CAMBRIDGE, Mass. -- (BUSINESS WIRE) -- Genocea Biosciences, Inc. (NASDAQ: GNCA), a clinical-stage biopharmaceutical company developing T cell-enabled vaccines and immunotherapies, today reported its financial results for the first quarter ended March 31, 2014.
“During the first quarter, Genocea continued to make important strides toward our goal of developing and commercializing life-changing T cell-enabled medicines,” said Chip Clark, president and chief executive officer of Genocea. “We kicked off the year with our successful IPO in February. We released encouraging six month clinical data from GEN-003, which is in an ongoing Phase 1/2a trial to treat patients infected with HSV-2, and we also completed enrollment in our Phase 1 trial for GEN-004 to prevent pneumococcal infections. We remain on track to announce clinical results from both trials by the middle of this year. In addition to our progress with our vaccine candidates, we also announced a collaboration with Dana-Farber Cancer Institute and Harvard Medical School to enable oncology immunotherapy advances. We believe this broad progress reflects both on the strength of our team, and that of our ATLAS™ platform, to identify and advance new medicines across a range of T cell-mediated diseases.”
First Quarter 2014 Financial Results & Financial Guidance
“With the proceeds from the IPO, we plan to create value for our shareholders by advancing our clinical programs through defined and meaningful clinical milestones and by continuing our research to unlock the potential value of our ATLAS platform,” said Jonathan Poole, chief financial officer of Genocea. “We would like to thank our shareholders for their continued support.”
Anticipated Upcoming Milestones
Genocea will be hosting a conference call and webcast today, May 6, 2014, at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (844) 826-0619 for domestic participants and (315) 625-6883 for international callers (reference conference ID 34546578). A live webcast of the conference call will be available online from the investor relations section of the company website at http://ir.genocea.com. A webcast replay of the conference call will be available on the Genocea website beginning approximately two hours after the event, and will be archived for 30 days.
Genocea is harnessing the power of T cell immunity to develop the next generation of vaccines and immunotherapies. T cells are increasingly recognized as a critical element of protective immune responses to a wide range of diseases, but are difficult to target using traditional discovery methods. Genocea is able to identify protective T cell antigens in humans using ATLAS™, its proprietary technology platform, potentially enabling vaccines and immunotherapies to address critical patient needs. Genocea’s pipeline of novel clinical stage T cell-enabled product candidates includes GEN-003 for HSV-2 therapy, GEN-004 to prevent infections caused by pneumococcus, and earlier-stage programs in chlamydia, HSV-2 prophylaxis, malaria and cancer immunotherapy.
Forward Looking Statements
Statements herein relating to future business performance, conditions or strategies and other financial and business matters, including expectations regarding clinical developments, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Genocea cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including Genocea’s ability to progress any product candidates in preclinical or clinical trials; the scope, rate and progress of its preclinical studies and clinical trials and other research and development activities; clinical trial results; current results may not be predictive of future results; even if the data from preclinical studies or clinical trials is positive, the product may not prove to be safe and efficacious; Genocea’s ability to enter into future collaborations with industry partners and the government and the terms, timing and success of any such collaboration; the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; our ability to obtain rights to technology; competition for clinical resources and patient enrollment from drug candidates in development by other companies with greater resources and visibility; our ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity or debt financing or otherwise; general business conditions; competition; business abilities and judgment of personnel; the availability of qualified personnel and other factors set forth under “Risk Factors” in Genocea’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the Securities and Exchange Commission (the “SEC”) on March 21, 2014. Further information on the factors and risks that could affect Genocea’s business, financial conditions and results of operations is contained in Genocea’s filings with the SEC, which are available at www.sec.gov. These forward-looking statements speak only as of the date of this press release and Genocea assumes no duty to update forward-looking statements.
GENOCEA BIOSCIENCES, INC
CONDENSED BALANCE SHEET (UNAUDITED)
(In thousands, except per share amounts)
|March 31,||December 31,|
|Cash and cash equivalents||$||65,839||$||12,208|
|Redeemable convertible preferred stock||-||81,562|
|Stockholders' equity (deficit)||55,373||(80,131||)|
|Total liabilities, redeemable convertible preferred stock and stockholders equity (deficit)||$||68,213||$||15,761|
GENOCEA BIOSCIENCES, INC
CONDENSED STATEMENT OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
|March 31,||March 31,|
|Research and development||4,407||3,980|
|General and administrative||1,966||810|
|Total operating expenses||6,373||4,790|
|Loss from operations||(6,373||)||(4,531||)|
|Other expense, net||(956||)||(133||)|
|Accretion of redeemable convertible preferred stock to redemption value||$||(180||)||$||(395||)|
|Net loss attributable to common stockholders - basic and diluted||(7,509||)||(5,059||)|
|Net loss per share attributable to common stockholders - basic and diluted||$||(0.76||)||$||(17.09||)|
|Weighted-average number of common shares used in net loss per share attributable to common stockholders - basic and diluted||9,859||296|