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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gritstone bio Inc | NASDAQ:GRTS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0168 | -1.75% | 0.945 | 0.94 | 0.9742 | 876 | 10:03:43 |
“Over this past year, we have demonstrated the significant potential of our platform technologies and have effectively transformed the profile of the company with the addition of a second therapeutic focus, expanding our pipeline programs by leveraging the distinct capabilities of Gritstone EDGETM to identify key immune targets and our prime-boost vaccine platform to elicit a robust immune response,” said Andrew Allen, M.D., Ph.D., co-founder, president and chief executive officer of Gritstone. “Our new infectious disease-focused collaborations with leading institutions augment the ongoing GRANITE and SLATE Phase 2 studies in difficult-to-treat advanced cancers, for which we expect to report data later this year. Additionally, we plan to initiate clinical trials in earlier cancer disease settings, such as the post-operative adjuvant context, where immunotherapy is typically even more effective. Finally, from an operational standpoint, we have strengthened our balance sheet with proceeds from partnerships as well as a successful PIPE financing.”
Key Accomplishments
Oncology Programs
Infectious Disease Programs
Balance Sheet Strengthening
Anticipated Upcoming Milestones
Fourth Quarter and Full Year 2020 Financial ResultsFor the three and twelve months ended December 31, 2020, Gritstone reported a net loss of $27.2 million and $105.3 million, respectively. This compares to a net loss of $27.7 million and $94.4 million, respectively, for the same periods in 2019.
Collaboration revenue was $0.9 million for the three months ended December 31, 2020, and $3.5 million for the full year 2020, compared to $0.9 million for the three months ended December 31, 2019, and $4.4 million for the full year 2019.
Total research and development expenses were $22.8 million for the three months ended December 31, 2020, and $88.6 million for the full year 2020, compared to $23.6 million and $82.9 million, respectively, for the same periods in 2019. The increase for the year ended December 31, 2020 was primarily due to increases in personnel related expenses and expenses related to in-house laboratory supplies and consumables and facilities expenses.
General and administrative expenses were $5.6 million for the three months ended December 31, 2020, and $21.4 million for the full year 2020, compared to $5.6 million and $19.4 million, respectively, for the same periods in 2019. The increase for the year ended December 31, 2020 was primarily due to increases in personnel related costs and expenses for professional services.
Cash, cash equivalents, marketable securities and restricted cash were $172.1 million as of December 31, 2020, compared to $128.8 million as of December 31, 2019. This excludes $60 million in proceeds from the Gilead partnership, consisting of $30 million upfront cash payment and $30 million equity investment, which were received in the first quarter of 2021.
About Gritstone Gritstone Oncology, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company, is developing the next generation of immunotherapies against multiple cancer types and infectious diseases. Gritstone develops its products by leveraging two key pillars—first, a proprietary machine learning-based platform, Gritstone EDGETM, which is designed to predict antigens that are presented on the surface of cells, such as tumor or virally-infected cells, that can be seen by the immune system; and, second, the ability to develop and manufacture potent immunotherapies utilizing these antigens to potentially drive the patient’s immune system to specifically attack and destroy disease-causing cells. The company’s lead oncology programs include an individualized neoantigen-based immunotherapy, GRANITE, and an “off-the-shelf” shared neoantigen-based immunotherapy, SLATE, which are being evaluated in clinical studies. The company also has a bispecific antibody (BiSAb) program for solid tumors in lead optimization. Within its infectious disease pipeline, Gritstone is advancing CORAL, a COVID-19 program to develop a second-generation vaccine, with support from departments within the National Institutes of Health (NIH), the Bill & Melinda Gates Foundation, as well as a license agreement with La Jolla Institute for Immunology. Additionally, the company has a global collaboration for the development of a therapeutic HIV vaccine with Gilead Sciences. For more information, please visit gritstoneoncology.com.
Gritstone Forward-Looking Statements This press release contains forward-looking statements, including, but not limited to, statements related to the potential of Gritstone’s therapeutic programs; the advancements in the company’s ongoing clinical trials; the timing of data announcements related to ongoing clinical trials and the initiation of future clinical trials. Such forward-looking statements involve substantial risks and uncertainties that could cause Gritstone’s research and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug development process, including Gritstone’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, Gritstone’s ability to successfully establish, protect and defend its intellectual property and other matters that could affect the sufficiency of existing cash to fund operations. Gritstone undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Gritstone’s most recent Annual Report on Form 10-K filed on March 11, 2021 and any current and periodic reports filed with the Securities and Exchange Commission.
ContactsMedia:Dan Budwick1AB(973) 271-6085dan@1abmedia.com
Investors:Alexandra SantosWheelhouse Life Science Advisors(510) 871-6161asantos@wheelhouselsa.com
Gritstone Oncology, Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue: | |||||||||||||||
Collaboration | $ | 917 | $ | 884 | $ | 3,462 | $ | 4,365 | |||||||
Contribution | 431 | - | 575 | - | |||||||||||
Total revenue | 1,348 | 884 | 4,037 | 4,365 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 22,845 | 23,582 | 88,643 | 82,896 | |||||||||||
General and administrative | 5,650 | 5,615 | 21,411 | 19,409 | |||||||||||
Total operating expenses | 28,495 | 29,197 | 110,054 | 102,305 | |||||||||||
Loss from operations | (27,147 | ) | (28,313 | ) | (106,017 | ) | (97,940 | ) | |||||||
Interest and other income, net | (20 | ) | 609 | 703 | 3,507 | ||||||||||
Net loss | $ | (27,167 | ) | $ | (27,704 | ) | $ | (105,314 | ) | $ | (94,433 | ) | |||
Net loss per common share, basic and diluted | $ | (0.69 | ) | $ | (0.77 | ) | $ | (2.79 | ) | $ | (2.81 | ) | |||
Shares used to compute for net loss per common share, basic and diluted | 39,364,507 | 35,906,917 | 37,792,365 | 33,554,823 | |||||||||||
Gritstone Oncology, Inc. | |||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||
Assets | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 170,056 | $ | 57,408 | |||||||||||
Marketable securities | 1,002 | 70,368 | |||||||||||||
Prepaid expenses and other current assets | 4,332 | 3,497 | |||||||||||||
Total current assets | 175,390 | 131,273 | |||||||||||||
Property and equipment, net | 22,105 | 26,911 | |||||||||||||
Operating lease right-of-use assets | 21,344 | 23,427 | |||||||||||||
Deposits and other long-term assets | 2,728 | 2,778 | |||||||||||||
Total assets | $ | 221,567 | $ | 184,389 | |||||||||||
Liabilities and stockholders' equity | |||||||||||||||
Current liabilities: | |||||||||||||||
Accounts payable | $ | 9,578 | $ | 4,621 | |||||||||||
Accrued compensation | 6,331 | 4,598 | |||||||||||||
Accrued liabilities | 677 | 1,041 | |||||||||||||
Accrued research and development | 1,053 | 1,779 | |||||||||||||
Lease liabilities, current portion | 5,874 | 2,505 | |||||||||||||
Deferred revenue, current portion | 3,475 | 4,956 | |||||||||||||
Total current liabilities | 26,988 | 19,500 | |||||||||||||
Other non-current liabilities | 395 | - | |||||||||||||
Lease liabilities, net of current portion | 19,225 | 20,985 | |||||||||||||
Deferred revenue, net of current portion | 8,220 | 9,560 | |||||||||||||
Total liabilities | 54,828 | 50,045 | |||||||||||||
Commitments and contingencies | |||||||||||||||
Stockholders' equity: | |||||||||||||||
Common stock | 18 | 17 | |||||||||||||
Additional paid-in capital | 493,023 | 355,291 | |||||||||||||
Accumulated other comprehensive loss | - | 24 | |||||||||||||
Accumulated deficit | (326,302 | ) | (220,988 | ) | |||||||||||
Total stockholders' equity | 166,739 | 134,344 | |||||||||||||
Total liabilities and stockholders' equity | $ | 221,567 | $ | 184,389 |
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