Synthorx Reports Fourth Quarter and Full Year 2018 Financial Results
Company Positioned for Upcoming 2019 Milestones After Successful IPO Raising
Presented Preclinical Safety and Anti-Tumor Data on Lead Product Candidate THOR-707 at
“2018 was a transformative year for
Fourth Quarter 2018 and Other Recent Highlights
- Completed initial public offering and closed second tranche of Series C. In
December 2018, Synthorxcompleted an initial public offering, selling 13,699,636 shares at a public offering price of $11.00per share, raising net proceeds of $137.5 million. In addition, in November 2018, the Company completed the second closing of its Series C financing, raising net proceeds of $37.1 million.
- Presented Preclinical Data at SITC. In
November 2018, Synthorxpresented results of preclinical studies demonstrating the safety and anti-tumor effects of THOR-707 for the treatment of solid tumors at the Society for Immunotherapy of Cancer( SITC) 33rd Annual Meeting. In in vivo studies, THOR-707 was shown to induce molecular markers of T cell activation and the proliferation of peripheral NK and CD8+ effector T cells without signs of vascular leak syndrome.
- Began GLP-tox studies of THOR-707. In the fourth quarter, the company completed scale up of THOR-707 through a third-party manufacturer and began IND-enabling toxicology studies at a contract laboratory
Pratik Shah, Ph.D. and Andrew Powell, J.D. as Directors. In October 2018, Synthorxappointed Dr. Shah, Ph.D. to its board of directors and in December, Dr. Shah was appointed as Chairman of the Board. Also, in December, Mr. Powell was appointed to the Company’s board of directors.
For the fourth quarter ended
Research and development expenses for the fourth quarter ended
General and administrative expenses for the fourth 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 manufacturing and 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
Investor Relations Contacts:
Stern IR, Inc.
Media Relations Contact:
|STATEMENTS OF OPERATIONS|
|(in thousands, except share and par value data)|
|Three Months Ended||Years Ended|
|December 31,||December 31,|
|Research and development||$||7,006||$||1,542||$||16,822||$||3,948|
|General and administrative||1,784||652||4,078||1,902|
|Total operating expenses||8,790||2,194||20,900||5,850|
|Loss from operations||(8,790||)||(2,194||)||(20,900||)||(5,850||)|
|Other (expense) income:|
|Change in fair value of preferred stock purchase right liability||(19,664||)||—||(36,001||)||—|
|Net loss per share, basic and diluted||$||(2.94||)||$||(2.37||)||$||(18.11||)||$||(6.65||)|
|Weighted average shares of common stock outstanding, basic and diluted||9,571,059||925,763||3,125,242||879,249|
|Cash and cash equivalents||$||188,356||$||3,661|
|Prepaid expenses and other current assets||1,688||66|
|Total current assets||190,044||3,727|
|Property and equipment, net||1,382||692|
|Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)|
|Total current liabilities||7,042||881|
|Convertible preferred stock||—||16,103|
|Stockholders’ equity (deficit)||184,360||(12,528||)|
|Total liabilities, convertible preferred stock and stockholders’ equity (deficit)||$||191,506||$||4,469|
Source: Synthorx, Inc.