On August 11, 2022 Vincerx Pharma, Inc. (Nasdaq: VINC), a biopharmaceutical company aspiring to address the unmet medical needs of patients with cancer through paradigm-shifting therapeutics, reported financial results for the second quarter ended June 30, 2022 and provided a corporate update (Press release, Vincerx Pharma, AUG 11, 2022, View Source [SID1234618126]).
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"We shared key updates last quarter that are intended to strategically position Vincerx to aggressively advance our pipeline programs while optimizing our cash runway," said Ahmed Hamdy M.D., Chief Executive Officer of Vincerx. "Our unique INN, enitociclib, for our lead asset, VIP152, was recently issued. The wide application and global recognition of INNs suggest our highly selective PTEFb/CDK9 inhibitor is one step closer to becoming a potential therapy for cancer patients. We continue to execute on priority indications in our enitociclib clinical program and remain on track for multiple IND-related catalysts, including IND submission for VIP236 later this year and two additional filings for VIP943 and VIP924 in the second half of 2023 and first half of 2024, respectively. The Vincerx team remains focused on our prioritized studies and look forward to providing additional progress updates in the coming months."
RECENT CORPORATE HIGHLIGHTS
VIP152 recently issued INN, enitociclib
Prioritized enitociclib clinical studies to focus on:
Monotherapy in patients with high grade B-cell lymphoma characterized by translocations of MYC and BCL-2
Monotherapy in patients with high-risk chronic lymphocytic leukemia (CLL)
Combination with Bruton tyrosine kinase (BTK) inhibitor in patients with high-risk CLL
Prioritized enitociclib indications expected to initiate Phase 2 studies in 2023
Continuing to prioritize advancement of first-in-class and potentially best-in-class bioconjugation assets
IND submission for SMDC VIP236 on track for 2H2022
IND filing for ADCs, VIP943 and VIP924, on track for 2H2023 and 1H2024, respectively
Streamlined and realigned resources to support prioritized enitociclib indications, advancement of the bioconjugation programs, and extension of cash runway through late 2024
Presented poster at the 2022 European Hematology Association (EHA) (Free EHA Whitepaper) Annual Meeting, titled "VIP152 is a novel CDK9 inhibitor with improved selectivity, target modulation, and cardiac safety in patients with lymphoma"
SECOND QUARTER 2022 FINANCIAL RESULTS
Vincerx Pharma had $80.9 million in cash as of June 30, 2022, as compared to $111.5 million as of December 31, 2021. Based on its current business plans and assumptions, Vincerx believes its available cash will be sufficient to meet its operating requirements into late 2024.
Research and development (R&D) expenses for the three- and six-months ended June 30, 2022 were $13.7 million and 29.7 million, respectively, as compared to $10.7 million and $15.5 million for the same periods in 2021, respectively. These increases were primarily driven by manufacturing services in support of our ADC programs and third-party services in support of our ongoing enitociclib clinical trials.
General and administrative (G&A) expenses for the three- and six-months ended June 30, 2022 were $4.7 million and $10.4 million, respectively, as compared to $6.7 million and $11.5 million for the same periods in 2021, respectively. These decreases were primarily the result of declines in stock-based compensation expense.
For the second quarter ended June 30, 2022, Vincerx reported a net loss of $18.4 million, or $0.88 per share, as compared to a net loss of $2.0 million, or $0.12 per share for the same period in 2021. For the six-months ended June 30, 2022, Vincerx reported a net loss of $34.8 million, or $1.66 per share, as compared to a net loss of $8.3 million, or $0.55 per share for the same period in 2021. The net loss for the second quarter and six-months ended June 30, 2021 include gains from the change in fair value of our warrant liabilities of $15.4 million and $18.7 million, respectively.