TRACON Pharmaceuticals Reports First Quarter 2019 Financial Results and Provides Corporate Update
Recent Corporate Highlights
- In April, we announced termination of further enrollment into company sponsored trials of TRC105 due to lack of efficacy in the Phase 3 TAPPAS trial evaluating TRC105 in combination with Votrient® (pazopanib) in patients with advanced or metastatic angiosarcoma.
“While we were disappointed in the outcome of the TAPPAS interim analysis, we have several other active clinical programs and look forward to developing multiple bispecific antibodies through our broad and long term partnership with I-Mab Biopharma,” said
Expected Upcoming Milestones
- Dosing of the first patient in a Phase 1 study of TJ004309 as a single agent and in combination with Tecentriq® (atezolizumab), a PD-L1 checkpoint inhibitor marketed by
Roche, in patients with advanced solid tumors is expected mid-2019.
- Publication of TRC253 Phase 1 data in patients with metastatic castrate resistant prostate cancer is expected in the second quarter of 2019.
- Top-line data from the randomized Phase 2
AVANTEtrial of DE-122 in patients with wet age-related macular degeneration (AMD) are expected in the first half of 2020.
First Quarter 2019 Financial Results
- Cash, cash equivalents and short-term investments were
$32.1 millionat March 31, 2019, compared to $39.1 millionat December 31, 2018. We expect our current cash, cash equivalents and short-term investments to fund operations into the third quarter of 2020.
- Collaboration revenue was $0 for the first quarter of 2019 compared to
$3.0 millionfor the first quarter of 2018. The decrease was due to the $3.0 millionnon-refundable upfront payment received in connection with our prior agreement with Ambrx, which was recorded as revenue in the first quarter of 2018.
- Research and development expenses for the first quarter of 2019 were
$5.2 millioncompared to $9.4 millionfor the first quarter of 2018. The decrease was primarily attributable to lower manufacturing expenses for TRC105 in the first quarter of 2019 as compared to the 2018 period.
- General and administrative expenses for the first quarter of 2019 were
$1.9 millioncompared to $1.8 millionfor the first quarter of 2018.
- Net loss for the first quarter of 2019 was
$7.2 millioncompared to $8.4 millionfor the first quarter of 2018.
Investor Conference Call
The Company will hold a conference call today at
After the live webcast, a replay will remain available on TRACON’s website for 60 days.
About DE-122 (carotuximab)
DE-122, a novel ophthalmic formulation of carotuximab, is active in preclinical choroidal neovascularization (CNV) models and designed to enhance the effect of approved VEGF inhibitors used to treat wet AMD. DE-122 is being investigated in the Phase 2 randomized
TRC253 is a novel, orally bioavailable small molecule that is a potent, high affinity competitive inhibitor of the androgen receptor (AR) and AR mutations, including the F877L mutation. The AR F877L mutation results in an alteration in the AR ligand binding domain that confers resistance to therapies for prostate cancer. Therapies targeting the AR have demonstrated clinical efficacy by extending time to disease progression, and in some cases, the survival of patients with metastatic castration-resistant prostate cancer. However, resistance to these agents is often observed and several molecular mechanisms of resistance have been identified, including gene amplification, overexpression, alternative splicing, and point mutation of the AR. TRC253 is currently being studied in a Phase 1/2 clinical trial in prostate cancer. For more information about the clinical trial, please visit TRACON’s website at www.traconpharma.com/clinical_trials.php
TJ004309 is a novel, humanized antibody against CD73, an ecto-enzyme expressed on stromal cells and tumors that converts extracellular adenosine monophosphate (AMP) to adenosine, which is highly immunosuppressive. TJ004309 is currently being studied in a Phase 1 trial to assess safety and preliminary efficacy as a single agent and when combined with the PD-L1 checkpoint inhibitor Tecentriq in patients with advanced solid tumors.
TRACON develops targeted therapies for cancer and ophthalmic diseases. The Company’s clinical-stage pipeline includes: DE-122, the ophthalmic formulation of carotuximab that is being developed in wet AMD through a collaboration with
Statements made 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. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding TRACON's plans to further develop product candidates, expectations regarding the timing and scope of clinical trials and availability of clinical data, expected development milestones, estimated cash runway, potential utility of product candidates, potential events under collaboration and license agreements, and TRACON’s business development strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include: risks associated with clinical development; whether TRACON or others will be able to complete or initiate clinical trials on TRACON’s expected timelines, if at all; the fact that future preclinical studies and clinical trials may not be successful or otherwise consistent with results from prior studies; the fact that TRACON has limited control over whether or when third party collaborators complete on-going trials or initiate additional trials of TRACON’s product candidates; the fact that TRACON’s collaboration agreements are subject to early termination; whether and when any bispecific antibodies are developed under TRACON’s collaboration with I-Mab; potential changes in regulatory requirements in
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
|Three Months Ended
|Research and development||5,214||9,438|
|General and administrative||1,949||1,751|
|Total operating expenses||7,163||11,189|
|Loss from operations||(7,163||)||(8,189||)|
|Total other expense||(50||)||(175||)|
|Net loss per share, basic and diluted||$||(0.24||)||$||(0.46||)|
|Weighted‑average common shares outstanding, basic and diluted||29,892,007||18,214,787|
Condensed Consolidated Balance Sheets
|March 31,||December 31,|
|Cash and cash equivalents||$||22,085||$||25,136|
|Prepaid and other assets||1,019||1,499|
|Total current assets||33,088||40,603|
|Property and equipment, net||38||45|
|Liabilities and Stockholders’ Equity|
|Accounts payable and accrued expenses||$||11,034||$||10,947|
|Accrued compensation and related expenses||714||1,464|
|Long‑term debt, current portion||1,806||1,084|
|Total current liabilities||13,554||13,495|
|Other long-term liabilities||1,124||368|
|Long‑term debt, less current portion||4,704||5,343|
|Commitments and contingencies|
|Additional paid‑in capital||161,648||161,072|
|Total stockholders’ equity.||14,805||21,442|
|Total liabilities and stockholders’ equity||$||34,187||$||40,648|
|Company Contact:||Investor Contact:|
|Mark Wiggins||Andrew McDonald|
|Chief Business Officer||LifeSci Advisors LLC|
Source: TRACON Pharmaceuticals, Inc.