On August 11, 2022 Bellicum Pharmaceuticals, Inc. (Nasdaq: BLCM), a leader in developing novel, controllable cellular immunotherapies for cancers, reported financial results for the second quarter 2022 and provided an operational update (Press release, Bellicum Pharmaceuticals, AUG 11, 2022, View Source [SID1234618123]).

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"We have continued to make progress with our patient enrollment efforts in the BPX-601 and BPX-603 trials and I am pleased with our execution," said Rick Fair, President and Chief Executive Officer. "Our team remains focused on generating Phase 1 data that highlight the potential advantages of our GoCAR-T technology."

Program Highlights and Current Updates

BPX-601 GoCAR-T

Enrollment is ongoing in the dose escalation portion of the Phase 1/2 clinical trial for BPX-601 in patients with metastatic castration-resistant prostate cancer (mCRPC). Bellicum plans to present an interim data update on BPX-601 in the first quarter of 2023.
BPX-603 GoCAR-T

Enrollment is ongoing in the dose escalation portion of the Phase 1/2 clinical trial for BPX-603 in patients with solid tumors that express human epidermal growth factor 2 (HER2), including breast, endometrial, ovarian, gastric, and colorectal cancers. Bellicum plans to present an interim data update on BPX-603 in the first half of 2023.
Financial Results for the Second Quarter 2022

R&D Expenses: Research and development expenses were $5.1 million and $9.6 million for the three and six months ended June 30, 2022, respectively, compared to $6.7 million and $13.2 million for the three and six months ended June 30, 2021. The decrease in R&D expenses for the second quarter and the first half of the year 2022 was primarily due to reduced expenses related to rivo-cel activities, a discontinued development program, as well as patient enrollment delays in the BPX-601 and BPX-603 clinical trials.

G&A Expenses: General and administrative expenses were $1.4 million and $2.9 million for the three and six months ended June 30, 2022, respectively, compared to $1.8 million and $3.8 million for the three and six months ended June 30, 2021. The decrease in G&A expenses for the second quarter and the first half of the year 2022 was primarily due to reduced personnel and share-based compensation expenses.

Loss from Operations: Bellicum reported a loss from operations of $6.5 million and $12.5 million for the three and six months ended June 30, 2022, respectively, compared to $7.8 million and $16.7 million for the three and six months ended June 30, 2021, respectively. The results for the six months ended June 30, 2021 included a net loss on early lease termination of $0.5 million as a result of the exit from our South San Francisco office space.

Net Loss: Bellicum reported a net loss of $4.0 million and $11.6 million for the three and six months ended June 30, 2022, respectively, compared to a net loss of $2.2 million and $13.5 million for the three and six months ended June 30, 2021, respectively. The results included a non-cash gain from the change in fair value of warrant derivative liabilities of $2.5 million and $0.9 million for the three and six months ended June 30, 2022, respectively, compared to a non-cash gain from the change in fair value of both warrant and private placement option liabilities of $5.6 million and $3.2 million for the three and six months ended June 30, 2021, respectively. Such gains were primarily driven by a decrease in the Company’s stock price.

Shares Outstanding: As of August 5, 2022, Bellicum had 8,611,829 shares of common stock and 452,000 shares of preferred stock outstanding. Each share of preferred stock is convertible into 10 shares of common stock.

Cash Position: Bellicum reported cash and cash equivalents and restricted cash totaling $34.7 million as of June 30, 2022, compared to $47.7 million as of December 31, 2021.