On August 4, 2022 NGM Biopharmaceuticals, Inc. (NGM Bio) (Nasdaq: NGM), a clinical-stage biotechnology company focused on discovering and developing transformative therapeutics for patients, reported financial results for the quarterly period ended June 30, 2022 (Press release, NGM Biopharmaceuticals, AUG 4, 2022, View Source [SID1234617554]).
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"With the dosing of our first patient in the NGM438 Phase 1 clinical trial in the second quarter, we now have all three of our myeloid checkpoint inhibition programs in the clinic and a total of seven clinical-stage programs in our pipeline," said David J. Woodhouse, Ph.D., Chief Executive Officer at NGM Bio. "This progress has set the foundation for us to deliver important clinical trial results over the next 18 months. In particular, we look forward to the topline Phase 2 data from the CATALINA trial for NGM621, a monoclonal antibody product candidate engineered to potently inhibit complement C3 for patients with geographic atrophy, and an initial interim monotherapy data readout from the Phase 1a trial of NGM707, both expected in the fourth quarter of this year."
Key Second Quarter and Recent Highlights
Oncology
Initiated the Phase 1/1b clinical trial of NGM438 as a monotherapy and in combination with KEYTRUDA for the treatment of patients with advanced solid tumors.
Initiated the Phase 1b portion of the Phase 1/2 trial of NGM707 in combination with KEYTRUDA for the treatment of patients with advanced solid tumors.
Presented preclinical research for NGM707, NGM438 and NGM831, an ILT3 antagonist antibody product candidate, at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) 2022 Annual Meeting.
Retinal Disease
Remain on track for topline data readout of the Phase 2 CATALINA trial of NGM621 in patients with geographic atrophy in the fourth quarter of 2022, to be followed by a planned presentation of results at a medical conference in the same quarter.
Corporate Highlights
Announced that Siobhan Nolan Mangini, who has served as Chief Financial Officer since July 2020, was appointed to the additional role of President of NGM Bio. David J. Woodhouse, Ph.D. continues to serve as NGM Bio’s Chief Executive Officer. William J. Rieflin, who served as Executive Chairman of NGM Bio’s Board of Directors since September 2018, transitioned to Chairman of the Board effective July 1, 2022.
Hosted the final two sessions of a four-part virtual R&D overview titled the "Explorer Series," which showcased NGM Bio’s lead myeloid checkpoint program, NGM707, and NGM621, respectively. Replays of each webcast will be available under the Investors and Media section of NGM Bio’s website at View Source for one year following the date of the respective webcast.
Second Quarter 2022 Financial Results
NGM Bio reported a net loss of $46.5 million for the quarter ended June 30, 2022, compared to a net loss of $36.7 million for the same period in 2021.
Related party revenue from our collaboration with Merck Sharp & Dohme LLC, or Merck, was $8.3 million for the quarter ended June 30, 2022, compared to $16.8 million for the same period in 2021. In 2021, we entered into an amended and restated research collaboration, product development and license agreement with Merck, or the Amended Collaboration Agreement. Under the Amended Collaboration Agreement, commencing April 1, 2022, our related party revenue from Merck has decreased substantially and is expected to continue to remain at a significantly lower level through March 31, 2024.
R&D expenses were $45.4 million for the quarter ended June 30, 2022, compared to $43.6 million for the same period in 2021. R&D expenses increased $1.9 million in the quarter as compared to the same period in 2021, primarily due to our ongoing clinical trials of NGM707, NGM831, NGM120 and NGM438, and personnel-related expenses partially offset by decreased expenses for our manufacturing activities and our clinical trials of aldafermin.
General and administrative expenses were $9.9 million for the quarter ended June 30, 2022, compared to $9.8 million for the same period in 2021.
Cash, cash equivalents and short-term marketable securities were $297.8 million as of June 30, 2022, compared to $366.3 million as of December 31, 2021.