SOMERVILLE, Mass., May 10, 2023 (GLOBE NEWSWIRE) -- Finch Therapeutics Group, Inc. (“Finch”, “Finch Therapeutics” or the “Company”) (Nasdaq: FNCH), a microbiome technology company with a portfolio of intellectual property and microbiome assets, today reported first quarter 2023 financial results and provided business updates.
“Finch has continued to execute on its strategy to advance its novel microbiome technology through partnerships and collaborations, highlighted by the recent investigator-sponsored clinical trial agreement with Brigham and Women’s Hospital to evaluate CP101 for the treatment of ulcerative colitis and an amended license agreement with the University of Minnesota,” said Mark Smith, PhD, Chief Executive Officer of Finch Therapeutics. “I am also pleased to welcome Matthew Blischak and Lance Thibault, Finch’s incoming CEO and CFO, who each bring significant experience in the biotechnology and pharmaceutical industry that we believe will be invaluable to the Company going forward.”
Recent Corporate Updates
First Quarter 2023 Financial Results
About Finch Therapeutics
Finch Therapeutics is a microbiome technology company with a portfolio of intellectual property and microbiome assets. Finch has a robust intellectual property estate reflecting the Company’s pioneering role in the microbiome therapeutics field, including more than 70 issued U.S. and foreign patents with critical relevance for both donor-derived and donor-independent microbiome therapeutics in a range of potential indications. Finch’s assets include CP101, an investigational, orally administered microbiome candidate with positive clinical date from a Phase 2 randomized, placebo-controlled trial and a Phase 2 open-label trial in recurrent C. difficile infection (CDI). Additionally, Finch has pre-clinical assets that are designed to target ulcerative colitis, Crohn’s disease, and autism spectrum disorder, along with a significant biorepository of samples and microbial strains. In January 2023, Finch announced a decision to discontinue its Phase 3 trial of CP101 in recurrent CDI. Following this decision, Finch is focused on realizing the value of its intellectual property estate and other assets, while supporting the advancement of its microbiome technology through partnerships and collaborations.
Forward-Looking Statements
This press release includes “forward-looking statements.” Words such as “will,” "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: Finch’s progress in executing its strategy to advance its novel microbiome technology through partnerships and collaborations; the potential outcomes and timelines associated with the investigator-sponsored clinical trial with Brigham and Women’s Hospital; Finch’s anticipated cash runway and its potential to support the Company’s operations; and Finch’s ability to realize the value of its intellectual property estate and other assets. These risks and uncertainties include, among others, those related to: the possibility that Finch will not be able to realize the value of its intellectual property estate and other assets; conditions and events that raise substantial doubt about Finch’s ability to continue as a going concern; the possibility that Finch may be unable to raise additional capital to finance its operations, as needed; Finch’s ability to retain the services of the key remaining members of its management team or attract and retain qualified personnel necessary to oversee and implement its business strategy; Finch’s ability to comply with regulatory requirements; and Finch’s ability to maintain patent and other intellectual property protection and the possibility that Finch’s intellectual property rights may be infringed, invalid or unenforceable or will be threatened by third parties. 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 Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 23, 2023, as well as discussions of potential risks, uncertainties, and other important factors in Finch’s other filings with the SEC. All forward-looking statements contained in this press release 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.
Investor Contact:
Stephen Jasper
Gilmartin Group
(858) 525-2047
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Media and Collaborator Contact:
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Finch Therapeutics Group, Inc. | ||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||
(in thousands, except share and per share data) | ||||||||
FOR THE THREE MONTHS ENDED MARCH 31, | ||||||||
2023 | 2022 | |||||||
Revenue: | ||||||||
Collaboration revenue | $ | 107 | $ | 354 | ||||
Total revenue | 107 | 354 | ||||||
Operating expenses: | ||||||||
Research and development | 8,588 | 15,530 | ||||||
General and administrative | 9,617 | 9,404 | ||||||
Impairment of IPR&D | 32,900 | — | ||||||
Impairment of long-lived assets | 13,141 | — | ||||||
Restructuring expense | 3,236 | — | ||||||
Total operating expenses | 67,482 | 24,934 | ||||||
Loss from operations | (67,375 | ) | (24,580 | ) | ||||
Other income | (25 | ) | 13 | |||||
Income tax benefit | 3,461 | — | ||||||
Net loss | $ | (63,939 | ) | $ | (24,567 | ) | ||
Net loss per share attributable to common stockholders—basic and diluted | $ | (1.33 | ) | $ | (0.52 | ) | ||
Weighted-average common stock outstanding—basic and diluted | 48,085,547 | 47,528,948 |
Finch Therapeutics Group, Inc. | ||||||||
Condensed Consolidated Balance Sheet Data (Unaudited) | ||||||||
(in thousands) | ||||||||
MARCH 31, 2023 | DECEMBER 31, 2022 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 41,684 | $ | 71,038 | ||||
Other assets | 37,356 | 91,901 | ||||||
Total assets | $ | 79,040 | $ | 162,939 | ||||
Liabilities, redeemable convertible preferred stock and stockholders' equity | ||||||||
Liabilities | 46,088 | 67,228 | ||||||
Stockholders' equity | 32,952 | 95,711 | ||||||
Total liabilities and stockholders' equity | $ | 79,040 | $ | 162,939 |
Last Trade: | US$11.69 |
Daily Change: | 9.89 549.44 |
Daily Volume: | 5,850 |
Market Cap: | US$18.820M |
March 23, 2023 November 10, 2022 September 01, 2022 August 25, 2022 |
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