Genocea Biosciences
Feb 12, 2015

Genocea Reports Fourth Quarter and Year-End 2014 Financial Results

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Genocea Biosciences, Inc. (NASDAQ:GNCA), a biopharmaceutical company developing T cell-directed vaccines and immunotherapies, today reported recent corporate highlights and financial results for the fourth quarter and year ended December 31, 2014.

"2014 was a year of significant pipeline progress. We advanced both GEN-003, for the treatment of genital herpes, and GEN-004, for the prevention of pneumococcal infections, into important Phase 2 trials. Both were also spotlighted at major medical meetings in IDSA and ICAAC respectively," said Chip Clark, president and chief executive officer of Genocea. "We expect to continue to advance our promising pipeline in 2015, with top-line results for our GEN-003 Phase 2 dose optimization clinical trial expected late in the second quarter and top-line results from our GEN-004 Phase 2a human challenge study expected in the fourth quarter."

2014 Highlights

GEN-003 - Immunotherapy for genital herpes advancing ahead of plan in ongoing Phase 2 dose optimization clinical trial.

GEN-004 - Universal vaccine for the prevention of pneumococcal infections in ongoing Phase 2a human challenge study.

Malaria vaccine discovery program - Research collaboration with the Bill & Melinda Gates Foundation extended

Corporate growth - Expanded management team and secured a $27.0 million debt facility from Hercules Technology Growth Capital.

Fourth Quarter 2014 Financial Results & Financial Guidance

2014 Full Year Financial Results

Anticipated Upcoming Milestones:

Conference Call

Genocea will host a conference call and webcast today, at 9:00 a.m. EST. The conference call may be accessed by dialing (844) 826-0619 for domestic participants and (315) 625-6883 for international callers (reference conference ID 69602121). A live webcast of the conference call will be available online from the investor relations section of the Company's website at http://ir.genocea.com. A webcast replay of the conference call will be available on the Genocea website beginning approximately two hours after the event, and will be archived for 30 days.

About Genocea

Genocea is harnessing the power of T cell immunity to develop life-changing vaccines and immunotherapies. T cells are increasingly recognized as a critical element of protective immune responses to a wide range of diseases, but traditional discovery methods have proven unable to identify the targets of such protective immune response. Using ATLAS™, its proprietary technology platform, Genocea identifies these targets to potentially enable the rapid development of medicines to address critical patient needs. Genocea's pipeline of novel clinical stage T cell-directed product candidates includes GEN-003 to treat genital herpes, GEN-004 to prevent infections caused by pneumococcus, and earlier-stage programs in chlamydia, HSV prophylaxis, malaria and cancer immunotherapies. For more information, please visit the company's website at www.genocea.com.

Forward Looking Statements

Statements herein relating to future business performance, conditions or strategies and other financial and business matters, including expectations regarding clinical developments, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Genocea cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including Genocea's ability to progress any product candidates in preclinical or clinical trials; the scope, rate and progress of its preclinical studies and clinical trials and other research and development activities; clinical trial results; current results may not be predictive of future results; even if the data from preclinical studies or clinical trials is positive, the product may not prove to be safe and efficacious; Genocea's ability to enter into future collaborations with industry partners and the government and the terms, timing and success of any such collaboration; the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; Genocea's ability to obtain rights to technology; competition for clinical resources and patient enrollment from drug candidates in development by other companies with greater resources and visibility; the rate of cash utilized by Genocea in its business and the period for which existing cash will be able to fund such operation; Genocea's ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity or debt financing or otherwise; general business conditions; competition; business abilities and judgment of personnel; the availability of qualified personnel and other factors set forth under "Risk Factors" in Genocea's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and other filings with the Securities and Exchange Commission (the "SEC"). Further information on the factors and risks that could affect Genocea's business, financial conditions and results of operations is contained in Genocea's filings with the SEC, which are available at www.sec.gov. These forward-looking statements speak only as of the date of this press release and Genocea assumes no duty to update forward-looking statements.

 
GENOCEA BIOSCIENCES, INC.
CONDENSED BALANCE SHEETS (UNAUDITED)
(In thousands)
           
December 31, December 31,
  2014   2013  
 
Cash, cash equivalents and marketable securities $ 47,079 $ 12,208
Other assets   3,352   3,553  
Total assets $ 50,431 $ 15,761  
 
Note payable $ 11,488 $ 9,794
Accounts payable 2,692 2,176
Accrued expenses 2,486 1,418
Other liabilities   1,258   942  
Total liabilities 17,924 14,330
Redeemable convertible preferred stock - 81,562
Stockholders' equity (deficit)   32,507   (80,131 )

Total liabilities, redeemable
convertible preferred stock and
stockholders' equity (deficit)

$ 50,431 $ 15,761  
 

GENOCEA BIOSCIENCES, INC.
(In thousands, except per share amounts)
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
 
      Three months ended

December 31,

          Twelve months ended

December 31,

  2014             2013               2014             2013  
 
Grant revenue $ 308 $ 20 $ 308 $ 731
Operating expenses:
Research and development 8,654 4,342 23,727 15,695
General and administrative   2,580     1,848     9,747     4,961  
Total operating expenses   11,234     6,190     33,474     20,656  
Loss from operations (10,926 ) (6,169 ) (33,166 ) (19,925 )
Other expense, net   (724 )   (177 )   (2,130 )   (881 )
Net loss $ (11,650 ) $ (6,346 ) $ (35,296 ) $ (20,806 )
 

Accretion of redeemable convertible
preferred stock to redemption value

  -     (405 )   (180 )   (1,605 )

Net loss attributable to common
stockholders

$ (11,650 ) $ (6,751 ) $ (35,476 ) $ (22,411 )

Net loss per share attributable to common
stockholders - basic and diluted

$ (0.66 ) $ (22.50 ) $ (2.27 ) $ (75.46 )

Weighted-average number of common
shares used in net loss per share
attributable to common stockholders - basic
and diluted

  17,696     300     15,618     297  

For media:
Spectrum Science Communications
Megan Lustig, 202-955-6222
mlustig@spectrumscience.com
or
For investors:
Genocea Biosciences, Inc.
Bob Farrell, 617-674-8261
Bob.Farrell@genocea.com

Source: Genocea Biosciences, Inc.

News Provided by Acquire Media