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Classified in: Health, Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Forma Therapeutics Reports Second Quarter 2022 Financial Results and Provides Business Update


Forma Therapeutics Holdings, Inc. (Nasdaq: FMTX), a clinical-stage biopharmaceutical company focused on sickle cell disease, prostate cancer and other rare hematologic diseases and cancers, today reported financial results for the second quarter ended June 30, 2022. The company also highlighted recent progress and upcoming milestones for its pipeline programs.

"In the second quarter, we announced encouraging new analyses from the etavopivat program in sickle cell disease at our inaugural R&D Day. We also recently appointed two new members of our executive team to help drive our next phase of global development and commercialization and entered into a license agreement for olutasidenib," said Frank Lee, President and Chief Executive Officer of Forma. "We are well-positioned to continue to advance our pipeline and are actively managing expenses as we progress in our mission to deliver transformative medicines to patients with rare hematologic diseases and cancers."

Key Business Updates

Upcoming Milestones

Financial Results

Forma will conduct a conference call and webcast August 5, 2022 at 8:00 a.m. Eastern Daylight Time (EDT) to discuss second quarter 2022 results and business updates. Investors may participate in the call by using the registration link here. Once registered, participants will receive a dial-in number as well as a PIN to enter the event.

A live webcast of the conference call will be available in the "News & Investors" section of Forma's website at www.formatherapeutics.com.

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 pipeline is led by etavopivat, an investigational, once-daily, selective pyruvate kinase-R (PKR) activator designed to be a disease-modifying therapy with the potential to improve red blood cell (RBC) health and transform the lives of people living with sickle cell disease, thalassemia, and lower risk MDS. 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 etavopivat and FT-7051, including expectations regarding potential development and expansion plans relating to, as well as the enrollment, timing, success and data announcements of, planned and ongoing clinical trials; therapeutic and market potential, clinical benefits, mechanisms of action and safety of our product candidates; upcoming milestones and potential payments related thereto; growth as a company; the anticipated contributions of new members of our executive team to our operations and progress; uses and need of capital, expenses and other financial results currently or in the future as well as the expected cash runway through the third quarter of 2024; and the potential impact of COVID-19 on patient retention and enrollment, future operations or clinical trials. 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 following: the impact of the COVID-19 pandemic on the company's business, operations, supply chain, patient enrollment and retention, clinical trials, strategy, goals and anticipated milestones, as well as global economies and financial markets; the therapeutic potential of our product candidates and the timing and completion of our clinical trials and related data analyses; positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; any one or more of our product candidates may not be successfully developed and commercialized; regulatory developments in the United States and foreign countries; our ability to protect and maintain our intellectual property position; and our ability to fund operations; as well as those risks and uncertainties set forth more fully under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q filed with the United States Securities and Exchange Commission (SEC) and subsequent filings with the SEC. We disclaim 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 our views only as of the date hereof and should not be relied upon as representing our views as of any subsequent date.

 

 
 

Statement of Operations Items:

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Collaboration revenue

 

$

?

 

 

$

?

 

 

$

?

 

 

$

?

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

39,059

 

 

 

31,587

 

 

 

70,332

 

 

 

57,930

 

General and administrative

 

 

13,939

 

 

 

12,471

 

 

 

27,075

 

 

 

22,338

 

Total operating expenses

 

 

52,998

 

 

 

44,058

 

 

 

97,407

 

 

 

80,268

 

Loss from operations

 

 

(52,998

)

 

 

(44,058

)

 

 

(97,407

)

 

 

(80,268

)

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

599

 

 

 

309

 

 

 

888

 

 

 

571

 

Other (expense) income, net

 

 

(192

)

 

 

272

 

 

 

(227

)

 

 

268

 

Total other income, net

 

 

407

 

 

 

581

 

 

 

661

 

 

 

839

 

Loss before taxes

 

 

(52,591

)

 

 

(43,477

)

 

 

(96,746

)

 

 

(79,429

)

Income tax (benefit) expense

 

 

(13

)

 

 

108

 

 

 

(10

)

 

 

116

 

Net loss and comprehensive loss

 

$

(52,578

)

 

$

(43,585

)

 

$

(96,736

)

 

$

(79,545

)

Net loss allocable to shares of common stock, basic and diluted

 

$

(52,578

)

 

$

(43,585

)

 

$

(96,736

)

 

$

(79,545

)

Net loss per share of common stock, basic and diluted

 

$

(1.10

)

 

$

(0.92

)

 

$

(2.03

)

 

$

(1.68

)

Weighted-average shares of common stock outstanding, basic and diluted

 

 

47,805,493

 

 

 

47,339,464

 

 

 

47,684,236

 

 

 

47,317,361

 

Selected Balance Sheet Items:

 

 

 

 

 

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Cash, cash equivalents, and marketable securities

 

$

395,903

 

 

$

490,273

 

Total assets

 

$

475,169

 

 

$

561,061

 

Accounts payable, accrued expenses, and other current liabilities

 

$

33,421

 

 

$

35,018

 

Total stockholders' equity

 

$

414,492

 

 

$

498,356

 

 


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