Catabasis Pharmaceuticals Reports Third Quarter 2020 Financial Results and Provides a Corporate Update
-- Cash and Cash Equivalents Totaled
As previously reported, the Phase 3 PolarisDMD trial of edasalonexent in Duchenne muscular dystrophy (DMD) did not meet the primary endpoint, change from baseline in the North Star Ambulatory Assessment, over one year of treatment compared to placebo. The secondary endpoint timed function tests also did not show statistically significant improvements. Edasalonexent was observed to be generally safe and well-tolerated in this trial, consistent with the safety profile seen to date. As previously announced, Catabasis is stopping activities related to the development of edasalonexent, including the ongoing GalaxyDMD open-label extension trial.
Catabasis has engaged
Third Quarter 2020 Financial Results
Cash Position: As of
R&D Expenses: Research and development expenses were
G&A Expenses: General and administrative expenses were
Operating Loss: Loss from operations was
Net Loss: Net loss was
About Catabasis
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, including statements about its exploration and evaluation of strategic options, the termination of activities related to the edasalonexent program, including the ongoing GalaxyDMD open-label extension trial, and cash to fund operations, and other statements containing the words “believes,” “anticipates,” “plans,” “hopes,” “expects,” and similar expressions, constitute forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties related to: the impact of the COVID-19 pandemic and the effectiveness of the steps we have implemented to address the pandemic; the availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; unexpected costs or expenses, including any that arise during the termination of activities related to the edasalonexent program; risks inherent in the Company’s exploration, evaluation and implementation of its review of strategic options; and general market and economic conditions; and other factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the period ended
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Three Months Ended |
|
Nine Months Ended |
||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||
Operating expenses: | ||||||||||||||||
Research and development |
$ |
7,806 |
|
$ |
4,697 |
|
$ |
19,845 |
|
$ |
14,054 |
|
||||
General and administrative |
|
3,057 |
|
|
1,985 |
|
|
8,612 |
|
|
6,287 |
|
||||
Total operating expenses |
|
10,863 |
|
|
6,682 |
|
|
28,457 |
|
|
20,341 |
|
||||
Loss from operations |
|
(10,863 |
) |
|
(6,682 |
) |
|
(28,457 |
) |
|
(20,341 |
) |
||||
Other income (expense): | ||||||||||||||||
Interest and investment income |
|
4 |
|
|
214 |
|
|
231 |
|
|
697 |
|
||||
Other expense, net |
|
(3 |
) |
|
(46 |
) |
|
(96 |
) |
|
(39 |
) |
||||
Total other income, net |
|
1 |
|
|
168 |
|
|
135 |
|
|
658 |
|
||||
Net loss |
$ |
(10,862 |
) |
$ |
(6,514 |
) |
$ |
(28,322 |
) |
$ |
(19,683 |
) |
||||
Net loss per share - basic and diluted |
$ |
(0.56 |
) |
$ |
(0.56 |
) |
$ |
(1.59 |
) |
$ |
(1.80 |
) |
||||
Weighted-average common shares outstanding used in net loss per share - basic and diluted |
|
19,424,866 |
|
|
11,624,232 |
|
|
17,769,738 |
|
|
10,945,765 |
|
||||
|
||||||||
|
|
|
||||||
2020 |
|
2019 |
||||||
Assets | ||||||||
Cash and cash equivalents |
$ |
52,856 |
$ |
9,899 |
||||
Short-term investments |
|
- |
|
|
26,345 |
|
||
Right-of-use asset |
|
1,178 |
|
|
2,349 |
|
||
Other current and long-term assets |
|
2,816 |
|
|
3,187 |
|
||
Total assets |
|
56,850 |
|
|
41,780 |
|
||
Liabilities and stockholders’ equity | ||||||||
Current portion of operating lease liabilities |
|
648 |
|
|
1,225 |
|
||
Long-term portion of operating lease liabilities |
|
559 |
|
|
1,028 |
|
||
Other current and long-term liabilities |
|
6,332 |
|
|
3,807 |
|
||
Total liabilities |
|
7,539 |
|
|
6,060 |
|
||
Total stockholders’ equity |
$ |
49,311 |
|
$ |
35,720 |
|
||
|
||||||||
Nine Months Ended |
||||||||
2020 |
|
2019 |
||||||
Net cash used in operating activities |
$ |
(24,424 |
) |
$ |
(18,799 |
) |
||
Net cash provided by (used) in investing activities |
|
26,310 |
|
|
(578 |
) |
||
Net cash provided by financing activities |
|
40,829 |
|
|
21,848 |
|
||
Net increase in cash, cash equivalents and restricted cash |
$ |
42,715 |
|
$ |
2,471 |
|
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