Silverback Therapeutics Reports First Quarter 2022 Financial Results and Provides Business Update
Silverback Therapeutics, Inc. (SBTX) reported significant advancements in its lead program SBT8230 for chronic hepatitis B during Q1 2022, expecting a regulatory submission by Q4 2022 and Phase 1 study initiation in Q1 2023. Financially, the company posted a net loss of $24.6 million, up from $18.9 million year-over-year. Research and development expenses rose to $16.9 million from $12.2 million due to escalating preclinical costs. As of March 31, 2022, cash reserves stood at $298.1 million, anticipated to cover operational costs until mid-2026.
- Advancement in SBT8230 program for chronic hepatitis B with potential for functional cure.
- Regulatory submission on track for Q4 2022, with Phase 1 study initiation expected in Q1 2023.
- Current cash reserves of $298.1 million projected to fund operations into H2 2026.
- Net loss increased to $24.6 million in Q1 2022 from $18.9 million in Q1 2021.
- Research and development expenses rose to $16.9 million, indicating higher spending with no revenue reported.
“In the first quarter of 2022, we have made significant progress in advancing the preclinical development of SBT8230, a first-in-class antibody-drug conjugate that we believe has the potential to drive functional cure in patients with chronic hepatitis B (cHBV) by eliciting a liver-localized anti-viral response,” said
SBT8230 (ASGR1-TLR8 ImmunoTAC conjugate for chronic HBV)
- Initiated Phase 1-enabling toxicology study for SBT8230 in the first quarter of 2022 and on track to complete Phase 1 regulatory submission in the fourth quarter of 2022. Silverback expects to open enrollment for the single ascending dose healthy volunteer cohort of the Phase 1 study in the first quarter of 2023 and anticipates reporting data from this portion of the study in the second half of 2023. SBT8230 is comprised of an ASGR1 monoclonal antibody conjugated to a TLR8 linker-payload. ASGR1 is highly expressed in liver and is restricted in its expression to this organ. SBT8230 is designed to elicit a liver-localized anti-viral immune response and has the potential to improve the therapeutic window observed with untargeted, orally administered TLR8 agonists in cHBV, which have shown promise preclinically, but have been limited by toxicities in the clinic associated with immune activation in the gastrointestinal tract.
ImmunoTAC Discovery Programs
- Silverback continues to advance discovery programs, with an update anticipated in the fourth quarter of 2022. Discovery efforts are focused on evaluating and developing new antigen binding domains specific for targets of interest (including antibodies), next-generation linker technologies, and both agonist and antagonist small molecule payloads, that may be combined to create novel tissue-targeted antibody conjugates.
First Quarter Financial Results
For the first quarter ended
Research and development expenses for the first quarter ended
General and administrative expenses for the first quarter ended
As of
About
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, Silverback’s plans and ability to bring new treatments to patients in need, including the progress and expected timing of Silverback’s drug development programs and planned clinical trials, the timing for data and program updates, the potential benefits of SBT8230, the strength of Silverback’s balance sheet and the adequacy of cash on hand. Factors that may cause actual results to differ materially include the risk that compounds that appeared promising in early research or preclinical trials do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that Silverback may not obtain approval to market its product candidates, uncertainties associated with regulatory filings and applications, risks associated with reliance on third parties to successfully conduct research, preclinical studies or clinical trials, the risks associated with reliance on outside financing to meet capital requirements, and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "promise," "potential," "expects," "plans," "anticipates," "intends," "continues," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties that Silverback faces, please refer to Silverback’s periodic and other filings with the
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Condensed Balance Sheets |
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(in thousands, except share and par value data) |
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(unaudited) |
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2022 |
2021 |
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Assets |
|
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Current assets: |
|
|
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Cash and cash equivalents |
$ |
233,989 |
|
$ |
254,045 |
|
||
Short-term investments |
|
19,858 |
|
|
— |
|
||
Prepaid expenses and other current assets |
|
7,485 |
|
|
7,447 |
|
||
Total current assets |
|
261,332 |
|
|
261,492 |
|
||
Long-term investments |
|
43,973 |
|
|
64,780 |
|
||
Restricted cash |
|
250 |
|
|
250 |
|
||
Right-of-use asset |
|
4,484 |
|
|
4,733 |
|
||
Property and equipment, net |
|
2,430 |
|
|
2,212 |
|
||
Total assets |
$ |
312,469 |
|
$ |
333,467 |
|
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Liabilities and stockholders’ equity |
|
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Current liabilities: |
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Accounts payable |
$ |
2,631 |
|
$ |
2,078 |
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Accrued expenses |
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11,054 |
|
|
11,727 |
|
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Current portion of lease liability |
|
1,123 |
|
|
1,087 |
|
||
Total current liabilities |
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14,808 |
|
|
14,892 |
|
||
Lease liability, net of current portion |
|
4,431 |
|
|
4,760 |
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Total liabilities |
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19,239 |
|
|
19,652 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred Stock, |
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— |
|
|
— |
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Common stock, |
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4 |
|
|
4 |
|
||
Additional paid-in capital |
|
505,317 |
|
|
500,349 |
|
||
Accumulated other comprehensive loss |
|
(1,248 |
) |
|
(326 |
) |
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Accumulated deficit |
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(210,843 |
) |
|
(186,212 |
) |
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Total stockholders’ equity |
|
293,230 |
|
|
313,815 |
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Total liabilities and stockholders’ equity |
$ |
312,469 |
|
$ |
333,467 |
|
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Condensed Statements of Operations and Comprehensive Loss |
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(in thousands, except share and per share data) |
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(unaudited) |
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Three Months Ended
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2022 |
2021 |
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Operating expenses: |
|
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Research and development |
$ |
16,897 |
|
$ |
12,239 |
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General and administrative |
|
7,801 |
|
|
6,646 |
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Total operating expenses |
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24,698 |
|
|
18,885 |
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Loss from operations |
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(24,698 |
) |
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(18,885 |
) |
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Interest income, net |
|
67 |
|
|
18 |
|
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Net loss |
$ |
(24,631 |
) |
$ |
(18,867 |
) |
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Unrealized loss on available-for-sale securities |
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(922 |
) |
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— |
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Comprehensive loss |
$ |
(25,553 |
) |
$ |
(18,867 |
) |
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Net loss per share, basic and diluted |
$ |
(0.70 |
) |
$ |
(0.54 |
) |
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Weighted-average shares used in computing net loss per share, basic and diluted |
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35,114,131 |
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34,773,950 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005266/en/
Investor Contact:
(206) 736-7946
ir@silverbacktx.com
Media Contact:
(619) 849-6005
jason.spark@canalecomm.com
Source:
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