Checkmate Pharmaceuticals Announces Full Year 2021 Financial Results and Provides Business Update
29 Marzo 2022 - 10:30PM
Checkmate Pharmaceuticals, Inc. (Nasdaq: CMPI) (“Checkmate”), a
clinical stage biopharmaceutical company focused on developing its
proprietary technology to harness the power of the immune system to
combat cancer, today announced full year 2021 financial results and
provided a business update.
“Our vidutolimod program continued to advance in
2021 and expand into multiple cancer indications,” said Alan Bash,
President and Chief Executive Officer of Checkmate. “Driving
vidutolimod forward to multiple clinical data readouts and towards
registration in refractory melanoma remains our top strategic
priority. I look forward to advancing our leadership in innate
immunity and driving the success of Checkmate with our highly
talented executive team and Board of Directors.”
Recent Business Updates
- Alan Bash,
accomplished global biopharmaceutical executive with over 20 years
of strategic and operational leadership at Bristol Myers Squibb,
was appointed President and CEO. Mr. Bash also joined the Board of
Directors.
- Jon Wigginton,
M.D. and Joy Yan, M.D., Ph.D., both industry leaders in
immuno-oncology clinical development, joined the Board of
Directors.
- Patient dosing
was initiated in a Phase 2 multi-indication study evaluating the
efficacy and safety of vidutolimod in combination with cemiplimab
supported by a clinical collaboration with Regeneron; cohorts
focused on anti-PD-1 refractory cutaneous squamous cell carcinoma
and Merkel cell carcinoma are currently enrolling.
- Patient recruitment activities and
enrollment continue across our other ongoing clinical trials
evaluating vidutolimod, including:
- A Phase 2 trial
of vidutolimod in combination with nivolumab in anti-PD-1
refractory advanced melanoma, supported by a clinical collaboration
with Bristol Myers Squibb.
- A randomized
Phase 2/3 trial of vidutolimod in combination with nivolumab vs.
nivolumab monotherapy in first-line metastatic or unresectable
melanoma, also supported by the clinical collaboration with Bristol
Myers Squibb.
- A Phase 2 trial
of vidutolimod in combination with pembrolizumab in recurrent or
metastatic squamous cell head and neck cancer.
Vidutolimod Anticipated 2022 Milestones
- Phase 2 head and neck cancer trial -
preliminary data on a subset of patients are anticipated in the
second half of 2022.
- Phase 2 non-melanoma skin cancer
trial cohorts - preliminary data on a subset of patients are
anticipated in the second half of 2022.
Full Year 2021 Financial Results
- Research
and development expenses (R&D): R&D expenses for
the full year 2021 were $45.8 million, compared to $26.7 million
for the same period in the prior year. This increase reflects a
combined $6 million in milestone payments to Kuros Biosciences AG
for achievement of patient dosing milestones in our trials, higher
third-party CRO and manufacturing costs directly related to the
vidutolimod clinical trials, and additional personnel and
consulting costs associated with execution of the clinical
trials.
- General
and administration expenses (G&A): G&A expenses
for the full year 2021 were $15.7 million, compared to $10.2
million for the same period in the prior year. This increase was
primarily attributable to increases in personnel and operating
expense to support Checkmate operating for a full year in 2021 as a
publicly traded company.
- Net
loss: Net loss for the full year 2021 was $61.4 million,
compared to $36.9 million for the prior year.
- Cash,
cash equivalents and investments: Cash, cash equivalents
and available-for-sale investments were $70.9 million as of
December 31, 2021.
About Checkmate Pharmaceuticals
Checkmate Pharmaceuticals is a clinical stage
biotechnology company focused on developing its proprietary
technology to harness the power of the immune system to combat
cancer. Checkmate Pharmaceuticals’ product candidate, vidutolimod
(CMP-001), is an advanced generation Toll-like receptor 9 (TLR9)
agonist, delivered as a biologic virus-like particle utilizing a
CpG-A oligodeoxynucleotide as a key component, designed to trigger
the body’s innate immune system to attack tumors in combination
with other therapies. Information regarding Checkmate
Pharmaceuticals is available at www.checkmatepharma.com.
Availability of Other Information About Checkmate
Pharmaceuticals
Investors and others should note that we
communicate with our investors and the public using our website
(www.checkmatepharma.com) and our investor relations website
(ir.checkmatepharma.com), including but not limited to: investor
presentations and investor fact sheets, U.S. Securities and
Exchange Commission filings, press releases, public conference
calls and webcasts. The information that Checkmate Pharmaceuticals
posts on these channels and websites could be deemed to be material
information. As a result, we encourage investors, the media, and
others interested in us to review the information that is posted on
these channels, including the investor relations website, on a
regular basis. The contents of our website or these channels, or
any other website that may be accessed from our website or these
channels, shall not be deemed incorporated by reference in any
filing under the Securities Act of 1933.
Forward-Looking Statements
Various statements in this release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including
words such as, but not limited to, “anticipate,” “believe,” “can,”
“could,” “expect,” “estimate,” “design,” “goal,” “intend,” “may,”
“might,” “objective,” “plan,” “predict,” “project,” “target,”
“likely,” “should,” “will,” and “would,” or the negative of these
terms and similar expressions or words, identify forward-looking
statements. Forward-looking statements are based upon current
expectations that involve risks, changes in circumstances,
assumptions, and uncertainties. These statements include those
regarding vidutolimod (CMP-001), including its development,
efficacy and therapeutic potential and the advancement of our
clinical and preclinical pipeline, the ability to expand into new
cancer indications, the timing of potential data read outs on our
ongoing clinical trials, our anticipated cash runway, and our
ability to raise additional capital to fund our clinical
development program and continue as a going concern.
Forward-looking statements should not be read as a guarantee of
future performance or results and may not be accurate indications
of when such performance or results will be achieved. These
forward-looking statements are subject to risks and uncertainties,
including those related to the development of vidutolimod,
including any delays in our ongoing or planned preclinical or
clinical trials, the results from clinical trials, including the
fact that positive results from a trial may not necessarily be
predictive of the results of future or ongoing clinical trials, the
impact of the ongoing COVID-19 pandemic on our business,
operations, clinical supply , clinical enrollment and plans, the
risks inherent in the drug development process, including related
to regulatory approval, the risks regarding the accuracy of our
estimates of expenses and timing of development, our capital
requirements, the need for additional financing and the ability to
obtain financing, and obtaining, maintaining and protecting our
intellectual property. These and additional risks are discussed in
the sections titled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in our
Annual Report on Form 10-K for the year ending December 31, 2021,
as filed with the Securities and Exchange Commission which are
available on the Securities and Exchange Commission’s website at
www.sec.gov, and as well as discussions of potential risks,
uncertainties and other important factors in our subsequent filings
with the Securities and Exchange Commission. All information in
this press release is as of the date of the release, and Checkmate
undertakes no duty to update this information unless required by
law.
CHECKMATE PHARMACEUTICALS, INC. AND
SUBSIDIARYCONDENSED STATEMENTS OF
OPERATIONS(In thousands, excepts per share
amounts)(unaudited)
|
Year ended December 31, |
|
|
2021 |
|
|
2020 |
Operating expenses: |
|
|
|
|
|
Research and development |
$ |
45,819 |
|
|
$ |
26,719 |
|
General and administrative |
|
15,651 |
|
|
|
10,185 |
|
Total operating expenses |
|
61,470 |
|
|
|
36,904 |
|
Loss from operations |
|
(61,470 |
) |
|
|
(36,904 |
) |
Other income (expense), net: |
|
|
|
Interest income |
|
100 |
|
|
|
79 |
|
Loss on sale of available-for-sale investments |
|
(35 |
) |
|
|
— |
|
Change in fair value of convertible notes |
|
-- |
|
|
|
(83 |
) |
Total other income (expense), net |
|
65 |
|
|
|
(4 |
) |
Net loss |
$ |
(61,405 |
) |
|
$ |
(36,908 |
) |
Weighted-average common shares outstanding - basic and diluted |
|
21,616 |
|
|
|
9,560 |
|
Net loss per share attributable to common shareholders – basic and
diluted |
$ |
(2.84 |
) |
|
$ |
(4.49 |
) |
|
|
|
|
|
|
|
|
CHECKMATE PHARMACEUTICALS, INC. AND
SUBSIDIARYCONDENSED BALANCE SHEETS
(In thousands) (unaudited)
|
December 31, |
|
2021 |
|
2020 |
|
|
|
|
Cash, cash equivalents and investments |
$ |
70,887 |
|
|
$ |
125,859 |
|
Other assets |
|
7,951 |
|
|
|
7,215 |
|
Total
assets |
$ |
78,838 |
|
|
$ |
133,074 |
|
|
|
|
|
Total liabilities |
$ |
9,379 |
|
|
$ |
7,875 |
|
|
|
|
|
Total stockholders’
equity |
|
69,459 |
|
|
|
125,199 |
|
Total liabilities and
stockholders’ equity |
$ |
78,838 |
|
|
$ |
133,074 |
|
Investor Contact
Rob Dolski
Chief Financial Officer
rdolski@checkmatepharma.com
Media Contact
Karen Sharma
MacDougall Advisors
781-235-3060
ksharma@macdougall.bio
Grafico Azioni Checkmate Pharmaceuticals (NASDAQ:CMPI)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Checkmate Pharmaceuticals (NASDAQ:CMPI)
Storico
Da Lug 2023 a Lug 2024