11/04/2021 | Press release | Distributed by Public on 11/04/2021 14:08
SOUTH SAN FRANCISCO, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- NGM Biopharmaceuticals, Inc. (NGM) (Nasdaq: NGM), a biotechnology company focused on discovering and developing transformative therapeutics for patients, today provided business highlights and reported financial results for the quarterly period ended September 30, 2021.
"This quarter we made notable progress advancing NGM's oncology portfolio, now four assets strong, all generated by our in-house discovery engine and wholly owned by NGM," said David J. Woodhouse, Ph.D., Chief Executive Officer at NGM. "We reported the first preliminary human data from our NGM120 trial at ESMO 2021 and also unveiled our third myeloid reprogramming program, NGM831. Over the past 12 months, we have pulled back the curtain on the intensive discovery work in oncology that has been underway at NGM for several years. Leveraging integrated world-class target discovery research and protein engineering, we've created multiple oncology product candidates each with the potential to become next-generation treatment options to help patients mobilize their own immune systems to fight cancer more effectively. We strongly believe myeloid cell reprogramming can be an important additional approach to augment anti-tumor immunity and our portfolio of product candidates provide multiple opportunities to harness that biology."
Key Third Quarter and Recent Highlights
Cancer
Retinal disease
Liver and metabolic diseases
Third Quarter 2021 Financial Results
About NGM Biopharmaceuticals, Inc.
NGM is a biopharmaceutical company focused on discovering and developing novel therapeutics based on scientific understanding of key biological pathways underlying retinal diseases, cancer and liver and metabolic diseases. We leverage our biology-centric drug discovery approach to uncover novel mechanisms of action and generate proprietary insights that enable us to move rapidly into proof-of-concept studies and deliver potential first-in-class medicines to patients. At NGM, we aspire to operate one of the most productive research and development engines in the biopharmaceutical industry. All of our therapeutics have been generated by our in-house discovery engine; today, we have seven disclosed programs, including four in Phase 2 or 2b studies, across three therapeutics areas. Visit us at www.ngmbio.com for more information.
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "focused," "anticipates," "believe," "will," "designed to," "preliminary," "encouraging," "enable," "expected," "potential," "aspire," "opportunities," "planned," "plans" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to: the therapeutic potential of NGM's product candidates, including the potential of NGM's oncology product candidates to become next-generation treatment options; NGM's belief that myeloid cell reprogramming can be an important additional approach to augment anti-tumor immunity and that its portfolio of product candidates provide multiple opportunities to harness that biology; the design of NGM's and Merck's clinical trials of NGM's product candidates; the preliminary findings in the Phase 1a/1b study of NGM120 providing encouraging initial signals of anti-cancer activity; the planned commencement of a Phase 1 clinical trial of NGM831 and the anticipated timing thereof; the availability and anticipated timing of topline data from Phase 2 CATALINA study of NGM621 in patients with geographic atrophy; potential activities under NGM's amended collaboration with Merck and the potential receipt of milestone and royalty payments by NGM under the amended collaboration with Merck; and other statements that are not historical fact. Because such statements deal with future events and are based on NGM's current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of NGM could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including, without limitation, risks and uncertainties associated with the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating, enrolling, reporting data from or completing clinical studies, as well as the risks that results obtained in clinical trials to date may not be indicative of results obtained in ongoing or future trials and that NGM's product candidates may otherwise not be tolerable and effective treatments in their planned indications; NGM's ability to maintain its amended collaboration with Merck, including the risk that if Merck were to breach or terminate the amended collaboration or Merck's development funding obligations, NGM would not obtain all of the anticipated financial and other benefits of the amended collaboration, and the development and/or commercialization of NGM's product candidates within the scope of the amended collaboration could be delayed, perhaps substantially; the ongoing COVID-19 pandemic, which has adversely affected, and could materially and adversely affect in the future, NGM's business and operations, including NGM's ability to timely supply, initiate, enroll and complete its ongoing and future clinical trials; the time-consuming and uncertain regulatory approval process; NGM's reliance on third-party manufacturers for aldafermin, NGM120, NGM707, NGM831, NGM621 and its other product candidates and the risks inherent in manufacturing and testing pharmaceutical products; the sufficiency of NGM's cash resources, including to fund its wholly-owned programs, and NGM's need for additional capital; and other risks and uncertainties affecting NGM and its development programs, including those discussed in the section titled "Risk Factors" in NGM's quarterly report on Form 10-Q for the quarter ended June 30, 2021 filed with the United States Securities and Exchange Commission (SEC) on August 5, 2021 and future filings and reports that NGM makes from time to time with the SEC. Except as required by law, NGM assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
1Von Hoff DD, et al. N Engl J Med. 2013
Investor Contact: Brian Schoelkopf [email protected] |
Media Contact: Liz Melone [email protected] |
NGM BIOPHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Related party revenue | $ | 18,575 | $ | 23,482 | $ | 56,923 | $ | 67,601 | |||||||
Operating expenses: | |||||||||||||||
Research and development | 38,714 | 46,979 | 122,983 | 123,912 | |||||||||||
General and administrative | 8,867 | 6,460 | 27,411 | 19,849 | |||||||||||
Total operating expenses | 47,581 | 53,439 | 150,394 | 143,761 | |||||||||||
Loss from operations | (29,006 | ) | (29,957 | ) | (93,471 | ) | (76,160 | ) | |||||||
Interest income, net | 106 | 260 | 335 | 1,823 | |||||||||||
Other income (expense), net | 35 | (68 | ) | 35 | (159 | ) | |||||||||
Net loss | $ | (28,865 | ) | $ | (29,765 | ) | $ | (93,101 | ) | $ | (74,496 | ) | |||
Net loss per share, basic and diluted | $ | (0.37 | ) | $ | (0.43 | ) | $ | (1.21 | ) | $ | (1.09 | ) | |||
Weighted average shares used to compute net loss per share, basic and diluted | 77,408,893 | 68,815,696 | 76,851,508 | 68,174,654 |
NGM BIOPHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, 2021 |
December 31, 2020* |
||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 145,826 | $ | 147,017 | |||
Short-term marketable securities | 237,603 | 148,139 | |||||
Related party receivable from collaboration | 4,400 | 333 | |||||
Related party contract asset | - | 6,100 | |||||
Prepaid expenses and other current assets | 8,054 | 6,837 | |||||
Total current assets | 395,883 | 308,426 | |||||
Property and equipment, net | 11,452 | 14,526 | |||||
Restricted cash | 1,499 | 1,499 | |||||
Other non-current assets | 7,024 | 4,592 | |||||
Total assets | $ | 415,858 | $ | 329,043 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 7,632 | $ | 9,663 | |||
Accrued liabilities | 34,720 | 29,945 | |||||
Deferred rent, current | 3,088 | 2,975 | |||||
Contract liabilities | 12,288 | - | |||||
Total current liabilities | 57,728 | 42,583 | |||||
Deferred rent, non-current | 4,091 | 6,417 | |||||
Total liabilities | 61,819 | 49,000 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.001 par value; | - | - | |||||
Common stock, $0.001 par value; | 78 | 71 | |||||
Additional paid-in capital | 745,704 | 578,599 | |||||
Accumulated other comprehensive (loss) income | (11 | ) | 4 | ||||
Accumulated deficit | (391,732 | ) | (298,631 | ) | |||
Total stockholders' equity | 354,039 | 280,043 | |||||
Total liabilities and stockholders' equity | $ | 415,858 | $ | 329,043 |
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* Derived from the audited consolidated financial statements.