G1 Therapeutics Provides Second Quarter 2023 Financial Results and Operational Highlights
- None.
- None.
- Recognized Total Revenue of
- Reiterated Expectation for Interim Overall Survival (OS) Analysis of Pivotal Phase 3 Trial in Metastatic Triple Negative Breast Cancer (TNBC) in the First Quarter of 2024 -
- Presented New Phase 2 Results Confirming Benefit of Trilaciclib in Reducing Adverse Events Associated with an Antibody-Drug Conjugate (ADC) in Triple Negative Breast Cancer (TNBC) -
- Provided Phase 2 Mechanism of Action Trial Results Clarifying Trilaciclib's Role in Enhancing Immune Surveillance and Efficacy as Measured by Long Term Endpoints like Overall Survival (OS) -
- Improved Financial Strength By Amending Hercules Debt Facility and Receiving Payment from Simcere for Relief of Future Royalties; Cash Runway Extends Beyond Expected Clinical Trial Readouts in Early 2024 -
- Management to Host Webcast and Conference Call today at 8:30 AM ET -
RESEARCH TRIANGLE PARK, N.C., Aug. 02, 2023 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today provided a corporate and financial update for the second quarter ended June 30, 2023.
“We know the impact that trilaciclib can have on the lives of people battling cancer; we see it every day in patients with extensive stage small cell lung cancer who receive COSELA prior to their chemotherapy. And, we’ve made good progress in further developing the potential of the drug in clinical trials for additional indications,” said Jack Bailey, Chief Executive Officer of G1 Therapeutics. “As such, our focus remains on driving depth of COSELA usage and adoption in our top accounts, despite a national platinum-based chemotherapy shortage. We are also preparing for multiple important data readouts expected early next year, and ensuring our continued financial strength."
Second Quarter 2023 and Recent Highlights
Financial
- Recognized
$11.1 Million in Net COSELA Revenue: Results represent a6% increase in net sales over the first quarter of 2023. G1 recognized total revenues of$42.4 million for the second quarter of 2023. - Received Net Proceeds of
$27.0 Million for Relief of Future Royalty Payments from Simcere: An additional$18.0 million would be due to G1 upon filing and approval of COSELA in mainland China for patients with TNBC. All other aspects of the strategic collaboration remain in place. G1 retains the rights to trilaciclib throughout the rest of the world, other than Greater China. - Ended the Second Quarter of 2023 with Cash, Cash Equivalents, and Marketable Securities of
$104.2 Million . The Company’s current financial position is expected to be sufficient to fund G1’s operations and capital expenditures well beyond its clinical trial readouts in the first quarter of 2024. - Amended Debt Facility With Hercules Capital: In June 2023, the debt facility was mutually amended, providing G1 with additional financial flexibility. As of June 30, 2023, the total loan amount outstanding is
$50.0 million .
Clinical
- Confirmed Expected Timing for Initial Results from Pivotal Phase 3 Clinical Trial of Trilaciclib in Patients with mTNBC; Interim Overall Survival (OS) Analysis Expected in the First Quarter of 2024: The primary endpoint of PRESERVE 2 is to evaluate the effect of trilaciclib on OS compared with placebo in patients receiving first-line gemcitabine/carboplatin. G1 expects the interim OS analysis to be conducted by its data monitoring committee in the first quarter of 2024. If the trial meets the interim analysis stopping rule, it will be unblinded and G1 will report the top line results. If it does not, the trial will continue to the final analysis. If positive, the Company intends to meet with the U.S. Food and Drug Administration to discuss filing a supplemental new drug application (sNDA) as soon as possible in 2024.
- Presented Preliminary Phase 2 Results Confirming Benefit of Trilaciclib in Reducing Adverse Events Related to an ADC; OS Endpoints Expected in the First Quarter of 2024: New results presented at the 2023 European Society of Medical Oncology (ESMO) Breast Cancer Congress showed a clinically meaningful on-target effect of trilaciclib to reduce (>
50% ) the rates of multiple adverse events compared to the previously published sacituzumab govitecan-hziy single agent safety profile. The Company expects to reach the OS endpoints in the first quarter of 2024. (press release here) - Presented Phase 2 Results Showing that Trilaciclib Increases the Pool of Memory T Cells in the Tumor Microenvironment that Could Contribute to Long Term Immune Surveillance and Efficacy: New results presented at the American Society of Clinical Oncology (ASCO) Annual Meeting highlight the potential for trilaciclib to increase the pool of functional memory T cells that could contribute to long-term immune surveillance and efficacy, as measured by longer term endpoints like OS. (press release here)
- Provided Initial Results from Phase 2 Bladder Cancer Trial of Trilaciclib (PRESERVE 3); OS Endpoints Expected in the First Quarter of 2024: Data generated across multiple preclinical and clinical studies to date show that trilaciclib has the greatest effect on longer term endpoints including OS rather than earlier efficacy measures such as overall response rate (ORR) and progression free survival (PFS), consistent with other immunotherapies. As of the data cutoff on July 5, 2023, PFS is similar between patients receiving trilaciclib prior to gemcitabine/platinum + avelumab and patients receiving gemcitabine/platinum + avelumab alone (median PFS=6.0 months and 6.1 months, respectively; hazard ratio=1.07). Median PFS was also similar across arms in both PD-L1 subsets. Median duration of response (DOR) favored participants that received trilaciclib (7.0 months) compared to those that did not (6.0 months); median DOR also favored the trilaciclib arms in both PD-L1 subsets. The Company expects to reach the OS endpoints in the first quarter of 2024.
Medical
- Presented Real World Data Confirming Consistent Risk of Myelosuppression Across Patients Receiving Chemotherapy for Small Cell Lung Cancer (SCLC): Results presented at the International Society for Pharmacoeconomics and Outcomes Research (ISPOR) 2023 meeting showed that grade ≥3 myelosuppression (neutropenia, anemia, thrombocytopenia) occurred in
61% of patients included in the overall population of studied patients. No significant associations between patient characteristics and myelosuppression were identified. (press release here) - Announced New Publication Describing the Immune-Based Mechanism of Trilaciclib: G1's manuscript entitled, "Investigating Potential Immune Mechanisms of Trilaciclib Administered Prior to Chemotherapy in Patients with Metastatic Triple-Negative Breast Cancer" has been published in the Journal of Breast Cancer Research and Treatment. (publication here)
Corporate
- Appointed Monica Roberts Thomas as General Counsel and Chief Compliance Officer: Mrs. Thomas brings nearly two decades of leadership experience in securities filings and corporate governance, global regulatory engagement, and all aspects of legal support for commercial organizations. (press release here)
Second Quarter 2023 Financial Results
As of June 30, 2023, cash and cash equivalents and marketable securities totaled
Total revenues for the second quarter of 2023 were
Operating expenses for the second quarter of 2023 were
Cost of goods sold expense for the second quarter of 2023 was
Research and development (R&D) expenses for the second quarter of 2023 were
Selling, general, and administrative (SG&A) expenses for the second quarter of 2023 were
The net income for the second quarter of 2023 was
2023 Financial Guidance
G1 today reiterated its full year 2023 net revenue guidance. The Company expects to generate between
Webcast and Conference Call
G1 will host a webcast and conference call at 8:30 a.m. ET today to provide a corporate and financial update for the second quarter ended June 30, 2023.
Please note the new process to access the call via telephone: To register and receive a dial in number and unique PIN to access the live conference call, please follow this link to register online. While not required, it is recommended that you join 10 minutes prior to the start of the event. A live and archived webcast will be available on the Events & Presentations page of the company’s website: www.g1therapeutics.com. The webcast will be archived on the same page for 90 days following the event.
About COSELA® (trilaciclib) for Injection
COSELA (trilaciclib) was approved by the U.S. Food and Drug Administration on February 12, 2021.
Indication
COSELA® (trilaciclib) is indicated to decrease the incidence of chemotherapy-induced myelosuppression in adult patients when administered prior to a platinum/etoposide-containing regimen or topotecan-containing regimen for extensive-stage small cell lung cancer.
Important Safety Information
COSELA is contraindicated in patients with a history of serious hypersensitivity reactions to trilaciclib.
Warnings and precautions include injection-site reactions (including phlebitis and thrombophlebitis), acute drug hypersensitivity reactions, interstitial lung disease (pneumonitis), and embryo-fetal toxicity.
The most common adverse reactions (>
This information is not comprehensive. Please click here for full Prescribing Information. https://www.g1therapeutics.com/cosela/pi/
To report suspected adverse reactions, contact G1 Therapeutics at 1-800-790-G1TX or call FDA at 1-800-FDA-1088 or visit www.fda.gov/medwatch.
About G1 Therapeutics
G1 Therapeutics, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of next generation therapies that improve the lives of those affected by cancer, including the Company’s first commercial product, COSELA® (trilaciclib). G1 has a deep clinical pipeline and is executing a development plan evaluating trilaciclib in a variety of solid tumors, including breast, lung, and bladder cancers. G1 Therapeutics is based in Research Triangle Park, N.C. For additional information, please visit www.g1therapeutics.com and follow us on Twitter @G1Therapeutics.
G1 Therapeutics® and the G1 Therapeutics logo and COSELA® and the COSELA logo are trademarks of G1 Therapeutics, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, those relating to expectations for the commercial sales of COSELA (trilaciclib), the therapeutic potential of COSELA (trilaciclib), our full year 2023 financial guidance, our ability to generate data to maximize trilaciclib’s applicability to future treatment paradigms, our ability to drive growth of COSELA among our top accounts, our ability to obtain approvals for and commercialize additional indications of COSELA (trilaciclib), our ability to complete our ongoing clinical trials on time, our ability to minimize the impact of the national platinum-based chemotherapy shortage, and our reliance on partners to develop licensed products. If we are not in compliance with the minimum cash covenant with our debt facility, we may be subject to the acceleration clauses in our loan agreement, and the lender may call the debt, resulting in our immediate need for additional funds. In addition, COSELA (trilaciclib) may fail to achieve the degree of market acceptance for commercial success, and the impact of pandemics such as COVID-19 (coronavirus). Each of these forward-looking statements is based on the company’s expectations and assumptions as of the date of this press release and involves risks and uncertainties. Factors that may cause the company’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in the company’s filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein and include, but are not limited to, the company’s ability to complete a successful commercialize COSELA (trilaciclib); the company’s ability to complete clinical trials for, obtain approvals for and commercialize additional indications of COSELA (trilaciclib); the company’s initial success in ongoing clinical trials may not be indicative of results obtained when these trials are completed or in later stage trials; the inherent uncertainties associated with developing new products or technologies and operating as a commercial-stage company; and market conditions. Except as required by law, the company assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
G1 Therapeutics Contacts:
John W. Umstead V
Chief Financial Officer
919-747-8419
jumstead@g1therapeutics.com
Will Roberts
Communications Officer
Vice President, Investor Relations & Corporate Communications
919-907-1944
wroberts@g1therapeutics.com
| G1 Therapeutics, Inc. Condensed Balance Sheet Data (unaudited) (in thousands) | |||
| June 30, 2023 | December 31, 2022 | ||
| Cash and cash equivalents and Marketable securities | |||
| Working Capital | |||
| Total Assets | |||
| Accumulated deficit | |||
| Total stockholders' equity | |||
| G1 Therapeutics, Inc. Condensed Statements of Operations (unaudited) (in thousands, except per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenues | |||||||||||||||
| Product sales, net | $ | 11,091 | $ | 8,718 | $ | 21,583 | $ | 14,198 | |||||||
| License revenue | 31,301 | 1,855 | 33,755 | 3,277 | |||||||||||
| Total revenues | 42,392 | 10,573 | 55,338 | 17,475 | |||||||||||
| Operating expenses | |||||||||||||||
| Cost of goods sold | 1,404 | 976 | 2,863 | 1,645 | |||||||||||
| Research and development | 12,040 | 20,843 | 27,520 | 47,148 | |||||||||||
| Selling, general and administrative | 17,432 | 25,716 | 39,185 | 52,425 | |||||||||||
| Total operating expenses | 30,876 | 47,535 | 69,568 | 101,218 | |||||||||||
| Income (loss) from operations | 11,516 | (36,962 | ) | (14,230 | ) | (83,743 | ) | ||||||||
| Other income (expense) | |||||||||||||||
| Interest income | 643 | 50 | 1,359 | 59 | |||||||||||
| Interest expense | (2,710 | ) | (2,407 | ) | (5,799 | ) | (4,672 | ) | |||||||
| Other income (expense) | 569 | (127 | ) | 1,093 | (282 | ) | |||||||||
| Total other income (expense), net | (1,498 | ) | (2,484 | ) | (3,347 | ) | (4,895 | ) | |||||||
| Income (loss) before income taxes | 10,018 | (39,446 | ) | (17,577 | ) | (88,638 | ) | ||||||||
| Income tax expense | 1,308 | — | 1,308 | — | |||||||||||
| Net income (loss) | $ | 8,710 | $ | (39,446 | ) | $ | (18,885 | ) | $ | (88,638 | ) | ||||
| Earnings per share attributable to common stockholders: | |||||||||||||||
| Basic | $ | 0.17 | $ | (0.92 | ) | $ | (0.37 | ) | $ | (2.08 | ) | ||||
| Diluted | $ | 0.14 | $ | (0.92 | ) | $ | (0.37 | ) | $ | (2.08 | ) | ||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 51,667,099 | 42,707,703 | 51,657,456 | 42,697,508 | |||||||||||
| Diluted | 61,040,507 | 42,707,703 | 51,657,456 | 42,697,508 | |||||||||||
FAQ
What is the total revenue reported by G1 Therapeutics for Q2 2023?
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