We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
“Going forward, EQRx will leverage its significant scale of capital and team of experienced ‘drug hunters’ towards developing clinically differentiated, high-value medicines,” said Melanie Nallicheri, president and chief executive officer of EQRx. “Lerociclib, with its compelling early clinical data and potential for strong financial return, is an exciting starting point from which to build our pipeline, along with some of our early-stage oncology programs. As part of this business reset, we plan to remove programs from our existing portfolio that are inconsistent with this new vision. Our promising and potentially differentiated early-stage immune-inflammatory programs will be transitioned into a separate entity under EQRx, and we will explore its path as an independent company.”
Ms. Nallicheri continued, “We expect that our go-forward streamlined organization will have a significantly lower cash burn, which, when combined with our current $1.3 billion cash position, opens up degrees of freedom to execute against our new strategy.”
Key pipeline updates:
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) and Nofazinlimab (anti-programmed cell death protein 1 (PD-1) antibody)
EQ121 (Janus kinase (JAK)-1 inhibitor)
Early-Stage Pipeline
First Quarter 2023 Financial Highlights
Conference Call and Webcast InformationEQRx will host a conference call and webcast today, May 8, 2023, at 4:30 p.m. Eastern Time. A live webcast of the call will be available on the “Investor Relations” page of EQRx’s website at https://investors.eqrx.com/news-events/events-presentations. To access the call by phone, participants should visit this link (registration link) to receive dial-in details. Participants are requested to register at least 15 minutes before the start of the call. The webcast will be made available for replay on EQRx’s website beginning approximately two hours after the event.
About LerociclibLerociclib is a novel, oral, and selective small molecule cyclin-dependent kinases 4 and 6 (CDK4/6) inhibitor, which has been studied clinically in patients with metastatic breast cancer and shown to be highly active with an encouraging tolerability profile in combination with endocrine therapy. Clinical trials of lerociclib, including those sponsored by EQRx, have included more than 400 patients globally. EQRx is currently conducting a multiregional Phase 3 clinical trial (NCT05712941) to evaluate lerociclib in combination with letrozole compared to letrozole with placebo for the first-line treatment of advanced/metastatic or recurrent low grade endometrioid endometrial cancer. In addition, EQRx is conducting a multiregional Phase 2 open-label trial (NCT05085002) evaluating lerociclib in combination with standard endocrine therapy in first- and second-line hormone receptor positive/human epidermal growth factor receptor 2 negative (HR+/HER2-) advanced breast cancer.
About EQRxEQRx is a biopharmaceutical company committed to developing and commercializing innovative medicines for some of the most prevalent disease areas. 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 EQRx’s clinical trials, including initiation and enrollment; savings from portfolio reset and reduction in force; EQRx’s ability to leverage its capital and advance a pipeline of therapies; EQRx’s I&I programs and formation of a new subsidiary (including funding thereof); EQRx’s plans for aumolertinib; and EQRx’s cash burn, cash savings, cash runway and 2023 cash used in operations; 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.Condensed Consolidated Statements of Operations(unaudited)(in thousands, except share and per share data) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 70,933 | $ | 53,428 | ||||
General and administrative | 27,277 | 32,263 | ||||||
Restructuring | 3,588 | — | ||||||
Total operating expenses | 101,798 | 85,691 | ||||||
Loss from operations | (101,798 | ) | (85,691 | ) | ||||
Other income (expense): | ||||||||
Change in fair value of contingent earn-out liability | 1,929 | 101,774 | ||||||
Change in fair value of warrant liabilities | 1,888 | 3,947 | ||||||
Interest income, net | 15,442 | 182 | ||||||
Other income (expense), net | (12 | ) | 514 | |||||
Total other income, net | 19,247 | 106,417 | ||||||
Net income (loss) | $ | (82,551 | ) | $ | 20,726 | |||
Net income (loss) per share - basic | $ | (0.17 | ) | $ | 0.04 | |||
Net income (loss) per share - diluted | $ | (0.17 | ) | $ | 0.04 | |||
Weighted average common shares outstanding - basic | 480,010,594 | 470,627,083 | ||||||
Weighted average common shares outstanding - diluted | 480,010,594 | 491,792,152 | ||||||
EQRx, Inc.Selected Condensed Consolidated Balance Sheet Data(unaudited)(in thousands) | |||||||
March 31, | December 31, | ||||||
2023 | 2022 | ||||||
Cash, cash equivalents and short-term investments | $ | 1,325,942 | $ | 1,399,286 | |||
Working capital(1) | 1,295,094 | 1,376,170 | |||||
Total assets | 1,383,955 | 1,455,016 | |||||
Total stockholders’ equity | 1,314,311 | 1,388,862 | |||||
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
1 Year EQRx Chart |
1 Month EQRx Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions