Genocea Provides Corporate Update and Reports Third Quarter 2019 Financial Results
Generated unprecedented 98% GEN-009 immune response frequency with ATLAS™
Continued advancement of GEN-011, expect to file an IND in first half of 2020
Entered into a common stock purchase agreement for up to
Conference call today at
“The data presented at
Third Quarter 2019 Operational Highlights
- Presented additional unprecedented immunogenicity results for GEN-009 Part A at
- Continued advancement of GEN-011 (a neoantigen-specific adoptive cell therapy), expect to file an IND in 1H 2020
Third Quarter 2019 Financial Results
- Cash position: As of
September 30, 2019, cash and cash equivalents were $46.6 millionversus $26.4 millionas of December 31, 2018.
- Research and Development (R&D) expenses: R&D expenses were
$6.8 millionfor the quarter ended September 30, 2019, compared to $6.4 millionfor the same period in 2018.
- General and Administrative (G&A) expenses: G&A expenses were
$2.8 millionfor the quarter ended September 30, 2019, compared to $4.1 millionfor the same period in 2018.
- Net loss: Net loss was
$7.5 millionfor the quarter ended September 30, 2019, compared to a net loss of $7.8 millionfor the quarter ended September 30, 2018.
Yesterday Genocea entered into a common stock purchase agreement with
Genocea will host a conference call and webcast today at
Genocea is a biopharmaceutical company developing personalized cancer immunotherapies. Our unique ATLAS™ technology platform allows us to identify targets based on each person’s tumor antigen-specific T cell responses. Using ATLAS, we can both optimize neoantigens for inclusion in our immunotherapies and exclude inhibitory antigens that exert an immunosuppressive effect on anti-tumor immune responses. We are advancing complementary programs built from ATLAS insights: GEN-009, our neoantigen vaccine candidate for which we are conducting a Phase 1/2a clinical trial across a variety of solid tumor types, and GEN-011, our neoantigen-specific adoptive T cell therapy, for which we intend to file an Investigational New Drug Application in the first half of 2020. To learn more, please visit www.genocea.com.
This press release includes forward-looking statements, including statements relating to GEN-009 and GEN-011, within the meaning of the Private Securities Litigation Reform Act. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Genocea cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time. Applicable risks and uncertainties include those identified under the heading "Risk Factors" included in Genocea's Annual Report on Form 10-K for the year ended
|GENOCEA BIOSCIENCES, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)|
|September 30, 2019||December 31, 2018|
|Cash and cash equivalents||$||46,649||$||26,361|
|Debt, current and long-term||$||13,297||$||14,822|
|Accounts payable, accrued expenses and other liabilities||11,434||5,486|
|Total liabilities and stockholders’ equity||$||59,287||$||31,115|
|GENOCEA BIOSCIENCES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)|
|(In thousands, except per share data)|
|Three Months Ended
|Nine Months Ended
|Research and development||$||6,826||$||6,359||$||20,135||$||18,950|
|General and administrative||2,758||4,101||8,992||11,682|
|Total operating expenses||9,584||10,460||29,127||30,632|
|Loss from operations||(9,584||)||(10,460||)||(29,127||)||(30,632||)|
|Other income (expense)||2,052||2,627||(467||)||2,471|
|Net loss per share - basic and diluted||$||(0.28||)||$||(0.72||)||$||(1.62||)||$||(2.77||)|
|Weighted-average number of common shares used in computing net loss per share||26,681||10,829||18,297||10,149|
Source: Genocea Biosciences, Inc.