Genocea Provides Third Quarter 2020 Corporate Update
Initiated GEN-011 Phase1/2a clinical trial
Presented positive follow-up GEN-009 Part B data at
Closed financing with net proceeds of
Upcoming presentations at SITC 2020
Conference call today at
GEN-011 Phase 1/2a clinical trial initiation
Genocea recently announced the
Scientific and clinical presentations:
Genocea presented clinical response and immunogenicity data on the first five patients from Part B of the ongoing GEN-009 Phase 1/2a trial at the
Genocea will report additional clinical and immunogenicity data from the remaining GEN-009 Part B patients during the 2020 virtual
Genocea will host a conference call on
In July, Genocea completed a private placement with
"In the third quarter, our team achieved important clinical, scientific and financial progress. We provided what we believe to be differentiated immunogenicity and efficacy data from an initial look at our GEN-009 Part B clinical trial and secured critical fresh capital", said
Third Quarter 2020 Financial Results
- Cash position: As of
September 30, 2020, cash and cash equivalents were $87.6 millionversus $40.1 millionas of December 31, 2019.
- Research and Development (R&D) expenses: R&D expenses were
$7.5 millionfor the quarter ended September 30, 2020, compared to $6.8 millionfor the same period in 2019.
- General and Administrative (G&A) expenses: G&A expenses were
$3.6 millionfor the quarter ended September 30, 2020, compared to $2.8 millionfor the same period in 2019.
- Net loss: Net loss was
$4.6 millionfor the quarter ended September 30, 2020, compared to $7.5 millionfor the same period in 2019.
Genocea expects that its existing cash and cash equivalents are sufficient to support its operations to mid-2022.
Genocea will host a conference call and webcast today at
Genocea’s mission is to conquer cancer by developing personalized cancer immunotherapies in multiple tumor types. Our unique ATLAS™ platform comprehensively profiles each patient’s T cell responses to potential targets, or antigens, on the tumor. ATLAS enables us to optimize the neoantigens for inclusion in our immunotherapies and exclude inhibitory antigens that can exert an immunosuppressive effect. We are advancing two ATLAS-enabled programs: GEN-009, our neoantigen vaccine for which we are conducting a Phase 1/2a clinical trial and GEN-011, our neoantigen-specific cell therapy using T cells derived from peripheral blood for which we are commencing a Phase 1/2a clinical trial. To learn more, please visit www.genocea.com.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Genocea cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time. Applicable risks and uncertainties include those identified under the heading "Risk Factors" included in Genocea's Annual Report on Form 10-K for the year ended
(Tables to follow)
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|Cash and cash equivalents||$||87,625||$||40,127|
|Right of use assets||10,737||6,306|
|Accounts payable and accrued expenses||$||6,351||$||5,164|
|Debt, current and long-term||13,743||13,407|
|Total liabilities and stockholders’ equity||$||106,198||$||52,611|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)
|Three Months Ended
||Nine Months Ended
|Research and development||7,548||6,826||26,123||20,135|
|General and administrative||3,644||2,758||10,511||8,992|
|Total operating expenses||11,192||9,584||36,634||29,127|
|Loss from operations||(10,739||)||(9,584||)||(35,275||)||(29,127||)|
|Other income (expense)||6,184||2,052||6,546||(467||)|
|Net loss per share:|
|Weighted-average number of shares used in computing net loss per share:|
Source: Genocea Biosciences, Inc.