Poseida Therapeutics Provides Financial Results for the Second Quarter of 2023
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"In the second quarter, we continued to make strong progress while sharpening our focus on our clinical pipeline and research efforts," said Mark Gergen, Chief Executive Officer of the Company. "As announced yesterday, we received a strategic investment from Astellas, which is comprised of the purchase of 8,333,333 shares of common stock at
Financial Results for the Second Quarter 2023
Revenues
Revenues were
Research and Development Expenses
Research and development expenses were
For the six months ended June 30, 2023, research and development expenses were
General and Administrative Expenses
General and administrative expenses for the three months ended June 30, 2023 were
For the six months ended June 30, 2023 and 2022, general and administrative expenses were
Net Loss
Net loss was
Cash Position
As of June 30, 2023, the Company's cash, cash equivalents and short-term investments balance was
About Poseida Therapeutics, Inc.
Poseida Therapeutics is a clinical-stage biopharmaceutical company advancing differentiated cell and gene therapies with the capacity to cure certain cancers and rare diseases. The Company's pipeline includes allogeneic CAR-T cell therapy product candidates for both solid and liquid tumors as well as in vivo gene therapy product candidates that address patient populations with high unmet medical need. The Company's approach to cell and gene therapies is based on its proprietary genetic editing platforms, including its non-viral piggyBac® DNA Delivery System, Cas-CLOVER™ Site-Specific Gene Editing System and nanoparticle and hybrid gene delivery technologies. The Company has formed a global strategic collaboration with Roche to unlock the promise of cell therapies for patients. Learn more at www.poseida.com and connect with Poseida on Twitter and LinkedIn.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, expected plans with respect to clinical trials, including timing of regulatory submissions and approvals and clinical data updates; potential fees, milestones and other payments that the Company may receive pursuant to its collaboration agreement with Roche; anticipated timelines and milestones with respect to the Company's development programs and manufacturing activities and capabilities; the potential capabilities and benefits of the Company's technology platforms and product candidates; estimates of the Company's cash balance, expenses, capital requirements, any future revenue, and need for additional financing; the Company's ability to attract and/or retain new and existing collaborators with relevant expertise and its expectations regarding the potential benefits to be derived from any such collaborations; and the Company's plans and strategy with respect to developing its technologies and product candidates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon the Company's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the Company's reliance on third parties for various aspects of its business; risks and uncertainties associated with development and regulatory approval of novel product candidates in the biopharmaceutical industry; the Company's ability to retain key scientific or management personnel; the fact that the Company will have limited control over the efforts and resources that Roche devotes to advancing development programs under its collaboration agreement and the Company may not receive the potential fees and payments under the collaboration agreement and the ability of Roche to early terminate the collaboration, such that the Company may not fully realize the benefits of the collaboration; and the other risks described in the Company's filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Poseida Therapeutics, Inc. | ||||||||||||||||
Selected Financial Data (In thousands, except share and per share amounts) | ||||||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues: | ||||||||||||||||
Collaboration revenue | $ | 20,013 | $ | 2,700 | $ | 30,356 | $ | 4,135 | ||||||||
Total revenue | 20,013 | 2,700 | 30,356 | 4,135 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 39,192 | 35,008 | 77,244 | 83,858 | ||||||||||||
General and administrative | 8,676 | 9,237 | 20,483 | 18,782 | ||||||||||||
Total operating expenses | 47,868 | 44,245 | 97,727 | 102,640 | ||||||||||||
Loss from operations | (27,855) | (41,545) | (67,371) | (98,505) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (2,141) | (1,543) | (4,169) | (2,620) | ||||||||||||
Other income, net | 2,540 | 52 | 5,237 | 32 | ||||||||||||
Net loss | $ | (27,456) | $ | (43,036) | $ | (66,303) | $ | (101,093) | ||||||||
Net loss per share, basic and diluted | $ | (0.32) | $ | (0.69) | $ | (0.77) | $ | (1.61) | ||||||||
Weighted-average number of shares outstanding, basic and diluted | 86,794,697 | 62,713,363 | 86,531,422 | 62,635,074 | ||||||||||||
SELECTED BALANCE SHEET DATA | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
(Unaudited) | ||||||||||||||||
Cash, cash equivalents and short-term investments | $ | 214,606 | $ | 282,493 | ||||||||||||
Total assets | 281,215 | 351,837 | ||||||||||||||
Total liabilities | 145,914 | 164,242 | ||||||||||||||
Total stockholders' equity | 135,301 | 187,595 |
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SOURCE Poseida Therapeutics, Inc.