Imago BioSciences Reports Third Quarter 2021 Financial Results and Provides Recent Business Updates
Imago BioSciences (Nasdaq: IMGO) reported its Q3 2021 financial results, highlighting a cash position of $230.4 million and a net loss of $11.7 million, an increase from $4.3 million in Q3 2020. The company has accelerated its pipeline, completing enrollment in the Phase 2 trial of bomedemstat for myelofibrosis and announcing two oral presentations at the upcoming ASH meeting. The inclusion in the Russell 2000 Index and the Orphan Drug Designation for bomedemstat in essential thrombocythemia from the EMA further bolster its market presence.
- Cash position of $230.4 million as of September 30, 2021.
- Completion of enrollment in Phase 2 trial for myelofibrosis.
- Inclusion in the Russell 2000 Index, enhancing market visibility.
- Orphan Drug Designation for bomedemstat by the EMA, providing potential market advantages.
- Net loss of $11.7 million in Q3 2021, up from $4.3 million in Q3 2020.
- R&D expenses rose to $8.7 million, indicating increased operational costs.
SOUTH SAN FRANCISCO, Calif., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Imago BioSciences, Inc. (“Imago”) (Nasdaq: IMGO), a clinical-stage biopharmaceutical company discovering new medicines for the treatment of myeloproliferative neoplasms (MPNs), today reported financial results for the third quarter ended September 30, 2021 and highlighted recent corporate updates.
“Over the third quarter we have built upon the momentum of our recent initial public offering and concurrent private placement that resulted in gross proceeds of
Recent Corporate Developments and Pipeline Updates
- Announced Oral Data Presentations at the Upcoming 63rd American Society of Hematology Annual Meeting and Exposition. In November 2021, Imago announced that two abstracts have been accepted for oral presentation at the ASH, to be held December 11-14, 2021: “A Phase 2 Study of the LSD1 Inhibitor IMG-7289 (bomedemstat) for the Treatment of Advanced Myelofibrosis”; and “A Phase 2 Study of the LSD1 Inhibitor IMG-7289 (bomedemstat) for the Treatment of Essential Thrombocythemia (ET)”.
- Russell 2000® Index Inclusion: In September 2021, Imago announced its inclusion in the Russell 2000® Index as part of the Index's quarterly IPO additions.
- Granted Orphan Drug Designation for Bomedemstat in Essential Thrombocythemia (ET) from the European Medicines Agency (EMA): In July 2021, Imago announced that its lead asset, bomedemstat, was granted Orphan Drug Designation by the EMA for the treatment of ET. Under Orphan Drug Designation, bomedemstat potentially qualifies for incentives such as 10 years of market exclusivity, reduced fees for regulatory activities, and protocol assistance.
- Successful Completion of Initial Public Offering (IPO): In July 2021, Imago completed an initial public offering and concurrent private placement with Pfizer resulting in gross proceeds of
$174.6 million .
Third Quarter 2021 Financial Results
- Cash and Cash Equivalents: As of September 30, 2021, Imago had cash, cash equivalents, restricted cash and short-term investments of
$230.4 million . - Research & Development (R&D) Expenses: R&D expenses for the quarter ended September 30, 2021 were
$8.7 million (including stock-based compensation expense of$0.2 million ) as compared to$3.6 million for the same period in 2020. The overall increase in R&D expenses was related to the continuation of the Phase 2 clinical studies in ET and MF, as well as startup costs for a Phase 2 extension study to accommodate those patients who wish to continue to receive bomedemstat, continued development of commercial material and material to support the ongoing and new clinical trials, and salaries and non-cash stock-based compensation expense for R&D employees as we ramped up our operations. - General and Administrative (G&A) Expenses: G&A expenses for the quarter ended September 30, 2021 were
$3.0 million (including stock-based compensation expense of$0.5 million ) as compared to$0.7 million for the same period in 2020. - Net Loss: Net loss for the quarter ended September 30, 2021 was
$11.7 million compared to$4.3 million for the same period in 2020.
About Imago BioSciences
Imago BioSciences is a clinical-stage biopharmaceutical company discovering and developing novel small molecule product candidates that target lysine-specific demethylase 1 (LSD1), an enzyme that plays a central role in the production of blood cells in the bone marrow. Imago is focused on improving the quality and length of life for patients with cancer and bone marrow diseases. Bomedemstat, an orally available, small molecule inhibitor of LSD1, is the lead product candidate discovered by Imago for the treatment of certain myeloproliferative neoplasms (MPNs), a family of related, chronic cancers of the bone marrow. Imago is evaluating Bomedemstat as a potentially disease-modifying therapy in two Phase 2 clinical trials for the treatment of essential thrombocythemia (NCT04254978) and myelofibrosis (NCT03136185). Bomedemstat has U.S. FDA Orphan Drug and Fast Track Designation for the treatment of ET and MF, European Medicines Agency (EMA) Orphan Designation for the treatment of ET and MF, and PRIority MEdicines (PRIME) Designation by the EMA for the treatment of MF. The company is based in South San Francisco, California. To learn more, visit www.imagobio.com, www.myelofibrosisclinicalstudy.com, www.etclinicalstudy.com and follow us on Twitter @ImagoBioRx, Facebook and LinkedIn.
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 “anticipates,” “may,” “will,” “should,” “expect,” “believe” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements.
These statements may relate to, but are not limited to, the results, conduct, progress and timing of Imago clinical trials, the regulatory approval path for bomedemstat, plans for future operations, and the impact of the ongoing COVID-19 pandemic and the development of new variants of COVID-19, such as the delta variant, on enrollment of our clinical trials, as well as assumptions relating to the foregoing. Forward looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. You should not put undue reliance on any forward-looking statements. Forward looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.
Except as required by law, Imago does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contacts:
Media Contact:
Will Zasadny
Canale Communications
will.zasadny@canalecomm.com
Company Contact:
Laura Eichorn
Interim Chief Financial Officer
laura.eichorn@imagobio.com
IMAGO BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
| SEPTEMBER 30, | DECEMBER 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 85,209 | $ | 19,266 | ||||
| Short-term investments | 145,144 | 57,375 | ||||||
| Prepaid expenses and other current assets | 4,245 | 1,181 | ||||||
| Total current assets | 234,598 | 77,822 | ||||||
| Property and equipment, net | 7 | 8 | ||||||
| Long-term investments | — | 19,689 | ||||||
| Other long-term assets | 2,670 | 1,414 | ||||||
| Total assets | $ | 237,275 | $ | 98,933 | ||||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,905 | $ | 1,379 | ||||
| Accrued and other current liabilities | 7,006 | 3,726 | ||||||
| Total current liabilities | 8,911 | 5,105 | ||||||
| Commitments and contingencies | ||||||||
| Convertible preferred stock, | — | 162,612 | ||||||
| Stockholders’ equity (deficit): | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 3 | — | ||||||
| Additional paid-in capital | 326,272 | 1,561 | ||||||
| Accumulated other comprehensive income (loss) | 16 | (3 | ) | |||||
| Accumulated deficit | (97,927 | ) | (70,342 | ) | ||||
| Total stockholders’ equity (deficit) | 228,364 | (68,784 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ | 237,275 | $ | 98,933 | ||||
IMAGO BIOSCIENCES, INC.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 8,680 | $ | 3,576 | $ | 20,551 | $ | 10,622 | ||||||||
| General and administrative | 3,040 | 734 | 7,159 | 1,884 | ||||||||||||
| Total operating expenses | 11,720 | 4,310 | 27,710 | 12,506 | ||||||||||||
| Loss from operations | (11,720 | ) | (4,310 | ) | (27,710 | ) | (12,506 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest income | 72 | 8 | 241 | 14 | ||||||||||||
| Change in fair value of convertible preferred stock tranche liability | — | — | — | 214 | ||||||||||||
| Other expense, net | (22 | ) | (6 | ) | (116 | ) | (5 | ) | ||||||||
| Total other income, net | 50 | 2 | 125 | 223 | ||||||||||||
| Net loss | $ | (11,670 | ) | $ | (4,308 | ) | $ | (27,585 | ) | $ | (12,283 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.44 | ) | $ | (4.23 | ) | $ | (2.85 | ) | $ | (12.06 | ) | ||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 26,671,511 | 1,018,119 | 9,688,747 | 1,018,119 | ||||||||||||
FAQ
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