Decibel Therapeutics (Nasdaq: DBTX), a clinical-stage biotechnology company dedicated to discovering and developing transformative treatments to restore and improve hearing and balance, today reported financial results for the first quarter ended March 31, 2022 and provided a corporate update.
“2022 is slated to be a year of important growth and execution for Decibel as we have multiple catalysts expected throughout the remainder of the year. We have built a strong foundation both operationally and scientifically and are looking forward to these significant milestones, which potentially can further validate Decibel’s inner ear expertise and commitment to further exploiting our proprietary gene therapy platform,” said Laurence Reid, Ph.D., Chief Executive Officer of Decibel. “Notably, we plan to share data from an interim analysis of our Phase 1b trial of DB-020 for cisplatin-induced hearing loss in the second quarter of 2022, and we intend to initiate a Phase 1/2 clinical trial of DB-OTO later this year, subject to regulatory clearance.”
Pipeline Highlights and Upcoming Milestones:
Gene Therapies for Congenital, Monogenic Hearing Loss
Otoprotection Therapeutic
First Quarter 2022 Financial Results:
Financial Guidance
Based on its current operating and development plans, Decibel believes that its existing cash, cash equivalents and available-for-sale securities will fund its pipeline programs and operating expenses into 2024.
About Decibel Therapeutics
Decibel Therapeutics is a clinical-stage biotechnology company dedicated to discovering and developing transformative treatments to restore and improve hearing and balance, one of the largest areas of unmet need in medicine. Decibel has built a proprietary platform that integrates single-cell genomics and bioinformatic analyses, precision gene therapy technologies and expertise in inner ear biology. Decibel is leveraging its platform to advance gene therapies designed to selectively replace genes for the treatment of congenital, monogenic hearing loss and to regenerate inner ear hair cells for the treatment of acquired hearing and balance disorders. Decibel’s pipeline, including its lead gene therapy program, DB-OTO, to treat congenital, monogenic hearing loss, is designed to deliver on our vision of creating a world of connection for people with hearing and balance disorders. For more information about Decibel Therapeutics, please visit www.decibeltx.com or follow us on Twitter.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Decibel’s strategy, future operations, prospects, plans, objectives of management, the therapeutic potential for Decibel’s product candidates and preclinical programs, the potential benefits of cell-selective expression, the expected timeline for submitting investigational new drug applications and clinical trial applications, initiating clinical trials, reporting clinical trial results and achieving other anticipated milestones, expectations regarding the translation of preclinical findings to human disease and the sufficiency of Decibel’s existing cash resources for the period anticipated, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Decibel may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the identification and development of product candidates, including the conduct of research activities and the initiation and completion of preclinical studies and clinical trials, the timing of and Decibel’s ability to submit and obtain approval to initiate clinical development of its program candidates, whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials, whether Decibel’s cash resources are sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements, uncertainties related to the impact of the COVID-19 pandemic on Decibel’s business and operations, as well as the risks and uncertainties identified in Decibel’s filings with the Securities and Exchange Commission (SEC), including those risks detailed under the caption “Risk Factors” in Decibel’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and in other filings Decibel may make with the SEC. In addition, the forward-looking statements included in this press release represent Decibel’s views as of the date of this press release. Decibel anticipates that subsequent events and developments will cause its views to change. However, while Decibel may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Decibel’s views as of any date subsequent to the date of this press release.
Condensed Consolidated Balance Sheet Data (Unaudited) | |||||||||||||||
(in thousands) | |||||||||||||||
March 31, | December 31, | ||||||||||||||
2022 | 2021 | ||||||||||||||
Cash, cash equivalents and available-for-sale securities | $ | 139,441 | $ | 162,294 | |||||||||||
Total assets | $ | 173,785 | $ | 184,477 | |||||||||||
Total stockholders' equity | $ | 128,120 | $ | 141,689 | |||||||||||
Condensed Consolidated Statement of Operations (Unaudited) | |||||||||||||||
(in thousands) | |||||||||||||||
For the three months ended | |||||||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 7,466 | $ | 6,020 | |||||||||||
General and administrative | 6,553 | 4,883 | |||||||||||||
Total Operating expenses | 14,019 | 10,903 | |||||||||||||
Loss from operations | (14,019 | ) | (10,903 | ) | |||||||||||
Other income: | |||||||||||||||
Other income, net | 63 | 33 | |||||||||||||
Total other income, net | 63 | 33 | |||||||||||||
Income before income tax provision | (13,956 | ) | (10,870 | ) | |||||||||||
Provision for income taxes | (60 | ) | — | ||||||||||||
Net loss | $ | (14,016 | ) | $ | (10,870 | ) | |||||||||
Investor Contact:
Julie Seidel
Stern IR, Inc.
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212-362-1200
Media Contact:
Chris Railey
Ten Bridge Communications
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617-834-0936
Last Trade: | US$4.91 |
Daily Volume: | 0 |
Market Cap: | US$123.390M |
August 11, 2023 March 30, 2023 |
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