Synthorx Reports First Quarter Financial Results
“Our accomplishments so far this year reflect our commitment to leveraging our proprietary Expanded Genetic Alphabet platform to design novel cytokine Synthorins and advance our programs in cancer and autoimmune disorders,” said
First Quarter 2019 and Other Recent Highlights
- Presented Preclinical Data at the
CSCO Conference on Immunotherapy. In March 2019, Synthorxpresented data at the Chinese Society for Clinical Oncology (CSCO) Conference on Immunotherapydemonstrating that THOR-707, an engineered not-alpha interleukin-2 (IL-2) for the treatment of solid tumors, induces strong immunological responses in vivo.
- Presented Preclinical Data at AACR. In
April 2019, Synthorxpresented data at the American Association of Cancer Research(AACR) Annual Meeting 2019 showing that THOR-707 elicits durable pharmacodynamic responses and efficacy alone and in combination with an anti-PD-1 therapy in multiple mouse models.
- To Present Preclinical Data at
ASCO. Synthorxwill present data showing the use of synthetic biology to reprogram the therapeutic activity of IL-2 at the 55th Annual Meeting of the American Society of Clinical Oncology( ASCO) to be held May 31st through June 4th, 2019 in Chicago, IL.
For the first quarter ended
Research and development expenses for the first quarter ended
General and administrative expenses for the first quarter ended
Statements in this press release that are not strictly historical in nature are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to: preclinical data or plans underlying THOR-707 or any of our other development programs; references to the development of, and potential timing of regulatory submissions for, THOR-707 and our other product candidates; the potential efficacy of THOR-707 and our other product candidates; and the potential advantages of these drug programs. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "intends," "will," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the Synthorx’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and operating as a development stage company; Synthorx’s ability to develop, initiate or complete preclinical studies and clinical trials for, obtain approvals for and commercialize any of its product candidates; changes in Synthorx’s plans to develop and commercialize its product candidates; the potential for any future clinical trials of THOR-707 or other product candidates to differ from preliminary or expected results; Synthorx’s ability to raise any additional funding it will need to continue to pursue its business and product development plans; regulatory developments in
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STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
|Three Months Ended March 31
|Research and development||$||9,564||$||1,765|
|General and administrative||2,355||425|
|Total operating expenses||11,919||2,190|
|Loss from operations||(11,919)||(2,190)|
|Interest income, net||1,068||—|
|Net loss per common share, basic and diluted||$||(0.35)||$||(2.32)|
|Weighted average common shares outstanding, basic and diluted||31,430,071||942,605|
|Cash, cash equivalents and investments||$||179,337||$||188,356|
|Prepaid expenses and other current assets||1,315||1,688|
|Total current assets||180,652||190,044|
|Operating lease right-of-use asset||3,106||—|
|Property and equipment, net||1,428||1,382|
|Liabilities and Stockholders’ Equity|
|Lease liability, current||390||—|
|Total current liabilities||8,155||7,042|
|Lease liability, noncurrent||2,931||—|
|Total liabilities and stockholders’ equity||$||185,266||$||191,506|
Source: Synthorx, Inc.