Allogene Therapeutics Reports Second Quarter 2019 Financial Results
- ALLO-501 Phase 1 ALPHA Trial in Patients with Relapsed/Refractory Non-Hodgkin Lymphoma (
NHL) Advances with Five Clinical Trial Sites Open
- Investigational New Drug (IND) Application Cleared by the
U.S. Food & Drug Administration( FDA) for ALLO-715 Targeting BCMA for the Treatment of Patients with Relapsed/Refractory Multiple Myeloma
- Company Recently Announced Appointment of
Rafael G. Amado, M.D. as Executive Vice President of Research and Development and Chief Medical Officer
- Ended Second Quarter 2019 with
$650 Millionin Cash, Cash Equivalents and Investments
- Conference Call and Webcast Scheduled for
5:30 AM PT/ 8:30 AM ET
“The second quarter was an important one on many fronts, from advancing our pipeline with the clearance of our second investigational new drug application, to designing our state-of-the-art manufacturing facility and the continued onboarding of highly-skilled employees who are passionate about bringing allogeneic cell therapy to patients,” said
ALLO-501 (anti-CD19 AlloCAR T)
- The ALLO-501 Phase 1 portion of the ALPHA trial for patients with relapsed/refractory non-Hodgkin lymphoma (
NHL) was initiated in Q2 2019. The trial is designed to assess the safety and tolerability at increasing dose levels of ALLO-501 in the most common NHLsubtypes of relapsed/refractory large B-cell lymphoma, including diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma (FL). Five sites with expertise in CAR T are open for enrollment. The company remains on track to release topline data from the ongoing Phase 1 ALPHA trial in the first half of 2020.
- The Company continues to progress the planned second generation of ALLO-501, which is devoid of the rituximab off-switch, through preclinical development and plans to introduce this next generation prior to the start of the Phase 2 registrational study.
ALLO-715 (anti-BCMA AlloCAR T)
- An Investigational New Drug (IND) application for ALLO-715, a wholly-owned CAR T product candidate targeting B cell maturation antigen (BCMA) for relapsed/refractory multiple myeloma, was cleared by the
U.S. Food & Drug Administration( FDA) in May 2019. The Company remains on track to initiate a Phase 1 trial in the second half of 2019.
- The Phase 1 ALLO-715 UNIVERSAL trial is designed to assess the safety and tolerability at increasing dose levels of ALLO-715 to identify an optimal dose of ALLO-715 for the potential Phase 2 study. This trial will utilize ALLO-647, the Company’s proprietary anti-CD52 monoclonal antibody, as a part of the lymphodepletion regimen. The trial also includes the potential for exploratory cohorts that will allow study of additional lymphodepletion regimens, including one that only uses ALLO-647 without fludarabine and cyclophosphamide.
Additional Pipeline Updates
- UCART19 (Servier-Sponsored Program in Collaboration with Allogene) - Servier has re-initiated recruitment for the CALM and PALL trials in relapsed/refractory acute lymphoblastic leukemia. UCART19 is expected to be advanced to potential registrational trials in 2020.
- The Company recently announced the appointment of
Rafael G. Amado, M.D. as Executive Vice President of Research and Development and Chief Medical Officer. In this new position, Dr. Amado will lead the Company’s clinical and research functions with the goal of rapidly advancing our pipeline of allogeneic CAR T therapies for hematologic and solid tumors. This appointment reunites Dr. Amado with many former colleagues, including David Chang, M.D., Ph.D., President, Chief Executive Officer and Co-Founder.
Second Quarter Financial Results
- As of
June 30, 2019, Allogene had $650.2 millionin cash, cash equivalents, and investments, compared to $721.4 millionas of December 31, 2018.
- Research and development expenses were
$31.8 millionfor the second quarter of 2019, which includes $4.7 millionof non-cash stock-based compensation expense, compared to $122.5 millionfor the second quarter of 2018. The second quarter of 2018 included a non-cash charge of $109.4 millionrelated to in-process research and development acquired as a result of the Pfizer asset acquisition.
- General and administrative expenses were
$14.2 millionfor the second quarter of 2019, which includes $6.7 millionof non-cash stock-based compensation expense, compared to $12.5 millionfor the second quarter of 2018.
- Net loss for the second quarter of 2019 was
$41.2 million, or $0.41per share, including non-cash stock-based compensation expense of $11.5 million, compared to a net loss of $134.9 million, or $43.82per share for the second quarter of 2018.
- The Company continues to expect full-year 2019 net losses to be between
$200 million and $210 million dollars, including estimated non-cash stock-based compensation expense of $45 million to $50 millionand excluding any impact from potential business development activities.
Conference Call and Webcast Details
Allogene will host a live conference call and webcast today at
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The press release may, in some cases, use terms such as "predicts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the timing and ability to progress the ALLO-501 ALPHA trial, the ability to introduce the second generation of ALLO-501 prior to the start of the Phase 2 portion of the ALPHA trial, the timing and ability to complete site initiation activities, produce additional ALLO-715 clinical supply and initiate the UNIVERSAL study in the second half of 2019, the timing and Servier’s ability to progress the CALM and PALL trials to potential registrational trials, the ability to manufacture AlloCAR T™ therapies, the ability to initiate and progress additional clinical trials of AlloCAR T™ therapies, the potential benefits of AlloCAR T™ therapy and the 2019 financial guidance. Various factors may cause differences between Allogene’s expectations and actual results as discussed in greater detail in Allogene’s filings with the
SELECTED FINANCIAL DATA
(unaudited; in thousands, except share and per share data)
STATEMENTS OF OPERATIONS
|Three Months Ended June 30,||Six Months Ended June 30,|
|Research and development||$||31,774||$||122,486||$||55,177||$||122,486|
|General and administrative||14,187||12,526||27,245||15,123|
|Total operating expenses||45,961||135,012||82,422||137,609|
|Loss from operations||(45,961||)||(135,012||)||(82,422||)||(137,609||)|
|Interest and other income, net||4,559||110||9,384||110|
|Loss before income taxes||(41,402||)||(134,902||)||(73,038||)||(137,499||)|
|Benefit from income taxes||159||—||209||—|
|Net loss per share, basic and diluted||$||(0.41||)||$||(43.82||)||$||(0.74||)||$||(9.42||)|
|Weighted-average number of shares used in computing net loss per share, basic and diluted||99,846,946||3,078,783||98,588,410||14,600,379|
SELECTED BALANCE SHEET DATA
|As of June 30,
|As of December 31,
|Cash, cash equivalents and investments||$||650,193||$||721,350|
|Total stockholders’ equity||655,635||703,164|
Allogene Media/Investor Contact:
Chief Communications Officer
Source: Allogene Therapeutics, Inc.