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CAMBRIDGE, Mass., Nov. 12, 2019 (GLOBE NEWSWIRE) -- Neon Therapeutics, Inc. (Nasdaq: NTGN), a clinical-stage immuno-oncology company developing neoantigen-based therapeutics, today reported financial results for the third quarter ended September 30, 2019 and provided a business update.
“We continue to make important progress in advancing our leadership in the field of neoantigen-targeted therapies and are pleased to have recently presented updates across our personalized cancer vaccine and adoptive T cell therapy programs at the SITC Annual Meeting. In the remaining months of 2019, we look to continue building on our leadership position by completing our process development work that will enable our planned Clinical Trial Application in Europe for Phase 1 development of our neoantigen-targeted T cell therapy candidate, NEO-PTC-01,” said Hugh O’Dowd, Neon’s Chief Executive Officer.
Expected Near-Term Milestones
Third Quarter 2019 Financial Results and Financial Guidance:
OPDIVO® is a registered trademark of Bristol-Myers Squibb Company.
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. Neon is using its neoantigen platform to develop both vaccine and T cell therapies, including NEO-PV-01, a clinical-stage neoantigen vaccine for the treatment of metastatic melanoma, non-small cell lung cancer, and bladder cancer; NEO-PTC-01, a neoantigen T cell therapy for the treatment of solid tumors; and NEO-SV-01, a neoantigen vaccine for the treatment of a subset of hormone receptor-positive (HR+) breast cancer.
For more information, please visit 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 may include, but may not be limited to, express or implied statements regarding our ability to obtain and maintain regulatory approval of our product candidates; the potential timing and advancement of our clinical trials; the potential timing and manner of data readouts from our ongoing and planned clinical trials; the design and potential efficacy of our therapeutic approaches; financial plans and projections; and our ability to replicate results achieved in our preclinical studies or clinical trials in any future studies or trials. 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: uncertainties related to the initiation, timing 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 may not be predictive of future results in connection with future studies or trials; the risk that Neon’s collaborations will not continue or will not be successful; risks related to our ability to protect and maintain our intellectual property position; risks related to our capital requirements and use of capital; and risks related to the ability of our licensors to protect and maintain their intellectual property position. 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 Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission, 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 Consolidated Balance Sheet Data (Unaudited)
(amounts in thousands)
|September 30, 2019||December 31, 2018|
|Cash, cash equivalents and marketable securities||$||44,278||$||103,311|
|Working capital (1)||$||36,215||$||92,737|
|Total stockholders’ equity||$||45,334||$||101,249|
(1) Working capital is defined as current assets less current liabilities.
Consolidated Statements of Operations (Unaudited)
(amounts in thousands, except per share data)
Three Months Ended
Nine Months Ended
|Research and development||$||14,120||$||14,441||$||47,027||$||42,403|
|General and administrative||5,134||4,612||16,122||12,524|
|Total operating expenses||19,254||19,053||63,149||54,927|
|Loss from operations||(19,254||)||(19,053||)||(63,149||)||(54,927||)|
|Other income (expense), net|
|Total other income, net||274||662||1,213||1,116|
|Accretion of redeemable convertible preferred stock to redemption value||—||—||—||(6,371||)|
|Net loss attributable to common stockholders||$||(18,980||)||$||(18,391||)||$||(61,936||)||$||(60,182||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.68||)||$||(0.67||)||$||(2.23||)||$||(5.55||)|
|Weighted average common shares outstanding, basic and diluted||27,935||27,358||27,792||10,834|
Paul Cox, Corporate Affairs and Strategy
Stephanie Simon, Ten Bridge Communications