Third Harmonic Bio Announces First Quarter 2023 Financial Results
11 Maio 2023 - 6:00PM
Third Harmonic Bio, Inc. (Nasdaq: THRD), a biopharmaceutical
company focused on advancing the next wave of medicine for
inflammatory diseases, today announced financial results for the
first quarter ended March 31, 2023.
“We are pleased with our progress on our next
generation oral KIT inhibitor program, and plan to announce our new
development candidate this year,” said Natalie Holles, Chief
Executive Officer of Third Harmonic Bio. “In addition, our
preclinical mechanistic studies to elucidate the cause of the
observed transaminitis with our previous development candidate,
THB001, have yielded important insights that we are applying to our
next-generation program. We continue to believe that an oral small
molecule KIT inhibitor holds the potential for meaningful impact on
the treatment landscape for mast-cell mediated inflammatory
diseases such as chronic urticaria.”
In addition to the announcement of a development
candidate in 2023, the company intends to present the full data set
from the discontinued Phase 1b chronic inducible urticaria study
for THB001 at an upcoming scientific conference. As stated
previously, a preliminary analysis of the five subjects dosed
showed evidence of pharmacodynamic and clinical activity with
THB001 in that study.
Summary of Financial Results
Cash Position: Cash and cash
equivalents totaled $282.2 million as of March 31, 2023. Based
on the company's current operating plan, Third Harmonic Bio
believes that its existing cash and cash equivalents, will be
sufficient to fund its operating expenses and capital expenditure
requirements through at least the next twelve months.
R&D Expenses: Research and
development (R&D) expenses for the three months ended
March 31, 2023 increased to $6.7 million from $6.2 million for
the same period in 2022. The increases were primarily due to
increases in discovery and development costs relating to the
research and nonclinical development of next generation molecules
and other discovery programs.
G&A Expenses: General and
administrative (G&A) expenses for the three months ended
March 31, 2023 increased to $5.3 million from $1.6 million for
the same period in 2022. The increases were primarily attributable
to increased costs associated with public company costs and
personnel-related expenses.
Net Loss: Net loss for the three
months ended March 31, 2023 increased to $9.1 million compared
to a net loss of $7.8 million for the same period in 2022,
primarily due to increases in loss from operations partially offset
by increases in interest income.
About Third Harmonic Bio, Inc.
Third Harmonic Bio is a biopharmaceutical company focused on
advancing the next wave of medicine for inflammatory diseases
through the development of novel highly selective, oral
small-molecule inhibitors of KIT, a cell surface receptor that
serves as the master regulator of mast cell function and survival.
Early clinical studies demonstrate that KIT inhibition has the
potential to revolutionize the treatment of a broad range of
mast-cell-mediated inflammatory diseases, and that a titratable,
oral, intracellular small molecule inhibitor may provide the
optimal therapeutic profile against this target. For more
information, please visit the Third Harmonic Bio website:
www.thirdharmonicbio.com.
Forward-Looking Statements This
press release contains "forward-looking" statements within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the timing of announcing a
next-generation KIT inhibitor development candidate and additional
corporate announcements and presentations, the results and timing
of preclinical studies and clinical trials for future development
candidates, expectations regarding cash forecasts, and planned
clinical and development activities and timelines. Forward-looking
statements can be identified by words such as: "anticipate,"
"intend," "plan," "goal," "seek," "believe," "project," "estimate,"
"expect," "strategy," "future," "likely," "may," "should," "will"
and similar references to future periods. These statements are
subject to numerous risks and uncertainties, including risks and
uncertainties related to Third Harmonic Bio’s cash forecasts,
ability to advance its product candidates, the receipt and timing
of potential regulatory submissions, designations, approvals and
commercialization of product candidates, our ability to protect our
intellectual property, the timing and results of preclinical and
clinical trials, changes to laws or regulations, market conditions,
geopolitical events, and further impacts of the ongoing COVID-19
pandemic, that could cause actual results to differ materially from
what Third Harmonic Bio expects. Further information on potential
risk factors that could affect Third Harmonic Bio’s business and
its financial results are detailed under the heading “Risk Factors”
included in Third Harmonic Bio’s Annual Report on Form 10-K for the
year ended December 31, 2022, filed with the U.S. Securities and
Exchange Commission (SEC) on March 29, 2023, and in Third Harmonic
Bio’s quarterly reports and other filings with the SEC filed from
time to time with the SEC. Third Harmonic Bio undertakes no
obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
Investor Contact: Bob Ho
rho@thirdharmonicbio.com
THIRD HARMONIC BIO, INC.
Condensed consolidated balance sheet data
(Unaudited)
(In thousands)
|
|
December 31, 2022 |
|
|
March 31, 2023 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
288,877 |
|
|
$ |
282,202 |
|
Other current assets |
|
|
3,958 |
|
|
|
3,544 |
|
Non-current assets |
|
|
5,840 |
|
|
|
5,641 |
|
Total assets |
|
$ |
298,675 |
|
|
$ |
291,387 |
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
$ |
5,653 |
|
|
$ |
4,947 |
|
Non-current liabilities |
|
|
3,954 |
|
|
|
3,775 |
|
Total liabilities |
|
|
9,607 |
|
|
|
8,722 |
|
Stockholders' equity |
|
|
289,068 |
|
|
|
282,665 |
|
Total liabilities and stockholders' equity |
|
$ |
298,675 |
|
|
$ |
291,387 |
|
|
|
|
|
|
|
|
THIRD HARMONIC BIO, INC.
Condensed consolidated statements of operations
(Unaudited)
(In thousands, except per share and share
amounts)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
2023 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
$ |
6,212 |
|
|
$ |
6,737 |
|
General and administrative |
|
|
1,575 |
|
|
|
5,251 |
|
Total operating expenses |
|
|
7,787 |
|
|
|
11,988 |
|
Loss from operations |
|
|
7,787 |
|
|
|
11,988 |
|
Other (income) expense, net |
|
|
(3 |
) |
|
|
(2,903 |
) |
Net loss |
|
$ |
7,784 |
|
|
$ |
9,085 |
|
|
|
|
|
|
|
|
Net loss per share of common stock, basic and diluted |
|
$ |
0.81 |
|
|
$ |
0.40 |
|
Weighted-average common stock outstanding, basic and diluted |
|
|
9,643,963 |
|
|
|
22,792,781 |
|
|
|
|
|
|
|
|
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