Full Press Release Details
Silverback Therapeutics Reports First Quarter 2022 Financial Results and
Provides Business Update
May 12, 2022 Silverback Therapeutics, Inc. (Nasdaq: SBTX) ( Silverback ), a biopharmaceutical company leveraging its proprietary ImmunoTAC technology platform to develop systemically delivered, tissue targeted
therapeutics for the treatment of chronic viral infections, cancer, and other serious diseases, today reported financial results for the first quarter ended March 31, 2022 and provided a business update.
In the first quarter of 2022, we have made significant progress in advancing the preclinical development of SBT8230, a first-in-class antibody-drug conjugate that we believe has the potential to drive functional cure in patients with chronic hepatitis B (cHBV) by eliciting a liver-localized anti-viral response, said
Laura Shawver, Ph.D., chief executive officer of Silverback. We believe that activating the immune response is an important component of a functional cure and may be combined with treatments that target the HBV life cycle to improve
durability. Our team is on track to complete a regulatory submission in the fourth quarter of 2022, enabling the planned initiation of the single ascending dose healthy volunteer cohort of the Phase 1 study in the first quarter of 2023. We plan to
report data from this cohort in the second half of 2023.
SBT8230 (ASGR1-TLR8 ImmunoTAC conjugate for chronic HBV)
ImmunoTAC Discovery Programs
First Quarter Financial Results
For the first quarter ended March 31, 2022, Silverback reported a net loss of $24.6 million, compared to a net loss of $18.9 million for the
comparable period in 2021.
Research and development expenses for the first quarter ended March 31, 2022 were $16.9 million, compared to
$12.2 million for the same period in 2021. The increase in the Company s research and development expenses in 2022 were primarily attributable to an increase in direct costs related to preclinical research efforts, including the
Company s SBT8230 program, and increases in personnel-related expenses as operations grew in support of program advances.
General and administrative
expenses for the first quarter ended March 31, 2022 were $7.8 million, compared to $6.6 million for the same period in 2021. The increase in general and administrative expenses in 2022 were primarily attributable to an increase in
personnel-related expenses, including increases in salaries, bonuses, and stock-based compensation. The increase in general and administrative expenses in 2022 was 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, 2022, Silverback reported cash, cash equivalents, and investments
of $298.1 million compared to $319.1 million at December 31, 2021, which is expected to fund operating expenses and capital expenditure requirements into the second half of 2026. As of March 31, 2022, Silverback had 35,145,281
shares of common stock outstanding.
About Silverback Therapeutics
Silverback Therapeutics, Inc. is a biopharmaceutical company focused on leveraging its proprietary ImmunoTAC technology platform to develop systemically
delivered and tissue targeted therapeutics for the treatment chronic viral infections, cancer, 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. 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, among other things, Silverback s plans and ability to bring new treatments
to patients in need, including the progress and expected timing of Silverback s drug development programs and planned clinical trials, the timing for data and program updates, the potential benefits of SBT8230, 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 preclinical 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 regulatory filings and applications, risks associated with reliance on third parties to
successfully conduct research, preclinical studies or clinical trials, the risks associated with reliance on outside financing to meet capital requirements, 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.
| Investor Contact: |
| Miguel Arcinas |
| Silverback Therapeutics |
| (206) 736-7946 |
| ir@silverbacktx.com |
| Media Contact: |
| Jason Spark |
| Canale Communications |
| (619) 849-6005 |
| jason.spark@canalecomm.com |
Silverback Therapeutics, Inc.
Condensed Balance Sheets
(in thousands, except share and par value data)
| March 31, 2022 | December 31, 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 233,989 | $ | 254,045 | ||||
| Short-term investments | 19,858 | |||||||
| Prepaid expenses and other current assets | 7,485 | 7,447 | ||||||
| Total current assets | 261,332 | 261,492 | ||||||
| Long-term investments | 43,973 | 64,780 | ||||||
| Restricted cash | 250 | 250 | ||||||
| Right-of-use asset | 4,484 | 4,733 | ||||||
| Property and equipment, net | 2,430 | 2,212 | ||||||
| Total assets | $ | 312,469 | $ | 333,467 | ||||
| Liabilities and stockholders equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,631 | $ | 2,078 | ||||
| Accrued expenses | 11,054 | 11,727 | ||||||
| Current portion of lease liability | 1,123 | 1,087 | ||||||
| Total current liabilities | 14,808 | 14,892 | ||||||
| Lease liability, net of current portion | 4,431 | 4,760 | ||||||
| Total liabilities | 19,239 | 19,652 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity: | ||||||||
| Preferred Stock, $0.0001 par value per share; 10,000,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued and outstanding at March 31, 2022 and December 31, 2021 | ||||||||
| Common stock, $0.0001 par value per share; 200,000,000 shares authorized at March 31, 2022 and December 31, 2021, 35,145,281 and 35,133,934 shares issued and 35,123,330 and 35,107,651 shares outstanding at March 31, 2022 and December 31, 2021, respectively | 4 | 4 | ||||||
| Additional paid-in capital | 505,317 | 500,349 | ||||||
| Accumulated other comprehensive loss | (1,248 | ) | (326 | ) | ||||
| Accumulated deficit | (210,843 | ) | (186,212 | ) | ||||
| Total stockholders equity | 293,230 | 313,815 | ||||||
| Total liabilities and stockholders equity | $ | 312,469 | $ | 333,467 |
Silverback Therapeutics, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 16,897 | $ | 12,239 | ||||
| General and administrative | 7,801 | 6,646 | ||||||
| Total operating expenses | 24,698 | 18,885 | ||||||
| Loss from operations | (24,698 | ) | (18,885 | ) | ||||
| Interest income, net | 67 | 18 | ||||||
| Net loss | $ | (24,631 | ) | $ | (18,867 | ) | ||
| Unrealized loss on available-for-sale securities | (922 | ) | ||||||
| Comprehensive loss | $ | (25,553 | ) | $ | (18,867 | ) | ||
| Net loss per share, basic and diluted | $ | (0.70 | ) | $ | (0.54 | ) | ||
| Weighted-average shares used in computing net loss per share, basic and diluted | 35,114,131 | 34,773,950 |