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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Forma Therapeutics Holdings Inc | NASDAQ:FMTX | 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% | 20.01 | 19.98 | 19.40 | 0 | 01:00:00 |
Strong organizational foundation laid in 2020; continued pipeline execution amid COVID-19 and raised gross capital of $595.1 million
Key 2020 pipeline achievements include proof of concept for FT-4202 in sickle cell disease; successful interim analysis of registrational Phase 2 trial of olutasidenib in R/R AML with IDH1m; and commencement of Phase 1 trial for FT-7051 in mCRPC
2021 milestones already achieved; top-line results from 600mg dose cohort of Phase 1 FT-4202 trial, enrolling patients in Phase 2/3 FT-4202 trial, and first patient dosed in Phase 1 FT-7051 trial in mCRPC
Anticipated 2021 milestones include initial results from FT-4202 open label extension in second quarter and initial FT-7051 Phase 1 results in the second half of the year
Forma Therapeutics Holdings, Inc. (Nasdaq: FMTX), a clinical-stage biopharmaceutical company focused on rare hematologic diseases and cancers, today reported financial results for the fourth quarter and full year ended December 31, 2020. The company also highlighted recent progress and upcoming milestones for its pipeline programs.
“2020 was a very productive year for Forma, starting with our initial public offering in June and including positive clinical data and progress on our key development programs targeting sickle cell disease, AML and glioma, as well as prostate cancer,” said Frank Lee, president and chief executive officer of Forma. “With important events in 2021 for our compounds in development, we look forward to furthering our mission to bring breakthrough therapies to people living with rare hematologic diseases and cancers.”
Key Business and Clinical Highlights
PKR Program in Sickle Cell Disease (SCD):
CPB/p300 Program in Prostate Cancer:
IDH1 Program in AML and Glioma:
Corporate Achievements:
Upcoming Milestones
Financial Results
Forma will conduct a conference call and webcast on March 30th at 8 a.m. Eastern Standard Time (EST) to discuss 2020 year-end financial results and business update. The call can be accessed by dialing (833) 301-1146 in the U.S., and (914) 987-7386 internationally, with conference ID 5893542.
The live webcast will be available in the “News & Investors” section of Forma’s website www.formatherapeutics.com.
About Forma Therapeutics
Forma Therapeutics is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. Our R&D engine combines deep biology insight, chemistry expertise and clinical development capabilities to create drug candidates with differentiated mechanisms of action focused on indications with high unmet need. Our work has generated a broad proprietary portfolio of programs with the potential to provide profound patient benefit. For more information, please visit www.FormaTherapeutics.com or follow us on Twitter @FORMAInc and LinkedIn.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the company’s beliefs and expectations regarding its: business plans and objectives; future plans for FT-4202, and FT-7051 and olutasidenib, including expectations regarding timing and success of the current ongoing clinical trials, therapeutic potential, and clinical benefits and safety thereof, planned regulatory submissions, including an NDA for olutasidenib, and upcoming milestones for the company’s other product candidates; growth as a company and the anticipated contribution of the members of our board of directors to our operations and progress; presentation of additional data at upcoming scientific conferences, and other preclinical data and potential data publications in 2021; the potential commercial and collaboration opportunities, including potential future collaborators and parties, as well as value and market, for our product candidates; uses of capital, expenses and other 2020 financial results or in the future, and the potential impact of COVID-19 on patient retention, strategy, future operations, clinical trials or IND submissions. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties associated with the following: the impact of the COVID-19 pandemic on the company’s business, operations, strategy, goals and anticipated milestones; the therapeutic potential of FT-4202 and FT-7051, and the timing associated with the initiation or continuation of any of FT-4202 trials and success of ongoing clinical trials of FT-4202 and FT-7051; the initiation of our phase I clinical trial of FT-7051; Forma’s ability to execute on its strategy; the submission and acceptance of a new drug application for submission to the U.S. Food and Drug Administration for olutasidenib; positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; any one or more of Forma’s product candidates may not be successfully developed and commercialized; regulatory developments in the United States and foreign countries; Forma’s ability to protect and maintain our intellectual property position; the impact of COVID-19 affecting countries or regions in which we have operations or do business, including potential negative impacts on our employees, customers, supply chain and production as well as global economies and financial markets; Forma’s ability to fund operations; Forma’s ability to identify satisfactory collaboration opportunities, as well as those risks and uncertainties set forth more fully under the caption "Risk Factors" in the final prospectus dated December 10, 2020 and filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the United States Securities and Exchange Commission (SEC) and elsewhere in Forma’s filings and reports with the SEC. Forma disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent Forma’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Forma explicitly disclaims any obligation to update any forward-looking statements.
Selected Financial Information
(in thousands except share and per share data)
(unaudited)
Statement of Operations Items:For the Three Months Ended December 31,
For the Year Ended December 31,
2020
2019
2020
2019
Revenue
$
—
$
7,444
$
—
$
100,557
Operating expenses Research and development
24,866
27,042
93,367
111,315
General and administrative
7,941
6,771
30,782
24,402
Restructuring charges
—
(330
)
63
5,290
Total operating expenses
32,807
33,483
124,212
141,007
Loss from operations
(32,807
)
(26,039
)
(124,212
)
(40,450
)
Other income, net
1,029
752
24,079
3,809
Loss before taxes
(31,778
)
(25,287
)
(100,133
)
(36,641
)
Income tax benefit
(3,190
)
(631
)
(29,719
)
(1,848
)
Net loss$
(28,588
)
$
(24,656
)
$
(70,414
)
$
(34,793
)
Preferred return and accretion of preferred return and cumulative dividends on preferred securities
—
(568
)
(3,736
)
(2,963
)
Loss on extinguishment of Series A, Series B-1 and Series B-2 convertible preferred stock
—
(3,584
)
—
(3,584
)
Distribution to holders of preferred securities in excess of accrued preferred return
—
—
—
(11,347
)
Tax distribution to holders of Enterprise.1 Incentive Shares
—
—
—
(60
)
Net loss allocable to shares of common stock, basic$
(28,588
)
$
(28,808
)
$
(74,150
)
$
(52,747
)
Change in fair value attributable to warrants to purchase preferred securities
—
(447
)
—
(962
)
Net loss allocable to shares of common stock, diluted$
(28,588
)
$
(29,255
)
$
(74,150
)
$
(53,709
)
Net loss per share of common stock: Basic$
(0.68
)
$
(11.31
)
$
(3.22
)
$
(20.70
)
Diluted$
(0.68
)
$
(11.48
)
$
(3.22
)
$
(21.08
)
Weighted-average shares of common stock outstanding, Basic and diluted
42,239,451
2,547,937
23,056,975
2,547,927
Selected Balance Sheet Items: December 31, 2020 December 31, 2019 Cash, cash equivalents, and marketable securities
$
645,588
$
173,180
Total assets$
680,971
$
183,035
Accounts payable, accrued expenses, and other current liabilities$
31,399
$
23,629
Redeemable convertible and convertible preferred stock outside of stockholders' equity$
—
$
138,131
Total stockholders’ equity$
648,244
$
18,246
View source version on businesswire.com: https://www.businesswire.com/news/home/20210330005283/en/
Investor Contact: Mario Corso, +1 781-366-5726 Forma Therapeutics mcorso@formatherapeutics.com
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