Full Press Release Details
Silverback Therapeutics Reports First Quarter 2021 Financial Results
SEATTLE May 13, 2021 Silverback Therapeutics, Inc. (Nasdaq: SBTX) ( Silverback ), a clinical-stage biopharmaceutical
company leveraging its proprietary ImmunoTAC technology platform to develop systemically delivered, tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases, today reported financial results for
the first quarter ended March 31, 2021 and provided a business update.
In our first quarter as a public company, our team continues to execute
on Silverback s mission to bring tissue-targeted therapies to patients in need, said Laura Shawver, Ph.D., chief executive officer of Silverback. We are on track to report interim clinical data for SBT6050 in the second half of this
year, and we are equally excited about the progress and preclinical data emerging from SBT6290 and SBT8230, highlighting the broad applicability of our ImmunoTAC platform.
First Quarter Financial Results
For the first quarter ended March 31, 2021, Silverback reported a net loss of $18.9 million, compared to a net loss of $5.3 million for the
comparable period in 2020. Net loss for the first quarter of 2021 included non-cash stock-based compensation expense of $4.3 million compared to $47,000 for the same period in 2020.
Research and development expenses for the first quarter ended March 31, 2021 were $12.2 million, compared to $4.4 million for the same period
in 2020. The increases in the Company s research and development expenses in 2021 were primarily attributable to the advancement of pipeline programs, including SBT6290 and SBT8230, into preclinical development and the continued development of
SBT6050. Silverback also incurred additional personnel-related expenses as operations grew in support of program advances.
General and administrative
expenses for the first quarter ended March 31, 2021 were $6.6 million, compared to $0.8 million for the same period in 2020. The increases in general and administrative expenses were primarily attributable to an increase in
personnel-related expenses due to increased headcount in 2020, including new executives, as well as increases in salaries, bonuses, and stock-based compensation. The increases in general and administrative expenses were also due to an increase in
legal fees, professional fees, and other various general and administrative expenses as we now operate as a public company.
As of March 31, 2021,
Silverback reported cash and cash equivalents of $374.2 million, compared to $386.6 million at December 31, 2020, which is expected to fund operating expenses and capital expenditure requirements for at least the next 24 months.
About Silverback Therapeutics
Silverback Therapeutics,
Inc. is a clinical-stage biopharmaceutical company focused on leveraging its proprietary ImmunoTAC technology platform to develop systemically delivered and tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and
other serious diseases. Silverback s platform enables the strategic pairing of proprietary payloads that modulate key disease modifying pathways with monoclonal antibodies directed at specific disease sites. Initially, Silverback is creating a
new class of targeted immuno-oncology agents that direct a TLR8 agonist myeloid cell activator to the tumor microenvironment in solid tumors to promote cancer cell killing. Silverback Therapeutics is located in Seattle, Washington. To learn more,
visit www.silverbacktx.com.
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different
from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations
concerning, among other things, Silverback s plans and ability to bring new treatments to patients in need, the progress and expected timing of Silverback s drug development programs and clinical trials, the strength of Silverback s
balance sheet and the adequacy of cash on hand. Factors that may cause actual results to differ materially include the risk that compounds that appeared promising in early research or clinical trials do not demonstrate safety and/or efficacy in
later preclinical studies or clinical trials, the risk that Silverback may not obtain approval to market its product candidates, uncertainties associated with performing clinical trials, regulatory filings and applications, risks associated with
reliance on third parties to successfully conduct clinical trials, risks associated with the impact of the COVID-19 pandemic on our business and the global economy, the risks associated with reliance on
outside financing to meet capital requirements, the risks associated with losing key members of management and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human
therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words may, will, would, could, should,
believes, estimates, projects, promise, potential, expects, plans, anticipates, intends, continues, designed,
goal, or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties that Silverback faces, please refer to Silverback s periodic and
other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and Silverback assumes no obligation to update any
forward-looking statements, whether as a result of new information, future events or otherwise.
Silverback Therapeutics
Canale Communications
Silverback Therapeutics, Inc.
Condensed Balance Sheets
(in thousands, except share and par value data)
| March 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 374,205 | $ | 386,569 | ||||
| Prepaid expenses and other current assets | 4,141 | 4,087 | ||||||
| Total current assets | 378,346 | 390,656 | ||||||
| Property and equipment, net | 1,603 | 1,618 | ||||||
| Restricted cash | 350 | 350 | ||||||
| Right-of-use asset | 1,900 | 2,180 | ||||||
| Total assets | $ | 382,199 | $ | 394,804 | ||||
| Liabilities, and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,374 | $ | 2,583 | ||||
| Accrued expenses | 5,799 | 5,278 | ||||||
| Term loan payable, net | 495 | 844 | ||||||
| Current portion of lease liability | 927 | 896 | ||||||
| Total current liabilities | 11,595 | 9,601 | ||||||
| Lease liability, net of current portion | 2,055 | 2,326 | ||||||
| Total liabilities | 13,650 | 11,927 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity: | ||||||||
| Preferred Stock, $0.0001 par value per share; 10,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued and outstanding at March 31, 2021 and December 31, 2020 | ||||||||
| Common stock, $0.0001 par value per share; 200,000,000 shares authorized at March 31, 2021 and December 31, 2020, 34,903,497 and 34,801,537 shares issued, and 34,827,204 and 34,701,274 shares outstanding at March 31, 2021 and December 31, 2020, respectively | 3 | 3 | ||||||
| Additional paid-in capital | 484,147 | 479,608 | ||||||
| Accumulated deficit | (115,601 | ) | (96,734 | ) | ||||
| Total stockholders equity | 368,549 | 382,877 | ||||||
| Total liabilities, and stockholders equity | $ | 382,199 | $ | 394,804 |
Silverback Therapeutics, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 12,239 | $ | 4,414 | ||||
| General and administrative | 6,646 | 828 | ||||||
| Total operating expenses | 18,885 | 5,242 | ||||||
| Loss from operations | (18,885 | ) | (5,242 | ) | ||||
| Interest income (expense), net | 18 | (37 | ) | |||||
| Net loss and comprehensive loss | $ | (18,867 | ) | $ | (5,279 | ) | ||
| Net loss per share applicable to common stockholders, basic and diluted | $ | (0.54 | ) | $ | (7.89 | ) | ||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 34,773,950 | 669,033 |