Finch Therapeutics Group, Inc. (“Finch” or the “Company”) (Nasdaq: FNCH), a clinical-stage microbiome therapeutics company leveraging its Human-First Discovery platform to develop a novel class of orally administered biological drugs, today reported financial results for the quarter ended March 31, 2021 and provided a business update.
“With our successful IPO in March, we are well positioned to continue advancing the development of this novel class of therapeutics,” said Mark Smith, PhD, Chief Executive Officer of Finch Therapeutics. “Building on the positive topline Phase 2 data from our lead candidate in recurrent C. difficile, we look forward to reading out additional data and initiating a Phase 3 trial in recurrent C. difficile this year. We also anticipate initiating our Phase 1 trials in autism and chronic hepatitis B this year, laying the foundation for readouts in 2022 that we believe will further demonstrate the breadth of our microbiome therapeutics platform.”
Recent Highlights
Key Anticipated Upcoming Milestones
First Quarter 2021 Financial Results
About Finch Therapeutics
Finch Therapeutics is a clinical-stage microbiome therapeutics company leveraging its Human-First Discovery® platform to develop a novel class of orally administered biological drugs. With the capabilities to develop both complete and targeted microbiome therapeutics, Finch is advancing a rich pipeline of candidates designed to address a wide range of unmet medical needs. Finch’s lead candidate, CP101, is in late-stage clinical development for the prevention of recurrent C. difficile infection (CDI), and has received Breakthrough Therapy and Fast Track designations from the U.S. Food and Drug Administration. In June 2020, Finch announced that CP101 met its primary efficacy endpoint in PRISM3, the first of two pivotal trials to support the development of CP101 for the prevention of recurrent CDI. Finch plans to initiate a Phase 3 trial, referred to as PRISM4, as its second pivotal trial of CP101 for recurrent CDI. Finch is also developing CP101 for the treatment of chronic hepatitis B virus, and FIN-211 for the treatment of the gastrointestinal and behavioral symptoms of autism spectrum disorder. In partnership with Takeda, Finch is advancing FIN-524 and FIN-525 for the treatment of ulcerative colitis and Crohn’s disease, respectively.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "anticipates," "believes," "expects," "intends," “plans,” “potential,” "projects,” “would” and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding: the initiation and timing of Finch’s clinical trials and the period during which the results of the trial will be available including specifically the initiation of a Phase 3 trial in recurrent C. difficile and Phase 1 trials in autism and chronic hepatitis B; Finch’s ability to advance the development of a novel class of therapeutics; Finch’s ability to demonstrate the breadth of its microbiome therapeutics platform; the therapeutic value, development, and commercial potential of microbiome therapeutics and Finch’s expected cash runway. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Finch’s limited operating history and historical losses; Finch’s ability to raise additional funding to complete the development and any commercialization of its product candidates; Finch’s dependence on the success of its lead product candidate, CP101; Finch may be delayed in initiating, enrolling or completing any clinical trials; results of clinical trials may not be sufficient to satisfy regulatory authorities to approve CP101 as a treatment for recurrent C. difficile or other indication (or they may request additional trials or additional information); the potential that clinical trials may not be indicative of final or future results from later stage or larger clinical trials (or in broader patient populations once the product is approved for use by regulatory agencies); CP101 may not generate the expected benefits to patients that are anticipated; anticipated regulatory approvals may be delayed or refused; the potential that CP101 clinical trial results may not be favorable or may not support registration or further development; competition from third parties that are developing products for similar uses; Finch’s intellectual property position; Finch’s ability to qualify and scale its manufacturing capabilities in anticipation of commencement of multiple global clinical trials; Finch’s dependence on third parties in connection with manufacturing, clinical trials and preclinical studies; and risks relating to the impact and duration of the COVID-19 pandemic on Finch’s business. These and other risks are described more fully in Finch’s filings with the Securities and Exchange Commission (“SEC”), including the section titled “Risk Factors” in Finch’s final prospectus dated March 18, 2021 filed with the SEC pursuant to Rule 424(b)(4) on March 22, 2021, as well as discussions of potential risks, uncertainties, and other important factors Finch’s subsequent filings with the SEC. All forward-looking statements contained in this presentation speak only as of the date on which they were made. Except to the extent required by law, Finch undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Human-First Discovery® is a registered trademark of Finch Therapeutics Group, Inc.
Media Contact:
Gabriella Linville-Engler
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Contact:
Greg Perry
This email address is being protected from spambots. You need JavaScript enabled to view it.
Finch Therapeutics Group, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
THREE MONTHS ENDED MARCH 31, | ||||||||
2021 | 2020 | |||||||
Revenue: | ||||||||
Collaboration revenue | $ | 3,553 | $ | 1,612 | ||||
Other revenue | — | 180 | ||||||
Total revenue | 3,553 | 1,792 | ||||||
Operating expenses: | ||||||||
Research and development | 12,975 | 7,397 | ||||||
General and administrative | 4,552 | 2,258 | ||||||
Total operating expenses | 17,527 | 9,655 | ||||||
Loss from operations | (13,974 | ) | (7,863 | ) | ||||
Other expense | (7 | ) | (38 | ) | ||||
Net loss | $ | (13,981 | ) | $ | (7,901 | ) | ||
Net loss per share attributable to common stockholders—basic and diluted | $ | (1.00 | ) | $ | (1.00 | ) | ||
Weighted-average common stock outstanding—basic and diluted | 14,033,273 | 7,867,230 |
Finch Therapeutics Group, Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(in thousands)
MARCH 31, 2021 | DECEMBER 31, 2020 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 193,023 | $ | 99,710 | ||||
Other assets | 72,928 | 65,628 | ||||||
Total assets | $ | 265,951 | $ | 165,338 | ||||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||||||||
Liabilities | 26,494 | 28,002 | ||||||
Redeemable convertible preferred stock | — | 233,054 | ||||||
Stockholders' equity (deficit) | 239,457 | (95,718 | ) | |||||
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 265,951 | $ | 165,338 |
Last Trade: | US$11.69 |
Daily Change: | 9.89 549.44 |
Daily Volume: | 5,850 |
Market Cap: | US$18.820M |
May 10, 2023 March 23, 2023 November 10, 2022 September 01, 2022 |
Surf Air Mobility is a regional air mobility platform expanding the category of regional air travel to reinvent flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of...
CLICK TO LEARN MOREUGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...
CLICK TO LEARN MORECOPYRIGHT ©2022 GREEN STOCK NEWS