma, a multi-dose, randomized, double-blinded, placebo-controlled trial in 300-400 patients, until it has the opportunity to analyze the full data set from the ATLAS trial.
ANB019 (Anti-IL-36 Receptor) Program
- In September,
AnaptysBioannounced positive topline data from an interim analysis of its Phase 2 clinical trial of ANB019 monotherapy in moderate-to-severe generalized pustular psoriasis, or GPP, also known as the GALLOP trial. In this interim analysis, both patients achieved the primary endpoint of disease score improvement at Day 29 and Day 113 without requiring rescue therapy, demonstrated rapid and sustained mJDA score improvement, with reduction of 58% at Day 8 and 63% at Day 113, and showed complete clearance of skin pustules by Day 8 and through Day 113, with CRP levels decreasing to nearly normal. Enrollment is ongoing in the GALLOP study, and the Company anticipates additional clinical data and a regulatory strategy update for the development of ANB019 in GPP during 2020.
- The Company is also conducting a randomized, placebo-controlled, multi-dose Phase 2 trial in 50 patients with palmoplantar pustulosis, or PPP, also known as the POPLAR trial, with topline data anticipated in the first half of 2020.
ANB030 (Anti-PD-1 Agonist) Program
- ANB030 is a wholly-owned antibody that binds PD-1 in an agonistic manner, leading to reduced T cell activity and anti-inflammatory effects in vivo. Genetic mutations in the PD-1 pathway are associated with increased susceptibility to various inflammatory conditions and we believe ANB030 has the potential to suppress inflammatory diseases by restoring insufficient PD-1-mediated negative signaling on activated T cells. The Company plans to focus future clinical development of ANB030 on certain autoimmune diseases where PD-1 checkpoint receptor function may be under-represented and anticipates filing an Investigational New Drug Application (IND) in the fourth quarter of 2019 and initiating a Phase 1 clinical trial in 2020. Preclinical data from the ANB030 was presented in June at the 2019 FOCIS Annual Meeting.
Board of Directors
- In September, the Company appointed
Laura J. Hamillto its board of directors. Most recently, Ms. Hamill served as Executive Vice President, Worldwide Commercial Operations, for Gilead Sciences, where she was involved in the strategic direction and long-term planning of the organization. Previously, Ms. Hamill held a number of US and international executive roles at Amgen, culminating with Senior Vice President and General Manager where she led ~$20Bin U.S. commercial operations.
Third Quarter Financial Results
- Cash, cash equivalents and investments totaled
$444.4 millionas of September 30, 2019compared to $500.2 millionas of December 31, 2018, for a decrease of $55.8 million. The decrease relates primarily to cash used for operating activities.
- Collaboration revenue was zero and
$5.0 millionfor the three and nine months ended September 30, 2019, which related to a milestone for initiation of a Phase 3 trial in a second indication for dostarlimab, the anti-PD-1 antagonist antibody partnered with TESARO, a GlaxoSmithKline (GSK) company, compared to $5.0 millionfor the three and nine months ended September 30, 2018.
- Research and development expenses were
$29.9 millionand $77.9 millionfor the three and nine months ended September 30, 2019, compared to $17.9 millionand $40.3 millionfor the three and nine months ended September 30, 2018. The increase was due primarily to continued advancement of the Company’s etokimab and ANB019 clinical programs and additional personnel-related expenses, including share-based compensation.
- General and administrative expenses were
$3.8 millionand $12.3 millionfor the three and nine months ended September 30, 2019, compared to $4.0 millionand $11.8 millionfor the three and nine months ended September 30, 2018. The change was due primarily to personnel-related expenses, including share-based compensation.
- Net loss was
$31.0 millionand $77.1 millionfor the three and nine months ended September 30, 2019, or a net loss per share of $1.15and $2.85, compared to a net loss of $16.0 millionand $44.7 millionfor the three and nine months ended September 30, 2018, or a net loss per share of $0.66and $1.86.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: the timing of the release of data from our clinical trials, including etokimab’s Phase 2 clinical trial in adult patients with chronic rhinosinusitis with nasal polys and ANB019’s Phase 2 clinical trials in GPP and PPP, the timing of and our ability to launch a Phase 2b clinical trial of etokimab in eosinophilic asthma patients, the timing of a regulatory strategy update for GPP, and the timing of an IND filing and initiation of a Phase 1 clinical trial for ANB030, a new wholly-owned anti-inflammatory antibody program. Statements including words such as “plan,” “continue,” “expect,” or “ongoing” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause the company’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company’s ability to advance its product candidates, obtain regulatory approval of and ultimately commercialize its product candidates, the timing and results of preclinical and clinical trials, the company’s ability to fund development activities and achieve development goals, the company’s ability to protect intellectual property and other risks and uncertainties described under the heading “Risk Factors” in documents the company files from time to time with the
|CONSOLIDATED BALANCE SHEETS|
|(in thousands, except par value data)|
|Cash and cash equivalents||$||182,898||$||113,596|
|Australian tax incentive receivable||—||174|
|Prepaid expenses and other current assets||3,595||6,960|
|Total current assets||424,597||434,216|
|Property and equipment, net||1,695||1,445|
|Other long-term assets||1,735||148|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Notes payable, current portion||3,077||7,574|
|Other current liabilities||845||58|
|Total current liabilities||29,730||21,836|
|Other long-term liabilities||883||796|
|Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at September 30, 2019 and December 31, 2018, respectively||—||—|
|Common stock, $0.001 par value, 500,000 shares authorized, 27,098 shares and 26,922 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively||27||27|
|Additional paid in capital||644,148||633,251|
|Accumulated other comprehensive income (loss)||480||(223||)|
|Total stockholders’ equity||420,892||486,365|
|Total liabilities and stockholders’ equity||$||451,505||$||508,997|
|CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS|
|(in thousands, except per share data)|
|Three Months Ended
|Nine Months Ended
|Research and development||29,931||17,883||77,912||40,276|
|General and administrative||3,814||4,004||12,262||11,783|
|Total operating expenses||33,745||21,887||90,174||52,059|
|Loss from operations||(33,745||)||(16,887||)||(85,174||)||(47,059||)|
|Other income (expense), net:|
|Other income (expense), net||144||(40||)||110||(167||)|
|Total other income (expense), net||2,661||929||7,971||2,397|
|Loss before income taxes||(31,084||)||(15,958||)||(77,203||)||(44,662||)|
|Provision for income taxes||51||—||130||—|
|Other comprehensive income (loss):|
|Unrealized (loss) income on available for sale securities, net of tax of ($25), $0, $189 and $0, respectively||(94||)||136||703||(115||)|
|Net loss per common share:|
|Basic and diluted||$||(1.15||)||$||(0.66||)||$||(2.85||)||$||(1.86||)|
|Weighted-average number of shares outstanding:|
|Basic and diluted||27,058||24,146||27,022||23,961|
Source: AnaptysBio, Inc.