Forma Therapeutics Holdings, Inc. (Nasdaq: FMTX), a clinical-stage biopharmaceutical company focused on rare hematologic diseases and cancers, today reported financial results for the second quarter ended June 30, 2020. The Company also highlighted recent progress and upcoming milestones for its pipeline programs.
"This year, to date, has been very productive for Forma. We completed an upsized initial public offering, which will allow us to advance both our core assets, FT-4202, a potentially foundational, disease-modifying therapy for patients with sickle cell disease, and FT-7051, in development for mCRPC with the potential to address prostate cancer cell resistance related to molecular alterations in androgen receptors. In addition, our board of directors welcomed Dr. Wayne Frederick, who is not only a distinguished doctor and president of Howard University but also lives with sickle cell disease," said Frank Lee, president and chief executive officer of Forma Therapeutics. "We look forward to continuing Forma's momentum by providing several clinical updates before the end of the year, including topline data from our FT-4202 multiple ascending dose study and interim data from a non-core asset, olutasidenib, Phase 2 clinical trial in patients with relapsed/refractory acute myeloid leukemia."
Key Business and Clinical Highlights
PKR Program in Sickle Cell Disease (SCD):
CPB Program in Prostate Cancer:
IDH1 Program in AML and Glioma:
Corporate:
Upcoming Milestones
Financial Results
About Forma Therapeutics
Forma Therapeutics is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. Our R&D engine combines deep biology insight, chemistry expertise and clinical development capabilities to create drug candidates with differentiated mechanisms of action focused on indications with high unmet need. Our work has generated a broad proprietary portfolio of programs with the potential to provide profound patient benefit. For more information, please visit www.FormaTherapeutics.com or follow us on Twitter @FORMAInc and LinkedIn.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the company's beliefs and expectations regarding its: business plans and objectives; future plans for FT-4202 and FT-7051, including expectations regarding timing and success of the current ongoing clinical trials, therapeutic potential and clinical benefits thereof, and upcoming milestones for the company's other product candidates; growth as a company and the anticipated contribution of the members of our board of directors to our operations and progress; uses of capital, expenses and other 2020 financial results or in the future, and the potential impact of COVID-19 on patient retention, strategy, future operations, clinical trials or IND submissions. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties associated with: the impact of the COVID-19 pandemic on the company's business, operations, strategy, goals and anticipated milestones; the therapeutic potential of FT-4202, and the timing associated with the initiation or continuation of any of FT-4202 trials; the initiation of our phase I clinical trial of FT-7051; the timing of the second interim analysis of the registrational cohort of FT-2102 in R/R AML; Forma's ability to execute on its strategy; positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; regulatory developments in the United States and foreign countries; Forma's ability to fund operations; as well as those risks and uncertainties set forth more fully under the caption "Risk Factors" in the final prospectus dated June 22, 2020 and filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the United States Securities and Exchange Commission (SEC) and elsewhere in Forma's filings and reports with the SEC. Forma disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent Forma's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Forma explicitly disclaims any obligation to update any forward-looking statements.
Forma Therapeutics Holdings, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in thousands except share and per share data) | For the three months ended | For the six months ended | ||||||||||||||
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||
Revenue | $ |
- |
|
$ |
17,727 |
|
$ |
- |
|
$ |
89,736 |
|
||||
Operating expenses | ||||||||||||||||
Research and development |
|
20,511 |
|
|
28,065 |
|
|
43,721 |
|
|
56,715 |
|
||||
General and administrative |
|
6,448 |
|
|
5,688 |
|
|
15,381 |
|
|
10,606 |
|
||||
Restructuring charges |
|
(20 |
) |
|
849 |
|
|
63 |
|
|
5,075 |
|
||||
Total operating expenses |
|
26,939 |
|
|
34,602 |
|
|
59,165 |
|
|
72,396 |
|
||||
Income (loss) from operations |
|
(26,939 |
) |
|
(16,875 |
) |
|
(59,165 |
) |
|
17,340 |
|
||||
Other income (loss), net |
|
(1,739 |
) |
|
793 |
|
|
22,232 |
|
|
2,291 |
|
||||
Income (loss) before taxes |
|
(28,678 |
) |
|
(16,082 |
) |
|
(36,933 |
) |
|
19,631 |
|
||||
Income tax benefit |
|
(3,238 |
) |
|
(1,325 |
) |
|
(22,723 |
) |
|
(1,217 |
) |
||||
Net income (loss) | $ |
(25,440 |
) |
$ |
(14,757 |
) |
$ |
(14,210 |
) |
$ |
20,848 |
|
||||
Preferred return and accretion of preferred return and cumulative dividends on preferred securities |
|
(1,800 |
) |
|
(600 |
) |
|
(3,736 |
) |
|
(1,788 |
) |
||||
Distribution to holders of preferred securities in excess of accrued preferred return |
|
- |
|
|
- |
|
|
- |
|
|
(11,347 |
) |
||||
Undistributed earnings allocable to participating securities |
|
- |
|
|
- |
|
|
- |
|
|
(5,815 |
) |
||||
Net loss allocable to shares of common stock, basic and diluted | $ |
(27,240 |
) |
$ |
(17,946 |
) |
||||||||||
Net income (loss) allocable to shares of Common 1, basic | $ |
(15,357 |
) |
$ |
1,898 |
|
||||||||||
Change in fair value attributable to warrants to purchase preferred securities |
|
(7 |
) |
|
(317 |
) |
||||||||||
Net income (loss) allocable to shares of Common 1, diluted | $ |
(15,364 |
) |
$ |
1,581 |
|
||||||||||
Net loss per share of common stock, basic and diluted | $ |
(4.58 |
) |
$ |
(4.23 |
) |
||||||||||
Net income (loss) per share of Common 1: | ||||||||||||||||
Basic | $ |
(6.03 |
) |
$ |
0.74 |
|
||||||||||
Diluted | $ |
(6.03 |
) |
$ |
0.61 |
|
||||||||||
Weighted-average shares of common stock outstanding, basic and diluted |
|
5,943,165 |
|
|
4,245,622 |
|
||||||||||
Weighted-average shares of Common 1 outstanding: | ||||||||||||||||
Basic |
|
2,547,924 |
|
|
2,547,924 |
|
||||||||||
Diluted |
|
2,547,924 |
|
|
2,581,952 |
|
Forma Therapeutics Holdings, Inc. |
||||||
Condensed Consolidated Balance Sheets |
||||||
(unaudited) |
||||||
(in thousands, except share data) | ||||||
June 30, 2020 |
December 31, 2019 |
|||||
Assets | ||||||
Cash, cash equivalents, and marketable securities |
$ |
414,301 |
$ |
173,180 |
||
Fixed assets |
|
1,901 |
|
5,102 |
||
Other assets |
|
51,310 |
|
4,753 |
||
Total assets | $ |
467,512 |
$ |
183,035 |
||
Liabilities and stockholders' equity | ||||||
Current liabilities |
$ |
24,818 |
$ |
24,868 |
||
Long-term liabilities |
|
4,197 |
|
1,790 |
||
Total liabilities |
|
29,015 |
|
26,658 |
||
Total stockholders' equity |
|
438,497 |
|
156,377 |
||
Total liabilities and stockholders' equity | $ |
467,512 |
$ |
183,035 |
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