EQRx, Inc. (Nasdaq: EQRX), a new type of pharmaceutical company committed to developing and delivering innovative medicines to patients at radically lower prices, today reported financial results for the quarter and full year ended December 31, 2021 and provided an overview of recent corporate progress.
“2021 was a year of relentless execution highlighted by promising Phase 3 clinical data for our lead oncology programs, important progress advancing relationships with payers and health systems, and transitioning to a public company,” said Melanie Nallicheri, chief executive officer of EQRx. “Our team’s focus this year is on submitting our first regulatory applications outside the U.S., continuing to engage in discussions with the FDA on our lead cancer programs, and expanding our Global Buyers Club. With expected cash runway into 2025, we are in a strong financial position to further shape our portfolio to create a new pharma platform that both improves patients’ lives and delivers meaningful savings to payers and health systems around the world.”
Recent and 2021 Business Highlights
Catalog of Medicines in Development
Aumolertinib (third-generation EGFR inhibitor)
Sugemalimab (anti-PD-L1 antibody)
Other Pipeline Programs
Global Buyers Club and Commercialization Partnerships
Corporate
Fourth Quarter and Full Year 2021 Financial Highlights
Conference Call and Webcast Information
EQRx will host a conference call and webcast today, March 23, 2022 at 8:00 a.m. Eastern Time. To participate by telephone, please dial 855-718-8094 (Domestic) or 484-747-6788 (International). The conference ID number is 4596972. A live and archived audio webcast can be accessed through the Investors section of the Company's website at investors.eqrx.com. The webcast will be made available for replay on the Company's website beginning approximately two hours after the event.
About EQRx
EQRx is a new type of pharmaceutical company committed to developing and delivering innovative medicines to patients at radically lower prices. Launched in January 2020, EQRx is purpose-built, at scale, with a growing catalog of medicines in development in high-cost drug categories and emerging partnerships with leading payers and providers. Leveraging cutting-edge science and technology and strategic partnerships with stakeholders from across the healthcare system, EQRx aims to provide innovative, patent-protected medicines more efficiently and cost-effectively than ever before. To learn more, visit www.eqrx.com and follow us on social media: Twitter: @EQRxInc, LinkedIn, Instagram: @eqrxinc.
EQRx™ and Remaking Medicine™ are trademarks of EQRx.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may be identified by the use of words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “design,” “strategy,” “future,” “opportunity,” “continue, “aim,” “goal”, “plan,” “may,” “look forward,” “should,” “will,” “would,” “will be,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to, express or implied statements regarding EQRx’s ability to develop and deliver innovative medicines at radically lower prices, EQRx’s ability to create a new pharma platform that both improves patients’ lives and delivers meaningful savings to payers and health systems around the world, EQRx’s plans and timelines for the clinical development and regulatory review of EQRx’s product candidates both in and outside the U.S., including with respect to regulators’ acceptance of clinical data generated by third parties, the therapeutic potential and clinical benefits and tolerability of EQRx’s product candidates, expectations regarding EQRx’s Global Buyers Club and number of covered lives reached and ability to convert MOUs into binding, definitive agreements, EQRx’s cash runway and estimated cash outflows, as well as other statements regarding plans and market opportunities of EQRx. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to changes in the competitive and highly regulated industries in which EQRx operates, the timing and outcome of EQRx’s planned interactions with regulatory authorities, variations in operating performance across competitors, changes in laws and regulations affecting EQRx’s business, delay of any current and future clinical trials or the development of aumolertinib, sugemalimab or EQRx’s other drug candidates, the risk that the results of prior clinical trials may not be predictive of future results in connection with future clinical trials, EQRx’s ability to successfully demonstrate the safety and efficacy of its drug candidates, the timing and outcome of EQRx’s planned interactions with regulatory authorities; obtaining, maintaining and protecting its intellectual property, EQRx’s relationships with its existing and future collaboration partners, risks associated with EQRx’s ability to otherwise implement its business plans, including risks associated with its growth strategy, obtaining regulatory approvals, and creating and maintaining its Global Buyers Club, and other risks associated with its plans to create a new kind of pharmaceutical company, the risk of downturns and a changing regulatory landscape in the highly competitive healthcare and biopharmaceutical industries, the size and growth of the markets in which EQRx operates and its ability to offer innovative medicines at reduced prices, and EQRx’s ability to operate as a public company. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in EQRx’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as any other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and EQRx assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Investors and others should note that we communicate with our investors and the public using our website www.eqrx.com, including, but not limited to, company disclosures, investor presentations and FAQs, SEC filings, press releases, public conference call transcripts and webcast transcripts. The information that we post on our website could be deemed to be material information. As a result, we encourage investors, the media and others interested parties to review the information that we post there on a regular basis. The contents of our website shall not be deemed incorporated by reference in any filing with the SEC.
1CVS Health legal entities named in the MOU include CVS Pharmacy, Inc., Caremark Rx, L.L.C. and CVS Health Clinical Trial Services. The foregoing names are trademarks of CVS Health.
EQRx, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands, except share and per share data)
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 118,109 | $ | 224,391 | ||||
General and administrative | 78,266 | 25,689 | ||||||
Total operating expenses | 196,375 | 250,080 | ||||||
Loss from operations | (196,375 | ) | (250,080 | ) | ||||
Other income (expense): | ||||||||
Change in fair value of contingent earn-out liability | 87,065 | — | ||||||
Change in fair value of warrant liabilities | 8,880 | — | ||||||
Interest income, net | 436 | 97 | ||||||
Other expense, net | (15 | ) | — | |||||
Total other income, net | 96,366 | 97 | ||||||
Net loss | $ | (100,009 | ) | $ | (249,983 | ) | ||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustments | 1 | — | ||||||
Comprehensive loss | $ | (100,008 | ) | $ | (249,983 | ) | ||
Loss attributable to common stockholders - basic and diluted | $ | (100,009 | ) | $ | (249,983 | ) | ||
Net loss per share - basic and diluted | $ | (0.31 | ) | $ | (1.81 | ) | ||
Weighted average common shares outstanding - basic and diluted | 324,008,969 | 137,824,126 |
EQRx, Inc.
Selected Consolidated Balance Sheet Data
(unaudited)
(in thousands)
December 31, | ||||||
2021 | 2020 | |||||
Cash and cash equivalents | $ | 1,678,542 | $ | 489,682 | ||
Working capital(1) | 1,666,556 | 478,080 | ||||
Total assets | 1,729,442 | 500,528 | ||||
Total stockholders’ equity | 1,514,839 | 482,082 | ||||
Restricted cash | 633 | 633 |
(1) Working capital is defined as current assets less current liabilities.
EQRx Contacts:
Media:
Dan Budwick
1AB
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
This email address is being protected from spambots. You need JavaScript enabled to view it.
Last Trade: | US$2.34 |
Daily Volume: | 0 |
Market Cap: | US$1.140B |
August 01, 2023 February 23, 2023 December 02, 2022 |
Pond Technologies has developed a proprietary system that can profitably transform CO2 into valuable products. The company's carbon business focuses on absorbing greenhouse gas emissions, transforming these into...
CLICK TO LEARN MOREDevvStream provides upfront capital for sustainability projects in exchange for carbon credit rights. Through these rights, the company generates and manages carbon credits by utilizing the most technologically advanced...
CLICK TO LEARN MORECOPYRIGHT ©2022 GREEN STOCK NEWS