Vincerx Pharma Reports Third Quarter 2021 Financial Results and Provides a Corporate Update
Advancing Phase 1b study of VIP152 in MYC-driven relapsed or refractory aggressive lymphomas and advanced solid tumors
Phase 1b dose escalation study of VIP152 in patients with CLL relapsed/refractory to venetoclax and BTK inhibitors on track to initiate in 2H2021
Strengthened balance sheet with
“Our Phase 1b study of VIP152 continues to enroll across diverse indications per our development plan. Despite the recent COVID surge, we remain on-track with our goal to initiate Phase 2 studies in the second half of 2022,” said Ahmed Hamdy M.D., Chief Executive Officer of Vincerx. “We are also on-track to expand our clinical program with the initiation of our Phase 1 dose escalation study in patients with CLL relapsed/refractory to venetoclax and BTK inhibitors and Richter Syndrome by the end of the year.”
- Advanced Phase 1b study of VIP152, a potent and selective inhibitor of CDK9, in MYC-driven relapsed or refractory aggressive lymphomas and advanced solid tumors. Ongoing Phase 1b expansion, first-in-human study is in patients with advanced cancer and consists of two expansion arms:
- Arm 1 will enroll up to 40 patients with relapsed/refractory aggressive lymphoma, including DLBCL, transformed follicular lymphoma, and mantle cell lymphoma.
- Arm 2 will enroll up to 40 patients with advanced solid tumors, including patients with ovarian cancer, triple negative breast cancer, castration-resistant neuroendocrine prostate cancer, and any other solid tumor with MYC aberration.
- The Company is also evaluating the safety of pembrolizumab in combination with VIP152 in patients with advanced solid tumors. Other combinations studies are in planning.
- Announced upcoming presentations at the 63rd
American Society of Hematology(ASH) Annual Meeting & Exposition.
- Advanced SMDC and antibody drug conjugate (ADC) bioconjugation pipeline manufacturing capabilities. Toxicology and Investigational New Drug (IND)-enabling studies are ongoing for VIP236, which selectively targets the tumor microenvironment and is activated by the tumor stroma, with an IND filing with
U.S. Food and Drug Administrationexpected in the second half of 2022.
- Strengthened balance sheet with
$50 millionprivate placement led by new and existing investors, with proceeds intended to support the clinical evaluation of VIP152 in additional indications and combination regimens, as well as, to advance the Company’s bioconjugation platform.
Third Quarter 2021 Financial Results
- Vincerx Pharma ended the third quarter with $122.8 million in cash and cash equivalents, which includes the proceeds from the private placement completed in September, compared to $61.8 million at December 31, 2020.
- Net loss for the third quarter ended
September 30, 2021, was $24.5 million, or $1.39per share, basic and diluted. The third quarter net loss includes a charge of $6.6Mrelated to the change in fair value of its warrant liabilities.
- Research and development (R&D) expenses were
$12.2 millionfor the quarter ended September 30, 2021, consisting primarily of $2.7 million in headcount related costs, $5.5 million of third party preclinical, clinical and manufacturing services in connection with its preclinical studies and clinical trials and $4.0 million in stock-based compensation expense.
- General and administrative (G&A) expenses were
$5.7 millionfor the quarter ended September 30, 2021, consisting primarily of $2.1 million in headcount related costs, $1.5 million of outside services in support of its operations as a public company and $2.1 million in stock-based compensation expense.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, expectations and events, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this press release are forward-looking statements. Forward-looking statements include, but are not limited to: Vincerx’s business model, pipeline, strategy, timeline, product candidates, preclinical and clinical development and results and future capital requirements. Forward-looking statements are neither historical facts nor assurances of future performance or events. Instead, they are based only on current beliefs, expectations and assumptions regarding future business developments, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.
Actual results, conditions and events may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, but are not limited to: general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of the COVID-19 pandemic; risks associated with preclinical or clinical development and trials, including those conducted prior to Vincerx’s in-licensing; failure to realize the benefits of Vincerx’s license agreement with Bayer; risks related to the rollout of Vincerx’s business and the timing of expected business milestones; changes in the assumptions underlying Vincerx’s expectations regarding its future business or business model; Vincerx’s ability to develop and commercialize product candidates; the availability and uses of capital; the effects of competition on Vincerx’s future business; and the risks and uncertainties set forth in Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time by Vincerx. Forward-looking statements speak only as of the date hereof, and Vincerx disclaims any obligation to update any forward-looking statements.
Vincerx Pharma, Inc.
Condensed Consolidated Balance Sheets
|Cash and cash equivalents||$||122,796||$||61,792|
|Other current assets||-||214|
|Total current assets||123,248||63,110|
|Property plant and equipment||250||-|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Common stock warrant liabilities||17,703||32,308|
|Total current liabilities||25,162||37,813|
|Lease liability, net of current portion||3,637||-|
|Total stockholders' equity||100,626||25,379|
|Total liabilities and stockholders' equity||$||129,425||$||63,192|
Vincerx Pharma, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
|For the three months ended||For the nine months ended|
|General and administrative||$||5,720||$||305||$||17,206||$||342|
|Research and development||12,211||-||27,743||-|
|Total operating expenses||17,931||305||44,949||342|
|Loss from operations||(17,931||)||(305||)||(44,949||)||(342||)|
|Other income (expense)|
|Change in fair value of warrant liabilities||(6,606||)||-||12,102||-|
|Other income (expense)||13||(2||)||13||(2||)|
|Total other income (expense)||(6,593||)||(2||)||12,115||(2||)|
|Net loss per common share, basic and diluted||$||(1.39||)||$||(0.06||)||$||(2.06||)||$||(0.07||)|
|Weighted average common shares outstanding, basic and diluted||17,694||5,076||15,941||5,018|
Source: Vincerx Pharma, Inc.