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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0322 | 0.0291 | 0.03 | 0 | 00:00:00 |
“This is an exciting time for Gritstone, as we are on the cusp of unlocking important data about our promising new therapeutic modality in front-line metastatic microsatellite-stable colorectal cancer (MSS-CRC),” said Andrew Allen, MD, PhD, Co-founder, President & CEO of Gritstone bio. “Up to 95% of patients with metastatic CRC, the second most common cause of cancer death, are MSS. Delivering a new treatment option to these patients, who do not benefit from today’s immunotherapies, would be transformative. The emerging progression-free survival (PFS) benefit we reported in April is highly encouraging, especially in this tough to treat patient population. We have waited for these clinical data to mature and look forward to sharing the updated dataset next month. If we continue to see evidence of a clinical benefit with GRANITE, as measured by PFS, we believe new hope can be brought to patients who have not been helped by immune checkpoint blockade.”
Dr. Allen added, "Along with advancing GRANITE in CRC, our team continues to innovate across our programs, reinforcing the potential of our underlying technologies. Our recent AACR presentation highlights the unique power of EDGE™, our proprietary neoantigen identification platform that underpins all our programs. Our recent presentation at ESCMID showcases the ability of our self-amplifying mRNA vector (samRNA) to induce long-lasting immune responses. Gritstone remains uniquely positioned to deliver on the promise of next-generation vaccine technologies to prevent, treat and eradicate disease.”
Corporate Updates
Clinical Program Updates Tumor-Specific Neoantigen Oncology Programs (GRANITE and SLATE)GRANITE – Personalized neoantigen vaccine programSLATE – “Off-the-shelf” neoantigen vaccine program
Infectious Disease ProgramsCORAL – Next-generation SARS-CoV-2 vaccine program that serves as proof-of-concept for Gritstone’s samRNA platform and novel approach in infectious diseases
HIV – Collaboration with Gilead to research and develop vaccine-based HIV immunotherapy treatment
Second Quarter 2024 Financial Results
2 This project has been supported in whole or in part with federal funds from the Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50123C00062. |
About Gritstone bioGritstone bio, Inc. (Nasdaq: GRTS) is a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines. We leverage our innovative vectors and payloads to train multiple arms of the immune system to attack critical disease targets. Independently and with our collaborators, we are advancing a portfolio of product candidates to treat and prevent viral diseases and solid tumors in pursuit of improving patient outcomes and eliminating disease. www.gritstonebio.com
Gritstone Forward-Looking StatementsThis press release contains forward-looking statements, including, but not limited to, statements related to our clinical and regulatory development plans for our product candidates; our expectations regarding the data to be derived in our ongoing and planned clinical trials; the timing of commencement of our future nonclinical studies, clinical trials and research and development programs; our ability to discover, develop and advance product candidates into, and successfully complete, clinical trials; and our plans and strategy regarding maintaining existing and entering into new collaborations and/or partnerships. 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’ clinical 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 5, 2024 and any subsequent current and periodic reports filed with the Securities and Exchange Commission.
This press release concerns drugs that are under clinical investigation, and which have not yet been approved for marketing by the U.S. Food and Drug Administration. They are currently limited by Federal law to investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated.
Gritstone ContactsInvestors:George E. MacDougallGritstone bio, Inc.ir@gritstone.com
Media:Dan Budwick1AB(973) 271-6085dan@1abmedia.com
Gritstone bio, Inc.Condensed Consolidated Balance Sheets (unaudited)(In thousands)
June 30, 2024 | December 31, 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 50,900 | $ | 62,986 | ||||
Marketable securities | 4,812 | 16,288 | ||||||
Restricted cash | 1,274 | 2,299 | ||||||
Prepaid expenses and other current assets | 3,724 | 5,862 | ||||||
Total current assets | 60,710 | 87,435 | ||||||
Long-term restricted cash | 4,695 | 5,290 | ||||||
Property and equipment, net | 12,527 | 17,281 | ||||||
Lease right-of-use assets | 64,001 | 66,839 | ||||||
Deposits and other long-term assets | 609 | 924 | ||||||
Total assets | $ | 142,542 | $ | 177,769 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,132 | $ | 3,819 | ||||
Accrued compensation | 5,272 | 9,357 | ||||||
Accrued liabilities | 856 | 1,213 | ||||||
Accrued research and development expenses | 3,002 | 3,696 | ||||||
Lease liabilities, current portion | 7,159 | 6,904 | ||||||
Deferred revenue, current portion | 698 | 2,350 | ||||||
Warrant liability | 2,782 | — | ||||||
Total current liabilities | 23,901 | 27,339 | ||||||
Other liabilities, noncurrent | 1,117 | 709 | ||||||
Lease liabilities, net of current portion | 54,829 | 57,727 | ||||||
Debt, noncurrent | 40,506 | 40,144 | ||||||
Total liabilities | 120,353 | 125,919 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 24 | 22 | ||||||
Additional paid-in capital | 745,510 | 711,386 | ||||||
Accumulated other comprehensive (loss) gain | (3 | ) | 3 | |||||
Accumulated deficit | (723,342 | ) | (659,561 | ) | ||||
Total stockholders’ equity | 22,189 | 51,850 | ||||||
Total liabilities and stockholders’ equity | $ | 142,542 | $ | 177,769 | ||||
Gritstone bio, Inc.Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)(In thousands, except share and per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues: | ||||||||||||||||
Collaboration and license revenues | $ | 57 | $ | 400 | $ | 106 | $ | 941 | ||||||||
Grant revenues | 864 | 1,555 | 2,557 | 3,456 | ||||||||||||
Total revenues | 921 | 1,955 | 2,663 | 4,397 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 20,811 | 30,967 | 53,852 | 61,481 | ||||||||||||
General and administrative | 7,698 | 6,716 | 16,200 | 13,461 | ||||||||||||
Total operating expenses | 28,509 | 37,683 | 70,052 | 74,942 | ||||||||||||
Loss from operations | (27,588 | ) | (35,728 | ) | (67,389 | ) | (70,545 | ) | ||||||||
Interest income | 691 | 1,479 | 1,403 | 3,157 | ||||||||||||
Interest expense | (1,304 | ) | (985 | ) | (2,600 | ) | (1,828 | ) | ||||||||
Other income (expense) | 4,805 | (22 | ) | 4,805 | (22 | ) | ||||||||||
Net loss | (23,396 | ) | (35,256 | ) | (63,782 | ) | (69,238 | ) | ||||||||
Other comprehensive loss: | ||||||||||||||||
Unrealized loss on marketable securities | (2 | ) | (73 | ) | (6 | ) | (45 | ) | ||||||||
Comprehensive loss | $ | (23,398 | ) | $ | (35,329 | ) | $ | (63,787 | ) | $ | (69,283 | ) | ||||
Net loss per share, basic and diluted | $ | (0.16 | ) | $ | (0.31 | ) | $ | (0.49 | ) | $ | (0.60 | ) | ||||
Weighted-average number of shares used in computing net loss per share, basic and diluted | 143,296,662 | 114,929,523 | 130,843,943 | 114,676,261 |
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1 Month Gritstone bio Chart |
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