REGENXBIO Reports Second Quarter 2021 Financial Results and Operational Highlights
- Enrollment in RGX-314 programs is on-track, including the pivotal program for the treatment of wet AMD utilizing subretinal delivery, and the Phase II trials for the treatment of wet AMD and DR utilizing in-office suprachoroidal delivery
- Interim data from RGX-314 Phase II trial for the treatment of wet AMD utilizing in-office suprachoroidal delivery will be presented at
Retina Society 54th Annual Scientific Meeting - Reported additional positive interim data in
May 2021 from RGX-121 Phase I/II trial for the treatment of patients up to 5 years old with MPS II; enrollment continues in Cohort 3 at increased dose - Expects to file IND for RGX-202 for the treatment of Duchenne by end of 2021
- $593.0 million in cash, cash equivalents and marketable securities as of
June 30, 2021 - Conference call
Monday, August 9 th at4:30 p.m. ET
"We are well positioned to expand upon the progress we have made in our gene therapy programs over the first half of 2021, including clinical advancements in our RGX-314 programs for the treatment of wet AMD and diabetic retinopathy," said
Recent Operational Highlights
Gene Therapy Using NAV Vectors for AAV-Mediated Antibody Delivery
Pivotal Program for RGX-314 for the Treatment of Wet Age-related Macular Degeneration (wet AMD)- Enrollment is ongoing in ATMOSPHERETM, the first of two planned pivotal trials to evaluate the efficacy and safety of RGX-314 in patients with wet AMD using the subretinal delivery approach.
- REGENXBIO is on-track to initiate the second pivotal trial in the fourth quarter of 2021.
- Suprachoroidal Delivery of RGX-314 for the Treatment of Wet AMD
- Interim data from Cohort 1 (dose level: 2.5x1011 genome copies per eye (gc/eye)) of AAVIATE®, a Phase II trial of RGX-314 for the treatment of wet AMD, will be presented by a trial investigator at the
Retina Society 54th Annual Scientific Meeting inChicago, IL ,September 29-October 2, 2021 . REGENXBIO expects to report interim data from Cohort 2 (5.0x1011 gc/eye) in the fourth quarter of 2021.- Patient dosing in Cohort 3 (5.0x1011 gc/eye) is complete.
- Suprachoroidal Delivery of RGX-314 for the Treatment of Diabetic Retinopathy (DR)
REGENXBIO has completed enrollment of patients in Cohort 1 (2.5x1011 gc/eye) in ALTITUDE™, a Phase II trial for the treatment of DR, and expects to report initial data in the fourth quarter of 2021.- Enrollment of patients in Cohort 2 (5.0x1011 gc/eye) has begun.
- In addition, similar to the AAVIATE trial,
REGENXBIO has expanded ALTITUDE and plans to enroll patients in a third cohort. - Cohort 3 will evaluate the efficacy, safety and tolerability of RGX-314 in up to 20 patients who are neutralizing antibody positive.
- The same dose evaluated in Cohort 2 will be delivered to patients in Cohort 3 (5.0x1011 gc/eye) and, as in previous cohorts, patients will not receive prophylactic immune suppressive corticosteroid therapy before or after administration of RGX-314.
- Research Program for the Treatment of Hereditary Angioedema
- REGENXBIO expects to provide a program update by the end of 2021.
- Research Program for the Treatment of Neurodegenerative Diseases
- REGENXBIO continues to collaborate with Neurimmune AG on research programs targeting both alpha synuclein and tau and expects to provide a program update by the end of 2021.
Gene Therapy Using NAV Vectors for Rare Genetic Diseases
- RGX-202 for the Treatment of Duchenne Muscular Dystrophy
REGENXBIO expects to submit an Investigational New Drug application (IND) to theU.S. Food and Drug Administration (FDA) for RGX-202 for the treatment of Duchenne by the end of 2021.- RGX-121 for the Treatment of Mucopolysaccharidosis Type II (MPS II)
- In
May 2021 ,REGENXBIO reported additional positive interim data from the ongoing Phase I/II trial of RGX-121 for the treatment of patients up to 5 years old diagnosed with MPS II.REGENXBIO continues to enroll patients in Cohort 3 at an increased dose of 2.0x1011 GC/g brain mass. - Enrollment continues in the Phase I/II trial of RGX-121 for the treatment of pediatric patients with MPS II over the age of 5 years old.
- RGX-111 for the Treatment of Mucopolysaccharidosis Type I (MPS I)
- Enrollment is ongoing in Cohort 2 of the Phase I/II trial of RGX-111 for the treatment of MPS I at an increased dose of 5.0x1010 GC/g brain mass.
- RGX-181 for the Treatment of Late-infantile Neuronal Ceroid Lipofuscinosis Type 2 (CLN2) Disease
REGENXBIO plans to provide a program update by the end of 2021.- RGX-381 for the Treatment of Ocular Manifestations of CLN2 Disease
REGENXBIO plans to provide a program update by the end of 2021.
Operational Updates
- Current Good Manufacturing Practice (cGMP) Manufacturing Facility
REGENXBIO has begun utilizing its new headquarters inRockville, Maryland . The headquarters include a cGMP facility, which is expected to allow for production of NAV vectors at scales up to 2,000 liters usingREGENXBIO's platform suspension cell culture process and is on track to be fully operational starting in the first half of 2022.
NAV Technology Licensee Program Highlights
As of
Recent updates from NAV Technology Licensees include:
- In
May 2021 , Ultragenyx Pharmaceutical Inc. reported positive multi-year durability data from its Phase I/II trials of DTX301 for the treatment of Ornithine Transcarbamylase Deficiency and DTX401 for the treatment of Glycogen Storage Disease Type Ia, both of which useREGENXBIO's AAV8 vector. Ultragenyx plans to dose the first patient in the Phase 3 studies for both programs in the second half of 2021. - In
June 2021 , Corlieve Therapeutics announced it had entered into a definitive agreement for uniQure N.V. to acquire Corlieve and its lead program for the treatment of temporal lobe epilepsy, which utilizesREGENXBIO's AAV9 vector and will be known as AMT-260. The transaction closed inJuly 2021 . Under the license and collaboration agreement,REGENXBIO received equity in Corlieve and is eligible to receive milestones, as well as royalties on net sales of AMT-260. As a result of the acquisition,REGENXBIO receives a portion of the €46.3 million in upfront cash uniQure paid to acquire Corlieve, and is eligible to receive a portion of the €203.7 million in additional potential milestones that may be paid to Corlieve shareholders by uniQure.
Marketed NAV Technology Products
Financial Results
Cash Position: Cash, cash equivalents and marketable securities were
Revenues: Revenues were
Research and Development Expenses: Research and development expenses were
General and Administrative Expenses: General and administrative expenses were
Net Loss: Net loss was
Financial Guidance
Based on its current operating plan,
Conference Call
In connection with this announcement,
About REGENXBIO Inc.
Forward-Looking Statements
This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as "believe," "may," "will," "estimate," "continue," "anticipate," "assume," "design," "intend," "expect," "could," "plan," "potential," "predict," "seek," "should," "would" or by variations of such words or by similar expressions. The forward-looking statements include statements relating to, among other things,
Zolgensma® is a registered trademark of Novartis Gene Therapies. All other trademarks referenced herein are registered trademarks of
CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) |
||||||||
|
|
|||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
257,072 |
$ |
338,426 |
||||
Marketable securities |
117,665 |
137,314 |
||||||
Accounts receivable, net |
44,394 |
42,999 |
||||||
Prepaid expenses |
13,092 |
10,505 |
||||||
Other current assets |
5,164 |
1,953 |
||||||
Total current assets |
437,387 |
531,197 |
||||||
Marketable securities |
218,220 |
46,809 |
||||||
Accounts receivable, net |
2,808 |
3,267 |
||||||
Property and equipment, net |
106,685 |
56,467 |
||||||
Operating lease right-of-use assets |
62,280 |
63,815 |
||||||
Restricted cash |
1,330 |
1,330 |
||||||
Other assets |
7,692 |
5,279 |
||||||
Total assets |
$ |
836,402 |
$ |
708,164 |
||||
Liabilities and Stockholders' Equity |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
9,354 |
$ |
10,622 |
||||
Accrued expenses and other current liabilities |
46,761 |
49,082 |
||||||
Deferred revenue |
395 |
449 |
||||||
Operating lease liabilities |
1,709 |
2,500 |
||||||
Liability related to sale of future royalties |
33,335 |
18,794 |
||||||
Total current liabilities |
91,554 |
81,447 |
||||||
Deferred revenue |
3,630 |
3,783 |
||||||
Operating lease liabilities |
82,383 |
70,153 |
||||||
Liability related to sale of future royalties |
151,076 |
174,504 |
||||||
Other liabilities |
514 |
524 |
||||||
Total liabilities |
329,157 |
330,411 |
||||||
Stockholders' equity |
||||||||
Preferred stock; no shares issued and outstanding |
— |
— |
||||||
Common stock; 42,555 and 37,476 shares issued |
4 |
4 |
||||||
Additional paid-in capital |
905,346 |
667,181 |
||||||
Accumulated other comprehensive loss |
(1,255) |
(360) |
||||||
Accumulated deficit |
(396,850) |
(289,072) |
||||||
Total stockholders' equity |
507,245 |
377,753 |
||||||
Total liabilities and stockholders' equity |
$ |
836,402 |
$ |
708,164 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except per share data) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenues |
||||||||||||||||
License and royalty revenue |
$ |
22,035 |
$ |
16,566 |
$ |
40,919 |
$ |
34,210 |
||||||||
Total revenues |
22,035 |
16,566 |
40,919 |
34,210 |
||||||||||||
Operating Expenses |
||||||||||||||||
Cost of revenues |
9,819 |
4,684 |
14,670 |
8,093 |
||||||||||||
Research and development |
45,882 |
38,111 |
85,604 |
75,146 |
||||||||||||
General and administrative |
18,425 |
15,554 |
36,263 |
30,387 |
||||||||||||
Provision for credit losses and other |
135 |
50 |
650 |
117 |
||||||||||||
Total operating expenses |
74,261 |
58,399 |
137,187 |
113,743 |
||||||||||||
Loss from operations |
(52,226) |
(41,833) |
(96,268) |
(79,533) |
||||||||||||
Other Income (Expense) |
||||||||||||||||
Interest income from licensing |
554 |
1,849 |
583 |
2,697 |
||||||||||||
Investment income |
399 |
5,722 |
979 |
2,536 |
||||||||||||
Interest expense |
(6,366) |
— |
(13,068) |
— |
||||||||||||
Total other income (expense) |
(5,413) |
7,571 |
(11,506) |
5,233 |
||||||||||||
Loss before income taxes |
(57,639) |
(34,262) |
(107,774) |
(74,300) |
||||||||||||
Income Tax Benefit (Expense) |
— |
500 |
(4) |
500 |
||||||||||||
Net loss |
$ |
(57,639) |
$ |
(33,762) |
$ |
(107,778) |
$ |
(73,800) |
||||||||
Other Comprehensive Income (Loss) |
||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net |
113 |
1,330 |
(895) |
545 |
||||||||||||
Total other comprehensive income (loss) |
113 |
1,330 |
(895) |
545 |
||||||||||||
Comprehensive loss |
$ |
(57,526) |
$ |
(32,432) |
$ |
(108,673) |
$ |
(73,255) |
||||||||
Net loss per share, basic and diluted |
$ |
(1.36) |
$ |
(0.91) |
$ |
(2.56) |
$ |
(1.98) |
||||||||
Weighted-average common shares outstanding, basic and diluted |
42,510 |
37,257 |
42,170 |
37,180 |
Contacts:
Investor Relations and Corporate Communications
347-926-7709
ttruehart@regenxbio.com
Investors:
brendan@argotpartners.com
Media:
david.rosen@argotpartners.com
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