Full Press Release Details
Catalyst Biosciences Reports Fourth Quarter and Year-end 2021
Operating & Financial
Results and Provides a Corporate Update
SOUTH SAN FRANCISCO, Calif. March 31, 2022 Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced its operating and
financial results for the fourth quarter and year ended December 31, 2021 and provided a corporate update.
In late 2021 we announced a
strategic change in corporate strategy, pivoting from hemophilia to a highly promising complement therapeutics and protease medicines platform, said Nassim Usman, Ph.D., president and chief executive officer of Catalyst. This month, we re-acquired the full rights to CB 2782-PEG adding to our promising portfolio, which includes CB 4332 our enhanced CFI development candidate. Having the full rights to these
two potentially best-in-class candidates in dry AMD provides another opportunity in our exploration of strategic alternatives that was announced in February. We are also
implementing expense reduction measures, including headcount, while we continue this process.
Year-End 2021 Results and Financial Highlights
About Catalyst Biosciences, the Protease Medicines company
Catalyst is a research and clinical development biopharmaceutical company focused on developing protease therapeutics to address unmet medical needs in
disorders of the complement system. Proteases are natural regulators of this biological system. We engineer proteases to create improved or novel molecules to treat diseases that result from dysregulation of the complement cascade. Our complement
pipeline consists of several proteases that regulate the complement cascade including CB 2782-PEG, a C3 degrader for the potential treatment of dry age-related macular
degeneration (dAMD), improved Complement Factor I protease CB 4332 for patients with deficiencies in CFI including dAMD, 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.
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 strategic alternatives, potential markets for CB
2782-PEG and CB 4332, plans for clinical development of CB 2782-PEG and CB 4332 in dry AMD, and the continued generation of candidates to treat diseases that result from
dysregulation of the complement cascade, as well as statements about the benefits of our protease engineering platform. 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 we will not identify or execute any strategic alternatives, that clinical trials and
preclinical studies may be delayed as a result of COVID-19, competitive products, and other factors, that CB 2782-PEG, CB 4332 and the Company s complement
degraders are not yet in human clinical trials and will require clinical additional testing, including multiple clinical trials, before being approved, that the Company will need to raise additional capital, 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 November 12, 2021, 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
Catalyst Biosciences, Inc.
Catalyst Biosciences, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| December 31, 2021 | December 31, 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 44,347 | $ | 30,360 | ||||
| Short-term investments | 2,504 | 48,994 | ||||||
| Accounts receivable | 1,818 | 3,313 | ||||||
| Prepaid and other current assets | 2,807 | 6,843 | ||||||
| Total current assets | 51,476 | 89,510 | ||||||
| Long-term investments | 2,543 | |||||||
| Other assets, noncurrent | 472 | 528 | ||||||
| Right-of-use assets | 2,744 | 1,832 | ||||||
| Property and equipment, net | 970 | 433 | ||||||
| Total assets | $ | 55,662 | $ | 94,846 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,419 | $ | 5,931 | ||||
| Accrued compensation | 1,467 | 2,476 | ||||||
| Deferred revenue | 230 | 1,983 | ||||||
| Other accrued liabilities | 4,072 | 6,743 | ||||||
| Operating lease liability | 1,977 | 663 | ||||||
| Total current liabilities | 14,165 | 17,796 | ||||||
| Operating lease liability, noncurrent | 408 | 981 | ||||||
| Total liabilities | 14,573 | 18,777 | ||||||
| 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; 31,409,707 and 22,097,820 shares issued and outstanding at December 31, 2021 and 2020, respectively | 31 | 22 | ||||||
| Additional paid-in capital | 443,752 | 390,803 | ||||||
| Accumulated other comprehensive income | 5 | |||||||
| Accumulated deficit | (402,694 | ) | (314,761 | ) | ||||
| Total stockholders equity | 41,089 | 76,069 | ||||||
| Total liabilities and stockholders equity | $ | 55,662 | $ | 94,846 |
Catalyst Biosciences, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenue: | ||||||||
| License | $ | $ | 15,100 | |||||
| Collaboration | 7,338 | 5,848 | ||||||
| License and collaboration revenue | 7,338 | 20,948 | ||||||
| Operating expenses: | ||||||||
| Cost of license | 3,102 | |||||||
| Cost of collaboration | 7,380 | 6,061 | ||||||
| Research and development | 68,889 | 52,975 | ||||||
| General and administrative | 18,963 | 16,180 | ||||||
| Total operating expenses | 95,232 | 78,318 | ||||||
| Loss from operations | (87,894 | ) | (57,370 | ) | ||||
| Interest and other income (expense), net | (39 | ) | 1,129 | |||||
| Net loss | $ | (87,933 | ) | $ | (56,241 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (2.87 | ) | $ | (2.93 | ) | ||
| Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 30,640,977 | 19,179,299 |