Codiak BioSciences Reports Second Quarter 2022 Financial Results and Operational Progress
– Reported platform-validating initial data from Phase 1 studies of exoSTING™ and exoIL-12™; plans to initiate Phase 2 studies for both programs in 1H 2023 –
– Initiated patient dosing in Phase 1 clinical trial of exoASO™-STAT6 in patients with advanced hepatocellular carcinoma, liver metastases from primary gastric cancer and colorectal cancer –
– Partnered with CEPI to advance pan Betacoronavirus candidate –
– Presented positive preclinical data on the Company’s engEx-AAV™ discovery program –
CAMBRIDGE, Mass., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Codiak BioSciences, Inc. (NASDAQ: CDAK), a clinical-stage biopharmaceutical company pioneering the development of exosome-based therapeutics as a new class of medicines, today reported second quarter 2022 financial results and recent operational progress.
“During the second quarter we made strong progress supporting our approach and making advancements across our pipeline. We reported Phase 1 data sets from both our exoSTING™ and exoIL-12™ programs, further validating our engEx® platform, and demonstrating we were able to deliver repeat doses of exoSTING™ and exoIL-12™ to the tumor with a high level of specificity. Importantly, we did so with no observed systemic exposure or associated toxicity, and an enhanced therapeutic index – while demonstrating tumor shrinkage in both injected and uninjected lesions,” said Douglas E. Williams, Ph.D., President and CEO of Codiak. “We also initiated a Phase 1 study of exoASO™-STAT6, our third program to enter the clinic, in patients with certain liver, gastric and colorectal cancers. These updates, in combination with preclinical data showing the promise of our engEx-AAV™ program and a partnership with CEPI to advance our pan Betacoronavirus program, show that Codiak is broadly advancing its portfolio programs in 2022, momentum we aim to carry through this year and into 2023.”
Second Quarter 2022 and Recent Highlights
Anticipated Milestones and Events
Second Quarter 2022 Financial Results
Net loss for the quarter ended June 30, 2022, was $6.8 million, compared to a net loss of $21.8 million for the same period in 2021. The decrease in net loss for the quarter was driven primarily by an increase in revenues in connection with the Company’s agreement with Jazz Pharmaceuticals.
Research and development expenses were $12.8 million for the quarter ended June 30, 2022, compared to $15.4 million for the same period in 2021. The decrease in research and development expenses was driven primarily by decreases in lab expenses and personnel-related costs in connection with the Company’s agreement with Lonza.
General and administrative expenses were $7.4 million for the quarter ended June 30, 2022, compared to $6.9 million for the same period in 2021. The increase was due primarily to professional services driven by legal fees for intellectual property rights.
As of June 30, 2022, Codiak had cash, cash equivalents, and marketable securities of approximately $41.8 million.
About Codiak BioSciences
- financial tables follow -
CODIAK BIOSCIENCES, INC.
CODIAK BIOSCIENCES, INC.