Metacrine Reports Fourth-Quarter 2021 Results
March 30 2022 - 4:05PM
Metacrine, Inc. (NASDAQ:MTCR), a clinical-stage biopharmaceutical
company pioneering differentiated therapies for patients with
gastrointestinal diseases, today reported its fourth-quarter 2021
financial results.
“We continue to devote all of our development effort to bringing
expanded therapeutic options to people living with ulcerative
colitis (UC),” said Preston Klassen, M.D., MHS, CEO, Metacrine. “We
have generated preclinical data that supports moving our MET642
program into clinical testing in UC during the next few months. In
addition, by reducing our organizational footprint as part of our
recently implemented restructuring plan, we expect that our cash
runway will fund operations through 2023 as we evaluate a range of
ways to generate value from our discovery programs, product
candidates and financial assets.”
Recent News & Outlook
- Phase 2
clinical trial in UC remains on track - Metacrine received
authorization in February 2022 from the U.S. Food and Drug
Administration (FDA) to proceed with its Phase 2 trial evaluating
MET642 in subjects with UC and expects to begin the study in the
second quarter of 2022.
-
Restructuring plan implemented to reduce expenses
- To support ongoing clinical development of MET642 in UC,
the Company implemented a restructuring plan in February 2022 to
significantly reduce expenses associated with its operations in
order to preserve cash. The restructuring included a staff
reduction of approximately 50% primarily consisting of the
Company’s research organization. Metacrine also discontinued
preclinical development of its hydroxysteroid dehydrogenase (HSD)
program.
Fourth-Quarter 2021 Financial Results
- Cash
Balance – Cash, cash equivalents and short-term
investments were $76.4 million as of December 31, 2021. Metacrine
believes it has sufficient capital to fund its current operating
plan through 2023.
- R&D
Expenses – Research and development expenses were $9.2
million for the three months ended December 31, 2021, as compared
to $6.8 million for the prior-year period. The increase was
primarily driven by higher clinical development costs related to
the advancement of the Company’s MET409 and MET642 programs.
- G&A
Expenses – General and administrative expenses were $3.9
million for the three months ended December 31, 2021, as compared
to $3.8 million for the same period in the prior year. The increase
was attributable to higher employee-related costs and expenses
associated with operating as a publicly traded company.
- Net
Loss – Net loss was $13.5 million for the three months
ended December 31, 2021, as compared to $10.8 million for the
prior-year quarter.
About Metacrine
Metacrine, Inc. is a clinical-stage biopharmaceutical company
developing differentiated therapies to treat gastrointestinal
diseases. Metacrine has developed a proprietary farnesoid X
receptor (FXR) platform utilizing a unique chemical scaffold, which
has demonstrated an improved therapeutic profile in clinical
trials. To learn more, visit www.metacrine.com.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements in
this press release that are not purely historical are
forward-looking statements. Such forward-looking statements
include, among other things, statements about the design, progress,
timing, scope and results of clinical trials; plans for initiating
future clinical trials and studies; statements regarding the
therapeutic potential of MET642; the expected benefits of
Metacrine’s restructuring plans; anticipated drivers of value; and
Metacrine’s belief that it has sufficient capital to fund its
current operating plan through 2023. Words such as “may,” “will,”
“expect,” “plan,” “aim,” “projected,” “likely, ”anticipate,”
“estimate,” “intend,” “potential,” “prepare,” “perceived,”
“believes” and similar expressions (as well as other words or
expressions referencing future events, conditions or circumstances)
are intended to identify forward-looking statements. These
forward-looking statements are based on Metacrine’s expectations
and assumptions that may never materialize or prove to be
incorrect. Each of these forward-looking statements involves risks
and uncertainties. Actual results may differ materially from those
projected in any forward-looking statements due to numerous risks
and uncertainties, including but not limited to: risks and
uncertainties regarding regulatory approvals for MET642; potential
delays in initiating, enrolling or completing any clinical trials;
potential adverse side effects or other safety risks associated
with MET642; competition from third parties that are developing
products for similar uses; Metacrine’s ability to obtain, maintain
and protect its intellectual property; and Metacrine’s ability to
successfully reduce expenses in connection with the restructuring
plan. Information regarding the foregoing and additional risks may
be found in the section entitled “Risk Factors” in Metacrine’s
Annual Report on Form 10-K filed with the Securities and Exchange
Commission (the “SEC”) on March 30, 2022, and in Metacrine’s other
filings with the SEC. All forward-looking statements contained in
this press release speak only as of the date on which they were
made. Except as required by law, Metacrine assumes no obligation to
update any forward-looking statements contained herein to reflect
any change in expectations, even as new information becomes
available.
|
|
Three Months EndedDecember
31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
$ |
9,177 |
|
|
$ |
6,817 |
|
|
$ |
45,474 |
|
|
$ |
26,790 |
|
General and administrative |
|
|
3,910 |
|
|
|
3,813 |
|
|
|
15,605 |
|
|
|
9,900 |
|
Total operating expenses |
|
|
13,087 |
|
|
|
10,630 |
|
|
|
61,079 |
|
|
|
36,690 |
|
Loss from operations |
|
|
(13,087 |
) |
|
|
(10,630 |
) |
|
|
(61,079 |
) |
|
|
(36,690 |
) |
Total other income
(expense) |
|
|
(439 |
) |
|
|
(186 |
) |
|
|
(1,128 |
) |
|
|
(614 |
) |
Net loss |
|
$ |
(13,526 |
) |
|
$ |
(10,816 |
) |
|
$ |
(62,207 |
) |
|
$ |
(37,304 |
) |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash, cash equivalents, and short-term investments |
|
$ |
76,427 |
|
$ |
96,176 |
Prepaid expenses and other current assets |
|
|
2,313 |
|
|
5,847 |
Total current assets |
|
|
78,740 |
|
|
102,023 |
Property
and equipment, net |
|
|
347 |
|
|
634 |
Operating lease right-of-use asset |
|
|
902 |
|
|
1,579 |
Total assets |
|
$ |
79,989 |
|
$ |
104,236 |
Liabilities, Preferred Stock, and Stockholders’
Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
368 |
|
$ |
334 |
Accrued and other current liabilities |
|
|
7,392 |
|
|
3,692 |
Total current liabilities |
|
|
7,760 |
|
|
4,026 |
Long-term debt, net of debt discount |
|
|
13,303 |
|
|
9,372 |
Other
long-term liabilities |
|
|
1,571 |
|
|
1,559 |
Stockholders’ equity |
|
|
57,355 |
|
|
89,279 |
Total liabilities, preferred stock, and stockholders’ equity |
|
$ |
79,989 |
|
$ |
104,236 |
Investor & Media Contact
Investor Relations
Metacrine, Inc.
investors@metacrine.com
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