On March 25, 2021 Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, reported financial results for the fourth quarter and year ended December 31, 2020 (Press release, Corvus Pharmaceuticals, MAR 25, 2021, View Source [SID1234577154]).

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"In 2020, we made considerable progress expanding our technology platform to address COVID-19 and other infectious diseases. As a result, we have extended our product development strategy with the initiation of a Phase 3 study of CPI-006 for COVID-19. In a recently completed Phase 1 study, CPI-006 induced robust and prolonged anti-SARS-CoV-2 antibody responses," said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. "During the year we also co-founded Angel Pharmaceuticals, a new biopharma company in China that is positioned to develop our product candidates in the rapidly growing Chinese market and potentially accelerate our global product development capability. Angel’s first clinical program is expected to kick off with the initiation of a Phase 2 study of CPI-818 for peripheral T cell lymphoma in China. Along with our planned Phase 2 study to evaluate ciforadenant in first-line renal cancer as a triplet combination with pembrolizumab and a tyrosine kinase inhibitor, we are excited to have three mid-to-late stage programs that may provide catalysts for the Company in the near-term."

2021 Key Areas of Focus
Corvus is focused on several potential transformational opportunities in its pipeline in 2021, headlined by the execution of its global Phase 3 study of CPI-006 in COVID-19. The Company is also efficiently advancing its other clinical programs, CPI-818 and ciforadenant, along with pre-clinical programs in its pipeline. The highlights from the Company’s clinical pipeline include:

CPI-006 Phase 3 Study for COVID-19

In February 2021, the Company initiated a Phase 3 registration clinical trial of CPI-006, an anti-CD73 B cell activating antibody, for the treatment of hospitalized patients with mild-to-moderate COVID-19. This randomized, double-blind trial is planned to enroll up to 1,000 patients, who will be randomized into one of three arms and receive either 1.0 mg/kg or 2.0 mg/kg of CPI-006, or placebo. The primary endpoint of the study is the proportion of patients that progress to requiring mechanical ventilation or death within 28 days of dosing. The study will be conducted in the United States, Europe, Latin America and South Africa and will include an interim safety and futility analysis. The Company expects to complete enrollment in the study in the fourth quarter 2021.
Results from the Phase 1 dose escalation (0.3 to 5.0 mg/kg) clinical trial of CPI-006 in 29 hospitalized patients with COVID-19 showed that patients developed sustained high titers of polyclonal anti-SARS-CoV-2 antibodies. As of March 4, 2021, all the patients in the study were discharged from the hospital in a median of three days and no patients progressed to requiring mechanical ventilation. The results from the Phase 1 study were presented in the "Hot Topic Symposium: COVID-19 and Cancer" session at the 2020 Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Annual Meeting in November 2020.
CPI-818 Phase 2 Study for PTCL in Partnership with Angel Pharmaceuticals

The Company expects that a global Phase 2 trial of CPI-818, a small molecule ITK inhibitor, for the treatment of refractory peripheral T cell lymphoma (PTCL) will be initiated in partnership with Angel Pharmaceuticals.
Interim data from the Phase 1/1b clinical trial of CPI-818 for T cell lymphoma demonstrated tumor responses in very advanced, refractory, difficult to treat T cell malignancies. As of March 4, 2021, of seven patients with PTCL, there has been one complete response lasting over 15 months and one partial response lasting for over five months; both responses are ongoing. The interim data was presented at the 62ND American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting & Exposition in December 2020.
Angel Pharmaceuticals is a new China-based biopharmaceutical company co-founded by Corvus in October 2020. Angel licensed the rights to develop and commercialize Corvus’ three clinical-stage candidates – CPI-006, CPI-818 and ciforadenant – in greater China and obtained global rights to Corvus’ BTK inhibitor preclinical programs. The formation of Angel is expected to provide Corvus with clinical study synergies and accelerated timelines, whereby data from patients enrolled in China studies could potentially be used as part of U.S. regulatory submissions as part of a global pivotal study protocol. Corvus currently holds a 49.7% ownership position in Angel Pharmaceuticals, excluding 7% of Angel’s equity reserved for issuance under the Angel employee stock ownership plan.
Ciforadenant Phase 2 Study for Front Line RCC

The Company plans to initiate a Phase 2 trial of ciforadenant, a small molecule antagonist of the adenosine A2A receptor, in first-line therapy for metastatic renal cell cancer (RCC) in combination with pembrolizumab and lenvatinib. The study is planned to be conducted in collaboration with the Kidney Cancer Consortium, is expected to enroll approximately 60 patients and is intended to increase complete responses and deep responses in the front-line setting. Preclinical studies indicate adenosine may be a cause of resistance to current therapies with anti PD(L)-1 and tyrosine kinase inhibitors. Tumor biopsies will be evaluated for expression of the adenosine gene signature.
Financial Results

As of December 31, 2020, Corvus had cash, cash equivalents and marketable securities totaling $44.3 million. This compared to cash, cash equivalents and marketable securities of $78.0 million at December 31, 2019. The cash and investment balance at December 31, 2020 does not include net proceeds of $31.8 million received on February 17, 2021 from the company’s follow-on equity offering with institutional investors. Corvus expects full year 2021 net cash used in operating activities to be between $46 million and $48 million.

Research and development expenses for the three months and full year ended December 31, 2020 totaled $7.2 million and $31.8 million, respectively, compared to $8.9 million and $38.0 million for the same periods in 2019. In the fourth quarter of 2020, the decrease of $1.7 million was primarily due to lower outside costs for ciforadenant and CPI-818 and a decrease in personnel costs, partially offset by an increase in outside costs for CPI-006. For the full year 2020, the decrease of $6.1 million was primarily due to lower outside costs for ciforadenant and CPI-818 and a decrease in personnel and related costs, partially offset by an increase in outside costs for CPI-006.

Gain on deconsolidation of $37.5 million and loss from equity method investment of $0.2 million for the three months and full year ended December 31, 2020 are both the result of the Angel Pharmaceuticals transaction described above.

Net income for the three months ended December 31, 2020 was $27.1 million and net loss for the year ended December 31, 2020 was $6.0 million compared to a net loss of $11.0 million and $46.7 million for the same periods in 2019. Total stock compensation expense for the three months and year ended December 31, 2020 was $1.2 million and $5.7 million, respectively, compared to $1.7 million and $7.3 million for the same periods in 2019.

On March 25, 2021 Sensei Biotherapeutics, Inc. (NASDAQ: SNSE), a clinical-stage immunotherapy company focused on the discovery and development of next generation therapeutics for cancer, reported financial results for the full year ended 2020 and provided an update on recent business progress (Press release, Sensei Biotherapeutics, MAR 25, 2021, View Source [SID1234577153]).

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"With a strong foundation built in 2020, Sensei has already achieved significant milestones in 2021, highlighted by our upsized initial public offering completed in February. Throughout 2020, we have worked diligently and efficiently to broaden our in-house R&D capabilities to deliver our novel and versatile ImmunoPhage platform and Phortress library to patients," said John Celebi, President and Chief Executive Officer of Sensei Biotherapeutics. "Looking ahead, we have a well-capitalized foundation on which to further advance our pipeline of immunotherapies based on our proprietary ImmunoPhage platform for the treatment of cancer. We expect to report a large additional subset of data from our ongoing Phase 1/2 study of SNS-301 in SCCHN by year-end, as well as progressing our other personalized, off-the-shelf product candidates."

Recent Business Highlights

Addition to Russell 2000 Index: On March 22, 2021, Sensei was added to the Russell 2000 Index as part of its quarterly IPO additions. The Russell 2000 Index is a subset of the Russell 3000 Index, which measures the performance of the small-cap segment of the U.S. equity market.
Completed Upsized Initial Public Offering – In February 2021, Sensei completed its initial public offering of 8,030,295 shares of common stock, inclusive of the exercise by the underwriters of their option to purchase 1,030,243 shares, at a public offering price of $19.00 per share. Gross proceeds from the IPO were $152.6 million.
Completed Private Financing to Support Pipeline Advancement – In January 2021, Sensei announced a private financing round, co-led by Apeiron Investment Group and Catalio Capital Management, which was subsequently upsized for gross proceeds of $34.5 million.

Presented Data from Ongoing Phase 1/2 Study of SNS-301 in Combination with Pembrolizumab for the Treatment of Locally Advanced Unresectable or Metastatic SCCHN –At the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper)’s (SITC) (Free SITC Whitepaper) 35th Anniversary Annual Meeting in November 2020, Sensei presented new data demonstrating that one patient with PD-L1 negative disease achieved a partial response (PR) with a tumor reduction of 43% at week 12 and was confirmed at week 18. Additionally, one patient achieved a stable disease (SD) for more than 4 months following progressive disease (PD) after 10 months of PD-1 blockade treatment prior to study entry, and two patients achieved SD for more than 36 weeks. These data were supportive of earlier data presented at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Virtual Congress in September 2020. Further, immunohistochemical staining of paired pre- and on-treatment biopsies (12 weeks) from the responding patient’s tumor demonstrated a conversion from a PD-L1-negative, poorly inflamed phenotype into an inflamed, PD-L1-positive tumor, characterized by tumor necrosis, and abundant infiltrating immune cells, including CD4, CD8 T cells and macrophages. SNS-301 was well tolerated with no dose-limiting toxicities and observed adverse events (AEs) have primarily been either Grade 1 or 2 and mostly unrelated to treatment.

Advanced the ongoing SNS-301 Phase 1/2 study – Enrollment in Stage 2 of the ongoing Phase 1/2 clinical trial commenced in the first half of 2021, including the initiation of enrollment of the newly opened PD-1 naïve cohort of the study.

Strengthened ImmunoPhage Platform with the Acquisition of Alvaxa Biosciences – In May 2020, Sensei announced the acquisition of Alvaxa Biosciences and its existing camelid nanobody libraries, expertise in nanobody discovery, as well as its partnership with Hope Farms, LLC, a United States Department of Agriculture (USDA) licensed Alpaca farm, for the generation of future alpaca-derived nanobodies, or camelid antibodies that are small, highly-specific antigen-binding domains with high-affinity binding. Nanaobodies are a core component of Sensei’s proprietary ImmunoPhage platform, enabling both precision APC targeting and the delivery of immunomodulatory payloads.

Expanded Executive Team and Board of Directors with Multiple Appointments – Sensei grew its executive management team with the appointments of Anu Hoey as chief business officer, Marie-Louise Fjaellskog, M.D., Ph.D. as chief medical officer, and Robert Pierce, M.D. as chief scientific officer. In addition, Sensei added Deneen Vojta, M.D. to its board of directors.
Multiple Upcoming Anticipated Milestones for 2021 and 2022 Across Pipeline:

Sensei expects to announce multiple updates from its SNS-301 program, a first-in-class cancer immunotherapy designed to overcome immune tolerance and induce robust and durable antigen-specific humoral and cellular responses including:
Initiation of a Phase 2 study in the neoadjuvant setting in combination with durvalumab
Commencement of an additional cohort of the ongoing Phase 1/2 study of HPV-specific E6/E7 ImmunoPhage in combination with SNS-301 and pembrolizumab
Announcement of a large subset of data from the Phase 1/2 study in combination with pembrolizumab for the treatment of locally advanced unresectable or metastatic SCCHN
Sensei expects to submit an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) for its SNS-401 program, a personalized ImmunoPhage cocktail for the treatment of Merkel Cell Carcinoma in the first half of 2022.
Sensei expects to initiate IND-enabling studies for its SNS-VISTA, antibody-based therapeutic targeting V-domain Ig suppressor of T cell activation (VISTA) program by year end 2021.
Full Year 2021 Financial Results

Cash Position – Cash and cash equivalents were $16.6 million as of December 31, 2020, as compared to $0.3 million as of December 31, 2019. Total cash and cash equivalents at December 31, 2020 does not include net proceeds of approximately $138.5 million from the company’s upsized IPO in February 2021 or the closing of the company’s final private round of financing in January 2021. Sensei expects the current cash balance to fund operations at least into the second half of 2023.
Research and Development (R&D) Expenses – R&D expenses were $11.9 million for the year ended December 31, 2020, compared to $8.4 million for the year ended December 31, 2019 including costs related to the Alvaxa acquisition. The increase in expenses is primarily attributable to investments being made in early research and development activities and the clinical and preclinical development of SNS-301, SNS-401 and SNS-VISTA.
General and Administrative (G&A) Expenses – G&A expenses were $7.5 million for the year ended December 31, 2020, compared to $4.1 million for the year ended December 31, 2019. The increase is mainly driven by strategic external consulting, legal and recruiting costs, as well as stock compensation.
Net Loss – Net loss was $20.1 million, for the year ended December 31, 2020, compared to $16.7 million for the year ended December 31, 2019.

On March 25, 2021 Magenta Therapeutics (NASDAQ: MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of stem cell transplants to more patients, reported that Jason Gardner, D.Phil., President and Chief Executive Officer, is scheduled to participate in a panel discussion at the Guggenheim Healthcare Talks 2021 Genomic Medicines & Rare Disease Conference, being held virtually, on Thursday, April 1st, 2021 (Press release, Magenta Therapeutics, MAR 25, 2021, View Source [SID1234577152]). The panel discussion, Key Advances in Solid Organ and Stem Cell Transplants – Expanding the Market and Moving Away from Lifelong Immunosuppression, will take place at 1:00 p.m. ET.

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A live webcast of the panel discussion can be accessed on the Magenta Therapeutics website at View Source The webcast replay will be available for 90 days following the event.

On March 25, 2021 Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS), a clinical-stage biotechnology company advancing novel biotherapeutics through its proprietary Anticalin technology platform for respiratory diseases, cancer, and other indications, reported that Seagen has made a strategic equity investment in Pieris as part of an ongoing collaboration between the companies (Press release, Pieris Pharmaceuticals, MAR 25, 2021, https://ir.pieris.com/news/detail/655/pieris-announces-amendment-of-existing-immuno-oncology-multi-target-collaboration-with-seagen-a-clinical-trial-and-supply-agreement-to-evaluate-cinrebafusp-alfa-prs-343-in-combination-with-tukysa-tucatinib-in-gastric-cancer-and-strategic-equity-investment-by-seagen [SID1234577151]). In addition, the companies have entered into a clinical trial collaboration agreement to evaluate the safety and efficacy of combining Pieris’ cinrebafusp alfa (PRS-343), a 4-1BB/HER2 bispecific, with Seagen’s TUKYSA (tucatinib), a small-molecule tyrosine kinase HER2 inhibitor, for the treatment of gastric cancer patients expressing lower HER2 levels (IHC2+/ISH- & IHC1+) as part of the upcoming phase 2 study to be conducted by Pieris. The companies have also amended their existing immuno-oncology collaboration agreement around joint development and commercial rights for the second of up to three products in the alliance.

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The combination of cinrebafusp alfa and TUKYSA could potentially address a high medical need in HER2 low-expressing gastric cancer patients who do not respond to traditional HER2-targeted therapies. Preclinical studies show that TUKYSA synergizes with cinrebafusp alfa to enhance its 4-1BB-mediated immune cell stimulation. This effect was observed across a range of HER2 expressing cell lines (IHC3+, 2+, and 1+), including those where cinrebafusp alfa had limited single-agent activity.

Under the amended and restated agreement, Pieris’ option to co-develop and co-commercialize the second of three programs in the collaboration has been amended to provide it with a co-promotion option in the United States, with Seagen solely responsible for the development and overall commercialization of that program. Under the co-promotion option, Pieris will also be entitled to increased royalties from that program in the event that it chooses to exercise the option. In connection with the amendment, on March 24, 2021, in a private placement transaction, Seagen made an equity investment of $13 million in Pieris through the purchase of 3,706,174 newly issued shares of Pieris common stock at a price of $3.51 per share.

"Seagen continues to be a supportive partner, and we look forward to combining efforts in studying the effects of cinrebafusp alfa with TUKYSA in gastric cancer patients expressing lower HER2-levels, following the generation of compelling preclinical data," said Stephen S. Yoder, President and Chief Executive Officer of Pieris. "We plan to initiate this combination study as part of our phase 2 protocol for cinrebafusp alfa, for which we will be sharing additional details at an upcoming corporate update."

"Preclinical data exploring the combination of cinrebafusp alfa and TUKYSA are encouraging and support evaluating the combination in the planned phase 2 clinical trial," said Marjorie Green, M.D., Senior Vice President, Late-Stage Development of Seagen. "We are pleased to supply drug for Pieris to explore the potential combination of these agents to address an important unmet medical need."

About Cinrebafusp Alfa
Cinrebafusp alfa (PRS-343) is a 4-1BB/HER2 fusion protein comprising a 4-1BB-targeting Anticalin protein and a HER2-targeting antibody. The drug candidate is currently in development for the treatment of HER2-positive solid tumors. Based on encouraging phase 1 study results, which demonstrated clinical benefit as single agent and biomarker data indicative of a 4-1BB-driven mechanism of action, the Company is actively working towards initiating a phase 2 study of cinrebafusp alfa in combination with ramucirumab and paclitaxel for the treatment of HER2-positive gastric cancer and, under the phase 2 protocol, in combination with tucatinib.

On March 25, 2021 VBL Therapeutics (Nasdaq: VBLT) (the Company) reported financial results for the fourth quarter and fiscal year ended December 31, 2020 and provided a corporate update (Press release, VBL Therapeutics, MAR 25, 2021, View Source [SID1234577150]).

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"2020 was year of significant progress for VBL as we reached several milestones across multiple assets in different stages of development, including a successful interim analysis and two subsequent successful DSMC reviews for the OVAL Phase 3 registration enabling study of VB-111 for the treatment of platinum-resistant ovarian cancer. We look forward to continuing this momentum in 2021," said Dror Harats, M.D., Chief Executive Officer of VBL Therapeutics.

Fourth Quarter and Recent Corporate Highlights

VB-111

In December 2020, the Company announced that the first patient has been enrolled in Europe in the OVAL Phase 3 registration enabling study of VB-111 for the treatment of platinum-resistant ovarian cancer.
In February 2021, a successful pre-planned DSMC review of the OVAL study found no safety issues with the trial and recommended its continuation as planned.
In March 2021, the Company announced the initiation of randomized, controlled and blinded Phase 2 investigator-sponsored trial of VB-111 in patients with recurrent glioblastoma.
VB-201

In January 2021, the Company announced the dosing of the first patient in a randomized controlled Phase 2 study of the Company’s proprietary investigational oral immune-modulator molecule, VB-201, for the treatment of COVID-19.
Corporate

In October 2020, the Company appointed Marc Kozin Vice Chairman of its Board of Directors.
In January 2021, the Company entered into an ordinary share purchase agreement of up to $20 million with Aspire Capital Fund LLC.
Financial Results for the Fourth Quarter and Full Year

As of December 31, 2020, the Company had cash, cash equivalents, short-term bank deposits and restricted bank deposit totaling $30.8 million and working capital of $24.5 million. The Company expects that its cash and cash equivalents and short-term bank deposits will be sufficient to fund operating expenses and capital expenditure requirements into the fourth quarter of 2022.

Revenues were $922 thousand for fiscal year 2020, as compared to $562 thousand for fiscal year 2019.

R&D expense was $19.7 million for fiscal year 2020, as compared to $14.7 million for fiscal year 2019. The increase in R&D expense was mainly due to the development of the VB-601 towards Investigational New Drug enabling studies.

G&A expenses were $5.3 million for fiscal year 2020, compared to $5.7 million for fiscal year 2019.

VBL reported a net loss of $24.2 million, or ($0.55) per share, for fiscal year 2020, compared to a net loss of $19.4 million, or ($0.54) per share, for fiscal year 2019.

The live webcast will be available online and may be accessed from the "Events and Presentation" page of the Company website. A replay of the webcast will be available beginning approximately one hour after the conclusion of the call and will remain available for at least 30 days thereafter.