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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Harpoon Therapeutics Inc | NASDAQ:HARP | 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% | 23.01 | 24.16 | 21.86 | 0 | 01:00:00 |
“Harpoon is executing its business plan in 2023 with a strengthened balance sheet, advancing multiple programs based on the TriTAC® platform, and ProTriTAC™ IND candidates ready for further development,” said Julie Eastland, President and Chief Executive Officer of Harpoon Therapeutics. “Following the $25 million preferred equity financing in March 2023, we have the financial strength to fund current operations into the second half of 2024. Additionally, we expect to see a positive impact on our cash burn over the course of the year from the restructuring implemented in the fourth quarter of last year. We also anticipate completion of enrollment for two of our Phase 1 clinical programs, HPN217 and HPN328, and achievement of key data milestones this year. Our clinical and leadership teams remain focused on advancing a rich pipeline of next-generation T cell engagers to address a broad patient population with unmet needs in both solid tumor and blood cancer indications.”
Corporate Update / Recent and Upcoming Highlights
Tri-specific T cell Activating Construct (TriTAC®) PlatformHPN217 (BCMA) Phase 1 trial for relapsed, refractory multiple myeloma
HPN328 (DLL3) Phase 1/2 trial in small cell lung cancer (SCLC) and neuroendocrine cancers
ProTriTAC™ HPN601 (EpCAM)
Two additional candidates
TriTAC-XR® The proprietary TriTAC-XR extended-release T cell engager platform is designed to minimize on-target CRS, a characteristic of many T cell engagers that can lead to dose limiting toxicities and can reduce the efficacy of these potent anti-tumor drugs.
AACR 2023 – Five Preclinical Posters Presented
Corporate Update
First Quarter 2023 Financial Results
About Harpoon Therapeutics
Harpoon Therapeutics is a clinical-stage immuno-oncology company developing a novel class of T cell engagers that harness the power of the body’s immune system to treat patients suffering from cancer and other diseases. T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells. Using its proprietary Tri-specific T cell Activating Construct (TriTAC®) platform, Harpoon is developing a pipeline of novel TriTACs initially focused on the treatment of solid tumors and hematologic malignancies. Harpoon has also developed a proprietary ProTriTAC™ platform, which applies a prodrug concept to its TriTAC platform to create a therapeutic T cell engager that remains inactive until it reaches the tumor. Harpoon’s third proprietary technology platform, extended release TriTAC-XR, is designed to mitigate cytokine release syndrome. For additional information about Harpoon Therapeutics, please visit www.harpoontx.com.
Cautionary Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “may,” “expect,” “plan,” “potential,” “further,” “will,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Harpoon Therapeutics’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Harpoon Therapeutics’ clinical development programs, future results or performance to differ significantly from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the expected progress, results, and plans pertaining to Harpoon Therapeutics’ clinical trials, including timing, scope, design and interim results of clinical trials and the safety and tolerability profile of product candidates, the association of interim clinical data and preclinical results with potential treatment outcomes, achievement of future milestones, cash sufficiency forecasts, including ability to extend cash runway as a result of the restructuring and financing activities, and other statements that are not historical fact. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during clinical studies, preliminary data and trends may not be predictive of future data or results, may not demonstrate safety or efficacy or lead to regulatory approval by the FDA or other regulatory agencies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, the timing and results of unexpected litigation or other disputes, and the sufficiency of Harpoon Therapeutics’ cash resources, including that Harpoon Therapeutics may not achieve the expected benefits of its restructuring or may incur unexpected additional expenses in connection with such restructuring. These and other factors that may cause Harpoon Therapeutics’ actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Harpoon Therapeutics’ filings with the U.S. Securities and Exchange Commission, including under “Risk Factors” in Harpoon Therapeutics’ quarterly report on Form 10-Q for the quarter ended March 31, 2023, and future filings by Harpoon Therapeutics. Except as required by law, Harpoon Therapeutics assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Contacts:
Investors:ICR WestwickeRobert H. Uhl619-228-5886 robert.uhl@westwicke.com
Media:uncapped Communications303-588-0599kerry.walton@uncappedcommunications.com
Harpoon Therapeutics, Inc.Statement of Operations and Comprehensive Loss(Unaudited) (in thousands, except share and per share amounts)
For the Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Revenue | ||||||||
Collaboration and license revenue | $ | 8,583 | $ | 5,906 | ||||
Total revenue | 8,583 | 5,906 | ||||||
Operating expenses | ||||||||
Research and development | 15,163 | 20,818 | ||||||
General and administrative | 4,185 | 5,401 | ||||||
Total operating expenses | 19,348 | 26,219 | ||||||
Loss from operations | (10,765 | ) | (20,313 | ) | ||||
Interest income, net | 425 | 40 | ||||||
Interest expense | (138 | ) | — | |||||
Other expense, net | (860 | ) | (48 | ) | ||||
Net loss attributable to common stockholders | (11,338 | ) | (20,321 | ) | ||||
Other comprehensive loss: | ||||||||
Net unrealized loss on marketable securities | 3 | (41 | ) | |||||
Comprehensive loss | $ | (11,335 | ) | $ | (20,362 | ) | ||
Net loss attributable to common stockholders per share, basic and diluted | (0.31 | ) | (0.62 | ) | ||||
Weighted-average shares used in computing net loss per share, basic and diluted | 36,968,214 | 32,879,188 |
Harpoon Therapeutics, Inc.Selected Balance Sheet Data(Unaudited)
March 31,2023 | December 31,2022 | |||||||
(in thousands) | ||||||||
Cash and cash equivalents | $ | 61,385 | $ | 53,112 | ||||
Total assets | $ | 80,809 | $ | 73,729 | ||||
Total liabilities | $ | 80,094 | $ | 68,330 | ||||
Total stockholders' equity | $ | 715 | $ | 5,399 |
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