Full Press Release Details
Generation Bio Reports Business Updates and Second Quarter 2020 Financial Results
CAMBRIDGE, MASS., Aug. 11, 2020 Generation Bio Co. (Nasdaq: GBIO), an innovative genetic medicines company creating a new class of non-viral gene therapy, today reported recent business highlights and second quarter financial results.
half of 2020 has seen meaningful progress for Generation Bio, punctuated by the recent successful completion of our initial public offering, said Geoff McDonough, M.D., president and chief executive officer of Generation Bio. Our team
continues to advance our science with efficiency, despite the uncertainties with the COVID-19 pandemic. Combined with our strong balance sheet, we are well-positioned to further develop our diverse portfolio for both rare and prevalent
Recent Business Highlights
Second Quarter 2020 Financial Results
About Generation Bio
Generation Bio is an innovative genetic medicines company focused on creating a new class of non-viral gene therapy to
provide durable, redosable treatments for people living with rare and prevalent diseases. The company s non-viral platform incorporates a proprietary, high-capacity DNA construct called closed-ended DNA,
or ceDNA; a cell-targeted lipid nanoparticle delivery system, or ctLNP; and an established, scalable capsid-free manufacturing process. The platform is designed to enable multi-year durability from a single dose of ceDNA and to allow titration and
redosing if needed. The ctLNP is designed to deliver large genetic payloads, including multiple genes, to specific tissues to address a wide range of indications. The company s efficient, scalable manufacturing process supports Generation
Bio s mission to extend the reach of gene therapy to more people, living with more diseases, in more places around the world.
For more information,
please visit www.generationbio.com.
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, including statements about its strategic plans or
objectives, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various
important factors, including: uncertainties inherent in the identification and development of product candidates, including the conduct of research activities, the initiation and completion of preclinical studies and clinical trials and clinical
development of the Company s product candidates; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; whether results from preclinical studies will be predictive of the results of later
preclinical studies and clinical trials; expectations for regulatory approvals to conduct trials or to market products; challenges in the manufacture of genetic medicine products; the Company s ability to obtain sufficient cash resources to
fund the Company s foreseeable and unforeseeable operating expenses and capital expenditure requirements; the impact of the COVID-19 pandemic on the Company s business and operations; as well as the other risks and uncertainties set forth
in the Risk Factors section of the Company s final prospectus for its initial public offering filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended with the Securities and Exchange Commission, the
Company s most recent quarterly report on Form 10-Q, which will be filed with the Securities and Exchange Commission, and in subsequent filings the Company may make with the Securities and Exchange
Commission. In addition, the forward-looking statements included in this press release represent the Company s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company s views
to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon
as representing the Company s views as of any date subsequent to the date on which they were made.
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Ten Bridge Communications
CONSOLIDATED BALANCE SHEET DATA
| June 30, 2020 | December 31, 2019 | |||||||
| Cash, cash equivalents and marketable securities | $ | 301,086 | $ | 15,076 | ||||
| Working capital | 294,641 | 8,998 | ||||||
| Total assets | 331,202 | 42,140 | ||||||
| Convertible preferred stock | 115,593 | |||||||
| Total stockholders equity (deficit) | 304,153 | (98,592 | ) |
CONSOLIDATED STATEMENTS OF OPERATIONS
thousands, except share and per share data)
| Three Months Ended June 30, | ||||||||
| 2020 | 2019 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 13,456 | $ | 12,237 | ||||
| General and administrative | 4,308 | 3,098 | ||||||
| Total operating expenses | 17,764 | 15,335 | ||||||
| Loss from operations | (17,764 | ) | (15,335 | ) | ||||
| Other income (expense): | ||||||||
| Interest income and other income (expense), net | 33 | 303 | ||||||
| Net loss and net loss attributable to common stockholders | $ | (17,731 | ) | $ | (15,032 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.50 | ) | $ | (3.30 | ) | ||
| Weighted average common shares outstanding, basic and diluted | 11,801,704 | 4,557,517 |