Finch Therapeutics Group, Inc. (“Finch” or “Finch Therapeutics”) (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 second quarter ended June 30, 2021 and provided a business update.
“The Finch team has made tremendous progress executing on our clinical development plans and positioning Finch for important data readouts next year from trials evaluating FIN-211 in children with autism and GI symptoms and CP101 in adults with chronic hepatitis B infection,” said Mark Smith, PhD, Chief Executive Officer of Finch Therapeutics. “We believe these readouts, as well as the upcoming readout from our open-label trial of CP101 in recurrent C. difficile, will build on the clinical results we have demonstrated thus far with our lead candidate CP101 and highlight the broad potential of the differentiated platform we have built to translate insights from compelling clinical data into novel product candidates. In addition to our current portfolio, we continue to make progress across multiple discovery-stage programs that offer exciting new opportunities to leverage our Human-First Discovery platform.”
Recent Highlights
Key Anticipated Upcoming Milestones
Second 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. PRISM4, a Phase 3 trial, is designed to serve as the 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. Finch has a partnership with Takeda focused on the development of targeted microbiome therapeutics for inflammatory bowel disease.
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 trials will be available, including specifically the data readouts from 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 and potential 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; the possibility that 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 Finch’s product candidates in their targeted or other indications (or such authorities may request additional trials or additional information); results of 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) or may not be favorable or may not support further development; Finch’s product candidates, including CP101, may not generate the benefits to patients that are anticipated; anticipated regulatory approvals may be delayed or refused; competition from third parties that are developing products for similar uses; 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; Finch’s ability to qualify and scale its manufacturing capabilities in anticipation of commencement of multiple global clinical trials; Finch’s lack of experience in selling, marketing and distributing its product candidates; 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 Quarterly Report on Form 10-Q filed with the SEC on May 13, 2021, 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.
Human-First Discovery® is a registered trademark of Finch Therapeutics Group, Inc.
Investor Contact:
Laurence Watts
Gilmartin Group
(619) 916-7620
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or
Stephen Jasper
Gilmartin Group
(858) 525 2047
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Media Contact:
Jenna Urban
Berry & Company Public Relations
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212-253-8881
Finch Therapeutics Group, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
FOR THE THREE MONTHS ENDED JUNE 30, | FOR THE SIX MONTHS ENDED JUNE 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue: | ||||||||||||||||
Collaboration revenue | $ | 2,830 | $ | 2,237 | $ | 6,383 | $ | 3,849 | ||||||||
Other revenue | — | 112 | — | 292 | ||||||||||||
Total revenue | 2,830 | 2,349 | 6,383 | 4,141 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 13,964 | 8,135 | 26,939 | 15,532 | ||||||||||||
General and administrative | 5,882 | 2,574 | 10,433 | 4,832 | ||||||||||||
Total operating expenses | 19,846 | 10,709 | 37,372 | 20,364 | ||||||||||||
Loss from operations | (17,016 | ) | (8,360 | ) | (30,989 | ) | (16,223 | ) | ||||||||
Other income | 1,847 | 101 | 1,839 | 63 | ||||||||||||
Net loss | $ | (15,169 | ) | $ | (8,259 | ) | $ | (29,150 | ) | $ | (16,160 | ) | ||||
Net loss per share attributable to common stockholders—basic and diluted | $ | (0.32 | ) | $ | (1.02 | ) | $ | (0.95 | ) | $ | (2.03 | ) | ||||
Weighted-average common stock outstanding—basic and diluted | 47,379,887 | 8,069,304 | 30,798,698 | 7,968,267 |
Finch Therapeutics Group, Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(in thousands)
JUNE 30, 2021 | DECEMBER 31, 2020 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 168,136 | $ | 99,710 | ||||
Other assets | 82,192 | 65,628 | ||||||
Total assets | $ | 250,328 | $ | 165,338 | ||||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||||||||
Liabilities | 22,135 | 28,002 | ||||||
Redeemable convertible preferred stock | — | 233,054 | ||||||
Stockholders' equity (deficit) | 228,193 | (95,718 | ) | |||||
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 250,328 | $ | 165,338 |
Last Trade: | US$11.69 |
Daily Change: | 9.89 549.44 |
Daily Volume: | 5,850 |
Market Cap: | US$18.820M |
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