Full Press Release Details
Catalyst Biosciences Reports Fourth Quarter and Full-Year 2017 Operating & Financial Results and Provides Corporate Update
Cash Balance in excess of $135 million after our February 2018 follow-on financing allows for independent development of lead programs
Positive Phase 1/2 Subcutaneous data for CB 2679d presented at EAHAD 2018, Phase 2b to initiate in Q3 2018
Marzeptacog alfa (activated) Phase 2 study enrolling, interim data to be presented in July 2018
SOUTH SAN FRANCISCO, Calif. - Mar. 1, 2017 - Catalyst Biosciences, Inc. (NASDAQ: CBIO), today announced operating and financial results for the fourth quarter and full-year ended December 31, 2017 and provided a corporate update.
"2017 was a pivotal year for us as we continued to make significant progress in the clinical development of both of our subcutaneously administered next-generation subcutaneously dosed, FIX and FVIIa, coagulation factors," said Nassim Usman, Ph.D., president and chief executive officer of Catalyst. "With our recent equity offering, our balance sheet provides the resources to further accelerate the clinical development programs of our Factor IX and VIIa candidates through multiple key milestones in 2018 and 2019."
Fourth Quarter and Full-year 2017 Results and Financial Highlights
About Catalyst Biosciences
Catalyst is a clinical-stage biopharmaceutical company developing novel medicines to address hematology indications. Catalyst is focused on the field of hemostasis, including the subcutaneous prophylaxis of hemophilia and facilitating surgery in individuals with hemophilia.
For more information, please visit www.catalystbiosciences.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, the potential uses and benefits of CB 2679d and marzeptacog alfa (activated) and development plans for these product candidates are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Catalyst's clinical trial timelines, the anticipated announcement of top-line results from the subcutaneous CB 2679d Phase 1/2 proof-of-concept trial in the second quarter of 2018, the anticipated announcement of interim results from the marzeptacog alpha (activated) Phase 2 clinical trial in the secondquarter of 2018, the anticipated initiation of a Phase 2b trial of CB 2679d in individuals with severe hemophilia B in the third quarter of 2018, and the Company's belief regarding sufficiency of its existing capital resources to meet its projected operating requirements for at least the next 12 months and accelerate the clinical development programs through key milestones in 2018 and 2019. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Catalyst makes, including, but not limited to, the risk that clinical trials and studies may be delayed and may not have satisfactory outcomes, that potential adverse effects may arise from the testing or use of Catalyst's products, the risk that costs required to develop or manufacture Catalyst's products will be higher than anticipated, competition and other factors that affect our ability to successfully develop and commercialize our product candidates, and other risks described in the "Risk Factors" section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. Catalyst does not assume any obligation to update any forward-looking statements, except as required by law.
Catalyst Biosciences, Inc.
Josephine Belluardo, Ph.D.
LifeSci Public Relations
Catalyst Biosciences, Inc.
Consolidated Balance Sheets
(In thousands, except shares and per share amounts)
| December 31, 2017 | December 31, 2016 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 14,472 | $ | 10,264 | ||||
| Short-term investments | 17,971 | 6,800 | ||||||
| Restricted cash | 5,333 | 19,468 | ||||||
| Prepaid and other current assets | 1,309 | 958 | ||||||
| Accounts receivable | 24 | 31 | ||||||
| Total current assets | 39,109 | 37,521 | ||||||
| Restricted cash, noncurrent | - | 125 | ||||||
| Deposits, noncurrent | 128 | - | ||||||
| Property and equipment, net | 276 | 444 | ||||||
| Total assets | $ | 39,513 | $ | 38,090 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 747 | $ | 837 | ||||
| Accrued compensation | 1,366 | 596 | ||||||
| Other accrued liabilities | 1,322 | 805 | ||||||
| Deferred revenue, current portion | 212 | 283 | ||||||
| Deferred rent, current portion | 7 | 41 | ||||||
| Redeemable convertible notes | 5,085 | 19,403 | ||||||
| Total current liabilities | 8,739 | 21,965 | ||||||
| Deferred revenue, noncurrent portion | - | 47 | ||||||
| Deferred rent, noncurrent portion | - | 7 | ||||||
| Total liabilities | 8,739 | 22,019 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; 3,680 and 0 shares issued and outstanding at December 31, 2017 and 2016, respectively | - | - | ||||||
| Common stock, $0.001 par value, 100,000,000 shares authorized; 6,081,230 and 801,756 shares issued and outstanding at December 31, 2017 and 2016, respectively | 6 | 1 | ||||||
| Additional paid-in capital | 204,262 | 164,053 | ||||||
| Accumulated other comprehensive income (loss) | - | (1 | ) | |||||
| Accumulated deficit | (173,494 | ) | (147,982 | ) | ||||
| Total stockholders' equity | 30,774 | 16,071 | ||||||
| Total liabilities and stockholders' equity | $ | 39,513 | $ | 38,090 |
Catalyst Biosciences, Inc.
Consolidated Statements of Operations
(In thousands, except shares and per share amounts)
| Year Ended December 31, | ||||||||
| 2017 | 2016 | |||||||
| Contract revenue | $ | 1,018 | $ | 399 | ||||
| Operating expenses: | ||||||||
| Research and development | 12,847 | 11,555 | ||||||
| General and administrative | 9,993 | 9,262 | ||||||
| Total operating expenses | 22,840 | 20,817 | ||||||
| Loss from operations | (21,822 | ) | (20,418 | ) | ||||
| Interest and other income, net | 261 | 3,473 | ||||||
| Net loss | (21,561 | ) | (16,945 | ) | ||||
| Deemed dividend for convertible preferred stock beneficial conversion feature | (3,951 | ) | - | |||||
| Net loss attributable to common stockholders | $ | (25,512 | ) | $ | (16,945 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (7.45 | ) | $ | (21.75 | ) | ||
| Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 3,423,901 | 779,166 |