Celsion Corporation to Hold Third Quarter 2021 Financial Results and Business Update Conference Call on Monday, November 15, 2021

On November 9, 2021 Celsion Corporation (NASDAQ: CLSN), a clinical-stage development company focused on DNA-based immunotherapy and next-generation vaccines, reported that the Company will host a conference call at 11:00 a.m. ET on Monday, November 15, 2021 to discuss financial results for third quarter ended September 30, 2021 and provide an update on product development programs with GEN-1, a DNA-based immunotherapy, currently in Phase II development for the localized treatment of advanced ovarian cancer and PLACCINE, a proprietary synthetic, non-viral vaccine delivery technology currently in preclinical studies. Celsion has two platform technologies for the development of novel nucleic acid-based immunotherapies and next generation infectious vaccines (Press release, Celsion, NOV 9, 2021, View Source [SID1234594877]).

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!

To participate in the call, interested parties may dial 1-800-353-6461 (Toll-Free/North America) or +1-334-323-0501 (International/Toll) and ask for the Celsion Corporation Third Quarter 2021 Earnings Call (Conference Code: 4154518) to register ten minutes before the call is scheduled to begin. The call will also be broadcast live on the internet at www.celsion.com. The call will be archived for replay on Monday, November 15, 2021 and will remain available until November 29, 2021. The replay can be accessed at +1-719-457-0820 or 1-888-203-1112 using Conference ID: 4154518 . An audio replay of the call will also be available on the Company’s website, www.celsion.com, for 90 days after 2:00 p.m. ET Monday, November 15, 2021.

Sensei Biotherapeutics Reports Third Quarter 2021 Results and Recent Business Highlights

On November 9, 2021 Sensei Biotherapeutics, Inc. (NASDAQ: SNSE), an immunotherapy company focused on the discovery and development of next generation therapeutics for cancer, reported financial results for the third quarter ended September 30, 2021 and provided recent corporate updates (Press release, Sensei Biotherapeutics, NOV 9, 2021, View Source [SID1234594876]).

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!

"In the third quarter, we witnessed rapid preclinical progress with our TMAb platform, which is designed to address the challenge of resistance to checkpoint blockade. The global PD-1/PD-L1 checkpoint inhibitor market in 2020 was valued at greater than $30 billion1, yet approximately only 20-30 percent of people respond to treatment2," said John Celebi, president and chief executive officer of Sensei Biotherapeutics. "VISTA is an immune checkpoint that is widely expressed on myeloid cells within the tumor microenvironment, a hub of immunosuppressive activity, and is implicated in resistance to checkpoint blockade. VISTA has been historically difficult to address therapeutically due to the presence of a pharmacokinetic sink in the blood and unique pH-dependent biology where the pH of the tumor is more acidic than the rest of the body. We have identified a promising first product candidate, SNS-101, by characterizing a robust set of pH-selective fully human anti-VISTA antibodies. Later this week at SITC (Free SITC Whitepaper), we plan to present preclinical data demonstrating how we rationally designed SNS-101 to block VISTA at low pH within the tumor microenvironment and present initial in vivo data with SNS-101."

Mr. Celebi continued, "We also continue to advance our ImmunoPhage platform to generate new tumor-specific T-cells and are looking forward to providing more updates when we finalize the genetic design of the new ImmunoPhage backbone. Importantly, we are well funded with more than $156 million to advance our two platforms."

_______________
1PD-1 and PD-L1 Inhibitors Market Size In 2021 – MarketWatch, 360Research.
2 Jin-Yu Sun, Resistance to PD-1/PD-L1 blockade cancer immunotherapy: mechanisms, predictive factors, and future perspectives, volume 8, Biomarker Research, 2020.

Third Quarter Highlights and Pipeline Milestones:

TMAb (Tumor Microenvironment Activated Biologics) Platform

VISTA (V-domain Ig suppressor of T cell activation) is an immune checkpoint that is implicated in resistance to PD-1/PD-L1 and correlates with poor survival across numerous cancers. In the third quarter, Sensei achieved the following milestones for this program:

In August, Sensei announced it had selected SNS-101, a potent pH-dependent product candidate that selectively blocks the interaction of VISTA with its receptor, PSGL-1, in the low pH tumor microenvironment. The identification of SNS-101 was partly based on nonclinical data from a human VISTA knock-in mouse model, which showed that TMAb antibodies significantly enhanced anti-tumor responses in combination with PD-1 blockade compared to treatment with PD-1 blockade alone.
In July, Sensei selected a CDMO for the manufacture of GMP-grade material to advance its SNS-VISTA program toward clinical studies.
In September, Sensei announced that an abstract for SNS-101 was accepted for poster presentation at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper)’s (SITC) (Free SITC Whitepaper) Annual Meeting being held in Washington, D.C. from November 10 – 14, 2021. Data highlighted in the poster are the first preclinical data to be presented by Sensei Bio in a scientific forum from the company’s TMAb platform.
Sensei will host a virtual science symposium on Tuesday, November 16, 2021, at 4:00 p.m. Eastern Time to discuss the potential of the VISTA checkpoint inhibitor to address current limitations of immune checkpoint therapy. The event will be hosted by Sensei’s management team and will include a presentation on VISTA biology by Robert Schreiber, Ph.D., the Andrew M. Bursky and Jane M. Bursky Distinguished Professor of Pathology and Immunology, Professor of Molecular Microbiology and co-leader of the tumor immunology program at the Siteman Comprehensive Cancer Center and Founding Director of the Center for Human Immunology and Immunotherapy Programs at the Washington University School of Medicine. A live webcast of the symposium will be available under "Events & Presentations" in the Investors section of the company’s website at www.senseibio.com. An archived replay will be available for approximately 90 days following the event.
Sensei has initiated IND-enabling studies for SNS-101. Key nonclinical studies include the generation of a broader set of in vivo efficacy data from Sensei’s human VISTA knock-in mouse models, nonclinical pharmacokinetic data, and nonclinical safety data.
VSIG4 (V-Set and Immunoglobulin Domain Containing 4) is a B7-family related protein and a potent inhibitor of T-cell activity, frequently overexpressed on tumor-associated macrophages and a potential driver of immunosuppressive macrophage polarization. VSIG4 is implicated in resistance to checkpoint blockade. Expression of VSIG4 is also found within normal tissues, presenting potential safety challenges, making VSIG4 an ideal candidate for Sensei’s TMAb platform.

Sensei has initiated its antibody discovery campaign.
Sensei plans to select a product candidate from this program in 2023.
ImmunoPhage Platform

SNS-401-NG is a potential first-in-class, multi-antigenic personalized ImmunoPhage candidate being developed in collaboration with the University of Washington designed to treat a broad range of cancers. The first proof-of concept clinical application is directed to the treatment of Merkel Cell Carcinoma (MCC), an aggressive form of skin cancer commonly driven by the Merkel Cell Polyoma Virus. Once clinical proof of concept is achieved, Sensei plans to evaluate a broader study in patients with multiple tumor types, potentially including head and neck cancer, lung cancer, melanoma, and triple negative breast cancer based on the prevalence of Phortress antigens.

Sensei is finalizing the genetic design of its next generation ImmunoPhage, which will serve as the backbone for delivery of anti-tumor antigens to the immune system.
Sensei intends to initiate IND-enabling studies for this product candidate in the second half of 2022.
Corporate

In August, Sensei strengthened its board of directors with the appointed of Kristian Humer as an independent director to its Board.
In October, the company promoted Edward van der Horst, Ph.D. to Senior Vice President, TMAb Research. The company plans to hire additional team members to extend the capabilities of its TMAb and ImmunoPhage programs.
Third Quarter 2021 Financial Results

Cash Position – Cash, cash equivalents and marketable securities were $156.7 million as of September 30, 2021, as compared to $16.6 million as of December 31, 2020. Sensei expects the current cash balance to fund operations at least into the first half of 2024.

Research and Development (R&D) Expenses – R&D expenses were $6.4 million for the quarter ended September 30, 2021, compared to $3.6 million for the quarter ended September 30, 2020. The increase in R&D expenses was primarily attributable to increased headcount to support Sensei’s research, development, and manufacturing activities.

General and Administrative (G&A) Expenses – G&A expenses were $3.9 million for the quarter ended September 30, 2021, compared to $1.8 million for the quarter ended September 30, 2020. The increase in G&A expenses was primarily attributable to higher personnel costs, including stock-based compensation expense, and costs associated with operating as a public company.

Net Loss – Net loss was $9.7 million, for the quarter ended September 30, 2021, compared to $5.4 million for the quarter ended September 30, 2020.

About SNS-101
SNS-101 is a potent, pH-dependent fully human monoclonal antibody designed to block the interaction of VISTA, a novel immune checkpoint that is expressed primarily on myeloid cells, with its receptor, PSGL-1. Selectivity is achieved because SNS-101 targets the active (i.e., protonated) VISTA present in the low pH tumor microenvironment. SNS-101 was selected based on 1) the lack of significant binding to VISTA at physiologic pH (i.e., deprotonated VISTA in the blood), and 2) its high-affinity binding to active VISTA (pH 6.0), which yielded a > 600-fold selectivity. Based on the biochemical properties of SNS-101, we anticipate tumor microenvironment selective activity for this preclinical product candidate. VISTA has been shown to be expressed in numerous tumor types, including non-small cell lung cancer (NSCLC).

Seagen to Highlight Two Novel Antibody-Drug Conjugates (ADCs) at the SITC 36th Annual Meeting

On November 9, 2021 Seagen Inc. (Nasdaq:SGEN), reported the presentation of two new vedotin-based antibody-drug conjugate (ADC) programs at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) 36th Anniversary Annual Meeting, taking place in Washington, D.C. and virtually, November 10-14, 2021 (Press release, Seagen, NOV 9, 2021, View Source [SID1234594875]). Each program combines antibodies targeted to an immune checkpoint [PD-(L)1 or B7-H4] with the cytotoxic properties of the vedotin payload. Preclinical data demonstrate promising antitumor activity. Both ADCs are set to enter first-in-human phase 1 studies in 2022.

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!

"We are excited to advance two novel immune checkpoint vedotin ADCs, SGN-PDL1V and SGN-B7H4V, into phase 1 studies. These programs utilize a clinically validated payload and have the potential to be first in class ADCs," said Roger Dansey, M.D., Chief Medical Officer at Seagen.

SGN-PDL1V is a novel, investigational vedotin ADC directed to the T cell checkpoint ligand, PD-(L)1. PD-(L)1 is a target with limited normal tissue expression and clinically validated expression across a variety of malignancies, including non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinomas (HNSCC). SGN-PDL1V is engineered for efficient delivery of the therapeutic payload, monomethyl auristatin E (MMAE), and is proposed to have distinct mechanisms of action from other PD-(L)1-directed therapeutics, including direct cytotoxicity against PD-(L)1-expressing cells, bystander killing, and immunogenic cell death. SGN-PDL1V demonstrates robust antitumor activity in xenograft models, including in tumors with low, heterogenous PD-(L)1 expression, supporting the potential to treat patients across a wide range of PD-(L)1 expression levels. (Abstract #783)

SGN-B7H4V is a novel, investigational vedotin ADC directed to the T cell checkpoint ligand, B7-H4. B7-H4 expression is limited on normal tissue and overexpressed on a variety of solid malignancies, including breast, ovarian, and endometrial tumors. SGN-B7H4V is designed to bind and internalize the B7-H4/ADC complex from the surface of the tumor cells and release the therapeutic payload MMAE, inducing MMAE-mediated direct cytotoxicity, bystander killing, and immunogenic cell death, as well as antibody-dependent cellular cytoxicity (ADCC) and phagocytosis (ADCP). SGN-B7H4V demonstrates strong activity in xenograft models, including models with heterogenous B7-H4 expression. (Abstract #854)

The abstracts published in advance of the SITC (Free SITC Whitepaper) Annual Meeting can be found here. All data presentations will be available on-demand starting on November 9.

Iovance Biotherapeutics Announces Clinical Data for Tumor Infiltrating Lymphocyte (TIL) Cell Therapy in Multiple Solid Tumors at Society for Immunotherapy of Cancer (SITC) Annual Meeting

On November 9, 2021 Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a late-stage biotechnology company developing novel T cell-based cancer immunotherapies, reported the publication of abstracts with clinical data for Iovance tumor-infiltrating lymphocyte (TIL) therapy in combination with pembrolizumab in patients with advanced cancers and for Iovance TIL cell therapy in relapsed, refractory lung cancer (Press release, Iovance Biotherapeutics, NOV 9, 2021, View Source [SID1234594874]). Additional updates will be provided at the upcoming Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Annual Meeting from November 12-14, 2021 in Washington, D.C. and virtually.

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!

Friedrich Graf Finckenstein, M.D., Chief Medical Officer of Iovance, stated, "Our latest clinical data in the SITC (Free SITC Whitepaper) abstracts further support the power of our TIL platform and our ongoing TIL development across multiple solid-tumor cancers and various treatment settings. We look forward to highlighting clinical data that suggest TIL in combination with pembrolizumab may increase response rates as an early line treatment for advanced cervical cancer, melanoma, and head and neck cancer. SITC (Free SITC Whitepaper) will also be our first medical meeting to present clinical results for Iovance TIL in heavily pre-treated patients with metastatic non-small cell lung cancer."

Lifileucel in Combination with Pembrolizumab in Advanced Cancers
Early-line treatment with single-agent pembrolizumab achieved an overall response rate (ORR) of 33% in patients with advanced melanoma¹ and 17% in patients with head and neck squamous cell carcinoma (HNSCC).² Novel early-line combination therapies are needed to improve rate and depth of responses with manageable long-term safety. Clinical data in the SITC (Free SITC Whitepaper) abstract show encouraging response rates after lifileucel plus pembrolizumab in patients with immune checkpoint inhibitor (ICI)-naïve advanced melanoma and HNSCC from the IOV-COM-202 study as well as patients from the C-145-04 clinical study who were ICI- and chemotherapy-naive. The ORR in all cohorts was assessed by investigator using RECIST 1.1 and listed in the abstract as follows (July 9, 2021 data cutoff):

Cervical cancer (Cohort 3 in C-145-04 cervical cancer study): ORR was 50.0% with five out of 10 patients who had a confirmed objective response, including one complete response (CR), four partial responses (PR), and four best responses of stable disease (SD).
Metastatic melanoma (Cohort 1A in IOV-COM-202 study): ORR was 87.5% with seven out of eight patients who had a confirmed objective response, including three CRs, three PRs, one unconfirmed PR (uPR), and one best response of SD.
HNSCC (Cohort 2A in IOV-COM-202 study): ORR was 42.9% with six out of 14 patients who had a confirmed objective response, including one CR, one unconfirmed CR (uCR), four PRs, and seven best responses of SD.
The treatment-emergent adverse event (TEAE) profile across all cohorts was consistent with the underlying disease and known adverse event (AE) profiles of pembrolizumab, nonmyeloablative lymphodepletion (NMA-LD), and IL-2. Additional and updated results for TIL plus pembrolizumab in cervical, melanoma and HNSCC will be available in an oral presentation at SITC (Free SITC Whitepaper).

LN-145 in Relapsed/Refractory Metastatic Non-Small Cell Lung Cancer (mNSCLC)
Clinical data in the abstract for Iovance TIL therapy LN-145 in relapsed/refractory mNSCLC demonstrated responses in heavily pretreated patients with NSCLC, regardless of PD-L1 expression, and warrant further investigation of LN-145 as a single-agent and in combination in patients with NSCLC in ongoing Iovance clinical studies IOV-LUN-202 and IOV-COM-202.

Consistent with previously announced results, the ORR was 21.4% in the full analysis set (n=28) and 25% in the efficacy-evaluable set (n=24) from the fully enrolled Cohort 3B of the ongoing basket study IOV-COM-202 (June 24, 2021 cutoff). Confirmed responses included one complete metabolic response and five PRs, including two responders with PD-L1 negative tumors. TIL was most commonly harvested from lung metastases (57.1%). All patients had progressed on prior ICI therapy, including patients with oncogene-driven tumors. The TEAE profile was consistent with the underlying NSCLC and known adverse event profiles of NMA-LD and IL-2. Additional and updated data from Cohort 3B will be available in a poster at the SITC (Free SITC Whitepaper) Annual Meeting.

Iovance Posters and Presentations at SITC (Free SITC Whitepaper) Annual Meeting (November 12-14, 2021)

Title: Phase 2 efficacy and safety of autologous tumor-infiltrating lymphocyte (TIL) cell therapy in combination with pembrolizumab in immune checkpoint inhibitor-naïve patients with advanced cancers
Authors: D O’Malley, et al.
Presentation Type: Oral Presentation
Date and Time: Saturday, November 13, 2021 at 4:30 p.m. ET
Abstract ID: 492

Title: First phase 2 results of autologous tumor-infiltrating lymphocyte (TIL; LN-145) monotherapy in patients with advanced, immune checkpoint inhibitor-treated, non-small cell lung cancer (NSCLC)
Authors: A Schoenfeld, et al.
Presentation Type: Poster (available online beginning on Friday, November 12, 2021 at 7 a.m. ET)
Abstract ID: 458

Title: Successful generation of tumor-infiltrating lymphocyte (TIL) product from renal cell carcinoma (RCC) tumors for adoptive cell therapy
Authors: B Halbert, et al.
Presentation Type: Poster (available online beginning on Friday, November 12, 2021 at 7 a.m. ET)
Abstract ID: 176

Title: Expansion of tumor-infiltrating lymphocytes (TIL) using static bag for the clinical manufacturing rapid expansion protocol (REP) process
Authors: K Onimus, et al.
Presentation Type: Poster (available online beginning on Friday, November 12, 2021 at 7 a.m. ET)
Abstract ID: 101

Conference Call and Webcast on Saturday, November 13, 2021 at 5:30pm ET
Iovance will host a webcast and conference call on Saturday, November 13, at 5:30 p.m. ET to discuss SITC (Free SITC Whitepaper) clinical data updates for Iovance TIL cell therapy in relapsed, refractory lung cancer as well as Iovance TIL in combination with pembrolizumab in patients with advanced cancers.

Iovance senior leadership will be joined by the following key opinion leaders and principal investigators in Iovance clinical studies:

Omid Hamid, MD, Chief of Research/ImmunoOncology, The Angeles Clinic and Research Institute; Co-Director, Cutaneous Malignancy Program, Cedars Sinai CANCER
David M. O’Malley, MD, Professor of Obstetrics and Gynecology at The Ohio State University College of Medicine; Director of the Division of Gynecologic Oncology, The Ohio State University Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute (OSUCCC – James)
Adam J. Schoenfeld, MD, Medical Oncologist at Memorial Sloan Kettering Cancer Center
The conference call dial-in numbers are 1-844-646-4465 (domestic) or 1-615-247-0257 (international) and the access code is 3263399. The live webcast can be accessed in the Investors section of the company’s website at www.iovance.com. The archived webcast will be available for one year following the event.

Vericel Reports Third Quarter 2021 Financial Results

On November 9, 2021 Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, reported financial results and business highlights for the third quarter ended September 30, 2021 (Press release, Vericel, NOV 9, 2021, View Source [SID1234594873]).

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!

Third Quarter 2021 Financial Highlights

Total net revenue of $34.5 million, compared to $32.3 million in the third quarter of 2020
MACI net revenue of $23.9 million, Epicel net revenue of $9.8 million, and NexoBrid revenue of $0.8 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for emergency response preparedness
Gross margin of 64%, compared to 70% in the third quarter of 2020
Net loss of $4.9 million, or $0.11 per share, compared to net income of $3.6 million, or $0.08 per share, in the third quarter of 2020
Non-GAAP adjusted EBITDA of $4.3 million, compared to $6.7 million in the third quarter of 2020
Operating cash flow of $3.6 million
As of September 30, 2021, the Company had approximately $119 million in cash and investments, compared to approximately $100 million as of December 31, 2020, and no debt
Year-to-Date 2021 Financial Highlights

Total net revenue of $108.6 million, compared to $79.0 million in 2020
MACI net revenue of $74.2 million, Epicel net revenue of $31.8 million, and NexoBrid revenue of $2.6 million related to BARDA procurement for emergency response preparedness
Gross margin of 66%, compared to 64% for the same period in 2020
Net loss of $12.0 million, or $0.26 per share, compared to net loss of $9.4 million, or $0.21 per share, for the same period in 2020
Non-GAAP adjusted EBITDA of $16.7 million, compared to $2.5 million for the same period in 2020
Operating cash flow of $18.5 million
Business Highlights and Updates

Growth in surgeons taking MACI biopsies in 2021 is on track to exceed 20% and growth in total MACI biopsies is expected to exceed 30%, compared to 2020
Epicel net revenue growth of 48% compared to the third quarter of 2020 and the fourth straight quarter with Epicel revenue over $9 million
Growth of over 30% in Epicel biopsies and treated patients through the first nine months of 2021 compared to the same period in 2020
Following a Type A meeting with the FDA, the Company anticipates resubmission of the NexoBrid Biologics License Application in mid-2022
Expanded executive leadership team and appointed Patrick Fowler as Vericel’s Senior Vice President of Corporate Development and Strategy
"Despite additional COVID-19 disruptions in the third quarter, the Company delivered solid commercial and operational results and continued to generate top-line revenue growth, positive adjusted EBITDA and operating cash flow for the quarter," said Nick Colangelo, President and CEO of Vericel. "Based on the strength of the underlying growth drivers for MACI and Epicel, we are poised to deliver strong growth for both of our franchises this year with Epicel growth of approximately 50% for the year and with MACI expected to achieve the highest fourth quarter sequential revenue growth since launch and record quarterly revenue to close the year."

Full-Year 2021 Financial Guidance Update

Total net revenue now expected to increase 27%-30% to approximately $158-$161 million
Gross margin now expected to be approximately 70%
Adjusted EBITDA margin now expected to be approximately 22%
Estimated operating expenses of approximately $114 million
Third Quarter 2021 Results
Total net revenue for the quarter ended September 30, 2021 increased 7% to $34.5 million, compared to $32.3 million in the third quarter of 2020. Total net product revenue for the quarter included $23.9 million of MACI (autologous cultured chondrocytes on porcine collagen membrane) net revenue and $9.8 million of Epicel (cultured epidermal autografts) net revenue, compared to $24.4 million of MACI net revenue and $6.7 million of Epicel net revenue, respectively, in the third quarter of 2020. Total net revenue for the quarter also included $0.8 million of revenue related to the procurement of NexoBrid (concentrate of proteolytic enzymes enriched in bromelain) by BARDA for emergency response preparedness, compared to $1.2 million in the third quarter of 2020.

Gross profit for the quarter ended September 30, 2021 was $22.1 million, or 64% of net revenue, compared to $22.5 million, or 70% of net revenue, for the third quarter of 2020.

Total operating expenses for the quarter ended September 30, 2021 were $27.1 million, compared to $19.0 million for the same period in 2020. The increase in operating expenses was primarily due to an increase in stock-based compensation expense driven by share price appreciation and lower spend in the prior year due to COVID-19-related factors.

Net loss for the quarter ended September 30, 2021 was $4.9 million, or $0.11 per share, compared to net income of $3.6 million, or $0.08 per share, for the third quarter of 2020.

Non-GAAP adjusted EBITDA for the quarter ended September 30, 2021 was $4.3 million, or 12% of net revenue, compared to $6.7 million, or 21% of net revenue, for the third quarter of 2020. A table reconciling non-GAAP measures is included in this press release for reference.

As of September 30, 2021, the Company had approximately $119 million in cash and investments, compared to approximately $100 million as of December 31, 2020, and no debt.

Conference Call Information
Today’s conference call will be available live at 8:30am Eastern Time and can be accessed through the Investor Relations section of the Vericel website at View Source." target="_blank" title="View Source." rel="nofollow">View Source A slide presentation with highlights from today’s conference call will be available on the webcast and in the Investor Relations section of the Vericel website. Please access the site at least 15 minutes prior to the scheduled start time in order to download the required audio software, if necessary. To participate in the live call by telephone, please call (877) 312-5881 and reference Vericel Corporation’s second quarter 2021 investor conference call. If calling from outside the U.S., please use the international phone number (253) 237-1173.

If you are unable to participate in the live call, the webcast will be available at View Source until November 9, 2022. A replay of the call will also be available until 11:30am (EDT) on November 13, 2021 by calling (855) 859-2056, or from outside the U.S. by calling (404) 537-3406. The conference ID is 2998214.