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CAMBRIDGE, Mass., Aug. 08, 2019 (GLOBE NEWSWIRE) -- TCR2 Therapeutics Inc. (Nasdaq: TCRR), a clinical-stage immunotherapy company developing the next generation of novel T cell therapies for patients suffering from cancer, today announced financial results for the second quarter ended June 30, 2019 and provided a corporate update.
"In the second quarter of 2019, we made significant progress with our two lead programs TC-210 and TC-110," said Garry Menzel, Ph.D., President and Chief Executive Officer of TCR2 Therapeutics. "We began patient dosing in a Phase 1/2 clinical trial with TC-210 and partnered with the National Cancer Institute, an institution integral in the validation of targeting mesothelin, to further understand how our unique TRuC-T cells impact mesothelin-positive solid tumors. Additionally, we accelerated our ability to move programs toward and through the clinic by expanding our leadership team with experts that deepen our core competencies - manufacturing, IND enablement and innovation. We remain in a strong financial position with a cash runway into 2022 and look forward to providing updates on TC-210 as we progress through the clinic."
TC-210 Clinical Trial Design
TCR2 Therapeutics management are scheduled to participate at the following upcoming conferences.
About TCR2 Therapeutics
TCR2 Therapeutics Inc. is a clinical-stage immunotherapy company developing the next generation of novel T cell therapies for patients suffering from cancer. TCR2’s proprietary T cell receptor (TCR) Fusion Construct T cells (TRuCTM-T cells) specifically recognize and kill cancer cells by harnessing signaling from the entire TCR, independent of human leukocyte antigens (HLA). In preclinical studies, TRuC-T cells have demonstrated superior anti-tumor activity compared to chimeric antigen receptor T cells (CAR-T cells), while exhibiting lower levels of cytokine release. The Company’s lead TRuC-T cell product candidate, TC-210, is currently being studied in a Phase 1/2 clinical trial to treat patients with mesothelin-positive non-small cell lung cancer (NSCLC), ovarian cancer, malignant pleural/peritoneal mesothelioma, and cholangiocarcinoma. For more information about TCR2, please visit www.tcr2.com.
This press release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as "may," "will," "could", "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "seeks," "endeavor," "potential," "continue" or the negative of such words or other similar expressions can be used to identify forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding anticipated updates from the TC-210 Phase 1/2 trial in 4Q19/1Q20, an anticipated IND filing for TC-110 in 2H19, the Company’s ability to advance programs into and through the clinic, and the Company’s cash runway into 2022.
The expressed or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation: uncertainties inherent in clinical studies and in the availability and timing of data from ongoing clinical studies; whether interim results from a clinical trial will be predictive of the final results of the trial; whether results from preclinical studies or earlier clinical studies will be predictive of the results of future trials; the expected timing of submissions for regulatory approval or review by governmental authorities, including review under accelerated approval processes; orphan drug designation eligibility; regulatory approvals to conduct trials or to market products; TCR2’s ability to maintain sufficient manufacturing capabilities to support its research, development and commercialization efforts, whether TCR2's cash resources will be sufficient to fund TCR2's foreseeable and unforeseeable operating expenses and capital expenditure requirements; and other risks set forth under the caption "Risk Factors" in TCR2’s most recent Annual Report on Form 10-K, most recent Quarterly Report on Form 10-Q and its other filings with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although TCR2 believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur.
Moreover, except as required by law, neither TCR2 nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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TCR2 THERAPEUTICS INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
|December 31, 2018|
|Cash and cash equivalents||$||40,980||$||47,674|
|Prepaid expenses and other current assets||6,051||2,326|
|Total current assets||175,677||125,493|
|Property and equipment, net||3,172||1,638|
|Deferred offering costs||—||2,012|
|Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)|
|Accrued expenses and other current liabilities||3,116||2,802|
|Total current liabilities||7,160||5,465|
|Redeemable convertible preferred stock|
|Series A preferred stock, $0.0001 par value; no shares and 45,000,000 authorized, issued or outstanding at June 30, 2019 and December 31, 2018.||—||72,980|
|Series B preferred stock, $0.0001 par value; no shares and 62,500,000 authorized, issued, or outstanding at June 30, 2019 and December 31, 2018.||—||136,250|
|Total redeemable convertible preferred stock||—||209,230|
|Stockholders' equity (deficit)|
|Preferred stock, $0.0001 par value. 10,000,000 and no shares authorized, issued or outstanding at June 30, 2019 and December 31, 2018, respectively.||—||—|
|Common stock, $0.0001 par value; 150,000,000 and 20,988,730 shares authorized at June 30, 2019 and December 31, 2018, respectively; 23,964,746 and 914,602 shares issued at June 30, 2019 and December 31, 2018, respectively; 23,856,689 and 726,994 shares outstanding at June 30, 2019 and December 31, 2018, respectively.||2||—|
|Additional paid-in capital||338,380||—|
|Accumulated other comprehensive income (loss)||212||(106||)|
|Total stockholders’ equity (deficit)||182,636||(85,696||)|
|Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)||$||190,260||$||129,433|
TCR2 THERAPEUTICS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share data)
Three Months Ended
Six Months Ended
|Research and development||$||8,833||$||5,175||$||16,722||$||8,068|
|General and administrative||3,307||1,634||6,193||2,854|
|Total operating expenses||12,140||6,809||22,915||10,922|
|Loss from operations||(12,140||)||(6,809||)||(22,915||)||(10,922||)|
|Interest income, net||1,077||622||1,949||749|
|Accretion of redeemable convertible preferred stock to redemption value||—||(11,145||)||(49,900||)||(21,978||)|
|Net loss attributable to common stockholders||$||(11,063||)||$||(17,332||)||$||(70,866||)||$||(32,151||)|
|Per share information|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.46||)||$||(27.97||)||$||(3.91||)||$||(56.75||)|
|Weighted-average shares outstanding, basic and diluted||23,818,003||619,749||18,105,142||566,513|
TCR2 THERAPEUTICS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
|Six Months Ended June 30,|
|Adjustments to reconcile net loss to cash used in operating activities:|
|Depreciation and amortization||300||188|
|Stock-based compensation expense||2,585||633|
|Loss on fixed asset disposal||—||2|
|Accretion on investments||(252||)||(76||)|
|Changes in operating assets and liabilities:|
|Interest receivable on investments||(325||)||(78||)|
|Prepaid expenses and other current assets||(3,158||)||153|
|Accrued expenses and other liabilities||646||493|
|Cash used in operating activities||(20,990||)||(7,693||)|
|Purchase of investments||(106,566||)||(32,343||)|
|Proceeds from maturity of investments||42,619||5,530|
|Purchases of equipment||(941||)||(772||)|
|Cash used in investing activities||(64,888||)||(27,585||)|
|Proceeds from the sale of Series B preferred stock||—||125,000|
|Proceeds from initial public offering, net of issuance costs||80,213||—|
|Proceeds from the exercise of stock options||18||219|
|Deferred offering costs||(1,047||)||(57||)|
|Payment of issuance costs||—||(150||)|
|Cash provided by financing activities||79,184||125,012|
|Net change in cash, cash equivalents, and restricted cash||(6,694||)||89,734|
|Cash, cash equivalents, and restricted cash at beginning of year||47,964||20,101|
|Cash, cash equivalents, and restricted cash at end of period||$||41,270||$||109,835|