Silverback Therapeutics Reports First Quarter 2021 Financial Results
“In our first quarter as a public company, our team continues to execute on Silverback’s mission to bring tissue-targeted therapies to patients in need,” said
Recent Highlights
- SBT6050 (HER2-TLR8 ImmunoTAC) continues to advance through monotherapy and pembrolizumab combination dose escalation arms of the Phase 1/1b clinical study. Silverback is on track to deliver interim clinical data from the monotherapy dose escalation arm of the study in the second half of 2021.
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GLP toxicology studies have commenced for SBT6290 (Nectin4-TLR8 ImmunoTAC), with an IND submission anticipated in the fourth quarter of 2021. Dosing has been initiated in the GLP toxicology study and GMP manufacturing of the Phase 1 clinical supply is underway. In
April 2021 , Silverback presented data at theAmerican Association of Cancer Research Annual Meeting 2021. These preclinical data showed that SBT6290 activates human myeloid cells in a Nectin4-dependent manner and that a SBT6290 mouse surrogate confers single agent anti-tumor activity in preclinical studies. - SBT8230 (ASGR1-TLR8 ImmunoTAC for chronic HBV) continues to advance through preclinical development with CMC activities underway. GLP toxicology studies are expected to commence in the first quarter of 2022.
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Appointed
Maria Koehler , M.D., Ph.D. to Board of Directors. InMarch 2021 , Silverback appointedDr. Koehler , M.D., Ph.D. to its board of directors, bringing more than 20 years of clinical development leadership experience.
First Quarter Financial Results
For the first quarter ended
Research and development expenses for the first quarter ended
General and administrative expenses for the first quarter ended
As of
About
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, Silverback’s plans and ability to bring new treatments to patients in need, the progress and expected timing of Silverback’s drug development programs and clinical trials, the strength of Silverback’s balance sheet and the adequacy of cash on hand. Factors that may cause actual results to differ materially include the risk that compounds that appeared promising in early research or clinical trials do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that Silverback may not obtain approval to market its product candidates, uncertainties associated with performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, risks associated with the impact of the COVID-19 pandemic on our business and the global economy, the risks associated with reliance on outside financing to meet capital requirements, the risks associated with losing key members of management and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "promise," "potential," "expects," "plans," "anticipates," "intends," "continues," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties that Silverback faces, please refer to Silverback’s periodic and other filings with the
Condensed Balance Sheets (in thousands, except share and par value data) |
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2021 |
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2020 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
374,205 |
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$ |
386,569 |
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Prepaid expenses and other current assets |
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4,141 |
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4,087 |
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Total current assets |
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378,346 |
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390,656 |
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Property and equipment, net |
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1,603 |
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1,618 |
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Restricted cash |
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350 |
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350 |
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Right-of-use asset |
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1,900 |
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2,180 |
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Total assets |
$ |
382,199 |
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$ |
394,804 |
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Liabilities, and stockholders' equity |
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Current liabilities: |
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Accounts payable |
$ |
4,374 |
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$ |
2,583 |
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Accrued expenses |
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5,799 |
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5,278 |
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Term loan payable, net |
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495 |
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844 |
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Current portion of lease liability |
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927 |
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896 |
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Total current liabilities |
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11,595 |
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9,601 |
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Lease liability, net of current portion |
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2,055 |
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2,326 |
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Total liabilities |
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13,650 |
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11,927 |
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Commitments and contingencies |
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Stockholders' equity: |
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Preferred Stock, |
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— |
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— |
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Common stock, |
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3 |
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3 |
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Additional paid-in capital |
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484,147 |
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479,608 |
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Accumulated deficit |
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(115,601 |
) |
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(96,734 |
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Total stockholders' equity |
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368,549 |
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382,877 |
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Total liabilities, and stockholders' equity |
$ |
382,199 |
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$ |
394,804 |
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Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (unaudited) |
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Three Months Ended |
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2021 |
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2020 |
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Operating expenses: |
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Research and development |
$ |
12,239 |
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$ |
4,414 |
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General and administrative |
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6,646 |
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828 |
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Total operating expenses |
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18,885 |
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5,242 |
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Loss from operations |
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(18,885 |
) |
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(5,242 |
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Interest income (expense), net |
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18 |
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(37 |
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Net loss and comprehensive loss |
$ |
(18,867 |
) |
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$ |
(5,279 |
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Net loss per share applicable to common stockholders, basic and diluted |
$ |
(0.54 |
) |
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$ |
(7.89 |
) |
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Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
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34,773,950 |
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669,033 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005879/en/
Investor Contact:
(206) 736-7946
ir@silverbacktx.com
Media Contact:
(619) 849-6005
jason.spark@canalecomm.com
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