Full Press Release Details
Catalyst Biosciences Reports First Quarter 2022 Operating & Financial Results
SOUTH SAN FRANCISCO, Calif. May 9, 2022 Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced its operating and
financial results for the first quarter ended March 31, 2022.
In the first quarter, we regained the rights to CB 2782-PEG, a C3 degrader protease, for the potential treatment of dry age-related macular degeneration ( AMD ) and now have full rights to two wholly-owned, potential
best-in-class complement candidates that may provide compelling opportunities in our exploration of strategic alternatives as announced in February, said Nassim
Usman, Ph.D., president and chief executive officer of Catalyst. While exploring these opportunities, we implemented personnel and cost reductions, decreasing our headcount by over 70%. We remain committed to exploiting the potential for all
of our assets to bring value to our shareholders.
First Quarter Milestones
First Quarter 2022 Results and Financial Highlights
About Catalyst Biosciences
Catalyst is a biopharmaceutical company focused on protease therapeutics to address unmet medical needs in disorders of the coagulation and complement systems.
Our complement portfolio consists of several proteases that regulate the complement cascade including CB 2782-PEG, a C3 degrader for the potential treatment of dry AMD, improved CFI protease CB 4332 for
patients with deficiencies in CFI including dry AMD, and proteases from our ProTUNE C3b/C4b degrader and ImmunoTUNE C3a/C5a
degrader platforms designed to target other disorders of the complement or inflammatory pathways. Our coagulation portfolio consists of marzeptacog alfa (activated) ( MarzAA ), a SQ administered next-generation engineered coagulation
Factor VIIa ( FVIIa ) for the treatment of episodic bleeding and prophylaxis in subjects with rare bleeding disorders, and dalcinonacog alfa ( DalcA ), a next-generation SQ FIX, both of which has shown sustained efficacy and
safety in mid-stage clinical trials.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements include, without
limitation, those regarding potential markets for CB 2782-PEG and CB 4332, plans to explore strategic alternatives, and the potential to obtain a priority review voucher for CB 4332. 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, including, but not limited to, the
risk that CB 2782-PEG, CB 4332 and the Company s complement degraders are not yet in human clinical trials and will require additional clinical testing, including multiple clinical trials, before being
approved, that effort to identify strategic alternatives will not be successful, and other risks described in the Risk Factors section of the Company s Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the SEC ) on March 31, 2022, the Quarterly Report on Form 10-Q filed with the SEC on May 9, 2022, and in other filings filed from time to time with
the SEC. The Company does not assume any obligation to update any forward-looking statements, except as required by law.
Catalyst Biosciences, Inc.
Catalyst Biosciences, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| March 31, 2022 | December 31, 2021 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 34,817 | $ | 44,347 | ||||
| Short-term investments | 2,504 | |||||||
| Accounts receivable, net | 564 | 1,818 | ||||||
| Prepaid and other current assets | 1,322 | 2,807 | ||||||
| Total current assets | 36,703 | 51,476 | ||||||
| Other assets, noncurrent | 472 | 472 | ||||||
| Right-of-use assets | 2,242 | 2,744 | ||||||
| Property and equipment, net | 857 | 970 | ||||||
| Total assets | $ | 40,274 | $ | 55,662 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,706 | $ | 6,419 | ||||
| Accrued compensation | 2,137 | 1,467 | ||||||
| Deferred revenue | 230 | |||||||
| Other accrued liabilities | 4,438 | 4,072 | ||||||
| Operating lease liability | 1,909 | 1,977 | ||||||
| Total current liabilities | 13,190 | 14,165 | ||||||
| Operating lease liability, noncurrent | 408 | |||||||
| Total liabilities | 13,190 | 14,573 | ||||||
| Stockholders equity: | ||||||||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; zero shares issued and outstanding | ||||||||
| Common stock, $0.001 par value, 100,000,000 shares authorized; 31,477,053 and 31,409,707 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 31 | 31 | ||||||
| Additional paid-in capital | 444,283 | 443,752 | ||||||
| Accumulated deficit | (417,230 | ) | (402,694 | ) | ||||
| Total stockholders equity | 27,084 | 41,089 | ||||||
| Total liabilities and stockholders equity | $ | 40,274 | $ | 55,662 |
Catalyst Biosciences, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenue: | ||||||||
| License | $ | $ | ||||||
| Collaboration | 794 | 1,467 | ||||||
| License and collaboration revenue | 794 | 1,467 | ||||||
| Operating expenses: | ||||||||
| Cost of license | ||||||||
| Cost of collaboration | 798 | 1,480 | ||||||
| Research and development | 9,703 | 17,013 | ||||||
| General and administrative | 4,994 | 5,412 | ||||||
| Total operating expenses | 15,495 | 23,905 | ||||||
| Loss from operations | (14,701 | ) | (22,438 | ) | ||||
| Interest and other income, net | 165 | |||||||
| Net loss and comprehensive loss | $ | (14,536 | ) | $ | (22,438 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.46 | ) | $ | (0.79 | ) | ||
| Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 31,456,090 | 28,385,432 |