Translate Bio Announces Fourth Quarter and Full Year 2020 Financial Results and Highlights Recent Progress
-- Additional interim data expected in early Q2 from Phase 1/2 clinical trial of MRT5005 for the treatment of cystic fibrosis (CF) --
-- Two infectious disease mRNA vaccine programs expected to enter clinic in 2021: COVID-19 in Q1 and influenza in mid-2021, in collaboration with partner Sanofi Pasteur --
-- Established TBIO 2025 long-term strategic plan to leverage established mRNA platform and measured growth to capture mRNA opportunities in multiple therapeutic areas --
LEXINGTON, Mass., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Translate Bio (Nasdaq: TBIO), a clinical-stage messenger RNA (mRNA) therapeutics company developing a new class of potentially transformative medicines to treat or prevent debilitating or life-threatening diseases, today announced financial results and business highlights for the fourth quarter and full year ended December 31, 2020.
“2020 ushered in a new era of mRNA possibilities—for vaccines and therapeutics—in which the promise of mRNA medicines became a reality,” said Ronald Renaud, chief executive officer of Translate Bio. “We are optimistic and remain focused on our mission of developing mRNA medicines to treat or prevent diseases and we look forward to several anticipated milestones in 2021, including the next interim analysis from our clinical trial in patients with CF early in the second quarter, and the planned initiation of two clinical programs by our partner, Sanofi Pasteur: a COVID-19 vaccine candidate in the first quarter and an influenza vaccine candidate in mid-2021.”
Renaud continued, “With a deep mRNA scientific foundation, a strong cash position and positive momentum across our pipeline, we believe we are well-positioned to capture the significant potential of mRNA. We have established TBIO 2025, a strategic plan that emphasizes several areas for value creation with a focus on advancing multiple investigational new drug applications (INDs), new pipeline programs and platform innovation over the next five years. This plan will be aimed at enhancing speed, flexibility and control across our research engine so that we continue to be at the forefront of the discovery and development of transformative mRNA medicines.”
2020 and Recent Accomplishments
Anticipated 2021 Milestones
Fourth Quarter and Full Year 2020 Financial Results and Financial Guidance
Translate Bio ended the fourth quarter of 2020 with $654.0 million in cash, cash equivalents and investments and 75,029,625 shares of common stock outstanding. The Company expects that its existing cash, cash equivalents and investments will enable it to fund its operating expenses and capital expenditure requirements through 2023.
Translate Bio reported a net loss of $20.6 million and $31.0 million for the three months ended December 31, 2020 and 2019, respectively, and a net loss of $53.8 million and $113.3 million for the years ended December 31, 2020 and 2019, respectively.
Collaboration revenue was $51.4 million and $3.9 million for the three months ended December 31, 2020 and 2019, respectively, and $138.8 million and $7.8 million for the years ended December 31, 2020 and 2019, respectively. The increase in collaboration revenue, all of which is derived from the collaboration with Sanofi, related to increased activities for the vaccine program as well as a cumulative catch-up of revenue resulting from increases in the transaction price during the twelve months ended December 31, 2020.
Operating expenses for the three months ended December 31, 2020 were $72.0 million, compared to $35.6 million for the same period in 2019, and were comprised of the following:
Operating expenses for the year ended December 31, 2020 were $194.1 million, compared to $123.6 million for the same period in 2019, and were comprised of the following:
About Translate Bio
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