Monte Rosa Therapeutics Announces Third Quarter 2024 Financial Results and Provides Corporate Update
Monte Rosa Therapeutics announced Q3 2024 financial results and significant developments. The company secured a global license agreement with Novartis for VAV1-directed molecular glue degraders, including MRT-6160, receiving $150M upfront with potential for $2.1B in milestones. Key clinical programs include MRT-2359 for MYC-driven tumors with results expected year-end, and MRT-8102 targeting IL-1β with IND filing planned for H1 2025. Q3 financial results showed revenue of $9.2M and net loss of $23.9M. With the Novartis deal, cash runway extends into 2028.
Monte Rosa Therapeutics ha annunciato i risultati finanziari del terzo trimestre 2024 e sviluppi significativi. L'azienda ha ottenuto un accordo di licenza globale con Novartis per degradatori di collante molecolare diretti a VAV1, inclusi MRT-6160, ricevendo $150M in anticipo con il potenziale di $2.1B in traguardi. I programmi clinici chiave includono MRT-2359 per tumori guidati da MYC, con risultati attesi entro la fine dell'anno, e MRT-8102 che mira a IL-1β con la domanda IND prevista per il primo semestre del 2025. I risultati finanziari del terzo trimestre hanno mostrato ricavi di $9.2M e una perdita netta di $23.9M. Con l'accordo con Novartis, il periodo di liquidità si estende fino al 2028.
Monte Rosa Therapeutics anunció resultados financieros del tercer trimestre de 2024 y desarrollos significativos. La empresa obtuvo un acuerdo de licencia global con Novartis para degradadores de adhesivos moleculares dirigidos a VAV1, incluido MRT-6160, recibiendo $150M por adelantado con el potencial de $2.1B en hitos. Los programas clínicos clave incluyen MRT-2359 para tumores impulsados por MYC, con resultados esperados a finales de año, y MRT-8102 dirigido a IL-1β, con la presentación de IND planeada para el primer semestre de 2025. Los resultados financieros del tercer trimestre mostraron ingresos de $9.2M y una pérdida neta de $23.9M. Con el acuerdo de Novartis, el flujo de efectivo se extiende hasta 2028.
몬테 로사 테라퓨틱스는 2024년 3분기 재무 결과 및 주요 개발 사항을 발표했습니다. 이 회사는 VAV1 표적 분자 접착제 분해기인 MRT-6160을 포함하여 노바르티스와 글로벌 라이센스 계약을 체결하였으며, 1억 5천만 달러의 선급금을 받고 21억 달러의 이정표 가능성을 확보했습니다. 주요 임상 프로그램에는 MYC에 의해 촉진되는 종양을 위한 MRT-2359가 포함되어 있으며, 결과는 연말에 예상되고 있습니다. 또한 IL-1β를 목표로 하는 MRT-8102에 대한 IND 제출이 2025년 상반기에 계획되어 있습니다. 3분기의 재무 결과는 920만 달러의 수익과 2천390만 달러의 순손실을 보여주었습니다. 노바르티스와의 거래를 통해 현금 유통기간은 2028년까지 연장되었습니다.
Monte Rosa Therapeutics a annoncé les résultats financiers du troisième trimestre 2024 et des développements significatifs. L'entreprise a sécurisé un accord de licence mondial avec Novartis pour des dégradateurs de colle moléculaire dirigés sur VAV1, y compris MRT-6160, recevant 150 millions de dollars à l'avance avec un potentiel de 2,1 milliards de dollars en jalons. Les programmes cliniques clés incluent MRT-2359 pour les tumeurs dirigées par MYC, avec des résultats attendus d'ici la fin de l'année, et MRT-8102 visant l'IL-1β avec un dépôt IND prévu pour le premier semestre 2025. Les résultats financiers du T3 ont montré des revenus de 9,2 millions de dollars et une perte nette de 23,9 millions de dollars. Grâce à l'accord avec Novartis, la période de trésorerie s'étend jusqu'en 2028.
Monte Rosa Therapeutics hat die finanziellen Ergebnisse für das 3. Quartal 2024 und bedeutende Entwicklungen bekannt gegeben. Das Unternehmen sicherte sich eine globale Lizenzvereinbarung mit Novartis für VAV1-gesteuerte molekulare Klebstoff-Abbrecher, einschließlich MRT-6160, und erhielt 150 Millionen Dollar im Voraus mit dem Potenzial für 2,1 Milliarden Dollar an Meilensteinen. Die wichtigsten klinischen Programme umfassen MRT-2359 für MYC-getriebene Tumoren, wobei Ergebnisse bis zum Jahresende erwartet werden, sowie MRT-8102, das auf IL-1β abzielt, mit geplanter IND-Einreichung für das erste Halbjahr 2025. Die finanziellen Ergebnisse des 3. Quartals zeigten Einnahmen von 9,2 Millionen Dollar und einen Nettoverlust von 23,9 Millionen Dollar. Mit dem Novartis-Deal wird die Liquiditätsperiode bis 2028 verlängert.
- Secured $150M upfront payment from Novartis deal with potential for $2.1B in milestones
- Extended cash runway into 2028
- Generated $9.2M in collaboration revenue (vs. $0 in Q3 2023)
- Reduced net loss to $23.9M from $30.3M in previous quarter
- Strong cash position of $247.1M as of September 30, 2024
- R&D expenses remained high at $27.6M
- G&A expenses at $8.1M
Insights
A highly impactful quarter marked by the transformative
Revenue generation has begun with
The molecular glue degrader platform shows impressive progress across multiple programs. MRT-2359's advancement in MYC-driven tumors and the upcoming year-end data readout could be pivotal. The NEK7-directed MGD program (MRT-8102) targeting the NLRP3 inflammasome pathway represents a novel approach to inflammatory diseases. The discovery of over 1,600 potential cereblon-compatible protein targets through the QuEEN platform significantly expands the company's addressable market.
The diversified pipeline spanning oncology, immunology and inflammation, coupled with validation from major pharma partnerships (Novartis, Roche), positions Monte Rosa as a leader in the protein degradation field. The platform's ability to target previously undruggable proteins could revolutionize treatment approaches across multiple therapeutic areas.
Executed global exclusive development and commercialization license agreement with Novartis to advance VAV1-directed molecular glue degraders including MRT-6160 for immune-related conditions;
MRT-6160 Phase 1 SAD/MAD study ongoing with initial clinical data expected by Q1 2025
Phase 1/2 study of MRT-2359, in development for MYC-driven solid tumors, ongoing with updated clinical results anticipated by year-end
MRT-8102, a NEK7-directed molecular glue degrader targeting diseases driven by IL-1β and the NLRP3 inflammasome, on track for IND filing in H1 2025
Strengthened cash position, including anticipated
BOSTON, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (Nasdaq: GLUE), a clinical-stage biotechnology company developing novel molecular glue degrader (MGD)-based medicines, today reported business highlights and financial results for the third quarter that ended September 30, 2024.
“We continue to make significant progress towards pioneering the discovery and development of highly selective molecular glue degraders against paradigm-shifting targets. The recently announced global license agreement with Novartis to advance VAV1-directed MGDs for immune-related conditions marks a transformative milestone towards that goal,” said Markus Warmuth, M.D., Chief Executive Officer of Monte Rosa Therapeutics. “We believe this agreement will accelerate and broaden the scope of clinical development of MRT-6160 across a spectrum of immune-mediated conditions while retaining substantial value for Monte Rosa. Moreover, the resources provided by this agreement are expected to meaningfully extend our cash runway and enable us to advance our pipeline to potential value-creating milestones and to further leverage our industry-leading QuEEN™ discovery engine to design and develop novel MGDs for previously undruggable targets across a variety of disease areas, including immunology and inflammation (I&I), cardiovascular, and metabolic diseases. We look forward to sharing initial clinical data from the ongoing Phase 1 study of MRT-6160 by Q1 2025.”
Dr. Warmuth continued, “We have made significant progress advancing our second I&I program, MRT-8102, toward an expected IND application in the first half of 2025. Turning towards our oncology pipeline, we look forward to sharing updated clinical results from the Phase 1 dose escalation portion of the MRT-2359 study by year-end, and we’re pleased with the progress of our cell cycle portfolio, including the CDK2 and cyclin E1 programs, with both advancing towards development candidate nominations.”
RECENT HIGHLIGHTS
MRT-2359, GSPT1-directed MGD for MYC-driven solid tumors
- Monte Rosa continues to evaluate MRT-2359 in a Phase 1/2 clinical trial in MYC-driven solid tumors (NCT05546268). In June 2024, the Company announced that it had obtained encouraging initial safety and pharmacodynamic data from the 0.5 mg dose using the 21 days on, 7 days off regimen. Monte Rosa continues to evaluate a higher 0.75 mg, 21 days on, 7 days off dose cohort.
MRT-6160, VAV1-directed MGD for immune-mediated conditions
- In October, the Company announced a global exclusive development and commercialization license agreement with Novartis to advance VAV1 MGDs including MRT-6160, currently in Phase 1 clinical development for various immune-related conditions. Under the terms of the agreement, Novartis will obtain exclusive worldwide rights to develop, manufacture and commercialize MRT-6160 and other VAV1 MGDs and will be responsible for all clinical development and commercialization, starting with Phase 2 clinical studies. Monte Rosa remains responsible for completion of the ongoing Phase 1 clinical study of MRT-6160. Novartis has agreed to pay Monte Rosa
$150 million upfront. Monte Rosa is eligible to receive up to$2.1 billion in development, regulatory, and sales milestones, beginning upon initiation of Phase 2 studies, as well as tiered royalties on ex-U.S. net sales. Monte Rosa will co-fund any Phase 3 clinical development and will share any profits and losses associated with the manufacturing and commercialization of MRT-6160 in the U.S. The agreement is subject to customary closing conditions including regulatory clearance. - In August, Monte Rosa announced that the first participants had been dosed in an MRT-6160 Phase 1 single ascending dose/multiple ascending dose (SAD/MAD) study.
MRT-8102, NEK7-directed MGD for inflammatory diseases driven by IL-1β and the NLRP3 inflammasome
- In September, Monte Rosa presented preclinical data at the Inflammasome Summit demonstrating that its development candidate MRT-8102, a first-in-class NEK7-directed MGD for the treatment of inflammatory diseases driven by interleukin-1β (IL-1β) and the NLRP3 inflammasome, is a potent, selective, and durable molecular glue degrader of NEK7. The data provide preclinical proof of concept that a NEK7 MGD leads to inhibition of the NLRP3 inflammasome and IL-1 release to reduce the effects of inflammation, supporting the potential to address central and peripheral inflammatory disorders.
- Monte Rosa expects to submit an IND application for MRT-8102 in H1 2025.
CDK2 and Cyclin E1-directed MGD programs
- In October, Monte Rosa presented preclinical data at the 36th EORTC-NCI-AACR Symposium on the potential of its cyclin E1 (CCNE1)-directed MGDs for the treatment of CCNE1-amplified solid tumors. The data demonstrated that Monte Rosa’s MGD degrades cyclin E1 with a high level of selectivity, sparing other closely related proteins, including other cyclins, and cyclin-dependent kinases (CDKs). The data also showed that a cyclin E1-directed MGD led to downstream pathway inhibition and induced tumor growth suppression and regression preferentially in CCNE1-amplified and over-expressing tumor cell lines and xenograft models. Cyclin E1 MGDs may represent a potential novel therapeutic approach by directly and selectively targeting a frequently amplified non-enzymatic driver oncogene relevant in multiple solid tumors.
- Monte Rosa is progressing both its CDK2 and cyclin E1-directed MGD programs to development candidate nominations.
QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) discovery engine
- In October, Monte Rosa made a preprint available in BioRxiv entitled, “Mining the Cereblon Target Space Redefines Rules for Molecular Glue-induced Neosubstrate Recognition,” which demonstrates a vast expansion of what had been considered druggable within the cereblon target space. Monte Rosa has identified more than 1,600 proteins predicted to be compatible with cereblon across diverse target classes that can potentially be targeted with molecular glue degraders.
ANTICIPATED MILESTONES
- Announce the recommended Phase 2 dose and data from the Phase 1 dose escalation portion of the MRT-2359 Phase 1/2 study including safety, biomarker data, and clinical activity before the end of 2024. The Company also expects to provide guidance on Phase 2 expansion cohorts before year-end.
- Report initial data from the Phase 1 SAD/MAD study of MRT-6160 in healthy volunteers by Q1 2025. The Phase 1 study of MRT-6160 is designed to provide early insights into safety, pharmacokinetics, VAV1 protein degradation, and key downstream pharmacodynamic markers including CD69, IL-2, IL-6, and IL-17.
- Submit an IND application for MRT-8102 in H1 2025.
- Nominate a CDK2 program development candidate before year-end 2024.
UPCOMING INVESTOR CONFERENCES
Monte Rosa management will participate in the following investor conferences:
- Guggenheim Securities Healthcare Innovation Conference (Boston, Mass.) – Markus Warmuth, M.D., Chief Executive Officer, to participate in a fireside chat, November 11, 2024, at 3:30 p.m. EST.
- Jefferies London Healthcare Conference (London, UK) – November 19, 2024.
A webcast of the fireside chat will be accessible via the “Events & Presentations” section of Monte Rosa’s website at ir.monterosatx.com, and an archived version will be made available for 30 days following the presentation.
THIRD QUARTER 2024 FINANCIAL RESULTS
Collaboration revenue: Collaboration revenue for the third quarter of 2024 was
Research and Development (R&D) expenses: R&D expenses for the third quarter of 2024 were
General and Administrative (G&A) expenses: G&A expenses for the third quarter of 2024 were
Net loss: Net loss for the third quarter of 2024 was
Cash position and financial guidance: Cash, cash equivalents, restricted cash, and marketable securities as of September 30, 2024, were
Based on current cash, cash equivalents, restricted cash, marketable securities, and the anticipated
About MRT-2359
MRT-2359 is a potent, highly selective, and orally bioavailable investigational molecular glue degrader (MGD) that induces the interaction between the E3 ubiquitin ligase component cereblon and the translation termination factor GSPT1, leading to the targeted degradation of GSPT1 protein. The MYC transcription factors (c-MYC, L-MYC and N-MYC) are well-established drivers of human cancers that maintain high levels of protein translation, which is critical for uncontrolled cell proliferation and tumor growth. Preclinical studies have shown this addiction to MYC-induced protein translation creates a dependency on GSPT1. By inducing degradation of GSPT1, MRT-2359 is designed to exploit this vulnerability, disrupting the protein synthesis machinery, leading to anti-tumor activity in MYC-driven tumors.
About MRT-6160
MRT-6160 is a potent, highly selective, and orally bioavailable investigational molecular glue degrader of VAV1, which in preclinical studies has shown deep degradation of its target with no detectable effects on other proteins. VAV1, a Rho-family guanine nucleotide exchange factor, is a key signaling protein downstream of both the T- and B-cell receptors. VAV1 expression is restricted to blood and immune cells, including T and B cells. Preclinical studies have shown that targeted degradation of VAV1 protein via an MGD modulates both T- and B-cell receptor-mediated activity. This modulation is evident both in vitro and in vivo, demonstrated by a significant decrease in cytokine secretion, proteins vital for maintaining autoimmune diseases. MRT-6160 has shown promising activity in preclinical models of multiple immune-mediated conditions. Under the terms of an agreement announced in October 2024, Novartis will obtain exclusive worldwide rights to develop, manufacture and commercialize MRT-6160 and other VAV1 MGDs, subject to customary closing conditions including regulatory clearance.
About MRT-8102
MRT-8102 is a potent, highly selective, and orally bioavailable investigational molecular glue degrader (MGD) that targets NEK7 for the treatment of inflammatory diseases driven by IL-1β and the NLRP3 inflammasome. NEK7 has been shown to be required for NLRP3 inflammasome assembly, activation and IL-1β release both in vitro and in vivo. Aberrant NLRP3 inflammasome activation and the subsequent release of active IL-1β and interleukin-18 (IL-18) has been implicated in multiple inflammatory disorders, including gout, cardiovascular disease, neurologic disorders including Parkinson’s disease and Alzheimer’s disease, ocular disease, diabetes, obesity, and liver disease. In a non-human primate model, MRT-8102 was shown to potently, selectively, and durably degrade NEK7, and resulted in near-complete reductions of IL-1β models following ex vivo stimulation of whole blood. MRT-8102 has shown a favorable profile in non-GLP toxicology studies.
About Monte Rosa
Monte Rosa Therapeutics is a clinical-stage biotechnology company developing highly selective molecular glue degrader (MGD) medicines for patients living with serious diseases in the areas of oncology, autoimmune and inflammatory diseases, and more. MGDs are small molecule protein degraders that have the potential to treat many diseases that other modalities, including other degraders, cannot. Monte Rosa’s QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) discovery engine combines AI-guided chemistry, diverse chemical libraries, structural biology, and proteomics to identify degradable protein targets and rationally design MGDs with unprecedented selectivity. The QuEEN discovery engine enables access to a wide-ranging and differentiated target space of well-validated biology across multiple therapeutic areas. Monte Rosa has developed the industry’s leading pipeline of MGDs, which spans oncology, autoimmune and inflammatory disease and beyond. Monte Rosa has a global license agreement with Novartis to advance VAV1-directed molecular glue degraders and a strategic collaboration with Roche to discover and develop MGDs against targets in cancer and neurological diseases previously considered impossible to drug. For more information, visit www.monterosatx.com.
Forward-Looking Statements
This communication includes express and implied “forward-looking statements,” including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and in some cases, can be identified by terms such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward-looking statements contained herein include, but are not limited to, statements about our ability to grow our product pipeline and to accelerate and broaden the scope of clinical development of MRT-6160 across a spectrum of immune-mediated conditions, statements around the Company’s QuEENTM discovery engine and the Company’s view of its potential to identify degradable protein targets and rationally design MGDs with unprecedented selectivity, statements related to the Company’s strategic agreements, goals of such agreements and any related milestone, royalty or other payments related thereto, statements related to the ability of the Company to advance its pipeline to potential value-creating milestones, statements around the productivity of the QuEEN discovery engine and the potential of the Company’s MGDs against a broad spectrum of targets, including undruggable targets across a variety of disease areas, such as I&I, cardiovascular, and metabolic diseases, statements about the advancement and timeline of our preclinical and clinical programs, pipeline and the various products therein, including (i) our ongoing clinical development of our GSPT1 degrader referred to as MRT-2359, including its ability to be selective, our expectations for the nature, significance, and timing for our disclosure of any data from our Phase 1 dose escalation portion of the MRT-2359 Phase 1/2 study, including safety, biomarker data and clinical activity, by the end of 2024, timing for our identification and any disclosure of a recommended Phase 2 dose for MRT-2359 by the end of 2024, and timing of our guidance on initiation of Phase 2 expansion cohorts by the end of 2024, (ii) the ongoing development of our VAV1-directed degrader, referred to as MRT-6160, and the timing of initial data from the Phase 1 SAD/MAD study by the first quarter of 2025 and our expectations regarding the potential clinical benefit for this program, including the contributions by Novartis, (iii) the ongoing development and progress of our NEK7-directed MGD, referred to as MRT-8102, and our expectations around its potential across neurologic indications amongst others, including our expectations to submit an IND to the FDA in the first half of 2025, and our statements around multiple anticipated preclinical and/or clinical readouts and their expected timing, including results from proof-of-concept patient studies, candidates and their applicability to various indications, progressing both our CDK2 and cyclin E1-directed MGD programs, the expected potential clinical benefit of any of our candidates, advancement and application of our pipeline, statements around the advancement and application of our platform, statements concerning our expectations regarding our ability to identify, nominate and the timing of our nominations of additional targets, product candidates, and development candidates, statements around our ability to capitalize on and potential benefits resulting from our research and translational insights, including announcements related to preclinical programs, as well as our the ability to optimize collaborations with industry partners on our development programs, statements about the closing of the transaction with Novartis, obligations under our collaboration agreements, expectations around the receipt of any payments under such agreements and the future development and commercialization of various products, statements regarding regulatory filings for our development programs, including the planned timing of such regulatory filings, such as IND applications, and potential review by regulatory authorities, our use of capital, expenses and other financial results in the future, availability of funding for existing programs, ability to fund operations into 2028, inclusive of the anticipated upfront payment from Novartis, as well as our expectations of success for our programs, strength of collaboration relationships and the strength of our financial position, among others. By their nature, these statements are subject to numerous risks and uncertainties, including those risks and uncertainties set forth in our most recent Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission on March 14, 2024, and any subsequent filings, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, performance, or events and circumstances described in the forward-looking statements will be achieved or occur. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, any future presentations, or otherwise, except as required by applicable law. Certain information contained in these materials and any statements made orally during any presentation of these materials that relate to the materials or are based on studies, publications, surveys and other data obtained from third-party sources and our own internal estimates and research. While we believe these third-party studies, publications, surveys and other data to be reliable as of the date of these materials, we have not independently verified, and make no representations as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of our internal estimates or research and no reliance should be made on any information or statements made in these materials relating to or based on such internal estimates and research.
| Consolidated Balance Sheets | ||||||||
| (in thousands, except share amounts) | ||||||||
| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 125,575 | $ | 128,101 | ||||
| Marketable securities | 116,611 | 104,312 | ||||||
| Other receivables | 595 | 505 | ||||||
| Prepaid expenses and other current assets | 8,426 | 3,294 | ||||||
| Total current assets | 251,207 | 236,212 | ||||||
| Property and equipment, net | 31,442 | 33,803 | ||||||
| Operating lease right-of-use assets | 27,364 | 28,808 | ||||||
| Restricted cash | 4,908 | 4,580 | ||||||
| Other long-term assets | 159 | 352 | ||||||
| Total assets | $ | 315,080 | $ | 303,755 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,978 | $ | 11,152 | ||||
| Accrued expenses and other current liabilities | 15,099 | 14,600 | ||||||
| Current deferred revenue | 18,918 | 17,678 | ||||||
| Current portion of operating lease liability | 3,646 | 3,162 | ||||||
| Total current liabilities | 41,641 | 46,592 | ||||||
| Deferred revenue, net of current | 25,107 | 32,323 | ||||||
| Defined benefit plan liability | 2,823 | 2,713 | ||||||
| Operating lease liability, net of current | 40,052 | 42,877 | ||||||
| Total liabilities | 109,623 | 124,505 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, issued and 61,377,484 shares outstanding as of September 30, 2024; and 50,154,929 shares issued and 50,140,233 shares outstanding as of December 31, 2023 | 6 | 5 | ||||||
| Additional paid-in capital | 659,798 | 547,857 | ||||||
| Accumulated other comprehensive loss | (2,322 | ) | (2,724 | ) | ||||
| Accumulated deficit | (452,025 | ) | (365,888 | ) | ||||
| Total stockholders’ equity | 205,457 | 179,250 | ||||||
| Total liabilities and stockholders’ equity | $ | 315,080 | $ | 303,755 | ||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||
| (In thousands, except share and per share amounts) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Collaboration revenue | $ | 9,216 | $ | — | $ | 14,975 | $ | — | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 27,616 | 28,306 | 82,697 | 84,137 | ||||||||||||
| General and administrative | 8,127 | 8,662 | 26,394 | 24,311 | ||||||||||||
| Total operating expenses | 35,743 | 36,968 | 109,091 | 108,448 | ||||||||||||
| Loss from operations | (26,527 | ) | (36,968 | ) | (94,116 | ) | (108,448 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 2,892 | 2,227 | 7,971 | 6,966 | ||||||||||||
| Foreign currency exchange gain (loss), net | (153 | ) | 27 | 414 | (151 | ) | ||||||||||
| Gain on disposal of fixed assets | — | — | — | 24 | ||||||||||||
| Loss on sale of marketable securities | — | — | — | (131 | ) | |||||||||||
| Total other income | 2,739 | 2,254 | 8,385 | 6,708 | ||||||||||||
| Net loss before income taxes | $ | (23,788 | ) | $ | (34,714 | ) | $ | (85,731 | ) | $ | (101,740 | ) | ||||
| Provision for income taxes | (71 | ) | (170 | ) | (406 | ) | (360 | ) | ||||||||
| Net loss | $ | (23,859 | ) | $ | (34,884 | ) | $ | (86,137 | ) | $ | (102,100 | ) | ||||
| Net loss per share—basic and diluted | $ | (0.29 | ) | $ | (0.70 | ) | $ | (1.21 | ) | $ | (2.06 | ) | ||||
| Weighted-average number of shares outstanding used in computing net loss per common share—basic and diluted | 82,011,670 | 49,814,903 | 71,173,647 | 49,533,143 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (23,859 | ) | $ | (34,884 | ) | $ | (86,137 | ) | $ | (102,100 | ) | ||||
| Provision for pension benefit obligation | 37 | 14 | 107 | 42 | ||||||||||||
| Unrealized gain on available-for-sale securities | 311 | 171 | 295 | 255 | ||||||||||||
| Comprehensive loss | $ | (23,511 | ) | $ | (34,699 | ) | $ | (85,735 | ) | $ | (101,803 | ) | ||||
Investors
Andrew Funderburk
ir@monterosatx.com
Media
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media@monterosatx.com
FAQ
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