Full Press Release Details
Catalyst Biosciences Reports First Quarter Operating & Financial Results and Provides Corporate
Announced Korean Ministry of Food and Drug Safety approval to add sixth cohort to the Phase 1/2 trial of CB 2679d/ISU304 in
individuals with hemophilia B
Raised approximately $106.8 million in an underwritten public offering
Received $1.5 million in two milestone payments for neuronal nicotinic receptor (NNR) asset
Cash balance of $143.5 million after follow-on financing
SOUTH SAN FRANCISCO, Calif. May 3, 2018 Catalyst Biosciences, Inc. (NASDAQ: CBIO), today announced operating and
financial results for the first quarter ending March 31, 2018 and provided a corporate update.
We continue to advance our CB 2679d FIX program with the addition of Cohort 6 after announcing positive
data from our multi-dose Cohort 5 earlier this quarter. We look forward to announcing additional milestones in the coming months including the design of a Phase 2b study, said Nassim Usman, Ph.D., president and chief executive officer of
Catalyst. Our cash balance is strong after having closed a significant equity offering, and we are well positioned to advance our Factor IX and VIIa clinical development programs through multiple clinical and regulatory milestones in 2018 and
First Quarter 2018 Results and Financial Highlights
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.
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 statement of historical
fact, included in this press release regarding our strategy, the potential uses and benefits of MarzAA and CB 2679d and development plans for these product candidates are forward-looking statements. Examples of such statements include, but are not
limited to, plans to complete and announce interterm results from Cohort 6 of the Phase 1/2 trial of CB 2679d, plans for the commencement of a Phase 2b clinical trial of CB 2679d, and plans to announce interim data from the Phase 2 part of the Phase
2/3 trial of MarzAA. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements as a result of various important factors, including, but not limited to, the
risk that enrollment or results of clinical trials may be delayed and that such trials may not have satisfactory outcomes, that Cohort 6 of the Phase 1/2 trial of CB 2679d or the Phase 2 portion of the Phase 2/3 trial of MarzAA will not replicate
the results from earlier human trials or from prior animal studies, that potential adverse effects may arise from the testing or use of the Company s products, including the generation of antibodies, the risk that costs required to develop or
manufacture the Company s products will be higher than anticipated, competition and other factors that affect our ability to establish collaborations on commercially reasonable terms and other risks described in the Risk Factors
section of the Company s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 19, 2018, along with our
other filings with the Securities and Exchange Commission. The Company 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.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| March 31, 2018 | December 31, 2017 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 126,550 | $ | 14,472 | ||||
| Short-term investments | 16,968 | 17,971 | ||||||
| Restricted cash | 175 | 5,333 | ||||||
| Prepaid and other current assets | 1,740 | 1,333 | ||||||
| Total current assets | 145,433 | 39,109 | ||||||
| Deposits, noncurrent | 128 | 128 | ||||||
| Property and equipment, net | 325 | 276 | ||||||
| Total assets | $ | 145,886 | $ | 39,513 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,437 | $ | 747 | ||||
| Accrued compensation | 511 | 1,366 | ||||||
| Other accrued liabilities | 952 | 1,322 | ||||||
| Deferred revenue, current portion | 212 | |||||||
| Deferred rent, current portion | 7 | |||||||
| Redeemable convertible notes | 5,085 | |||||||
| Total current liabilities | 2,900 | 8,739 | ||||||
| Deferred rent, noncurrent portion | 135 | |||||||
| Total liabilities | 3,035 | 8,739 | ||||||
| Stockholders equity: | ||||||||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; 0 and 3,680 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | ||||||||
| Common stock, $0.001 par value, 100,000,000 shares authorized; 11,935,081 and 6,081,230 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 12 | 6 | ||||||
| Additional paid-in capital | 321,172 | 204,262 | ||||||
| Accumulated other comprehensive income (loss) | (4 | ) | ||||||
| Accumulated deficit | (178,329 | ) | (173,494 | ) | ||||
| Total stockholders equity | 142,851 | 30,774 | ||||||
| Total liabilities and stockholders equity | $ | 145,886 | $ | 39,513 |
Catalyst Biosciences, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| Three Months Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| Contract revenue | $ | 6 | $ | 271 | ||||
| Operating expenses: | ||||||||
| Research and development | 3,771 | 2,061 | ||||||
| General and administrative | 2,914 | 2,381 | ||||||
| Total operating expenses | 6,685 | 4,442 | ||||||
| Loss from operations | (6,679 | ) | (4,171 | ) | ||||
| Interest and other income, net | 1,637 | 33 | ||||||
| Net loss | $ | (5,042 | ) | $ | (4,138 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.56 | ) | $ | (4.57 | ) | ||
| Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 8,989,669 | 906,048 |