Omega Therapeutics Reports Third Quarter 2022 Financial Results and Recent Corporate Highlights
- First Patient Dosed in Phase 1/2 MYCHELANGELO™ I Trial of OTX-2002
- OTX-2002 Granted Orphan Drug Designation by
U.S. FDA for the Treatment of Hepatocellular Carcinoma - OTX-2101 for MYC-Driven Non-Small Cell Lung Cancer Selected as Second Omega Epigenomic Controller™ Development Candidate
$148.3 Million in Cash,Cash Equivalents and Marketable Securities as ofSeptember 30, 2022
"The significant progress we are making on all fronts across our development pipeline is exciting, including the initiation of the MYCHELANGELO™ clinical program for OTX-2002, which represents the first-ever dosing of an epigenomic controller in a patient and marks a significant milestone in our journey to bring novel and programmable mRNA therapeutics to patients," said
Recent Corporate Highlights
Development Pipeline and Platform
- First Patient Dosed in Landmark MYCHELANGELO I Clinical Trial for OTX-2002, the First-Ever Omega Epigenomic Controller™ (OEC): The Phase 1/2 study is the first-ever study to evaluate this new class of programmable mRNA therapeutics designed to treat or cure serious diseases through precision genomic control. The study will evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary antitumor activity of OTX-2002 as a monotherapy (Part 1) and in combination with standard of care therapies (Part 2) in patients with relapsed or refractory hepatocellular carcinoma (HCC) and other solid tumor types known for association with the c-Myc (MYC) oncogene. The study is expected to enroll approximately 190 patients at clinical trial sites in
the United States ,Asia , andEurope . - OTX-2002 Granted Orphan Drug Designation by
U.S. Food and Drug Administration (FDA) for Hepatocellular Carcinoma (HCC): OTX-2002 is a rationally engineered, novel and programmable mRNA therapeutic designed to downregulate MYC expression pre-transcriptionally through epigenetic modulation while potentially overcoming MYC autoregulation. TheFDA's Orphan Drug Designation Program provides orphan status to drugs intended for the treatment, diagnosis or prevention of rare diseases that affect fewer than 200,000 people inthe United States . - OTX-2101 for MYC-Driven Non-Small Cell
Lung Cancer (NSCLC) Selected as Second Omega Epigenomic Controller Development Candidate: OTX-2101 is the second candidate in this new class of programmable mRNA therapeutics designed to downregulate MYC expression pre-transcriptionally through epigenetic modulation while potentially overcoming MYC autoregulation. Preclinical data presented at the 2022American Society of Gene & Cell Therapy (ASGCT) Annual Meeting demonstrated OTX-2101 potently downregulates MYC in multiple NSCLC cell lines. OTX-2101 effectively reduced tumor growth in vivo and was well tolerated in murine xenograft models, further supporting its clinical potential. Investigational New Drug (IND)-enabling studies for OTX-2101 are underway. - Completed Development Candidate-enabling Activities for Several OECs: Beyond HCC and NSCLC, the Company continues to advance multiple OECs from the OMEGA Epigenomic Programming platform through preclinical studies. The CXCL 1-8-targeting OEC has been characterized in preclinical studies and has potential in several indications including neutrophilic asthma, acute respiratory distress syndrome (including COVID-related), oncology, and dermatological and rheumatological indications, representing a potential franchise opportunity. The Company continues additional preclinical work for its OEC development programs spanning oncology, multigenic diseases including immunology, regenerative medicine, and select monogenic diseases.
Corporate
- Rainer Boehm Appointed to Board of Directors:
Mr. Boehm joined the Board onAugust 30, 2022 . He serves on the Company's audit and compensation committees. He brings over 30 years of successful and diverse clinical, managerial, drug development, and commercialization experience to Omega.
Third Quarter 2022 Financial Results
As of
Research and development (R&D) expenses for the third quarter of 2022 were
General and administrative (G&A) expenses for the third quarter of 2022 were
Net loss for the third quarter of 2022 was
About Omega Therapeutics
For more information, visit omegatherapeutics.com, or follow us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the timing and design of our Phase 1/2 MYCHELANGELOTM I clinical trial; the potential of the OMEGA platform to engineer programmable epigenetic mRNA therapeutics that successfully regulate gene expression by targeting insulated genomic domains; expectations surrounding the potential of our product candidates, including OTX-2002 and OTX-2101; and expectations regarding our pipeline, including trial design, initiation of preclinical studies and advancement of multiple preclinical development programs in oncology, immunology, regenerative medicine, and select monogenic diseases. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the novel technology on which our product candidates are based makes it difficult to predict the time and cost of preclinical and clinical development and subsequently obtaining regulatory approval, if at all; the substantial development and regulatory risks associated with epigenomic controller machines due to the novel and unprecedented nature of this new category of medicines; our limited operating history; the incurrence of significant losses and the fact that we expect to continue to incur significant additional losses for the foreseeable future; our need for substantial additional financing; our investments in research and development efforts that further enhance the OMEGA platform, and their impact on our results; uncertainty regarding preclinical development, especially for a new class of medicines such as epigenomic controllers; potential delays in and unforeseen costs arising from our clinical trials; the fact that our product candidates may be associated with serious adverse events, undesirable side effects or have other properties that could halt their regulatory development, prevent their regulatory approval, limit their commercial potential, or result in significant negative consequences; the impact of increased demand for the manufacture of mRNA and LNP based vaccines to treat COVID-19 on our development plans; difficulties manufacturing the novel technology on which our OEC candidates are based; our ability to adapt to rapid and significant technological change; our reliance on third parties for the manufacture of materials; our ability to successfully acquire and establish our own manufacturing facilities and infrastructure; our reliance on a limited number of suppliers for lipid excipients used in our product candidates; our ability to advance our product candidates to clinical development; and our ability to obtain, maintain, enforce and adequately protect our intellectual property rights. These and other important factors discussed under the caption "Risk Factors" in our most recent Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended
Investor and Media Contact:
617.949.4370
estroynowski@omegatx.com
Media Contact:
646.751.4361
jbraco@lifescicomms.com
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|||||||||||||||
Condensed consolidated statements of operations and comprehensive loss |
|||||||||||||||
(in thousands, except share and per share amounts) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Collaboration revenue from related party |
$ |
595 |
$ |
— |
$ |
1,338 |
$ |
— |
|||||||
Operating expenses: |
|||||||||||||||
Research and development |
20,670 |
12,289 |
54,329 |
33,222 |
|||||||||||
General and administrative |
5,198 |
4,459 |
16,466 |
10,911 |
|||||||||||
Related party expense, net |
712 |
473 |
2,342 |
1,235 |
|||||||||||
Total operating expenses |
26,580 |
17,221 |
73,137 |
45,368 |
|||||||||||
Loss from operations |
(25,985) |
(17,221) |
(71,799) |
(45,368) |
|||||||||||
Other expense, net: |
|||||||||||||||
Interest income (expense), net |
184 |
(339) |
(26) |
(741) |
|||||||||||
Change in fair value of warrant liability |
— |
(970) |
— |
(1,310) |
|||||||||||
Other income (expense), net |
2 |
2 |
(50) |
(7) |
|||||||||||
Total other income (expense), net |
186 |
(1,307) |
(76) |
(2,058) |
|||||||||||
Net loss |
$ |
(25,799) |
$ |
(18,528) |
$ |
(71,875) |
$ |
(47,426) |
|||||||
Net loss per common stock attributable to common |
$ |
(0.54) |
$ |
(0.57) |
$ |
(1.50) |
$ |
(3.41) |
|||||||
Weighted-average common stock used in net loss |
47,854,965 |
32,303,540 |
47,837,490 |
13,898,089 |
|||||||||||
Comprehensive loss: |
|||||||||||||||
Net loss |
$ |
(25,799) |
$ |
(18,528) |
$ |
(71,875) |
$ |
(47,426) |
|||||||
Other comprehensive loss: |
|||||||||||||||
Unrealized gain (loss) on marketable securities |
89 |
— |
(855) |
— |
|||||||||||
Comprehensive loss |
$ |
(25,710) |
$ |
(18,528) |
$ |
(72,730) |
$ |
(47,426) |
|
|||||||||
Condensed Consolidated Balance Sheets |
|||||||||
(in thousands) |
|||||||||
|
|
||||||||
2022 |
2021 |
||||||||
Assets |
|||||||||
Cash and cash equivalents |
$ |
76,614 |
$ |
186,482 |
|||||
Marketable securities |
71,732 |
38,845 |
|||||||
Other assets |
21,719 |
8,006 |
|||||||
Total assets |
$ |
170,065 |
$ |
233,333 |
|||||
Liabilities and stockholders' equity |
|||||||||
Liabilities |
$ |
36,414 |
$ |
32,705 |
|||||
Stockholders' equity |
133,651 |
200,628 |
|||||||
Total liabilities and stockholders' equity |
$ |
170,065 |
$ |
233,333 |
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