Full Press Release Details
Fourth Quarter 2019 Highlights and Recent Progress
Avapritinib: gastrointestinal stromal tumors (GIST)
Avapritinib: systemic mastocytosis (SM)
Pralsetinib: RET-altered cancers
Fisogatinib: hepatocellular carcinoma (HCC)
Research portfolio
Key Upcoming Milestones
The company expects to achieve the following milestones in the first half of 2020.
Fourth Quarter and Year End 2019 Financial Results
Financial Guidance
Based on its current operating plans, Blueprint Medicines expects that its existing cash, cash equivalents and investments including the $308.2 million in estimated net proceeds from the January 2020 follow-on public offering, together with anticipated product revenues but excluding any additional potential option fees, milestone payments or other payments under its collaboration or license agreements, will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into the second half of 2022.
Conference Call Information
Blueprint Medicines will host a live conference call and webcast at 8:30 a.m. ET today to discuss fourth quarter and full year 2019 financial results and recent business activities. The conference call may be accessed by dialing (855) 728-4793 (domestic) or (503) 343-6666 (international) and referring to conference ID 26735762. A webcast of the conference call will be available in the Investors section of the Blueprint Medicines' website at http://ir.blueprintmedicines.com . The archived webcast will be available on Blueprint Medicines' website approximately two hours after the conference call and will be available for 30 days following the call.
About Blueprint Medicines
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding plans and timelines for the development of AYVAKIT™ (avapritinib), pralsetinib, fisogatinib, and BLU-263, including the timing, designs, implementation, enrollment, plans and announcement of results regarding Blueprint Medicines' ongoing and planned clinical trials for avapritinib, pralsetinib, fisogatinib and BLU-263; plans and timelines for nominating additional development candidates; plans and timelines for submitting marketing applications for avapritinib and pralsetinib and, if approved, commercializing avapritinib for additional indications or pralsetinib; the potential benefits of Blueprint Medicines' current and future approved drugs or drug candidates in treating patients; plans, timelines and expectations for top-line data from the VOYAGER trial; expectations regarding Blueprint Medicines' existing cash, cash equivalents and investments; and Blueprint Medicines' strategy, goals and anticipated milestones, business plans and focus; the potential benefits of Blueprint Medicines' current and future drug candidates in treating patients; and Blueprint Medicines' strategy, goals and anticipated milestones, business plans and focus. The words "aim," "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks and uncertainties related to Blueprint Medicines' ability and plan in establishing a commercial infrastructure, and successfully launching, marketing and selling its approved product; Blueprint Medicines' ability to successfully expand the approved indications for AYVAKIT or obtain marketing approval for AYVAKIT in additional geographies in the future; the delay of any current or planned clinical trials or the development of Blueprint Medicines' drug candidates or licensed product candidate; Blueprint Medicines' advancement of multiple early-stage efforts; Blueprint Medicines' ability to successfully demonstrate the safety and efficacy of its drug candidates and gain approval of its drug candidates on a timely basis, if at all; the preclinical and clinical results for Blueprint Medicines' drug candidates, which may not support further development of such drug candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; Blueprint Medicines' ability to develop and commercialize companion diagnostic tests for its current and future drug candidates; and the success of Blueprint Medicines' current and future collaborations or licensing arrangements. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Blueprint Medicines' filings with the Securities and Exchange Commission (SEC), including Blueprint Medicines' most recent Annual Report on Form 10-K, as supplemented by its most recent Quarterly Report on Form 10-Q and any other filings that Blueprint Medicines has made or may make with the SEC in the future. Any forward-looking statements contained in this press release represent Blueprint Medicines' views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Blueprint Medicines explicitly disclaims any obligation to update any forward-looking statements.
| Blueprint Medicines Corporation Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) | ||||||
| December 31, | December 31, | |||||
| 2019 | 2018 | |||||
| Cash, cash equivalents and investments | $ | 547,960 | $ | 494,012 | ||
| Working capital (1) | 410,304 | 439,464 | ||||
| Total assets | 707,694 | 540,124 | ||||
| Deferred revenue | 46,073 | 46,167 | ||||
| Lease incentive obligation | - | 14,617 | ||||
| Total stockholders' equity | 464,359 | 419,009 | ||||
| (1) Blueprint Medicines defines working capital as current assets less current liabilities. |
| Blueprint Medicines Corporation Condensed Consolidated Statements of Operations Data (in thousands, except per share data) (unaudited) | ||||||||||||
| Three Months Ended | Years Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Collaboration revenue | $ | 51,533 | $ | 1,033 | $ | 66,512 | $ | 44,521 | ||||
| Operating expenses: | ||||||||||||
| Research and development | 88,646 | 70,532 | 331,450 | 243,621 | ||||||||
| General and administrative | 32,265 | 13,643 | 96,388 | 47,928 | ||||||||
| Total operating expenses | 120,911 | 84,175 | 427,838 | 291,549 | ||||||||
| Other income (expense): | ||||||||||||
| Interest income (expense), net | 2,990 | 2,871 | 13,732 | 10,566 | ||||||||
| Other income (expense), net | 57 | (51) | (100) | (180) | ||||||||
| Total other income (expense) | 3,047 | 2,820 | 13,632 | 10,386 | ||||||||
| Net loss | $ | (66,331) | $ | (80,322) | $ | (347,694) | $ | (236,642) | ||||
| Net loss per share — basic and diluted | $ | (1.35) | $ | (1.83) | $ | (7.27) | $ | (5.39) | ||||
| Weighted-average number of common shares used in net loss per share — basic and diluted | 49,218 | 43,994 | 47,829 | 43,867 |
SOURCE Blueprint Medicines Corporation