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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EQRx Inc | NASDAQ:EQRX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.34 | 2.23 | 2.38 | 0 | 01:00:00 |
“2023 is poised to be an important year as we work to advance late-stage U.S.-led trials for our lead oncology programs, lerociclib and aumolertinib, which we aim to develop as two potential best-in-class medicines that could serve as the basis of future combination treatments for different cancer types,” said Melanie Nallicheri, president and chief executive officer of EQRx. “With $1.4 billion in cash, we are entering 2023 in a strong financial position. Our focus remains on being disciplined with our cash while executing on our priorities and preserving runway into 2028. For this year, we anticipate cash used in operations to be less than $275 million.”
Pipeline Highlights
Lerociclib (cyclin-dependent kinases 4 and 6 (CDK4/6) inhibitor)
Aumolertinib (third-generation epidermal growth factor receptor (EGFR) inhibitor)
Sugemalimab (anti-programmed death-ligand 1 (PD-L1) antibody)
Early Pipeline Programs
Fourth Quarter and Full Year 2022 Financial Highlights
About EQRxEQRx is a new type of pharmaceutical company committed to developing and expanding access to innovative medicines for some of the most prevalent disease areas, including cancer and immune-inflammatory conditions. Launched in January 2020, EQRx is leveraging cutting-edge science, technology and strategic partnerships with stakeholders from across the healthcare system toward the goal of increasing access for patients around the world. To learn more, visit www.eqrx.com and follow us on social media: Twitter: @EQRx_US, LinkedIn.
EQRx™ and Remaking Medicine™ are trademarks of EQRx.
Cautionary Statement Regarding Forward-Looking StatementsThis press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may be identified by the use of words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “design,” “strategy,” “future,” “opportunity,” “continue, “aim,” “goal,” “plan,” “may,” “look forward,” “should,” “will,” “would,” “will be,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to, express or implied statements regarding timing of initiation of clinical trials for EQRx’s pipeline candidates and data readouts; EQRx’s cash runway and 2023 cash used in operations; the path to U.S. regulatory approval for aumolertinib, including timing of filing for approvals; timing of ex-U.S. regulatory submissions and acceptance thereof; potential for EQRx’s early pipeline programs; potential operational efficiencies and streamlining expenses from the reduction in headcount; among others. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the inherent risks in pharmaceutical development, including with respect to the conduct of clinical trials and risk of delays; risks that the results of prior clinical trials may not be predictive of future results or that additional clinical trials become necessary due to changes in standard of care; risks associated with successfully demonstrating the safety and efficacy of its drug candidates and obtaining regulatory approvals; risks associated with EQRx’s ability to otherwise implement its business plans, including risks associated with its growth and commercialization strategies; variations in operating performance across competitors; changes in the competitive and highly regulated industries in which EQRx operates, including laws and regulations affecting EQRx’s business such as the recently enacted Inflation Reduction Act; and other risks associated with its plans to create a new kind of pharmaceutical company, among others. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in EQRx’s most recent Annual Report on Form 10-K as well as any other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and EQRx assumes no obligation, and does not intend, to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Investors and others should note that EQRx communicates with its investors and the public using its website www.eqrx.com, including, but not limited to, EQRx disclosures, investor presentations and FAQs, SEC filings, press releases, public conference call transcripts and webcast transcripts. The information that EQRx posts on its website could be deemed to be material information. As a result, EQRx encourages investors, the media and other interested parties to review the information that EQRx posts there on a regular basis. The contents of EQRx’s website shall not be deemed incorporated by reference in any filing with the SEC.
EQRx, Inc.Consolidated Statements of Operations(unaudited)(in thousands, except share and per share data) | |||||||||||||||||
Three months ended | Year ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | $ | 71,498 | $ | 56,216 | $ | 228,495 | $ | 118,109 | |||||||||
General and administrative | 29,232 | 38,585 | 127,382 | 78,266 | |||||||||||||
Total operating expenses | 100,730 | 94,801 | 355,877 | 196,375 | |||||||||||||
Loss from operations | (100,730 | ) | (94,801 | ) | (355,877 | ) | (196,375 | ) | |||||||||
Other (expense) income: | |||||||||||||||||
Change in fair value of contingent earn-out liability | 55,018 | 87,065 | 145,881 | 87,065 | |||||||||||||
Change in fair value of warrant liabilities | 10,888 | 8,880 | 15,822 | 8,880 | |||||||||||||
Interest income, net | 12,668 | 226 | 25,150 | 436 | |||||||||||||
Other (expense) income, net | (21 | ) | (146 | ) | (65 | ) | (15 | ) | |||||||||
Total other income, net | 78,553 | 96,025 | 186,788 | 96,366 | |||||||||||||
Net loss | $ | (22,177 | ) | $ | 1,224 | $ | (169,089 | ) | $ | (100,009 | ) | ||||||
Net loss per share - basic | $ | (0.05 | ) | $ | 0.00 | $ | (0.36 | ) | $ | (0.31 | ) | ||||||
Net loss per share - diluted | $ | (0.05 | ) | $ | 0.00 | $ | (0.36 | ) | $ | (0.31 | ) | ||||||
Weighted average common shares outstanding - basic | 477,838,683 | 345,288,137 | 474,295,855 | 324,008,969 | |||||||||||||
Weighted average common shares outstanding - diluted | 477,838,683 | 375,396,874 | 474,295,855 | 324,008,969 |
EQRx, Inc.Selected Condensed Consolidated Balance Sheet Data(unaudited)(in thousands) | |||||||
December 31, | |||||||
2022 | 2021 | ||||||
Cash, cash equivalents and short-term investments | $ | 1,399,286 | $ | 1,678,542 | |||
Working capital(1) | 1,376,170 | 1,666,556 | |||||
Total assets | 1,455,016 | 1,729,442 | |||||
Total stockholders’ equity | 1,388,862 | 1,514,839 | |||||
Restricted cash | 633 | 633 |
(1) Working capital is defined as current assets less current liabilities.
EQRx Contacts:
Media:Dan Budwick 1ABdan@1abmedia.com Investors:investors@eqrx.com
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