Molecular Templates, Inc. Reports First Quarter 2024 Financial Results and Corporate Update
2024年5月16日 - 6:11AM
Molecular Templates, Inc. (Nasdaq: MTEM, “Molecular
Templates,” or “MTEM”), a clinical-stage biopharmaceutical company
focused on the discovery and development of proprietary targeted
biologic therapeutics, engineered toxin bodies (“ETBs”), to create
novel therapies with potent differentiated mechanisms of action,
today reported financial results and business updates for the first
quarter of 2024.
Recent Company Highlights
- MTEM presented clinical data at the
2024 AACR Annual Meeting that demonstrated MT-6402's tolerable
safety and promising efficacy profile in relapsed/refractory HNSCC
patients. As monotherapy in 7 evaluable HNSCC patients (all heavily
pretreated and checkpoint experienced), 2 confirmed PRs (ongoing at
10 and 20 months, respectively) and 4 SDs (two of whom showed tumor
reduction) were observed. An expansion cohort in
relapsed/refractory HNSCC with MT-6402 monotherapy is underway with
data expected by year-end. A second monotherapy MT-6402 expansion
cohort is enrolling for solid tumor patients with high PD-L1 (≥
50%).
- The MT-8421 Phase 1 dose escalation is
ongoing with continued observation of unique pharmacodynamic
profile (peripheral and TME Treg depletion)
- In April, MTEM completed the second
closing of the July 2023 financing with gross proceeds of
approximately $9.5M
Eric Poma, PhD., Chief Executive and Chief Scientific Officer of
MTEM, stated, “MT-6402 and MT-8421 represent novel approaches to
validated immuno-oncology targets. Monotherapy activity with
MT-6402 in patients that have progressed on available therapy,
including checkpoint therapy, demonstrates the potential of our
technology. We look forward to expanding on these promising
data.”
Conferences and Upcoming Meetings
MTEM will participate at the BIO International conference taking
place at the San Diego Convention Center from June 3 – 6, 2024.
One-on-one meetings may be scheduled by directly contacting
Molecular Templates.
First Quarter 2024 Financial
Results
The net income attributable to common
shareholders for the first quarter of 2024 was $0.6 million, or
$0.11 per basic share and $0.08 per diluted share. This compares
with a net income attributable to common shareholders of $10.8
million, or $2.89 per basic and diluted share, for the same period
in 2023.
Revenues for the first quarter of 2024 were $11.1 million,
compared to $36.6 million for the same period in 2023.
Total research and development expenses for the first quarter of
2024 were $7.4 million, compared with $19.0 million for the same
period in 2023. Total general and administrative expenses for the
first quarter of 2024 were $3.7 million, compared with $5.8 million
for the same period in 2023.
As of March 31, 2024, MTEM’s cash and cash equivalents totaled
$6.8 million. The Company expects that its cash and cash
equivalents for the quarter ended March 31, 2024, and the
subsequent second closing of the July 2023 financing with gross
proceeds of approximately $9.5M, will support its ongoing
operations into the fourth quarter of 2024.
Molecular Templates, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in
thousands, except share and per share
data)(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months
EndedMarch 31, |
|
|
2024 |
|
2023 |
Research and development revenue |
|
$ |
10,924 |
|
|
$ |
33,627 |
|
Grant revenue |
|
|
162 |
|
|
|
3,002 |
|
Total revenue |
|
|
11,086 |
|
|
|
36,629 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
7,405 |
|
|
|
19,042 |
|
General and administrative |
|
|
3,731 |
|
|
|
5,802 |
|
Total operating expenses |
|
|
11,136 |
|
|
|
24,844 |
|
Income/(loss) from
operations |
|
|
(50 |
) |
|
|
11,785 |
|
Interest and other income,
net |
|
|
109 |
|
|
|
455 |
|
Interest and other expense,
net |
|
|
(31 |
) |
|
|
(1,395 |
) |
Change in valuation of
contingent value right |
|
|
544 |
|
|
|
— |
|
Net income attributable to
common stockholders |
|
$ |
572 |
|
|
$ |
10,845 |
|
Net income per share
attributable to common stockholders: |
|
|
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
2.89 |
|
Diluted |
|
$ |
0.08 |
|
|
$ |
2.89 |
|
Weighted average number of
shares used in net income per share calculations: |
|
|
|
|
|
|
Basic |
|
|
5,374,268 |
|
|
|
3,756,711 |
|
Diluted |
|
|
7,015,864 |
|
|
|
3,756,711 |
|
Molecular Templates, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share data) |
|
|
|
|
|
|
|
|
|
March 31,2024(unaudited) |
|
December 31,2023 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,779 |
|
|
$ |
11,523 |
|
Prepaid expenses |
|
|
1,200 |
|
|
|
2,195 |
|
Grants revenue receivable |
|
|
412 |
|
|
|
250 |
|
Other current assets |
|
|
2,299 |
|
|
|
2,804 |
|
Total current assets |
|
|
10,690 |
|
|
|
16,772 |
|
Operating lease right-of-use assets |
|
|
8,647 |
|
|
|
9,161 |
|
Property and equipment, net |
|
|
6,284 |
|
|
|
7,393 |
|
Other assets |
|
|
1,498 |
|
|
|
2,057 |
|
Total assets |
|
$ |
27,119 |
|
|
$ |
35,383 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,681 |
|
|
$ |
1,523 |
|
Accrued liabilities |
|
|
2,748 |
|
|
|
4,279 |
|
Deferred revenue, current |
|
|
— |
|
|
|
9,031 |
|
Other current liabilities |
|
|
3,152 |
|
|
|
2,488 |
|
Total current liabilities |
|
|
8,581 |
|
|
|
17,321 |
|
Operating lease liabilities, long term portion |
|
|
9,075 |
|
|
|
9,742 |
|
Contingent value right liability |
|
|
2,158 |
|
|
|
2,702 |
|
Other liabilities |
|
|
1,435 |
|
|
|
1,406 |
|
Total liabilities |
|
|
21,249 |
|
|
|
31,171 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock, $0.001 par value per share: |
|
|
|
|
|
|
Authorized: 2,000,000 shares as of March 31, 2024 and December 31,
2023; Issued and outstanding: 250 shares as of March 31, 2024 and
December 31, 2023 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value per share: |
|
|
|
|
|
|
Authorized: 150,000,000 shares as of March 31, 2024 and
December 31, 2023; Issued and outstanding: 5,374,268 shares as
of March 31, 2024 and December 31, 2023 |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
458,185 |
|
|
|
457,099 |
|
Accumulated deficit |
|
|
(452,320 |
) |
|
|
(452,892 |
) |
Total stockholders’ equity |
|
|
5,870 |
|
|
|
4,212 |
|
Total liabilities and stockholders’ equity |
|
$ |
27,119 |
|
|
$ |
35,383 |
|
About Molecular Templates
Molecular Templates is a clinical-stage biopharmaceutical
company focused on the discovery and development of next-generation
ADCs. Our drug platform technology, known as Engineered Toxin
Bodies (ETBs), leverages the resident biology of a genetically
engineered toxin payload to create novel therapies with potent and
differentiated mechanisms of action for cancer and various disease
indications.
Forward-Looking
Statements This press release contains
forward-looking statements for purposes of the Private Securities
Litigation Reform Act of 1995 (the “Act”). Molecular Templates
disclaims any intent or obligation to update these forward-looking
statements and claims the protection of the Act’s Safe Harbor for
forward-looking statements. All statements, other than statements
of historical facts, included in this press release, including, but
not limited to those regarding strategy, future operations, the
Company’s ability to execute on its objectives, prospects, plans,
future clinical development of the Company’s product candidates,
any implication that the preliminary results, interim results, or
the results of earlier clinical trials or ongoing clinical trials
will be representative of the results of future or later clinical
trials or final results, the potential benefits, safety or efficacy
and any evaluations or judgments regarding the Company’s product
candidates, and future execution of corporate goals. In addition,
when or if used in this press release, the words “may,” “could,”
“should,” “continue”, “anticipate,” “potential”, “believe,”
“estimate,” “appears”, “expect,” “intend,” “plan,” “predict” and
similar expressions and their variants, as they relate to Molecular
Templates may identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties. Actual events or results may differ
materially from those discussed in the forward-looking statements
as a result of various factors including, but not limited to the
following: the continued availability of financing on commercially
reasonable terms, whether Molecular Templates’ cash resources will
be sufficient to fund its continuing operations; the results of
MTEM’s ongoing clinical studies and the ability to effectively
operate MTEM, and those risks identified under the heading “Risk
Factors” in Molecular Templates’ filings with the Securities and
Exchange Commission (the “SEC”), including its Form 10-Q for the
first quarter year ended March 31, 2024 and any subsequent reports
filed with the SEC. Any forward-looking statements contained in
this press release speak only as of the date hereof, and Molecular
Templates specifically disclaims any obligation to update any
forward-looking statement, whether because of new information,
future events or otherwise.
Contacts:Grace Kimgrace.kim@mtem.com
Molecular Templates (NASDAQ:MTEM)
過去 株価チャート
から 11 2024 まで 12 2024
Molecular Templates (NASDAQ:MTEM)
過去 株価チャート
から 12 2023 まで 12 2024