Lumos Pharma Announces Positive End-of-Phase 2 Meeting with FDA and Reports First Quarter 2024 Financial Results
Lumos Pharma reported positive outcomes from its End-of-Phase 2 meeting with the FDA, supporting a placebo-controlled Phase 3 trial of LUM-201. The company shared promising 12 and 24-month data from Phase 2 OraGrowtH trials, showing significant growth increases from baseline. Full 12-month data demonstrated AHVs of 8.2 cm/yr and 7.6 cm/yr at 6 and 12 months, respectively. Financially, Lumos Pharma reported a net loss of $10.4 million for Q1 2024, with cash reserves of $23.2 million, expected to support operations through Q3 2024. R&D expenses rose to $7.2 million, while G&A expenses decreased to $3.8 million.
- FDA supports a placebo-controlled Phase 3 trial for LUM-201.
- Phase 2 OraGrowtH trials show significant growth increases: 8.2 cm/yr at 6 months, 7.6 cm/yr at 12 months.
- Durable growth effect sustained to 24 months with AHVs of 8.1 cm/yr and 7.3 cm/yr.
- LUM-201 demonstrated a more moderate year-2 decline in AHV vs. historical benchmarks.
- Favorable investigational safety profile reported.
- Net loss increased to $10.4 million for Q1 2024.
- Cash reserves dropped to $23.2 million, expected to cover operations only through Q3 2024.
- R&D expenses surged by $2.9 million, driven by increased licensing and clinical trial costs.
- cash runway may pose funding risks if Phase 3 trial is delayed.
Insights
Examining Lumos Pharma's recent financial results alongside their clinical updates provides a mixed picture. Their cash position has decreased from
The net loss of
The positive feedback from the FDA regarding the placebo-controlled Phase 3 trial design for LUM-201 is a significant milestone. It highlights the FDA's confidence in LUM-201's mechanism of action as a growth hormone secretagogue, which is unique compared to existing therapies. The planned Phase 3 trial will involve 150 patients and will be pivotal for the drug's approval. If successful, LUM-201 could become the first oral treatment for moderate pediatric growth hormone deficiency.
Updated data from the Phase 2 OraGrowtH210 and OraGrowtH212 trials show a significant increase in annualized height velocity (AHV) and a durable effect up to 24 months. The year-2 decline in AHV for LUM-201 is also notably lower compared to historical benchmarks for injectable growth hormone, which could indicate a more stable long-term benefit profile. The safety profile continues to be favorable, which is critical for a pediatric population.
For investors, the continued positive clinical data and FDA support suggest potential long-term value. However, the clinical trial timeline and potential regulatory hurdles remain risks, necessitating patience and a long-term perspective.
Outcome from End-of-Phase 2 Meeting Supportive of a Placebo-Controlled Phase 3 Trial
Updated 12 and 24-Month Data from Phase 2 OraGrowtH210 and OraGrowtH212 Trials Continue to Show Oral LUM-201 Achieves Significant Increase in Growth from Baseline, Durable Effect to 24 Months
Company to Host Conference Call May 15, 2024, at 8:30AM ET
AUSTIN, Texas, May 14, 2024 (GLOBE NEWSWIRE) -- Lumos Pharma, Inc. (NASDAQ:LUMO), a clinical stage biopharmaceutical company focused on therapeutics for rare diseases, today announced the outcome from its End-of-Phase 2 meeting with the FDA, provided a clinical programs update, and reported financial results for the quarter ended March 31, 2024.
"We are pleased to announce that, earlier this quarter, we had a very productive End-of-Phase 2 meeting with the FDA," said Rick Hawkins, Chairman and CEO of Lumos Pharma. "In this review, the FDA recognized LUM-201's unique mechanism as a growth hormone secretagogue and acknowledged the use of a placebo-controlled clinical trial design as an appropriate option for a LUM-201 Phase 3 trial. Based on the FDA’s feedback, we plan to move forward with a proposal for a single Phase 3 study that will be a double-blinded, placebo-controlled clinical trial with a 2:1 randomization in approximately 150 patients. We expect to finalize design details with the FDA in the third quarter and to be in position to initiate this trial before the end of this year.
"In addition to our encouraging engagement with the FDA, we are also very pleased to share updated data from our Phase 2 OraGrowtH trials. These data continue to show that LUM-201 produces a significant increase in growth from baseline in annualized height velocity (AHV) at 6 and 12 months in per protocol analysis. Combined data also suggest durable benefit out to 24 months.
"We believe these developments have positioned us to advance LUM-201 toward both a Phase 3 registrational trial and potential approval of LUM-201 as the first oral therapeutic for moderate pediatric growth hormone deficiency," Rick Hawkins concluded.
Recent Highlights
- End of Phase 2 Meeting Held with FDA
- FDA indicated that a placebo-controlled trial design is an appropriate option for a Phase 3 trial for LUM-201. We believe this reflects FDA’s recognition of unique qualities of LUM-201’s mechanism of action as a growth hormone secretagogue.
- Proposal for a Phase 3 trial to include a 12-month double-blinded, placebo-controlled design with 2:1 randomization, ~150 patients with the placebo-controlled portion of the study lasting six months, which we believe will improve the likelihood of success when compared to a non-inferiority study.
- Planning is ongoing, and the Company expects to initiate a Phase 3 trial of LUM-201 in Q4 2024, subject to FDA approval.
- Updated LUM-201 Data from Combined OraGrowtH210 and OraGrowtH212 Trials
- Additional data continue to show durable LUM-201 treatment effect to 12 and 24 months.
- Full 12-month data from OraGrowtH210 demonstrated LUM-201 produces significant increase in growth from baseline with AHVs of 8.2 cm/yr (N=22) and 7.6 cm/yr (N=21) at 6 and 12 months, respectively, at the 1.6 mg/kg dose vs. 4.7 cm/yr baseline growth (N=13).*
- Full 12-month data from OraGrowtH210 continued to show durable effect to 12 months for all LUM-201 cohorts and 1.6 mg/kg/day as optimal dose to advance to Phase 3.
- Updated combined data from OraGrowtH210 and OraGrowtH212 trials continued to demonstrate LUM-201 AHV durable to 24 months with per protocol-24M (N=12) AHV of 8.1 cm/yr and 7.3 cm/yr at 12 and 24 months, respectively.
- More moderate year-2 decline in AHV of
9.9% for LUM-201 compared to year-2 decline in AHV of19.7% observed in historical rhGH benchmarks likely due to LUM-201 restoration of GH and IGF-1 to normal levels via amplification of physiologic pulsatile secretion of growth hormone within the natural endocrine feedback loop. - Investigational safety profile continues to be favorable.
- Data from Phase 2 OraGrowtH210 and OraGrowtH212 Trials Presented at Medical Meetings in US and Europe
- Pediatric Endocrinology Society (PES)
- 10th International Congress of the Growth Hormone Research Society (GRS)
- European Congress of Endocrinology (ECE)
- Data presented at these medical conferences demonstrate that, by augmenting the natural pulsatile secretion of growth hormone, LUM-201 produces comparable growth to injectable rhGH with significantly less exposure to circulating growth hormone.
- Additional Data from Phase 2 OraGrowtH Trials to be Presented in Q2 2024
- Full 12-Month OraGrowtH212 data, additional analyses of OraGrowtH210 data, and updated combined 24-month data to be presented in Q2 2024
- Two abstracts accepted for poster presentation at the Endocrine Society (ENDO) Annual Meeting
*Baseline AHV data were not required for enrollment; baseline data available for N=13 subjects.
Financial Results for Quarter Ended March 31, 2024
Cash Position – Lumos Pharma ended the quarter on March 31, 2024, with cash, cash equivalents, and short-term investments totaling
R&D Expenses – Research and development expenses for the quarter ended March 31, 2024, were
G&A Expenses – General and administrative expenses for the quarter ended March 31, 2024, were
Net Loss – The net loss for the quarter ended March 31, 2024, was
Lumos Pharma ended Q1 2024 with 8,107,121 shares outstanding.
Conference Call and Webcast Details
Date: Wednesday, May 15, 2024
Time: 8:30am ET
Dial-in: 1-877-407-9716 or 1-201-493-6779 (International)
Conference ID: 13746447
Dial-in registration (Available 15 minutes prior to scheduled start time): Click Here
Webcast: Click Here
About Lumos Pharma
Lumos Pharma, Inc. is a clinical stage biopharmaceutical company focused on the development and commercialization of therapeutics for rare diseases. The Company was founded and is led by a management team with longstanding experience in rare disease drug development. Lumos Pharma’s lead therapeutic candidate, LUM-201, is a novel, oral growth hormone (GH) secretagogue, seeking to transform the ~
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of Lumos Pharma, Inc. that involve substantial risks and uncertainties. All such statements contained in this press release are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. A law that, in part, gives us the opportunity to share our outlook for the future without fear of litigation if it turns out our predictions were not correct.
We are passionate about our business - including LUM-201 and the potential it may have to help patients in the clinic. This passion feeds our optimism that our efforts will be successful and bring about meaningful change for patients. Please keep in mind that actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make.
We have attempted to identify forward-looking statements by using words such as "projected," "upcoming," "will," "would," "plan," "intend," "anticipate," "approximate," "expect," "potential," "imminent," and similar references to future periods or the negative of these terms. Not all forward-looking statements contain these identifying words. Examples of forward-looking statements include, among others, statements we make regarding that our FDA meeting was supportive of a placebo-controlled Phase 3 trial, that we expect to finalize design details with the FDA in the third quarter and to be in position to initiate this trial before the end of this year, that the data continue to show that LUM-201 produces a significant increase in growth from baseline in annualized height velocity (AHV) at 6 and 12 months in per protocol analysis, that combined data also suggest durable benefit out to 24 months, that we plan to move forward with a proposal for a Phase 3 study that will be a double-blinded, placebo-controlled clinical trial with a 2:1 randomization in approximately 150 patients, that we believe this reflects the FDA’s recognition of unique qualities of LUM-201’s mechanism of action as a growth hormone secretagogue, that we believe these developments have positioned us to advance LUM-201 towards a Phase 3 registrational trial and toward potential approval of LUM-201 as the first oral therapeutic for moderate pediatric growth hormone deficiency, that we believe the study design will improve the likelihood of success when compared to a non-inferiority study, that the investigational safety profile continues to be favorable, that cash on hand is expected to support operations through Q3 2024, which is inclusive of Phase 3 planning and preparatory activities, and any other statements other than statements of historical fact.
We wish we were able to predict the future with
We anticipate that subsequent events and developments will cause our views to change. We may choose to update these forward-looking statements at some point in the future, however, we disclaim any obligation to do so. As a result, you should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Investor & Media Contact:
Lisa Miller
Lumos Pharma Investor Relations
512-792-5454
ir@lumos-pharma.com
| Lumos Pharma, Inc. | ||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||
| (unaudited) | ||||||||
| (In thousands, except share and per share amounts) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenues: | ||||||||
| Royalty revenue | $ | 165 | $ | 691 | ||||
| Total revenues | 165 | 691 | ||||||
| Operating expenses: | ||||||||
| Research and development | 7,248 | 4,369 | ||||||
| General and administrative | 3,779 | 4,357 | ||||||
| Total operating expenses | 11,027 | 8,726 | ||||||
| Loss from operations | (10,862 | ) | (8,035 | ) | ||||
| Other income and expense: | ||||||||
| Other income, net | 263 | 119 | ||||||
| Interest income | 158 | 570 | ||||||
| Other income, net | 421 | 689 | ||||||
| Net loss | $ | (10,441 | ) | $ | (7,346 | ) | ||
| Net loss per share: | ||||||||
| Basic and diluted | $ | (1.29 | ) | $ | (0.89 | ) | ||
| Weighted average number of common shares outstanding: | ||||||||
| Basic and diluted | 8,104,905 | 8,239,941 | ||||||
| Other comprehensive income: | ||||||||
| Unrealized gain on short-term investments | — | 4 | ||||||
| Total comprehensive loss | $ | (10,441 | ) | $ | (7,342 | ) | ||
| Lumos Pharma, Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share amounts) | |||||||
| March 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 23,179 | $ | 35,078 | |||
| Short-term investments | — | 999 | |||||
| Prepaid expenses and other current assets | 4,184 | 3,748 | |||||
| Income tax receivable | 181 | 210 | |||||
| Total current assets | 27,544 | 40,035 | |||||
| Non-current assets: | |||||||
| Right-of-use asset | 534 | 603 | |||||
| Total assets | $ | 28,078 | $ | 40,638 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 569 | $ | 890 | |||
| Accrued expenses | 3,552 | 5,858 | |||||
| Current portion of lease liability | 293 | 282 | |||||
| Total current liabilities | 4,414 | 7,030 | |||||
| Long-term liabilities: | |||||||
| Royalty obligation payable to Iowa Economic Development Authority | 6,000 | 6,000 | |||||
| Lease liability | 225 | 303 | |||||
| Total liabilities | 10,639 | 13,333 | |||||
| Commitments and contingencies: | |||||||
| Stockholders' equity: | |||||||
| Undesignated preferred stock, | — | — | |||||
| Common stock, | 81 | 81 | |||||
| Treasury stock, at cost, 24,886 and 23,173 shares at March 31, 2024 and December 31, 2023, respectively | (201 | ) | (196 | ) | |||
| Additional paid-in capital | 189,517 | 188,937 | |||||
| Accumulated deficit | (171,958 | ) | (161,517 | ) | |||
| Total stockholders' equity | 17,439 | 27,305 | |||||
| Total liabilities and stockholders' equity | $ | 28,078 | $ | 40,638 | |||
FAQ
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