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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Evelo Biosciences Inc | NASDAQ:EVLO | 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% | 0.3165 | 0.3051 | 0.3114 | 0 | 01:00:00 |
“Over the past year, we have executed on our research and development plans, providing critical preclinical and clinical data to help inform our late-stage development plans, and further validating our platform. We are poised to continue building on this momentum, with multiple clinical readouts expected across our inflammatory disease portfolio in the next 18 months, including our Phase 2b data from EDP1815 in psoriasis in the third quarter,” said Simba Gill, Ph.D., Chief Executive Officer of Evelo. “In order to support this rapid growth, we continue to strengthen our corporate position. We recently expanded our executive team with the addition of Luca Scavo as CFO and Julie H. McHugh to our Board of Directors, and entered into a strategic collaboration with Abdul Latif Jameel Health to potentially provide EDP1815 to the Middle East, Turkey, and Africa, representing a key step in realizing our vision of providing safe, effective, convenient, and affordable medicines to millions of people around the world.”
First Quarter 2021 Highlights and Recent Progress
EDP1815 in Atopic Dermatitis
EDP1815 TACTIC-E Trial in COVID-19
Business Highlights
Upcoming Key MilestonesEDP1815 – Psoriasis; all data anticipated to be reported in 3Q 2021
EDP1815 – Atopic Dermatitis
EDP1815 – COVID-19
EDP1867 – Atopic Dermatitis
EDP2939 – Inflammation
EDP1908 – Oncology
First Quarter 2021 Financial Results
Conference CallEvelo will host a conference call and webcast at 8:30 a.m. ET today. To access the call please dial (866) 795-3242 (domestic) or (409) 937-8909 (international) and refer to conference ID 5856668. A live webcast of the event will also be available under “News and Events” in the Investors section of Evelo's website at http://ir.evelobio.com. The archived webcast will be available on Evelo's website approximately two hours after the completion of the event and will be available for 30 days following the call.
About Evelo BiosciencesEvelo Biosciences is a clinical stage biotechnology company developing orally delivered product candidates that are designed to act on the small intestinal axis, SINTAX™, with systemic therapeutic effects. SINTAX plays a central role in governing the immune, metabolic, and neurological systems. The Company’s first product candidates are pharmaceutical preparations of single strains of microbes selected for their potential to offer defined pharmacological properties. Evelo’s therapies have the potential to be effective, safe, and affordable medicines to improve the lives of people with inflammatory diseases and cancer.
Evelo currently has four product candidates in development: EDP1815, EDP1867, and EDP2939 for the treatment of inflammatory diseases and EDP1908 for the treatment of cancer. Evelo is advancing additional product candidates in other disease areas.
For more information, please visit www.evelobio.com and engage with Evelo on LinkedIn.
Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements concerning the development of EDP1815, EDP1867, EDP2939, and EDP1908, the promise and potential impact of our product candidates, the timing of and plans for clinical trials, and the timing and results of clinical trial readouts.
These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the impact of the COVID-19 pandemic on our operations, including our preclinical studies and clinical trials, and the continuity of our business; we have incurred significant losses, are not currently profitable and may never become profitable; our need for additional funding; our limited operating history; our unproven approach to therapeutic intervention; the lengthy, expensive, and uncertain process of clinical drug development, including potential delays in regulatory approval; our reliance on third parties and collaborators to expand our microbial library, conduct our clinical trials, manufacture our product candidates, and develop and commercialize our product candidates, if approved; our lack of experience in manufacturing, selling, marketing, and distributing our product candidates; failure to compete successfully against other drug companies; protection of our proprietary technology and the confidentiality of our trade secrets; potential lawsuits for, or claims of, infringement of third-party intellectual property or challenges to the ownership of our intellectual property; our patents being found invalid or unenforceable; risks associated with international operations; our ability to retain key personnel and to manage our growth; the potential volatility of our common stock; our management and principal stockholders have the ability to control or significantly influence our business; costs and resources of operating as a public company; unfavorable or no analyst research or reports; and securities class action litigation against us.
These and other important factors discussed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended March 31, 2021 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
ContactJessica Cotrone, 978-760-5622jcotrone@evelobio.com
EVELO BIOSCIENCES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(in thousands, except share and per share amounts)
Three Months EndedMarch 31, | ||||||||
2021 | 2020 | |||||||
Operating Expenses (1): | ||||||||
Research and development | $ | 21,508 | $ | 17,419 | ||||
General and administrative | 5,963 | 5,842 | ||||||
Total operating expenses | 27,471 | 23,261 | ||||||
Loss from operations | (27,471 | ) | (23,261 | ) | ||||
Other (expense) income, net | (603 | ) | 285 | |||||
Loss before income taxes | (28,074 | ) | (22,976 | ) | ||||
Income tax expense | (122 | ) | (65 | ) | ||||
Net loss | $ | (28,196 | ) | $ | (23,041 | ) | ||
Net loss per share - basic and diluted | $ | (0.55 | ) | $ | (0.71 | ) | ||
Weighted-average common shares used in computing net loss per share - basic and diluted | 51,343,923 | 32,250,050 | ||||||
(1) Expenses include the following amount of non-cash stock-based compensation expense. | ||||||||
General and administrative | $ | 1,441 | $ | 889 | ||||
Research and development | 1,823 | 1,066 |
EVELO BIOSCIENCES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in thousands)
March 31, 2021 | December 31, 2020 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 124,591 | $ | 68,857 | ||||
Property and equipment, net | 7,236 | 7,478 | ||||||
Right of use asset - operating lease | 10,312 | 10,757 | ||||||
Other assets | 10,903 | 3,547 | ||||||
Total assets | $ | 153,042 | $ | 90,639 | ||||
Liabilities and stockholders’ equity: | ||||||||
Accounts payable, accrued expenses and other | $ | 18,719 | $ | 19,833 | ||||
Long-term debt | 29,258 | 30,048 | ||||||
Operating lease liability, net of current portion | 9,463 | 9,989 | ||||||
Other noncurrent liabilities | 7,763 | 284 | ||||||
Total liabilities | 65,203 | 60,154 | ||||||
Total stockholders’ equity | 87,839 | 30,485 | ||||||
Total liabilities and stockholders’ equity | $ | 153,042 | $ | 90,639 |
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