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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Metacrine Inc | NASDAQ:MTCR | 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% | 0.4949 | 0.4601 | 0.475 | 0 | 01:00:00 |
“We have made significant progress with our potential best-in-class FXR agonist program, and given the strength of our scientific capabilities, remain diligently focused on both the advancement and expansion of our pipeline,” said Preston Klassen, M.D., MHS, president and chief executive officer of Metacrine. “Importantly, by the end of this year, we expect to have data from the MET642 trial in NASH patients, and select the optimal candidate to advance into late-stage development for this significant indication, with no approved treatment today. We also expect to have progressed our Phase 2a trial evaluating MET409 in combination with empagliflozin in patients with both type 2 diabetes mellitus and NASH and begun preparation for our planned expansion into IBD. 2021 is set to be a year of meaningful clinical progression with milestones that bring us closer to achieving our vision of transforming human health for patients with liver and GI diseases.”
MET409 Program Highlights
MET642 Program Highlights
Business Highlights
Upcoming Milestones
Fourth Quarter and Full Year 2020 Financial Results
Conference Call InformationMetacrine will host a conference call today, March 18, at 8:30 a.m. ET. To participate in the conference call, please dial (833) 614-1526 (domestic) or (520) 809-9922 (international) and refer to conference ID 4995715. A webcast will be available in the investor section of the company's website at www.metacrine.com and will be archived for 60 days following the call.
About MetacrineMetacrine, Inc. (Nasdaq: MTCR) is a clinical-stage biopharmaceutical company building a differentiated pipeline of therapies to treat liver and gastrointestinal (GI) diseases. The company’s most advanced programs, MET409 and MET642, target the farnesoid X receptor (FXR), which is central to modulating liver and GI diseases. Both MET409 and MET642 are currently being investigated in clinical trials as potential new treatments for non-alcoholic steatohepatitis (NASH).
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the therapeutic potential of MET409 and MET642; statements regarding Metacrine’s timelines; the differentiated nature of Metacrine’s FXR program; plans underlying Metacrine’s clinical trials; plans for advancing the clinical development of Metacrine’s FXR program; the potential best-in-class nature of Metacrine’s FXR program; the potential for its FXR product candidates to be long-term therapies for NASH; plans for expansion of Metacrine’s FXR program into IBD; and the potential benefits of MET642’s Fast Track designation. Words such as “may,” “will,” “expect,” “plan,” “aim,” “anticipate,” “estimate,” “intend,” “potential,” “prepare”, “perceived” 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 Metacrine’s expectations and assumptions that may never materialize or prove to be incorrect. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks and uncertainties regarding regulatory approvals for MET409 or MET642; potential delays in initiating, enrolling or completing any clinical trials; potential adverse side effects or other safety risks associated with Metacrine’s product candidates; competition from third parties that are developing products for similar uses; and Metacrine’s ability to obtain, maintain and protect its intellectual property. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in Metacrine’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2021, and in Metacrine’s other filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as required by law, Metacrine assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Contact:Steve Kunszabo(858) 369-7892investors@metacrine.com
Metacrine, Inc. | ||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 6,817 | $ | 6,476 | $ | 26,790 | $ | 25,973 | ||||||||
General and administrative | 3,813 | 974 | 9,900 | 4,031 | ||||||||||||
Total operating expenses | 10,630 | 7,450 | 36,690 | 30,004 | ||||||||||||
Loss from operations | (10,630 | ) | (7,450 | ) | (36,690 | ) | (30,004 | ) | ||||||||
Total other income (expense) | (186 | ) | 53 | (614 | ) | 1,071 | ||||||||||
Net loss | $ | (10,816 | ) | $ | (7,397 | ) | $ | (37,304 | ) | $ | (28,933 | ) |
Metacrine, Inc. | ||||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||||
(in thousands) | ||||||||
December 31, | ||||||||
2020 | 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash, cash equivalents, and short-term investments | $ | 96,176 | $ | 55,651 | ||||
Prepaid expenses and other current assets | 5,847 | 1,692 | ||||||
Total current assets | 102,023 | 57,343 | ||||||
Property and equipment, net | 634 | 735 | ||||||
Operating lease right-of-use asset | 1,579 | 2,203 | ||||||
Total assets | $ | 104,236 | $ | 60,281 | ||||
Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 334 | $ | 239 | ||||
Accrued and other current liabilities | 3,692 | 4,149 | ||||||
Total current liabilities | 4,026 | 4,388 | ||||||
Long-term debt, net of debt discount | 9,372 | 9,099 | ||||||
Other long-term liabilities | 1,559 | 2,566 | ||||||
Convertible preferred stock | - | 122,465 | ||||||
Stockholders’ equity (deficit) | 89,279 | (78,237 | ) | |||||
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) | $ | 104,236 | $ | 60,281 | ||||
1 Year Metacrine Chart |
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