SQZ Biotechnologies Reports First Quarter 2021 Financial Results and Recent Business Highlights
12 5월 2021 - 5:45AM
Business Wire
SQZ Biotechnologies Company (NYSE: SQZ), a cell therapy company
developing novel treatments for multiple therapeutic areas, today
reported financial results for the period ended March 31, 2021 and
reviewed recent business highlights.
“We continue to execute across our broad and differentiated cell
therapy pipeline and are excited by the potential patient impact of
these programs to treat cancer, autoimmune, and infectious
diseases,” said Armon Sharei, Ph.D., Chief Executive Officer at SQZ
Biotechnologies. “We have made progress this quarter, including
continued advancement of our SQZ APC Phase 1 trial for patients
with advanced or metastatic HPV+ tumors; IND clearance of our SQZ
AAC program using engineered red blood cells; and presentation of
preclinical data from our SQZ TACs in Type 1 diabetes models. We
look forward to future milestones as we continue to advance our
platforms.”
First Quarter 2021 and Recent Business Highlights
SQZ™ Antigen Presenting Cell (“APC”) Platform
- Continued dosing of patients with HPV16+ advanced or metastatic
tumors in the Phase 1 clinical trial of SQZ-PBMC-HPV-101
- Presenting patient safety, biomarker, and manufacturing data
from SQZ-PBMC-HPV-101 monotherapy cohorts at ASCO in June 2021
Next-Gen SQZ™ Enhanced Antigen Presenting Cell (“eAPC”)
Platform
- Advancing eAPC platform with data presented at the American
Association for Cancer Research 2021 annual meeting
- Anticipate filing an investigational new drug application
(“IND”) for eAPC in 2021
SQZ™ Activating Antigen Carriers (“AAC”) Platform in
Oncology
- Announced SQZ AAC IND in HPV+ tumors cleared by the U.S. Food
and Drug Administration
SQZ™ Tolerizing Antigen Carriers (“TAC”) Platform in Immune
Tolerance
- Presented preclinical data at Antigen-Specific Immune Tolerance
Digital Summit showing how SQZ TACs were observed to drive multiple
antigen specific tolerance mechanisms, including deletion, anergy,
and regulatory T cell expansion
First Quarter 2021 Financial Highlights
- Completed follow-on public offering, which allowed for the
acceleration of the SQZ eAPC program towards the clinic, and
pre-clinical advancement of SQZ TACs
- Cash and cash equivalents as of March 31, 2021 was $204.9
million compared to $170.4 million as of December 31, 2020
- The Company believes that the cash and cash equivalents as of
March 31, 2021 will be sufficient to fund operating expenses and
capital expenditure requirements through the first half of
2023
- Revenue was $5.5 million for the quarter ended March 31, 2021,
compared to $6.4 million for the same period in 2020
- Research and development expenses were $14.7 million for the
quarter ended March 31, 2021, compared to $11.9 million for the
same period in 2020. The increase was primarily attributable to
planned development and manufacturing costs associated with our
SQZ-AAC-HPV program’s IND as well as expanded preclinical work on
SQZ eAPCs, infectious diseases, and SQZ TACs
- General and administrative (“G&A”) expenses were $6.1
million for the quarter ended March 31, 2021, compared to $5.5
million for the same period in 2020. The increase in G&A
expenses was primarily due to an increase in personnel and other
corporate-related costs, including stock-based compensation expense
and other costs related to operating as a public company
- Net loss was $15.4 million for the quarter ended March 31,
2021, compared to $10.6 million for the same period in 2020
About SQZ Biotechnologies
SQZ Biotechnologies is a clinical-stage biotechnology company
developing transformative cell therapies for patients with cancer,
infectious diseases, and other serious conditions. Using its
proprietary technology, SQZ Biotechnologies offers the unique
ability to deliver multiple materials into many patient cell types
to engineer what we believe can be an unprecedented range of
potential therapeutics for a variety of diseases. SQZ
Biotechnologies has the potential to create well-tolerated cell
therapies that can provide therapeutic benefit for patients and to
improve the patient experience over existing cell therapy
approaches. With accelerated production timelines under 24 hours
and the opportunity to eliminate preconditioning and lengthy
hospital stays, our goal is to use the SQZ™ approach to establish a
new paradigm for cell therapies. Our first therapeutic applications
aim to leverage the potential to generate target-specific immune
responses, both in activation for the treatment of solid tumors and
immune tolerance for the treatment of unwanted immune reactions and
autoimmune diseases. For more information, please visit
www.sqzbiotech.com.
Forward Looking Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained that do not relate to matters of
historical fact should be considered forward-looking statements,
including without limitation statements relating to upcoming events
and presentations, our product candidates, preclinical and clinical
activities, development plans, clinical efficacy, regulatory
submissions, therapeutic impact and cash positions. These
forward-looking statements are based on management's current
expectations. Actual results could differ from those projected in
any forward-looking statements due to several risk factors. Such
factors include, among others, risks and uncertainties related to
our limited operating history; our significant losses incurred
since inception and expectation to incur significant additional
losses for the foreseeable future; the development of our initial
product candidates, upon which our business is highly dependent;
the impact of the COVID-19 pandemic on our operations and clinical
activities; our need for additional funding and our cash runway;
the lengthy, expensive, and uncertain process of clinical drug
development, including uncertain outcomes of clinical trials and
potential delays in regulatory approval; our ability to maintain
our relationships with our third party vendors; and protection of
our proprietary technology, intellectual property portfolio and the
confidentiality of our trade secrets. These and other important
factors discussed under the caption "Risk Factors" in our Annual
Report on Form 10-K and other filings with the U.S. Securities and
Exchange Commission could cause actual results to differ materially
from those indicated by the forward-looking statements. Any
forward-looking statements represent management's estimates as of
this date and SQZ undertakes no duty to update these
forward-looking statements, whether as a result of new information,
the occurrence of current events, or otherwise, unless required by
law.
Certain information contained in this press release relates to
or is based on studies, publications, surveys and other data
obtained from third-party sources and our own internal estimates
and research. While we believe these third-party sources to be
reliable as of the date of this press release, we have not
independently verified, and we make no representation as to the
adequacy, fairness, accuracy or completeness of any information
obtained from third-party sources.
SQZ BIOTECHNOLOGIES
COMPANY
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(In thousands, except share and
per share amounts)
(unaudited)
THREE MONTHS ENDED MARCH
31,
2021
2020
Collaboration revenue
5,454
6,410
Operating expenses:
Research and development
14,740
11,868
General and administrative
6,120
5,498
Total operating expenses
20,860
17,366
Loss from operations
(15,406
)
(10,956
)
Other income, net
7
373
Net loss
(15,399
)
(10,583
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.59
)
$
(6.09
)
Weighted-average common shares
outstanding, basic and diluted
26,264,019
1,737,596
SQZ BIOTECHNOLOGIES
COMPANY
Condensed Consolidated Balance
Sheets
(In thousands)
(unaudited)
MARCH 31,
2021
DECEMBER 31,
2020
Assets
Cash and cash equivalents
$
204,929
$
170,357
Other current assets
6,185
6,474
Total current assets
211,114
176,831
Other assets
51,757
54,310
Total assets
$
262,871
$
231,141
Liabilities and Stockholders’
Equity
Current liabilities
42,379
45,193
Long term liabilities
51,207
58,749
Total liabilities
93,586
103,942
Total stockholders’ equity
169,285
127,199
Total liabilities and stockholders’
equity
$
262,871
$
231,141
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SQZ Biotechnologies Investor Relations:
investors@sqzbiotech.com
SQZ Biotechnologies Media: John Lacey Corporate
Communications john.lacey@sqzbiotech.com 781-392-5514
SQZ Biotechnologies (NYSE:SQZ)
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