Gritstone Reports Second Quarter 2022 Financial Results and Provides Business Update
-- Clinical programs continue to progress, with initial data from Phase 2 study of “off the shelf” SLATE-KRAS and multiple studies within T cell-enhanced SARS-CoV-2 program (CORAL) expected this year --
-- Follow up data from subset of CORAL-BOOST study shows strong neutralizing antibody titers persisted without decay for at least 6 months after single boost administration of self-amplifying mRNA (samRNA) --
-- New credit facility provides financial flexibility entering period of multiple potential milestones --
-- Cash, cash equivalents, marketable securities and restricted cash of $159.2 million as of June 30, 2022 --
-- Gritstone will host a conference call today, August 4 at 4:30 p.m. ET --
EMERYVILLE, Calif., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company working to develop the world’s most potent vaccines, today reported financial results for the second quarter ended June 30, 2022 and reviewed business highlights.
“With steady execution of multiple clinical programs around the world, we are building momentum for the many datasets expected from SLATE, CORAL and GRANITE over the coming months and through 2023,” said Andrew Allen, M.D., Ph.D., Co-founder, President and Chief Executive Officer of Gritstone. “We have observed a correlation between molecular response and extended overall survival in multiple subjects with end-stage colorectal cancer treated with GRANITE, our individualized neoantigen immunotherapy. Today, we shared data demonstrating that the high neutralizing antibody titers to SARS-CoV-2 induced by our self-amplifying mRNA (samRNA) vaccine candidate persisted with no decay for at least 6 months. These data, from a subset of subjects in our CORAL-BOOST study, are encouraging since lack of neutralizing antibody persistence is a major limitation of first-generation vaccines, necessitating frequent boost vaccinations. Our novel samRNA vaccine platform may be driving this durable effect due to its self-replicating nature, an inherent potential benefit of samRNA compared to first-generation mRNA vaccines. We look forward to sharing more data from the CORAL (SARS-CoV-2) program, as well as the SLATE programs later this year.”
Clinical Program Updates
SLATE – “Off-the-shelf” shared neoantigen-directed vaccine-based immunotherapy intended for patients who have relevant KRAS mutations and suitable tissue type (HLA)
Infectious Disease Programs
CORAL – Second-generation SARS-CoV-2 vaccine program delivering both Spike and highly conserved non-Spike T cell epitopes (TCEs) with a focus on the samRNA vector. This approach offers potential for more durable clinical protection and broader immunity against SARS-CoV-2 variants than first generation mRNA products by inducing potent and persistent neutralizing antibody responses with broad variant protection, plus T cell responses to conserved regions from across the SARS-CoV-2 genome (not just Spike).
HIV – Collaboration with Gilead Sciences, Inc. (Gilead) under Gilead’s HIV Cure Program to research and develop vaccine-based HIV immunotherapy treatment
Second Quarter 2022 Financial Results
Research and development expenses were $27.3 million for the three months ended June 30, 2022, compared to $22.1 million for the three months ended June 30, 2021. The increase of $5.2 million was primarily due to increases of $1.9 million in personnel-related expenses, $3.1 million in outside services, consisting primarily of clinical trial and other chemistry, manufacturing and controls (“CMC”) related expenses, and $0.8 million in facilities related costs, offset by a decrease of $0.5 million in laboratory supplies.
General and administrative expenses were $7.8 million for the three months ended June 30, 2022, compared to $5.9 million for the three months ended June 30, 2021. The increase of $1.9 million was primarily attributable to increases of $1.5 million in personnel-related expenses and $0.6 million in outside services, offset by a decrease of $0.2 million in facilities-related costs.
Collaboration, license, and grant revenues were $5.5 million for the three months ended June 30, 2022, compared to $2.8 million for the three months ended June 30, 2021. The $2.7 million increase was primarily attributable to revenue recognized under the CEPI Funding Agreement, which was entered into in August 2021, for the three months ended June 30, 2022.
Conference call and webcast details
Conference call: 800-263-0877
Gritstone Forward-Looking Statements
Gritstone bio, Inc.
Gritstone bio, Inc.