Full Press Release Details
Solid Biosciences Reports First Quarter 2019 Financial Results and Provides Business Update
Dosing of SGT-001 initiated in second cohort of patients in the IGNITE DMD clinical trial at
Clinical activities underway at additional study sites
Cambridge, MA May 13, 2019 Solid Biosciences Inc. (Nasdaq: SLDB) today reported financial results for the first
quarter ended March 31, 2019 and provided a business update.
We have continued to advance our programs for Duchenne muscular dystrophy over
the last few months, particularly our lead microdystrophin gene therapy candidate, SGT-001. Building on our findings from the preliminary Phase I/II clinical data that we announced in February, we initiated
dosing at 2E14 vg/kg in the second cohort of patients, said Ilan Ganot, Chief Executive Officer, President and Co-Founder of Solid Biosciences. Now, we are working to progress as quickly as
possible, and we look forward to providing additional data later this year.
Financial Highlights
Research and development expenses for the first quarter of 2019 were $23.3 million, compared to $11.9 million for the prior year period. The increase
was primarily attributable to research and development personnel and related facility costs, manufacturing costs, and clinical development costs for SGT-001.
General and administrative expenses for the first quarter of 2019 were $7.0 million, compared to $4.0 million for the prior year period. The
increase was primarily attributable to increased personnel costs and other corporate expenses associated with being a public company.
first quarter of 2019 was $29.6 million, compared to $15.9 million for the first quarter of 2018.
Solid had $94.7 million in cash, cash
equivalents and available-for-sale securities as of March 31, 2019, compared to $122.5 million as of December 31, 2018.
Solid s lead candidate, SGT-001, is a novel adeno-associated viral (AAV) vector-mediated gene transfer under
investigation for its ability to address the underlying genetic cause of Duchenne muscular dystrophy (DMD), mutations in the dystrophin gene that result in the absence or near-absence of dystrophin protein.
SGT-001 is a systemically administered candidate that delivers a synthetic dystrophin transgene, called microdystrophin, to the body. This microdystrophin encodes for a functional protein surrogate that is
expressed in muscles and stabilizes essential associated proteins, including neuronal nitric oxide synthase (nNOS). SGT-001 utilizes AAV9, which has an affinity for muscle and is currently being evaluated in
multiple clinical programs in other indications. Data from Solid s preclinical program suggest that SGT-001 has the potential to slow or stop the progression of DMD, regardless of genetic mutation or
SGT-001 is based on pioneering research in dystrophin biology by
Dr. Jeffrey Chamberlain of the University of Washington and Dr. Dongsheng Duan of the University of Missouri. SGT-001 has been granted Rare Pediatric Disease Designation, or RPDD, and Fast Track
Designation in the United States and Orphan Drug Designations in both the United States and European Union.
About Solid Biosciences
Solid Biosciences is a life science company focused solely on finding meaningful therapies for Duchenne muscular dystrophy (DMD). Founded by those touched by
the disease, Solid is a center of excellence for DMD, bringing together experts in science, technology and care to drive forward a portfolio of candidates that have life-changing potential. Solid is progressing programs across four scientific
platforms: Corrective Therapies, Disease-Modifying Therapies, Disease Understanding and Assistive Devices. For more information, please visit www.solidbio.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding the IGNITE DMD clinical trial, the safety or potential efficacy of SGT-001, the sufficiency of our cash, cash equivalents and investments to fund our operation and other statements containing the words anticipate, believe, continue,
could, estimate, expect, intend, may, plan, potential, predict, project, should, target, would, and
similar expressions. Any forward-looking statements are based on management s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from
those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Solid s ability to obtain and maintain necessary approvals from the FDA and other
regulatory authorities and investigational review boards at clinical trial sites; enroll patients in its clinical trials; continue to advance SGT-001 in clinical trials, including to proceed with dose
escalation of IGNITE DMD; replicate in clinical trials positive results found in preclinical studies and earlier stages of clinical development; advance the development of its product candidates under the timelines it anticipates in current and
future clinical trials; successfully scale its manufacturing process; obtain, maintain or protect intellectual property rights related to its product candidates; compete successfully with other companies that are seeking to develop DMD treatments
and gene therapies; manage expenses; and raise the substantial additional capital needed to achieve its business objectives. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the
Company s actual results to differ from those contained in the forward-looking statements, see the Risk Factors section, as well as discussions of potential risks, uncertainties
and other important factors, in the Company s most recent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company s views as of the date hereof
and should not be relied upon as representing the Company s views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company s views to change. However, while the
Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.
Solid Biosciences Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenue | $ | $ | ||||||
| Operating expenses: | ||||||||
| Research and development | 23,269 | 11,929 | ||||||
| General and administrative | 7,033 | 4,044 | ||||||
| Total operating expenses | 30,302 | 15,973 | ||||||
| Loss from operations | (30,302 | ) | (15,973 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 508 | 65 | ||||||
| Other income | 212 | 31 | ||||||
| Total other income (expense), net | 720 | 96 | ||||||
| Net loss | $ | (29,582 | ) | $ | (15,877 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.85 | ) | $ | (0.54 | ) | ||
| Weighted average shares of common stock outstanding, basic and diluted | 34,776,488 | 29,354,650 |
Solid Biosciences Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share data)
| March 31, 2019 | December 31, 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 53,994 | $ | 86,366 | ||||
| Available-for-sale securities | 40,750 | 36,098 | ||||||
| Prepaid expenses and other current assets | 7,043 | 6,175 | ||||||
| Total current assets | 101,787 | 128,639 | ||||||
| Property and equipment, net | 11,995 | 10,422 | ||||||
| Operating lease, right-of-use assets | 5,916 | |||||||
| Other non-current assets | 209 | 209 | ||||||
| Restricted cash | 327 | 327 | ||||||
| Total assets | $ | 120,234 | $ | 139,597 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,352 | $ | 3,691 | ||||
| Accrued expenses | 7,409 | 8,235 | ||||||
| Operating lease liabilities | 1,278 | |||||||
| Finance lease liabilities | 178 | 173 | ||||||
| Other current liabilities | 355 | 382 | ||||||
| Total current liabilities | 14,572 | 12,481 | ||||||
| Operating lease liabilities, excluding current portion | 5,736 | |||||||
| Finance lease obligations, excluding current portion | 813 | 859 | ||||||
| Other non-current liabilities | 1,074 | |||||||
| Total liabilities | 21,121 | 14,414 | ||||||
| Common Stock | 35 | 35 | ||||||
| Additional paid-in capital | 327,709 | 324,209 | ||||||
| Accumulated other comprehensive gain (loss) | 7 | (5 | ) | |||||
| Accumulated deficit | (228,638 | ) | (199,056 | ) | ||||
| Total stockholders equity | 99,113 | 125,183 | ||||||
| Total liabilities and stockholders equity | $ | 120,234 | $ | 139,597 |
Geoffrey M. Grande, CFA