Metacrine Reports Second-Quarter 2022 Results
August 09 2022 - 4:05PM
Metacrine, Inc. (NASDAQ:MTCR), a clinical-stage biopharmaceutical
company pioneering differentiated therapies for patients with
gastrointestinal diseases, today reported its second-quarter 2022
financial results.
“We have made meaningful progress during the quarter in
evaluating strategic alternatives designed to maximize stockholder
value,” said Preston Klassen, M.D., MHS, president and chief
executive officer of Metacrine. Potential strategic
alternatives to be explored and evaluated may include a merger,
sale, or other business combination, a strategic partnership with
one or more parties, or the licensing, sale or divestiture of our
programs.
Second-Quarter 2022 Financial Results
- Cash Balance - Cash, cash equivalents and
short-term investments were $55.5 million as of June 30, 2022.
Metacrine believes it has sufficient capital to fund its current
operating plan through 2023.
- R&D Expenses - Research and development
expenses were $2.3 million for the three months ended June 30,
2022, as compared to $11.4 million for the prior-year period. The
decrease was primarily driven by lower clinical development costs
related to the MET409 and MET642 programs and lower
employee-related costs.
- G&A Expenses - General and administrative
expenses were $3.4 million for the three months ended
June 30, 2022, as compared to $4.0 million for the prior-year
period. The decrease was attributable to lower employee-related
costs and expenses associated with operating as a publicly traded
company.
- Net Loss - Net loss
was $6.3 million for the three months ended June 30, 2022, as
compared to $15.6 million for prior-year period.
About Metacrine
Metacrine, Inc. is a clinical-stage biopharmaceutical company
developing differentiated therapies for patients with
gastrointestinal diseases. Metacrine has developed a proprietary
farnesoid X receptor 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 Statements
This 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
sufficiency of Metacrine’s capital to fund its current operating
plan through 2023 and statements about Metacrine’s evaluation of
strategic alternatives. Words such as “may,” “potential,”
“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 related to
Metacrine’s ability to identify and consummate strategic
alternatives that yield additional value for stockholders; the
timing, benefits and outcome of Metacrine’s strategic alternatives
review process, including the determination of whether or not to
pursue or consummate any strategic alternative; the structure,
terms and specific risks and uncertainties associated with any
potential strategic transaction; potential disruptions in
Metacrine’s business and the stock price as a result of the
evaluation of strategic alternatives or the public announcement
thereof and any decision or transaction resulting from such
evaluation; potential delays in initiating, enrolling or completing
any clinical trials; competition from third parties; and
Metacrine’s ability to obtain, maintain and protect its
intellectual property. Information regarding the foregoing and
additional risks may be found in the section entitled “Risk
Factors” in Metacrine’s Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission (the “SEC”) on August 9,
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.
Investor & Media Contact
Investor RelationsMetacrine, Inc.investors@metacrine.com
Metacrine, Inc. |
|
Unaudited Condensed Consolidated Statements of
Operations |
(In thousands) |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
2,309 |
|
|
$ |
11,368 |
|
|
$ |
8,989 |
|
|
$ |
22,225 |
|
General and administrative |
|
|
3,412 |
|
|
|
3,992 |
|
|
|
8,894 |
|
|
|
7,688 |
|
Restructuring charges |
|
|
44 |
|
|
|
— |
|
|
|
902 |
|
|
|
— |
|
Gain from lease termination and asset sale |
|
|
— |
|
|
|
— |
|
|
|
(508 |
) |
|
|
— |
|
Total operating expenses |
|
|
5,765 |
|
|
|
15,360 |
|
|
|
18,277 |
|
|
|
29,913 |
|
Loss from operations |
|
|
(5,765 |
) |
|
|
(15,360 |
) |
|
|
(18,277 |
) |
|
|
(29,913 |
) |
Total other income
(expense) |
|
|
(497 |
) |
|
|
(225 |
) |
|
|
(865 |
) |
|
|
(440 |
) |
Net loss |
|
$ |
(6,262 |
) |
|
$ |
(15,585 |
) |
|
$ |
(19,142 |
) |
|
$ |
(30,353 |
) |
Metacrine, Inc. |
|
Unaudited Condensed Consolidated Balance
Sheets |
(In thousands) |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash, cash equivalents, and short-term investments |
|
$ |
55,530 |
|
|
$ |
76,427 |
|
Prepaid expenses and other current assets |
|
|
3,611 |
|
|
|
2,313 |
|
Total current assets |
|
|
59,141 |
|
|
|
78,740 |
|
Property and equipment, net |
|
|
— |
|
|
|
347 |
|
Operating lease right-of-use
asset |
|
|
— |
|
|
|
902 |
|
Total assets |
|
$ |
59,141 |
|
|
$ |
79,989 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
503 |
|
|
$ |
368 |
|
Accrued and other current liabilities |
|
|
2,150 |
|
|
|
7,392 |
|
Total current liabilities |
|
|
2,653 |
|
|
|
7,760 |
|
Long-term debt, net of debt
discount |
|
|
13,616 |
|
|
|
13,303 |
|
Other long-term liabilities |
|
|
1,388 |
|
|
|
1,571 |
|
Stockholders’ equity |
|
|
41,484 |
|
|
|
57,355 |
|
Total liabilities and stockholders’ equity |
|
$ |
59,141 |
|
|
$ |
79,989 |
|
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