Translate Bio Announces Second Quarter 2020 Financial Results and Reviews Recent Progress
-- Expanded collaboration with partner Sanofi Pasteur for all infectious diseases further unites Translate Bio’s leading mRNA technology and large-scale manufacturing with Sanofi’s world class vaccine development and distribution --
-- Continued progress in advancing COVID-19 vaccine candidates supports goal to initiate first-in-human clinical trial Q4 2020 --
-- Strong financial position to continue to invest in platform innovation and therapeutic program development --
LEXINGTON, Mass., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Translate Bio (Nasdaq: TBIO), a clinical-stage messenger RNA (mRNA) therapeutics company developing a new class of potentially transformative medicines to treat diseases caused by protein or gene dysfunction, today announced financial results for the second quarter ended June 30, 2020 and reviewed recent corporate achievements and updates.
“While navigating the challenges of the COVID-19 pandemic, we continue to make progress in our preclinical programs – both in therapeutics for pulmonary diseases and in vaccine development under our collaboration with Sanofi Pasteur,” said Ronald Renaud, chief executive officer of Translate Bio. “Additionally, for our Phase 1/2 clinical trial for MRT5005 for the treatment of cystic fibrosis (CF), we and the clinical sites are assessing the potential for patients to safely return to the clinic for study enrollment and dosing.”
Mr. Renaud continued, “This quarter, we also announced an important expansion of our work with Sanofi. We believe that this expanded agreement allows us to broadly develop mRNA vaccines with a leader in the vaccine space, leveraging their resources and expertise to potentially deliver novel infectious disease vaccines globally. Our two teams continue to work together to advance multiple programs towards clinical development, with a primary focus on the COVID-19 vaccine program and the initiation of a first-in-human clinical trial in the fourth quarter of this year.”
“As we enter the second half of the year, we believe we are in a strong financial position to continue to invest in platform innovation and to build on our proprietary delivery capabilities to support advancement of our therapeutic development programs,“ added Mr. Renaud.
Second Quarter 2020 and Recent Updates
Second Quarter 2020 Financial Results and Financial Guidance
Translate Bio ended the second quarter of 2020 with $292.2 million in cash, cash equivalents and short-term investments and 69,359,509 shares of common stock outstanding. The Company expects that its existing cash, cash equivalents and short-term investments, together with the upfront payment and common stock equity investment of approximately $425.0 million from Sanofi received in the third quarter of 2020, will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 36 months.
Translate Bio reported a net loss of $36.3 million and $27.8 million for the three months ended June 30, 2020 and 2019, respectively.
Collaboration revenue was $16.3 million and $1.2 million for the three months ended June 30, 2020 and 2019, respectively, which was derived from the collaboration with Sanofi. The increase was related to increased activities for the vaccine program in the three months ended June 30, 2020 compared to the same period in 2019.
Operating expenses for the three months ended June 30, 2020 were $53.0 million, compared to $29.4 million for the same period in 2019, and were comprised of the following:
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