On November 13, 2020 Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) ("Checkmate"), a clinical stage biotechnology company focused on developing its proprietary technology to harness the power of the immune system to combat cancer, reported third quarter 2020 financial results and provided an update on recent progress (Press release, Checkmate Pharmaceuticals, NOV 13, 2020, View Source [SID1234570939]).

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"We are enthusiastic as we advance CMP-001 toward registration in melanoma and expand toward potential proof of concept in additional indications," said Barry Labinger, Chief Executive Officer. "We remain on track to initiate key new clinical trials by late 2020/early 2021 as planned."

Recent Progress

During SITC (Free SITC Whitepaper)’s 35th Anniversary Annual Meeting, three new data presentations were given evaluating CMP-001, Checkmate’s advanced generation Toll-like receptor 9 (TLR9) agonist. These data continue to demonstrate the clinical activity of CMP-001 in combination with anti-PD-1 antibodies in patients with melanoma.
Checkmate is actively engaging with potential clinical sites and remains on track to initiate three Phase 2 trials combining CMP-001 with PD-1 blockade by late 2020/early 2021 for the treatment of:
First-line head and neck cancer
Anti-PD-1 refractory melanoma
First-line metastatic or unresectable melanoma
Third Quarter 2020 Financial Results

Cash and cash equivalents: Cash and cash equivalents were $137.3 million as of September 30, 2020.
Research and development expenses (R&D): R&D expenses were $6.7 million for the quarter ended September 30, 2020, compared to $5.1 million for the quarter ended September 30, 2019. The increase was primarily attributable to increased headcount and clinical trial expenses in connection with increased patient enrollment in the ongoing clinical trials of CMP-001 and preparations for the initiation of planned additional clinical trials of CMP-001. These increases were partially offset by a decrease in contract manufacturing costs.
General and administration expenses (G&A): G&A expenses were $3.2 million for the quarter ended September 30, 2020, compared to $1.2 million for the quarter ended September 30, 2019. The increase was primarily attributable to increases in personnel and other operating expenses incurred in connection with Checkmate beginning to operate as a publicly-traded company.
Net loss and comprehensive loss: Net loss and comprehensive loss was $9.8 million for the quarter ended September 30, 2020, compared to $6.2 million for the quarter ended September 30, 2019.