REGENXBIO Reports Second Quarter 2022 Financial Results and Recent Operational Highlights
- RGX-314 program for the treatment of wet AMD and diabetic retinopathy, being developed in collaboration with AbbVie, remains on track for first BLA filing in 2024
- Enrollment ongoing in the pivotal ATMOSPHERE® and ASCENT™ clinical trials of RGX-314 for the treatment of wet AMD using subretinal delivery
- Completed enrollment in Cohort 5 of the AAVIATE® trial of RGX-314 for the treatment of wet AMD using suprachoroidal delivery
- Completed enrollment in ALTITUDE® trial of RGX-314 for the treatment of diabetic retinopathy using suprachoroidal delivery
- AFFINITY DUCHENNE™ Phase I/II trial of RGX-202 remains on track for dosing in the first half of 2023
- Announced intention to file a BLA in 2024 using the accelerated approval pathway for RGX-121 for the treatment of MPS II; pivotal program is active and enrolling patients
$682 million in cash, cash equivalents and marketable securities of as ofJune 30, 2022 ; operational runway into 2025- Conference call
Wednesday, August 3 rd at4:30 p.m. ET
"Our '5x'25' strategy to have five gene therapies either on the market or in late-stage development by 2025 is progressing well," said
Program Highlights and Milestones
RGX-314: RGX-314 is an investigational one-time AAV Therapeutic being developed in collaboration with AbbVie for the treatment of wet age-related macular degeneration (wet AMD), diabetic retinopathy (DR) and other additional chronic retinal conditions. RGX-314 uses the NAV® AAV8 vector to deliver a gene encoding a therapeutic antibody fragment to inhibit vascular endothelial growth factor (VEGF).
- RGX-314 Subretinal Delivery for the Treatment of Wet AMD
- Enrollment is ongoing in ATMOSPHERE® and ASCENT™, two pivotal clinical trials to evaluate the efficacy and safety of RGX-314 in patients with wet AMD using the subretinal delivery approach. The ASCENT trial is the first trial to be initiated by
REGENXBIO under the eye care collaboration with AbbVie. - Pivotal trials are expected to support Biologics Licensing Application (BLA) submission for RGX-314 in 2024.
- RGX-314 Suprachoroidal Delivery for the Treatment of Wet AMD
- Completed enrollment of Cohort 5 of the Phase II AAVIATE® trial of RGX-314 for the treatment of wet AMD, which is evaluating RGX-314 at a third dose level of 1x1012 genomic copies per eye (GC/eye) in patients who are neutralizing antibody (NAb) positive. As in previous cohorts, patients did not receive prophylactic immune suppressive corticosteroid therapy before or after administration of RGX-314.
- RGX-314 Suprachoroidal Delivery for the Treatment of DR
- Enrollment is complete in the Phase II ALTITUDE® trial for the treatment of DR. Cohorts 2 and 3 are evaluating RGX-314 at an increased dose level of 5x1011 GC/eye, with Cohort 3 evaluating RGX-314 in patients who are NAb positive. As in Cohort 1, patients did not receive prophylactic immune suppressive corticosteroid therapy before or after administration of RGX-314.
RGX-202: RGX-202 is an investigational one-time AAV Therapeutic for the treatment of Duchenne Muscular Dystrophy (Duchenne), using the NAV AAV8 vector to deliver a transgene for a novel microdystrophin that includes the functional elements of the C-Terminal (CT) domain as well as a muscle specific promoter to support a targeted therapy for improved resistance to muscle damage associated with Duchenne.
- Preparation for the initiation of the AFFINITY DUCHENNE™ Phase I/II trial continues, including readying clinical trial sites and manufacturing additional clinical supply for the trial.
REGENXBIO anticipates dosing the first patient in this trial in the first half of 2023.
RGX-121: RGX-121 is an investigational one-time AAV Therapeutic for the treatment of Mucopolysaccharidosis Type II (MPS II), also known as Hunter Syndrome, using the NAV AAV9 vector to deliver the gene that encodes the iduronate-2-sulfatase (I2S) enzyme.
REGENXBIO has announced that, following discussions with the FDA, it intends to file a BLA in 2024 using the accelerated approval pathway for RGX-121 for the treatment of MPS II.- The ongoing Phase I/II trial of RGX-121 in children up to five years old has been expanded into a pivotal Phase I/II/III trial, called CAMPSIITE™.
- CAMPSIITE, a multicenter, open-label trial, is active and enrolling patients. The trial is expected to enroll up to 10 MPS II patients using commercial-scale cGMP material to support the BLA filing, with the potential to enroll additional patients.
- Glycosaminoglycans (GAGs) in the cerebrospinal fluid (CSF) have the potential to be considered a surrogate biomarker that is reasonably likely to predict clinical benefit in MPS II disease under the accelerated approval pathway, as buildup of GAGs in the CSF of MPS II patients correlates with clinical manifestations, including neurodevelopmental deficits.
- The Phase I/II trial of RGX-121 for the treatment of pediatric patients with MPS II over the age of five years old is also ongoing.
RGX-111: RGX-111 is an investigational one-time AAV Therapeutic for the treatment of severe Mucopolysaccharidosis Type I (MPS I), using the NAV AAV9 vector to deliver the α-l-iduronidase (IDUA) gene.
REGENXBIO continues with plans to enroll additional patients in a Cohort 2 expansion arm of the Phase I/II trial.
Operational Updates
- Opened state-of-the-art gene therapy manufacturing facility
REGENXBIO's cGMP facility, called the REGENXBIO Manufacturing Innovation Center, is designed to meet global clinical and commercial regulatory standards and enable the Company to efficiently advance its AAV-based gene therapy pipeline from research and early development to clinical programs to commercial readiness.REGENXBIO is one of only a few gene therapy companies worldwide with a GMP facility capable of production at scales up to 2,000 liters.
NAV Technology Licensee Program Highlights
As of
- Zolgensma®, a one-time AAV Therapeutic for the treatment of spinal muscular atrophy (SMA), is a marketed product utilizing
REGENXBIO's NAV AAV9 vector. InJuly 2022 , Novartis AG reported second quarter global sales of Zolgensma of$379 million (>2,300 patients treated worldwide.) - In
May 2022 , Rocket Pharmaceuticals, Inc. announced RP-A501 for the treatment of Danon disease was well-tolerated in both patients from the low-dose (6.7 x 1013GC/kg; n=2) pediatric cohort. RP-A501 is being developed as a one-time gene therapy utilizingREGENXBIO's NAV AAV9 vector. - In
May 2022 ,Prevail Therapeutics Inc. , a wholly owned subsidiary of Eli Lilly, announced that the FDA accepted an IND application to study PR001 (LY3884961) for Type 1 Gaucher disease (GD1) in a Phase 1/2 clinical trial. PR001 (LY3884961) is being developed as a one-time gene therapy utilizingREGENXBIO's NAV AAV9 vector. - In
May 2022 , Ultragenyx Pharmaceutical Inc. announced dosing and enrollment of the Phase 3 study of DTX401 for Glycogen Storage Disease Type Ia (GSDIa) is ongoing. Ultragenyx expects to initiate the Phase 3 eNH3ance study of DTX301 for Ornithine Transcarbamylase (OTC) Deficiency in mid-2022, and is dosing patients in the Phase 1/2 stage of the seamless Phase 1/2/3 Cyprus2+ study of UX701 for Wilson Disease. DTX401 and DTX301 are both being developed as one-time gene therapies utilizingREGENXBIO's NAV AAV8 vector. UX701 is being developed as a one-time gene therapy utilizingREGENXBIO's NAV AAV9 vector.
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,
CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) |
||||||||
|
|
|||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
121,374 |
$ |
345,209 |
||||
Marketable securities |
281,588 |
112,230 |
||||||
Accounts receivable, net |
37,500 |
32,439 |
||||||
Prepaid expenses |
16,245 |
18,752 |
||||||
Other current assets |
8,717 |
10,196 |
||||||
Total current assets |
465,424 |
518,826 |
||||||
Marketable securities |
279,073 |
391,907 |
||||||
Accounts receivable, net |
2,034 |
2,262 |
||||||
Property and equipment, net |
138,815 |
131,547 |
||||||
Operating lease right-of-use assets |
60,163 |
60,904 |
||||||
Restricted cash |
2,030 |
2,030 |
||||||
Other assets |
5,905 |
6,428 |
||||||
Total assets |
$ |
953,444 |
$ |
1,113,904 |
||||
Liabilities and Stockholders' Equity |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
16,985 |
$ |
11,387 |
||||
Accrued expenses and other current liabilities |
47,014 |
76,111 |
||||||
Deferred revenue |
6,636 |
3,333 |
||||||
Operating lease liabilities |
2,832 |
1,752 |
||||||
Liability related to sale of future royalties |
41,089 |
37,889 |
||||||
Total current liabilities |
114,556 |
130,472 |
||||||
Operating lease liabilities |
85,672 |
84,929 |
||||||
Liability related to sale of future royalties |
114,171 |
133,460 |
||||||
Other liabilities |
8,526 |
745 |
||||||
Total liabilities |
322,925 |
349,606 |
||||||
Stockholders' equity |
||||||||
Preferred stock; no shares issued and outstanding at |
— |
— |
||||||
Common stock; 43,171 and 42,831 shares issued and outstanding at |
4 |
4 |
||||||
Additional paid-in capital |
951,412 |
928,095 |
||||||
Accumulated other comprehensive loss |
(14,763) |
(2,569) |
||||||
Accumulated deficit |
(306,134) |
(161,232) |
||||||
Total stockholders' equity |
630,519 |
764,298 |
||||||
Total liabilities and stockholders' equity |
$ |
953,444 |
$ |
1,113,904 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except per share data) |
||||||||||||||||
Three Months |
Six Months |
|||||||||||||||
Ended |
Ended |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Revenues |
||||||||||||||||
License and royalty revenue |
$ |
32,649 |
$ |
22,035 |
$ |
54,867 |
$ |
40,919 |
||||||||
Total revenues |
32,649 |
22,035 |
54,867 |
40,919 |
||||||||||||
Operating Expenses |
||||||||||||||||
Cost of revenues |
12,951 |
9,819 |
28,668 |
14,670 |
||||||||||||
Research and development |
61,008 |
45,882 |
116,635 |
85,604 |
||||||||||||
General and administrative |
20,832 |
18,425 |
43,150 |
36,263 |
||||||||||||
Credit losses and other |
391 |
135 |
474 |
650 |
||||||||||||
Total operating expenses |
95,182 |
74,261 |
188,927 |
137,187 |
||||||||||||
Loss from operations |
(62,533) |
(52,226) |
(134,060) |
(96,268) |
||||||||||||
Other Income (Expense) |
||||||||||||||||
Interest income from licensing |
153 |
554 |
247 |
583 |
||||||||||||
Investment income |
1,061 |
399 |
1,860 |
979 |
||||||||||||
Interest expense |
(6,860) |
(6,366) |
(12,990) |
(13,068) |
||||||||||||
Total other income (expense) |
(5,646) |
(5,413) |
(10,883) |
(11,506) |
||||||||||||
Loss before income taxes |
(68,179) |
(57,639) |
(144,943) |
(107,774) |
||||||||||||
Income Tax Benefit (Expense) |
— |
— |
41 |
(4) |
||||||||||||
Net loss |
$ |
(68,179) |
$ |
(57,639) |
$ |
(144,902) |
$ |
(107,778) |
||||||||
Other Comprehensive Income (Loss) |
||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net |
(2,813) |
113 |
(12,194) |
(895) |
||||||||||||
Total other comprehensive income (loss) |
(2,813) |
113 |
(12,194) |
(895) |
||||||||||||
Comprehensive loss |
$ |
(70,992) |
$ |
(57,526) |
$ |
(157,096) |
$ |
(108,673) |
||||||||
Net loss per share, basic and diluted |
$ |
(1.58) |
$ |
(1.36) |
$ |
(3.37) |
$ |
(2.56) |
||||||||
Weighted-average common shares outstanding, basic and diluted |
43,111 |
42,510 |
43,028 |
42,170 |
Contacts:
Corporate Communications
dcormack@regenxbio.com
Investors:
339-970-2843
Chris.brinzey@westwicke.com
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