On November 7, 2022 Cyteir Therapeutics, Inc. ("Cyteir") (Nasdaq: CYT), a company focused on the discovery and development of next-generation synthetically lethal therapies for cancer, reported financial results for the third quarter ended September 30, 2022 and provided an update on recent operational highlights (Press release, Cyteir Therapeutics, NOV 7, 2022, View Source [SID1234623313]).
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"The Cyteir team continues to make progress with CYT-0851 in the clinic and understanding the optimal target population that will benefit from CYT-0851," said Markus Renschler, MD, President and Chief Executive Officer of Cyteir. "We are diligently working towards our critical clinical data readouts, while advancing our preclinical synthetic lethality pipeline and preserving cash."
Third Quarter 2022 Business Update
Updates to the CYT-0851 Clinical Program
Enrollment in the first stage of the Phase 2 solid tumor monotherapy cohorts in sarcoma, pancreatic and ovarian cancer recently completed. Initial data from these cohorts are now expected in the first quarter of 2023. The triple-negative breast cancer monotherapy Phase 2 cohort was opened in August 2022 and continues to enroll with initial data expected in the first half of 2023.
Enrollment in the monotherapy Phase 2 cohorts in diffuse large B-cell lymphoma and follicular lymphoma has been delayed due to competition in the treatment landscape. Initial data are now expected in mid-2023.
Enrollment in the Phase 1 dose-escalation cohorts of CYT-0851 in combination with capecitabine or gemcitabine is progressing as expected. Completion of enrollment in the capecitabine dose escalation cohorts is anticipated by year-end 2022. Completion of enrollment in the gemcitabine dose escalation cohorts is expected in the first half of 2023. Initial safety and efficacy data from these cohorts are expected in the first half of 2023.
A poster on the mechanism of action of CYT-0851 was presented at the 34th Annual EORTC-NCI-AACR (Free EORTC-NCI-AACR Whitepaper) Symposium. Details on the understanding of CYT-0851’s monocarboxylate transporter (MCT) activity were presented as well as additional mechanistic data on CYT-0851. Progress continues towards identification of a biomarker to help identify patients most likely to benefit from CYT-0851 therapy.
Third Quarter 2022 Financial Results
Cash and cash equivalents: Cash and cash equivalents as of September 30, 2022 were $153.9 million. Cash and cash equivalents are expected to fund planned operations into the second half of 2024.
Research and development (R&D) expenses: R&D expenses were $8.3 million in third quarter of 2022 versus $8.2 million for the same period in 2021.
General and administrative (G&A) expenses: G&A expenses were $3.5 million for the third quarter of each 2022 and 2021.
Net loss: Net loss was $11.0 million, or $0.31 per share, in the third quarter of 2022 compared to $11.7 million, or $0.33 per share, for the same period in 2021.