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– Successfully completed initial public offering, raising $100 million in gross proceeds –
– Significant progress across platform and portfolio of vaccine and T-cell programs –
– Enrollment completed for NEO-PV-01 for NT-001 clinical trial;
updated data to be presented at ESMO October 2018 –
CAMBRIDGE, Mass. , Aug. 06, 2018 (GLOBE NEWSWIRE) -- Neon Therapeutics, Inc. (Nasdaq: NTGN), a clinical-stage immuno-oncology company developing neoantigen-targeted therapies, today reported financial results and provided a business update for the second quarter of 2018.
“The first half of 2018 was transformative for Neon, highlighted by the successful completion of our initial public offering. The capital raised will enable the continued execution of our strategy to develop neoantigen-targeted therapies that have the potential to transform patient lives,” said Hugh O’Dowd, President and Chief Executive Officer of Neon. “We are pleased by the continued progress across our entire product portfolio of vaccine and T-cell programs, including completion of enrollment of our first Phase 1b clinical trial for NEO-PV-01. In addition, updated data from this trial will be presented at the European Society for Medical Oncology (ESMO) Congress in October 2018.”
Second Quarter Business Highlights
Neon achieved several key operational milestones during the second quarter of 2018, including the following:
Pipeline Overview and Upcoming Milestones
Second Quarter 2018 Financial Results
Financial Guidance: Based on its current operating plan, Neon expects that its cash, cash equivalents and marketable securities as of June 30, 2018, including the proceeds from its initial public offering, will enable it to fund its operating expenses and capital expenditure requirements into at least the first quarter of 2020.
About Neon Therapeutics
Neon Therapeutics is a clinical-stage immuno-oncology company and a leader in the field of neoantigen-targeted therapies, dedicated to transforming the treatment of cancer by directing the immune system towards neoantigens.
For more information, please visit www.neontherapeutics.com.
This press release contains “forward-looking statements” of Neon Therapeutics, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding our ability and the potential to successfully manufacture and supply our product candidates for clinical trials; our ability to replicate results achieved in our preclinical studies or clinical trials in any future studies or trials; the ability and willingness of our third-party research institution collaborators to continue research and development activities relating to our product candidates; our ability to obtain and maintain regulatory approval of our product candidates; our ability to receive approval of our CTA for NEO-PTC-01 and IND for NEO-SV-01; the potential timing and advancement of our preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates; and our expectations regarding our uses of capital, expenses, future accumulated deficit and other 2018 financial results; and our ability to fund operations through at least the first quarter of 2020. Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to our ability to protect and maintain our intellectual property position; risks related to the ability of our licensors to protect and maintain their intellectual property position; uncertainties related to the initiation and conduct of studies and other development requirements for our product candidates; the risk that any one or more of our product candidates will not be successfully developed and commercialized; the risk that the results of preclinical studies and clinical trials will be predictive of future results in connection with future studies or trials; and the risk that Neon’s collaborations will not continue or will not be successful. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Neon’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Neon’s most recent final prospectus related to its initial public offering filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act of 1933, as amended, as well as discussions of potential risks, uncertainties, and other important factors in Neon’s other filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Neon undertakes no duty to update this information unless required by law.
|SELECTED CONDENSED CONSOLIDATED BALANCE SHEET DATA (UNAUDITED)|
|(amounts in thousands)|
|Cash, cash equivalents and marketable securities||$||138,633||$||79,725|
|Working capital (1)||$||131,062||$||72,539|
|Redeemable convertible preferred stock & contingently
redeemable restricted common stock
|Total stockholders' equity (deficit)||$||139,248||$||(93,572||)|
(1) Working capital is defined as current assets less current liabilities.
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)|
|(amounts in thousands, except share and per share data)|
Three Months Ended
Six Months Ended
|Research and development||$ 14,804||$ 7,332||$ 27,962||$ 14,744|
|General and administrative||4,313||2,432||7,912||4,568|
|Total operating expenses||19,117||9,764||35,874||19,312|
|Loss from operations||(19,117)||(9,764)||(35,874)||(19,312)|
|Other income (expense), net|
|Total other income, net||218||162||454||241|
|Accretion of redeemable convertible preferred stock to|
|Net loss attributable to common stockholders||$ (22,084)||$ (12,105)||$ (41,791)||$ (24,050)|
|Net loss per share attributable to common stockholders,|
|basic and diluted||$ (7.84)||$ (7.55)||$ (17.05)||$ (15.62)|
|Weighted average common shares outstanding, basic|
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Stephanie Simon, Ten Bridge Communications
Will O’Connor, Stern Investor Relations