Bellicum Reports First Quarter 2022 Financial Results and Provides Operational Update
12 Maio 2022 - 5:05PM
Bellicum Pharmaceuticals, Inc. (Nasdaq: BLCM), a leader in
developing novel, controllable cellular immunotherapies for
cancers, today reported financial results for the first quarter
2022 and provided an operational update.
“I am pleased with the growing momentum of patient recruitment
and enrollment after recent COVID-19-related delays at our sites,”
said Rick Fair, President and Chief Executive Officer. “We remain
on track to report results from our ongoing BPX-601 and BPX-603
trials early next year. I appreciate our team’s and investigators’
hard work and commitment to execute to plan in 2022.”
Program Highlights
and Current
Updates
BPX-601
GoCAR-T®
- Enrollment in the Phase 1/2 dose
escalation clinical trial in patients with previously treated
metastatic castration-resistant prostate cancer (mCRPC) is ongoing.
The company expects to present a data update on BPX-601 in the
first quarter of 2023.
BPX-603
GoCAR-T
- Enrollment is ongoing in the Phase 1/2 clinical trial for
BPX-603 in patients with solid tumors that express human epidermal
growth factor 2 (HER2), including breast, endometrial, ovarian,
gastric, and colorectal cancers. The company expects to present a
data update on BPX-603 in the first half of 2023.
Financial Results
for the First
Quarter 2022
R&D Expenses: Research and development
expenses were $4.5 million for the first quarter 2022, compared to
$6.5 million for the first quarter 2021. The decrease in R&D
expenses for the first quarter 2022 was primarily due to reduced
expenses related to rivo-cel activities, a discontinued development
program.
G&A Expenses: General and administrative
expenses were $1.5 million in the first quarter 2022 compared to
$2.0 million for the comparable period in 2021. The decrease in
G&A expenses for the first quarter 2022 compared to the first
quarter 2021 was primarily due to reduced share-based compensation
expense.
Loss from
Operations: Bellicum reported a loss from
operations of $5.9 million for the first quarter 2022, compared to
$8.9 for the comparable period in 2021.
Net Income/Loss: Bellicum
reported a net loss of $7.6 million for the first quarter 2022,
compared to a net loss of $11.3 million for the first quarter 2021.
The results included a loss from the change in fair value of
warrant derivative liabilities of $1.6 million for the first
quarter of 2022, which was primarily driven by an increase in our
stock price over the first quarter of 2022.
Shares Outstanding: As of May 9, 2022, Bellicum
had 8,609,661 shares of common stock and 452,000 shares of
preferred stock outstanding. Each share of preferred stock is
convertible into 10 shares of common stock.
Cash Position and Guidance: Bellicum reported
cash and cash equivalents and restricted cash totaling $41.3
million as of March 31, 2022, compared to $47.7 million as of
December 31, 2021.
About Bellicum
Pharmaceuticals
Bellicum is a clinical stage biopharmaceutical company striving
to deliver cures through controllable cell therapies. The company’s
next-generation product candidates are differentiated by powerful
cell signaling technologies designed to produce more effective
CAR-T cell therapies. Bellicum’s GoCAR-T® product candidates,
BPX-601 and BPX-603, are designed to be more efficacious CAR-T cell
products capable of overriding key immune inhibitory mechanisms.
More information about Bellicum can be found at www.bellicum.com or
follow us on Twitter or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Bellicum may, in some cases, use
terms such as “continue,” “designed,” “expects,” “plans,”
“intends,” “may,” “will” or other words that convey uncertainty of
future events or outcomes to identify these forward-looking
statements. Forward-looking statements include statements regarding
Bellicum’s intentions, beliefs, projections, outlook, analyses or
current expectations concerning, among other things: the ability of
the Bellicum team to successfully execute to plan in 2022; and the
timing of data updates from Bellicum’s ongoing BPX-601 and BPX-603
clinical trials. Various factors may cause differences between
Bellicum’s expectations and actual results, including, among
others, the impact of the COVID-19 pandemic on Bellicum’s clinical
trial sites and trial enrollment, other factors, such as safety
issues, may impact Bellicum’s clinical progress, actual expenses
incurred may be higher than anticipated, and trial results may be
different than anticipated, as discussed in greater detail under
the heading “Risk Factors” in Bellicum’s filings with the
Securities and Exchange Commission, including without limitation
Bellicum’s quarterly report on Form 10- Q for the three months
ended March 31, 2022 and Bellicum’s annual report on Form 10-K the
year ended December 31, 2021. Any forward-looking statements that
Bellicum makes in this press release speak only as of the date of
this press release. Bellicum assumes no obligation to update
Bellicum’s forward-looking statements whether as a result of new
information, future events or otherwise, after the date of this
press release.
Source: Bellicum Pharmaceuticals
Investors:Robert H. Uhl Managing Director ICR Westwicke
858-356-5932Robert.uhl@westwicke.com
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BELLICUM PHARMACEUTICALS, INC. |
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Consolidated Balance Sheets |
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(Unaudited; in thousands) |
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March 31, |
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December 31, |
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2022 |
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2021 |
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Current
Assets: |
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Cash and
cash equivalents |
$ |
39,769 |
|
|
$ |
46,156 |
|
Restricted
cash |
|
1,501 |
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|
|
1,501 |
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Accounts
receivable, interest and other receivables |
|
207 |
|
|
|
205 |
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Prepaid
expenses and other current assets |
|
1,943 |
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1,269 |
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Other
Assets: |
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Property and
equipment, net |
|
14 |
|
|
|
12 |
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Total assets |
$ |
43,434 |
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$ |
49,143 |
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|
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Current
Liabilities: |
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Accounts
payable |
$ |
212 |
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$ |
90 |
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Accrued
expenses and other current liabilities |
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3,347 |
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|
|
3,849 |
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Warrant
derivative liability |
|
4,410 |
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|
|
2,773 |
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Preferred
stock |
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18,036 |
|
|
|
18,036 |
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Total
stockholders' equity |
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17,429 |
|
|
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24,395 |
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Total liabilities, preferred stock and stockholders' equity |
$ |
43,434 |
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|
$ |
49,143 |
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BELLICUM PHARMACEUTICALS, INC. |
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Consolidated Statements of Operations |
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(Unaudited; in thousands, except share and per share
amounts) |
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Three months
ended |
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March 31, |
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2022 |
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2021 |
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Operating
Expenses: |
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Research and development |
$ |
4,486 |
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|
$ |
6,460 |
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General and administrative |
|
1,453 |
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|
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2,012 |
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Total
operating expenses |
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5,939 |
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|
8,472 |
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Loss on lease termination |
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- |
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464 |
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Loss
from operations |
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(5,939 |
) |
|
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(8,936 |
) |
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|
|
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Interest income |
|
14 |
|
|
|
10 |
|
Interest expense |
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- |
|
|
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(4 |
) |
Change in fair value of warrant and private placement option
liabilities |
|
(1,637 |
) |
|
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(2,337 |
) |
Net
loss |
$ |
(7,562 |
) |
|
$ |
(11,267 |
) |
Undistributed earnings to participating securities |
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- |
|
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- |
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Net loss
attributable to common shareholders |
$ |
(7,562 |
) |
|
$ |
(11,267 |
) |
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Net loss per
common share attributable to common shareholders, basic and
diluted |
$ |
(0.25 |
) |
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$ |
(1.12 |
) |
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Weighted-average shares outstanding, basic and diluted |
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30,819,578 |
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10,034,970 |
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