On August 11, 2022 Monte Rosa Therapeutics, Inc. (NASDAQ: GLUE), a biotechnology company developing novel molecular glue degrader (MGD)-based medicines, reported business highlights and financial results for the second quarter, ended June 30, 2022 (Press release, Monte Rosa Therapeutics, AUG 11, 2022, View Source [SID1234618150]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Over the last few months, we have made important progress in advancing our pipeline of molecular glue degraders, culminating most recently in the submission of our investigational new drug (IND) application for MRT-2359," said Markus Warmuth, M.D., CEO of Monte Rosa. "With a strong balance sheet and cash runway into late 2024, we are well positioned for our planned clinical trial in patients with Myc-driven tumors, including both small cell and non-small cell lung cancer. This brings us one step closer to delivering on the promise of our QuEEN platform to deliver MGDs that eliminate with high selectivity disease-relevant protein targets previously considered undruggable."
SECOND QUARTER 2022 & RECENT HIGHLIGHTS
Submitted IND application to the U.S. Food and Drug Administration (FDA) in August for MRT-2359, a potent and selective GSPT1-directed molecular glue degrader
Continued progress of CDK2 and NEK7 programs toward development candidate nominations
UPCOMING MILESTONES & PRESENTATIONS
Initiation of a Phase 1/2 trial for MRT-2359 for the treatment of Myc-driven tumors, including lung cancer, in the fourth quarter of 2022, subject to FDA clearance of IND
Initiation of at least one additional lead optimization program in 2022
Upcoming scientific conferences and presentations:
Multiple members of the Monte Rosa team to present at the 5th Annual Targeted Protein Degradation Summit, Oct. 25-28 in Boston. Silvia Buonamici, Ph.D., SVP, Drug Discovery Biology, will present an overview of MRT-2359 preclinical studies to support development in Myc-driven lung cancer on Oct. 27
Filip Janku, M.D., Ph.D., Chief Medical Officer, to present an overview of the development of MRT-2359 as a GSPT1-directed molecular glue degrader to target Myc-driven malignancies at the 34th EORTC-NCI-AACR (Free EORTC-NCI-AACR Whitepaper) Symposium on Oct. 28
UPCOMING INVESTOR EVENTS
Monte Rosa will be participating in the following upcoming investor conferences:
Citi’s 17th Annual BioPharma Conference, Sept. 7-8, Boston
2022 Wells Fargo Healthcare Conference, Sept. 7-9, Boston
Morgan Stanley 20th Annual Global Healthcare Conference, Sept. 12-14, New York
Guggenheim Therapeutics Conference, Sept. 27-29, Nantucket
SECOND QUARTER 2022 FINANCIAL RESULTS
Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2022 were $20.9 million, compared to $14.6 million for the second quarter of 2021. These increases were due to the expansion of R&D activities, including the advancement of MRT-2359 toward clinical development and the development of the company’s QuEEN platform and its preclinical programs, as well as increased headcount and laboratory-related expenses due to the company’s continued growth as an R&D organization. R&D expenses for the second quarter of 2022 included non-cash stock-based compensation of $1.4 million and non-cash lease expense of $1.3 million due to a rent holiday on the company’s Harrison Street facility lease. The same period in 2021 included non-cash stock-based compensation expense of $0.4 million.
General and Administrative (G&A) Expenses: G&A expenses for the second quarter of 2022 were $6.3 million compared to $3.5 million for the second quarter of 2021. The increase in G&A expenses was a result of additional expenses incurred in support of the company’s growth and operations as a public company. G&A expenses included non-cash stock-based compensation of $1.4 million for the second quarter of 2022, compared to $0.6 million for the same period in 2021.
Net Loss: Net loss for the second quarter of 2022 was $26.5 million, compared to $18.4 million for the second quarter of 2021.
Cash Position and Financial Guidance: Cash, cash equivalents, restricted cash and marketable securities as of June 30, 2022, were $299.5 million, compared to cash, cash equivalents and restricted cash of $322.5 million as of March 31, 2022. The decrease primarily related to cash used to fund operations of $20.5 million and cash used to purchase laboratory equipment of $1.3 million, partially off-set by proceeds from the exercise of stock options of $0.1 million. The company expects that its cash and cash equivalents will be sufficient to fund planned operations and capital expenditures into late 2024.