Loading, Please Wait...
--Initiated Phase 1 clinical study of NGM621 for the treatment of dry age-related macular degeneration (AMD)--
--Completed enrollment of 1 mg cohort of 24-week Phase 2 study of NGM282 (aldafermin) in NASH patients; Planned data readouts over next 3 – 6 months--
--Robust clinical stage pipeline now spans novel drugs to address significant unmet needs in metabolic disease, oncology and ophthalmic disease--
SOUTH SAN FRANCISCO, Calif, Aug. 12, 2019 (GLOBE NEWSWIRE) -- NGM Biopharmaceuticals, Inc. (Nasdaq: NGM), a clinical stage biotechnology company focused on developing transformative therapeutics for patients, today provided a business update and reported second quarter 2019 financial results for the period ending June 30, 2019.
“Our initiation of a Phase 1 clinical study of NGM621 to treat dry AMD demonstrates our continued progress in executing on our goal to operate one of the industry’s most productive R&D engines,” said David J. Woodhouse, Ph.D., chief executive officer of NGM. “We have made important progress advancing NGM282 as a potential treatment for NASH, having advanced this program into Phase 2b clinical development earlier this year. With our R&D roots firmly established and continuing to grow in the metabolic and liver spaces, we are actively building a robust pipeline that also includes novel product candidates for additional therapeutic areas, including oncology and ophthalmic diseases. This strategy positions us to tackle a spectrum of significant unmet needs, leveraging fully our in-house biology and biologics expertise.”
Second Quarter 2019 and Recent Highlights
Second Quarter Financial Results
About NGM Biopharmaceuticals, Inc.
NGM is a clinical stage biopharmaceutical company focused on developing novel therapeutics based on scientific understanding of key biological pathways underlying cardio-metabolic, liver, oncologic and ophthalmic diseases. The company leverages its biology-centric drug discovery approach to uncover novel mechanisms of action and generate proprietary insights that enable it to move rapidly into proof-of-concept studies and deliver potential first-in-class medicines to patients. NGM aspires to operate one of the most productive research and development engines in the biopharmaceutical industry, with multiple programs in clinical development. Visit http://www.ngmbio.com for more information.
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “on track,” “plan(s),” “goal,” “may,” “will,” “expect,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to NGM’s R&D engine and ability to build a robust pipeline of product candidates; the advancement of its clinical and preclinical pipeline; the timing, enrollment and results of NGM’s clinical trials, including the continued enrollment and announcement of interim, preliminary and Cohort 4 topline results of the Phase 2b clinical study of NGM282 in patients with NASH; the safety, tolerability and efficacy of NGM’s product candidates; NGM’s ability to fund its clinical programs and NGM’s financial outlook. Because such statements deal with future events and are based on NGM’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of NGM could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including those discussed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our quarterly report on Form 10-Q for the quarter ended June 30, 2019 and other filings that NGM makes from time to time with the United States Securities and Exchange Commission. Except as required by law, NGM assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Sylvia Wheeler and Alex Santos
NGM Biopharmaceuticals, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
|Three Months Ended June 30,||Six Months Ended June 30,|
|Related party revenue||$||25,341||$||22,118||$||50,893||$||40,731|
|Research and development||28,819||22,846||58,346||42,300|
|General and administrative||6,229||3,458||11,596||7,332|
|Total operating expenses||35,048||26,304||69,942||49,632|
|Loss from operations||(9,707||)||(4,186||)||(19,049||)||(8,901||)|
|Other income (expense), net||(6||)||95||(42||)||117|
|Net loss per common share, basic and diluted||$||(0.13||)||$||(0.52||)||$||(0.47||)||$||(1.16||)|
|Weighted average shares used to compute net loss per common share, basic and diluted||61,044,450||6,200,143||34,078,099||6,163,425|
NGM Biopharmaceuticals, Inc.
Unaudited Condensed Consolidated Balance Sheets
|June 30,||December 31,|
|Cash and cash equivalents||$||265,072||$||56,923|
|Short-term marketable securities||97,116||149,710|
|Related party receivable from collaboration||881||3,669|
|Prepaid expenses and other current assets||5,275||4,255|
|Total current assets||368,344||214,557|
|Property and equipment, net||22,172||23,893|
|Deferred IPO costs||—||2,292|
|Other non-current assets||3,938||3,094|
|Liabilities, convertible preferred stock and stockholders' equity (deficit)|
|Deferred rent, current||2,756||2,683|
|Deferred revenue, current||17,441||19,025|
|Total current liabilities||38,653||41,486|
|Deferred rent, non-current||10,843||12,221|
|Deferred revenue, non-current||—||3,942|
|Early exercise stock option liability||1,077||1,559|
|Convertible preferred stock warrant liability||—||198|
|Commitments and contingencies|
|Convertible preferred stock||—||294,874|
|Stockholders' equity (deficit):|
|Common stock, $0.001 par value;||66||7|
|Additional paid-in capital||515,248||39,258|
|Accumulated other comprehensive gain (loss)||102||(267||)|
|Total equity (deficit)||346,130||(108,195||)|
|Total liabilities, convertible preferred stock and stockholders' equity (deficit)||$||396,703||$||246,085|
*The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited financial statements as of that date.