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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Telesis Bio Inc | NASDAQ:TBIO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0041 | 1.34% | 0.3101 | 0.3001 | 0.3101 | 5,176 | 09:44:52 |
“The need for novel therapies with the potential to reach millions of people has never been more evident, and we are committed to advancing our programs and platform during this unprecedented time. We have kept critical areas of our business moving forward while prioritizing the safety of our employees,” said Ronald Renaud, chief executive officer of Translate Bio. “We are humbled to be part of the global effort to develop a vaccine against COVID-19 through our collaboration with Sanofi Pasteur. Using our innovative mRNA platform and large-scale manufacturing capacity, as well as Sanofi’s vaccine expertise, we are working rapidly to achieve our goal of advancing a novel mRNA vaccine to the clinic in the fourth quarter of this year.”
First Quarter 2020 and Recent Updates
Anticipated Milestones
Upcoming Events
First Quarter 2020 Financial Results and Financial Guidance
Translate Bio ended the first quarter of 2020 with $155.1 million in cash, cash equivalents and short-term investments and 60,037,663 shares of common stock outstanding. The Company expects that its existing cash, cash equivalents and short-term investments, together with net proceeds of approximately $36.6 million raised through common stock sales under its Open Market Sale Agreement which settled subsequent to March 31, 2020, will enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2021.
Translate Bio reported a net loss of $14.3 million and $33.2 million for the three months ended March 31, 2020 and 2019, respectively.
Collaboration revenue was $4.7 million and $1.5 million for the three months ended March 31, 2020 and 2019, respectively, which was derived from the collaboration with Sanofi. The increase was related to increased activities for the vaccine program in the three months March 31, 2020 compared to the same period in 2019.
Operating expenses for the three months ended March 31, 2020 were $19.4 million, compared to $35.7 million for the same period in 2019, and were comprised of the following:
About Translate BioTranslate Bio is a clinical-stage mRNA therapeutics company developing a new class of potentially transformative medicines to treat diseases caused by protein or gene dysfunction. Translate Bio is primarily focused on applying its technology to treat pulmonary diseases caused by insufficient protein production or where the reduction of proteins can modify disease. Translate Bio’s lead program is being developed as a treatment for cystic fibrosis (CF) and is in a Phase 1/2 clinical trial. The Company also believes its technology is applicable to a broad range of diseases, including diseases that affect the liver. Additionally, the platform may be applied to various classes of treatments, such as therapeutic antibodies or vaccines in areas such as infectious disease and oncology. For more information about the Company, please visit www.translate.bio or on Twitter at @TranslateBio.
Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, those regarding: the potential for MRT5005 to address the underlying cause of CF and benefit patients; Translate Bio’s plans to update its timing to report data from the additional SAD dose group and MAD portion of the Phase 1/2 clinical trial of MRT5005; Translate Bio’s plans to advance its pipeline of mRNA therapeutics and validate targets for additional pulmonary diseases; Translate Bio’s expectations with respect to its collaboration with Sanofi, including the anticipated advancement towards an IND filing and initiating clinical trials for a COVID-19 vaccine in Q4 2020 and the anticipated IND filing for a flu vaccine in mid-year 2021; Translate Bio’s plans to advance its preclinical pulmonary programs and platform; the period in which Translate Bio expects that its existing cash, cash equivalents and investments will enable it to fund its operations; Translate Bio’s beliefs regarding the broad applicability of its MRT platform; and Translate Bio’s plans, strategies and prospects for its business, including its lead development programs. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to: the current and potential future impacts of the COVID-19 pandemic on the Company’s business, financial condition, operations and liquidity; Translate Bio’s ability to advance the development of its platform and programs under the timelines it projects, demonstrate the requisite safety and efficacy of its product candidates and replicate in clinical trials any positive findings from preclinical studies; the successful advancement of the collaboration agreement between Translate Bio and Sanofi; uncertainties relating to the discovery and development of vaccine candidates based on mRNA, and specifically as it relates to the novel coronavirus, COVID-19; the content and timing of decisions made by the FDA, other regulatory authorities and investigational review boards at clinical trial sites, including decisions as it relates to ongoing and planned clinical trials; Translate Bio’s ability to obtain, maintain and enforce necessary patent and other intellectual property protection; the availability of significant cash required to fund operations; competitive factors; general economic and market conditions and other important risk factors set forth under the caption “Risk Factors” in Translate Bio’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 filed with the Securities and Exchange Commission on May 7, 2020 and in any other subsequent filings made by Translate Bio. Any forward-looking statements contained in this press release speak only as of the date hereof, and Translate Bio specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
TRANSLATE BIO, INC. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(IN THOUSANDS) | ||||||||
(UNAUDITED) | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Collaboration revenue | $ | 4,654 | $ | 1,474 | ||||
Operating expenses: | ||||||||
Research and development | 21,439 | 17,423 | ||||||
General and administrative | 7,458 | 6,554 | ||||||
Change in fair value of contingent consideration | (9,452 | ) | 11,702 | |||||
Total operating expenses | 19,445 | 35,679 | ||||||
Loss from operations | (14,791 | ) | (34,205 | ) | ||||
Interest income, net | 509 | 521 | ||||||
Loss before benefit from income taxes | (14,282 | ) | (33,684 | ) | ||||
Benefit from income taxes | — | 486 | ||||||
Net loss | $ | (14,282 | ) | $ | (33,198 | ) | ||
TRANSLATE BIO, INC. | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(IN THOUSANDS) | ||||||||||||
(UNAUDITED) | ||||||||||||
March 31, | December 31, | |||||||||||
2020 | 2019 | |||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 97,468 | $ | 84,580 | ||||||||
Short-term investments | 57,627 | 104,098 | ||||||||||
Collaboration receivables | 6,228 | 4,596 | ||||||||||
Deferred offering costs | 177 | — | ||||||||||
Prepaid expenses and other current assets | 6,744 | 9,391 | ||||||||||
Restricted cash | 950 | 950 | ||||||||||
Total current assets | 169,194 | 203,615 | ||||||||||
Property and equipment, net | 13,781 | 12,539 | ||||||||||
Right-of-use assets, net | 10,268 | 10,400 | ||||||||||
Goodwill | 21,359 | 21,359 | ||||||||||
Intangible assets, net | 84,844 | 85,536 | ||||||||||
Other assets | 5,796 | 2,752 | ||||||||||
Total assets | $ | 305,242 | $ | 336,201 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 6,297 | $ | 15,968 | ||||||||
Accrued expenses | 7,478 | 7,072 | ||||||||||
Current portion of deferred revenue | 26,760 | 18,100 | ||||||||||
Current portion of operating lease liability | 573 | 530 | ||||||||||
Total current liabilities | 41,108 | 41,670 | ||||||||||
Contingent consideration | 94,203 | 103,655 | ||||||||||
Deferred revenue, net of current portion | 15,328 | 25,256 | ||||||||||
Operating lease liability, net of current portion | 11,931 | 12,084 | ||||||||||
Total liabilities | 162,570 | 182,665 | ||||||||||
Stockholders’ equity: | ||||||||||||
Common stock | 60 | 60 | ||||||||||
Additional paid-in capital | 515,535 | 512,231 | ||||||||||
Accumulated deficit | (373,778 | ) | (359,496 | ) | ||||||||
Accumulated other comprehensive income | 855 | 741 | ||||||||||
Total stockholders' equity | 142,672 | 153,536 | ||||||||||
Total liabilities and stockholders' equity | $ | 305,242 | $ | 336,201 | ||||||||
Contacts for Translate Bio
Investors | Media | |
Teri Dahlman | Maura Gavaghan | |
tdahlman@translate.bio | mgavaghan@translate.bio | |
617-817-8655 | 617-233-1154 |
1 Year Telesis Bio Chart |
1 Month Telesis Bio Chart |
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