Poseida Therapeutics Provides Updates and Financial Results for the First Quarter of 2022
Poseida Therapeutics (Nasdaq: PSTX) announced its Q1 2022 financial results, reporting revenues of $1.4 million, up from $0 in Q1 2021, attributed to a collaboration with Takeda. However, net loss increased to $58.1 million compared to $38.3 million in 2021. R&D expenses rose to $48.9 million due to increased clinical activities and manufacturing capacity reductions. The company's cash position stands at $183.5 million. Poseida is advancing multiple CAR-T and gene therapy programs, with plans for clinical data updates later in 2022.
- First-ever revenue of $1.4 million from Takeda collaboration.
- Advance of three CAR-T clinical programs, enhancing potential market position.
- Net loss increased to $58.1 million, a significant rise year-over-year.
- R&D expenses surged to $48.9 million, driven by clinical trial costs and discontinued manufacturing.
SAN DIEGO, May 12, 2022 /PRNewswire/ -- Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage biopharmaceutical company utilizing proprietary genetic engineering platform technologies to create cell and gene therapeutics with the capacity to cure, today announced updates and financial results for the first quarter ended March 31, 2022.
"2022 is shaping up to be an exciting year for the Company, as we work to demonstrate the differentiation of our CAR-T programs in the clinic and advance our wholly owned and partnered gene therapy programs towards IND-enabling studies," said Mark Gergen, Chief Executive Officer of Poseida. "We now have three clinical CAR-T programs recruiting and enrolling, including two allogeneic product candidates, P-MUC1C-ALLO1 and P-BCMA-ALLO1 for solid tumors and multiple myeloma, respectively, as well as our P-PSMA-101 autologous CAR-T program for metastatic castrate resistant prostate cancer. As we and the industry navigate current market dynamics, we are focused on efficient resource utilization and prioritization, including our decision in the first quarter to reduce autologous manufacturing capacity as we focus on the emergence of our allogeneic CAR-T programs. Additionally, we are fortunate to be advancing our platform technologies with partners such as Takeda, and we continue to evaluate other partnership opportunities that may allow us to pursue more opportunities and get access to resources and non-dilutive capital."
CAR-T Programs
The Company currently has three ongoing CAR-T programs in the clinic. These include two allogeneic CAR-T programs progressing in Phase 1 clinical trials: P-BCMA-ALLO1, which is being evaluated in patients with relapsed/refractory multiple myeloma (R/R MM), and P-MUC1C-ALLO1, which is being evaluated in a wide range of solid tumors derived from epithelial cells, including breast and ovarian cancers. These programs are moving forward with planned clinical data updates in each allogeneic program in the second half of 2022. The Company is also advancing its autologous P-PSMA-101 product candidate being developed to treat patients with metastatic castrate-resistant prostate cancer (mCRPC) in an ongoing Phase 1 dose escalation trial.
Gene Therapy Programs
The Company is advancing multiple gene therapy programs in liver-directed diseases, including its wholly owned P-OTC-101 program for the in vivo treatment of the urea cycle disease caused by congenital mutations in the ornithine transcarbamylase (OTC) gene. The Company is currently determining the best path forward for this program and will update expected timing on program advancement once that evaluation is complete.
The Company is also advancing its P-FVIII-101 program partnered with Takeda Pharmaceuticals USA, Inc. (Takeda), which is in development for the in vivo treatment of Hemophilia A. P-FVIII-101 utilizes piggyBac gene modification delivered via lipid nanoparticle and has demonstrated stable and sustained Factor VIII expression in animal models.
Revenues
Revenues were
Research and Development Expenses
Research and development expenses were
General and Administrative Expenses
General and administrative expenses were
Net Loss
Net loss was
Cash Position
As of March 31, 2022, the Company's cash and cash equivalents balance was
Poseida Therapeutics is a clinical-stage biopharmaceutical company dedicated to utilizing our proprietary genetic engineering platform technologies to create next generation cell and gene therapeutics with the capacity to cure. We have discovered and are developing a broad portfolio of product candidates in a variety of indications based on our core proprietary platforms, including our non-viral piggyBac® DNA Delivery System, Cas-CLOVER™ Site-specific Gene Editing System and nanoparticle- and AAV-based gene delivery technologies. Our core platform technologies have utility, either alone or in combination, across many cell and gene therapeutic modalities and enable us to engineer our portfolio of product candidates that are designed to overcome the primary limitations of current generation cell and gene therapeutics. To learn more, visit www.poseida.com and connect with us on Twitter and LinkedIn.
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, the potential benefits of Poseida's technology platforms and product candidates, Poseida's plans and strategy with respect to developing its technologies and product candidates, Poseida's ability to prioritize and utilize its resources efficiently and expected benefits from any such prioritization, and anticipated timelines and milestones with respect to Poseida's development programs and manufacturing activities. 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 Poseida'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, risks and uncertainties associated with development and regulatory approval of novel product candidates in the biopharmaceutical industry and the other risks described in Poseida'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. Poseida 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 | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and per share amounts) | ||||||||
STATEMENTS OF OPERATIONS | ||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Revenues: | ||||||||
Collaboration revenue | $ | 1,435 | $ | — | ||||
Total revenue | 1,435 | — | ||||||
Operating expenses: | ||||||||
Research and development | 48,850 | 29,095 | ||||||
General and administrative | 9,546 | 8,369 | ||||||
Total operating expenses | 58,396 | 37,464 | ||||||
Loss from operations | (56,961) | (37,464) | ||||||
Other income (expense): | ||||||||
Interest expense | (1,077) | (838) | ||||||
Other expense, net | (19) | (12) | ||||||
Net loss before income tax | (58,057) | (38,314) | ||||||
Income tax expense | — | — | ||||||
Net loss | $ | (58,057) | $ | (38,314) | ||||
Net loss per share, basic and diluted | $ | (0.93) | $ | (0.62) | ||||
Weighted-average shares of common stock, basic and diluted | 62,555,915 | 61,981,081 | ||||||
SELECTED BALANCE SHEET DATA | ||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||
Cash and cash equivalents | $ | 183,489 | $ | 206,325 | ||||||||
Total assets | 248,152 | 269,309 | ||||||||||
Total liabilities | 144,450 | 113,098 | ||||||||||
Total stockholders' equity | 103,702 | 156,211 | ||||||||||
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SOURCE Poseida Therapeutics, Inc.
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