Cyteir Therapeutics Reports Third Quarter 2022 Financial Results and Operational Highlights
Cyteir Therapeutics (CYT) reported its Q3 2022 financial results, ending the quarter with approximately $153.9 million in cash, sufficient to fund operations into mid-2024. The company announced updates on its CYT-0851 clinical program, with initial data from Phase 2 solid tumor cohorts expected in Q1 2023 and further data from combination cohorts anticipated in the first half of 2023. R&D expenses were $8.3 million, while net loss was $11.0 million, or $0.31 per share, showing improved metrics compared to the previous year.
- Cash and equivalents of $153.9 million expected to fund operations into the second half of 2024.
- Initial data from CYT-0851 monotherapy Phase 2 cohorts expected in Q1 2023.
- Improvement in net loss from $11.7 million in Q3 2021 to $11.0 million in Q3 2022.
- Enrollment delays in Phase 2 cohorts due to competitive treatment landscape.
- Net loss of $11.0 million indicates ongoing financial challenges.
- Initial data from CYT-0851 monotherapy solid tumor Phase 2 cohorts are now expected in first quarter of 2023
- Initial data from Phase 1 combination solid tumor cohorts are expected in first half of 2023
- Ended quarter with approximately
“The Cyteir team continues to make progress with CYT-0851 in the clinic and understanding the optimal target population that will benefit from CYT-0851,” said
Third Quarter 2022 Business Update
Updates to the CYT-0851 Clinical Program
-
Enrollment in the first stage of the Phase 2 solid tumor monotherapy cohorts in sarcoma, pancreatic and ovarian cancer recently completed. Initial data from these cohorts are now expected in the first quarter of 2023. The triple-negative breast cancer monotherapy Phase 2 cohort was opened in
August 2022 and continues to enroll with initial data expected in the first half of 2023. - Enrollment in the monotherapy Phase 2 cohorts in diffuse large B-cell lymphoma and follicular lymphoma has been delayed due to competition in the treatment landscape. Initial data are now expected in mid-2023.
- Enrollment in the Phase 1 dose-escalation cohorts of CYT-0851 in combination with capecitabine or gemcitabine is progressing as expected. Completion of enrollment in the capecitabine dose escalation cohorts is anticipated by year-end 2022. Completion of enrollment in the gemcitabine dose escalation cohorts is expected in the first half of 2023. Initial safety and efficacy data from these cohorts are expected in the first half of 2023.
- A poster on the mechanism of action of CYT-0851 was presented at the 34th Annual EORTC-NCI-AACR Symposium. Details on the understanding of CYT-0851’s monocarboxylate transporter (MCT) activity were presented as well as additional mechanistic data on CYT-0851. Progress continues towards identification of a biomarker to help identify patients most likely to benefit from CYT-0851 therapy.
Third Quarter 2022 Financial Results
Cash and cash equivalents: Cash and cash equivalents as of
Research and development (R&D) expenses: R&D expenses were
General and administrative (G&A) expenses: G&A expenses were
Net loss: Net loss was
About
Cyteir is a clinical-stage oncology company that is focused on the discovery and development of next-generation synthetically lethal therapies to treat cancer. At Cyteir, we employ an integrated target discovery approach that incorporates a critical evaluation of the target biology with internal and external information from a variety of genetic and chemical synthetic lethality screens to fuel our drug discovery and development pipeline. Cyteir’s wholly owned lead compound, CYT-0851, is a selective oral investigational drug currently in a Phase 1/2 clinical trial for hematologic malignancies and solid tumors. Follow Cyteir on social media: LinkedIn and Twitter and at www.cyteir.com.
Forward-Looking Statements
This press release contains “forward-looking statements” about Cyteir’s strategy, future plans, and prospects, including statements regarding the development of Cyteir’s compounds and potential expansion opportunities, regulatory strategy, and path for Cyteir’s compounds, the expected timing and reporting of results of Cyteir’s preclinical and clinical studies, and Cyteir’s expected cash runway. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Actual results could differ materially from those included in the forward-looking statements due to various factors, risks and uncertainties, including, but not limited to: that Cyteir’s clinical trials may fail to demonstrate adequately the safety and efficacy of any of its drug candidates; that preclinical testing of Cyteir’s compounds may not be predictive of the results or success of clinical trials; that the preclinical and clinical development of Cyteir’s compounds may be delayed or otherwise take longer and/or cost more than planned; that Cyteir may be unable to initiate, enroll or complete clinical development of its compounds; that the continuing global outbreak of COVID-19 (including any resurgences or variants) may result in development or manufacturing delays, supply shortages, or shortages of qualified healthcare personnel; that synthetic lethality, as an emerging class of precision medicine targets, could result in negative perceptions of the efficacy, safety or tolerability of this class of targets, which could adversely affect our ability to conduct our business, advance our drug candidates or obtain regulatory approvals; and that Cyteir’s compounds may not receive regulatory approvals or become commercially successful products. These and other risks and uncertainties are identified under the heading “Risk Factors” in Cyteir’s most recent Annual Report on Form 10-K and other filings Cyteir has made and may make with the
The forward-looking statements contained in this press release are based on management's current views, plans, estimates, assumptions, and projections with respect to future events, and Cyteir does not undertake and specifically disclaims any obligation to update any forward-looking statements.
| Condensed consolidated balance sheets | ||||||||
| (in thousands, except share and per share amounts) (unaudited) |
||||||||
|
|
|
||||||
2022 |
|
2021 |
||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
153,890 |
|
$ |
189,723 |
|
||
| Prepaid expenses and other current assets |
|
3,458 |
|
|
3,354 |
|
||
| Total current assets | $ |
157,348 |
|
$ |
193,077 |
|
||
| Property and equipment, net |
|
1,869 |
|
|
2,055 |
|
||
| Other assets |
|
2,479 |
|
|
256 |
|
||
| Total assets | $ |
161,696 |
|
$ |
195,388 |
|
||
| Liabilities, redeemable convertible preferred stock and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
1,666 |
|
$ |
1,785 |
|
||
| Accrued expenses and other current liabilities |
|
4,150 |
|
|
5,726 |
|
||
| Total current liabilities | $ |
5,816 |
|
$ |
7,511 |
|
||
| Deferred rent, net of current portion |
|
- |
|
|
384 |
|
||
| Other long term liabilities |
|
1,847 |
|
|
201 |
|
||
| Total liabilities | $ |
7,663 |
|
$ |
8,096 |
|
||
| Commitments and contingencies (Note 10) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, |
|
- |
|
|
- |
|
||
| Common stock, |
|
35 |
|
|
35 |
|
||
| Additional paid-in capital |
|
283,319 |
|
|
279,310 |
|
||
| Accumulated deficit |
|
(129,321 |
) |
|
(92,053 |
) |
||
| Total stockholders’ equity |
|
154,033 |
|
|
187,292 |
|
||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity | $ |
161,696 |
|
$ |
195,388 |
|
||
| Condensed consolidated statements of operations | ||||||||||||||||
| (in thousands, except share and per share amounts) (unaudited) |
||||||||||||||||
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ |
8,272 |
|
$ |
8,205 |
|
$ |
27,154 |
|
$ |
22,704 |
|
||||
| General and administrative |
|
3,487 |
|
|
3,547 |
|
|
10,963 |
|
|
7,693 |
|
||||
| Total operating expenses |
|
11,759 |
|
|
11,752 |
|
|
38,117 |
|
|
30,397 |
|
||||
| Loss from operations |
|
(11,759 |
) |
|
(11,752 |
) |
|
(38,117 |
) |
|
(30,397 |
) |
||||
| Other income (expense): | ||||||||||||||||
| Other income (expense) |
|
714 |
|
|
48 |
|
|
849 |
|
|
86 |
|
||||
| Total other income (expense) |
|
714 |
|
|
48 |
|
|
849 |
|
|
86 |
|
||||
| Net loss | $ |
(11,045 |
) |
$ |
(11,704 |
) |
$ |
(37,268 |
) |
$ |
(30,311 |
) |
||||
| Net loss per share—basic and diluted | $ |
(0.31 |
) |
$ |
(0.33 |
) |
$ |
(1.06 |
) |
$ |
(2.13 |
) |
||||
| Weighted-average common stock outstanding—basic and diluted |
|
35,329,137 |
|
|
35,062,900 |
|
|
35,283,454 |
|
|
14,229,834 |
|
||||
| Research and development expenses for the three months ended |
||||||||
| Research and development expenses for the nine months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221107006035/en/
Vice President, Investor Relations and Corporate Communications
908-868-8926
Lisa.Hayes@cyteir.com
Source:
FAQ
What are the financial results for Cyteir Therapeutics in Q3 2022?
When will initial data from CYT-0851 be available?
How much cash does Cyteir Therapeutics have as of September 30, 2022?
What are the plans for the CYT-0851 clinical program?
How are the R&D expenses for Cyteir in Q3 2022 compared to last year?
