TURNING POINT THERAPEUTICS REPORTS FOURTH-QUARTER, FULL- YEAR 2019 FINANCIAL AND OPERATIONAL RESULTS
SAN DIEGO, March 16, 2020 (GLOBE NEWSWIRE) -- Turning Point Therapeutics, Inc. (NASDAQ: TPTX), a precision oncology company developing next-generation therapies that target genetic drivers of cancer, today reported financial and operational highlights for the fourth quarter and year-ended Dec. 31, 2019.
“I am very pleased with all we accomplished in 2019, and in 2020 we are focused on clinical trial and pipeline advancement,” said Athena Countouriotis, M.D., president and chief executive officer. “As we advance our clinical programs with site activations and patient enrollment across our three clinical stage assets, we remain pleased with our progress but are in close contact with our CROs and sites as we navigate and assess the impact of COVID-19 on our studies and current timelines.”
Fourth quarter 2019 and recent highlights include:
Fourth Quarter Financial Update
For the year, operating expenses totaled $77.7 million compared to $25.6 million during 2018. The $52.1 million increase was driven by development expenses for repotrectinib, TPX-0022 and TPX-0046 and personnel expenses that included $12.7 million in non-cash stock-based compensation. Net cash used in operating activities was $57.8 million.
Cash, cash equivalents and marketable securities at Dec. 31, 2019 totaled $409.2 million, a decrease of $14.4 million from Sept. 30, 2019. The company continues to project its cash position funds current operations beyond 2021.
Webcast and Conference Call
About Turning Point Therapeutics Inc.
Forward Looking Statements
TURNING POINT THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)