AnaptysBio Announces Third Quarter 2022 Financial Results and Provides Pipeline Update
- Anticipate Rosnilimab, our anti-PD-1 agonist antibody, top-line data in the ongoing AZURE Phase 2 trial in moderate-to-severe alopecia areata in Q1 2023
- Anticipate ANB032, our anti-BTLA agonist antibody,
U.S. IND submission for a Phase 2 trial in Q4 2022 - Announced our third wholly owned immune cell modulator program, ANB033, our anti-CD122 antagonist antibody, with a
U.S. IND submission for a Phase 1 trial in 1H 2024 - Sold our interest in future Zejula royalties to a wholly-owned subsidiary of DRI Healthcare Trust for up to
$45 million during Q3 2022
“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
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 9 th.
- 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
- 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 inOctober 2022 on initiation of the first Phase 3 trial with cobolimab.
- Cobolimab was discovered at
- 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 beforeDecember 31, 2025 .
- Received an upfront payment of
Third Quarter Financial Results
- Cash, cash equivalents and investments totaled
$590.5 million as ofSeptember 30, 2022 , compared to$615.2 million as ofDecember 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 endedSeptember 30, 2022 , compared to$20.9 million and$62.2 million for the three months and nine months endedSeptember 30, 2021 . The decrease relates primarily to one development milestone achieved for JEMPERLI for the three months endedSeptember 30, 2021 , and four development milestones achieved for JEMPERLI for the nine months endedSeptember 30, 2021 , and no development milestones achieved during the nine months endedSeptember 30, 2022 . - Research and development expenses were
$22.1 million and$65.4 million for the three and nine months endedSeptember 30, 2022 , compared to$22.2 million and$71.7 million for the three and nine months endedSeptember 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 endedSeptember 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 endedSeptember 30, 2022 , compared to$5.4 million and$16.1 million for the three and nine months endedSeptember 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 endedSeptember 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 endedSeptember 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 endedSeptember 30, 2021 , or a net loss per share of$0.24 and$0.92 .
About
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
Contact:
858.732.0201
dmulroy@anaptysbio.com
Consolidated Balance Sheets
(in thousands, except par value data)
(unaudited)
2022 |
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, |
— | — | |||||
Common stock, |
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 |
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share data)
(unaudited)
Three Months Ended |
Nine Months Ended |
||||||||||||||
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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Source: AnaptysBio, Inc.