Full Press Release Details
Catalyst Biosciences Reports Fourth Quarter and Full-Year 2020 Operating & Financial Results
and Provides a Corporate Update
SOUTH SAN FRANCISCO, Calif. March 4, 2021 Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced its operating and
financial results for the fourth quarter and full-year ending December 31, 2020 and provided a corporate update.
transformational for Catalyst. We expanded our complement pipeline, introducing an enhanced complement factor I (CFI) development candidate CB 4332, announced a classical pathway regulator of C4b program, and received Fast Track designation for
MarzAA, said Nassim Usman, Ph.D., president, and chief executive officer of Catalyst. Our year-end cash plus the net proceeds from our January financing provide a total of over $130.0 million
in capital to achieve several value building milestones, including executing on our two MarzAA clinical trials, initiating an observational trial for CB 4332, and continuing to deepen our pipeline with additional drug candidates in our complement
Expected Near-Term Milestones
Fourth Quarter and Full-Year 2020 Results and Financial Highlights
About Catalyst Biosciences, the Protease Medicines company
Catalyst is a research and clinical development biopharmaceutical company focused on addressing unmet medical needs in rare disorders of the complement and
coagulation systems. Our protease engineering platform has generated two late-stage clinical programs, including MarzAA, a subcutaneously (SQ) administered next-generation engineered coagulation Factor VIIa (FVIIa) for the treatment of episodic
bleeding in subjects with rare bleeding disorders. Our complement pipeline includes a pre-clinical C3-degrader program partnered with Biogen for dry age-related macular degeneration, an improved complement factor I protease for SQ replacement therapy in patients with CFI deficiency and C4b-degraders designed to target
disorders of the classical complement pathway as well as other complement programs in development.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements include statements about
the potential benefits of products based on Catalyst s engineered protease platform, plans to initiate and enroll a Phase 3 open-label trial and a Phase 1/2 trial of MarzAA, submit the first report to the Data and Safety Monitoring Board (DSMB)
in 2021, commence enrollment of an observational trial in CB 4332 in mid-2021, and to deepen the Company s pipeline. 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 trials and studies may be delayed as a result
of COVID-19, competitive products and other factors, that trials may not have satisfactory outcomes, that additional human trials will not replicate the results from earlier trials, that potential adverse
effects may arise from the testing or use of MarzAA, including the generation of neutralizing antibodies, the risk that costs required to develop or manufacture the Company s products will be higher than anticipated, including as a result of
delays in trial enrollment, development and manufacturing resulting from COVID-19 and other factors, the risk that Biogen will terminate Catalyst s agreement, competition 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 on March 4, 2021, and in 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.
Catalyst Biosciences, Inc.
Consolidated Balance Sheets
(In thousands, except shares and per share amounts)
| December 31, 2020 | December 31, 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 30,360 | $ | 15,369 | ||||
| Short-term investments | 48,994 | 61,496 | ||||||
| Accounts receivable, net | 3,313 | 15,000 | ||||||
| Prepaid and other current assets | 6,844 | 4,201 | ||||||
| Total current assets | 89,511 | 96,066 | ||||||
| Long-term investments | 2,543 | |||||||
| Other assets, noncurrent | 528 | 257 | ||||||
| Right-of-use assets | 1,832 | 1,927 | ||||||
| Property and equipment, net | 433 | 304 | ||||||
| Total assets | $ | 94,847 | $ | 98,554 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,931 | $ | 4,279 | ||||
| Accrued compensation | 2,477 | 2,106 | ||||||
| Deferred revenue | 1,983 | 15,000 | ||||||
| Other accrued liabilities | 6,743 | 7,031 | ||||||
| Operating lease liability | 663 | 483 | ||||||
| Total current liabilities | 17.797 | 28,899 | ||||||
| Operating lease liability, noncurrent | 981 | 1,319 | ||||||
| Total liabilities | 18,778 | 30,218 | ||||||
| Commitments and Contingencies (Note 7) | ||||||||
| 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; 22,097,820 and 12,040,835 shares issued and outstanding at December 31, 2020 and 2019, respectively | 22 | 12 | ||||||
| Additional paid-in capital | 390,803 | 326,810 | ||||||
| Accumulated other comprehensive income | 5 | 34 | ||||||
| Accumulated deficit | (314,761 | ) | (258,520 | ) | ||||
| Total stockholders equity | 76,069 | 68,336 | ||||||
| Total liabilities and stockholders equity | $ | 94,847 | $ | 98,554 |
Catalyst Biosciences, Inc.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| Year Ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| License | $ | 15,100 | $ | |||||
| Collaboration | 5,848 | |||||||
| License and collaboration revenue | 20,948 | |||||||
| Operating expenses: | ||||||||
| Cost of license | 3,102 | |||||||
| Cost of collaboration | 6,061 | |||||||
| Research and development | 52,975 | 43,859 | ||||||
| General and administrative | 16,180 | 13,418 | ||||||
| Total operating expenses | 78,318 | 57,277 | ||||||
| Loss from operations | (57,370 | ) | (57,277 | ) | ||||
| Interest and other income, net | 1,129 | 2,099 | ||||||
| Net loss | $ | (56,241 | ) | $ | (55,178 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (2.93 | ) | $ | (4.60 | ) | ||
| Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 19,179,299 | 12,004,489 |