On May 10, 2023 SQZ Biotechnologies Company (NYSE: SQZ), focused on unlocking the full potential of cell therapies, reported its first quarter 2023 financial results and recent portfolio updates.
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"The confirmed complete response in our first patient in the AAC trial has brought enthusiasm to our trial sites, and we are encouraged by the positive momentum for enrollment in both the AAC and eAPC clinical trials," said Howard Bernstein, M.D., Ph.D., Interim Chief Executive Officer and Member of the Board of Directors. "This is a crucial period for SQZ, and I am proud of our team’s unrelenting commitment to help our patients. We are excited to gather more data in our trials and look forward to sharing our findings later this year."
First Quarter 2023 and Recent Portfolio Updates
Clinical Programs:
SQZ Enhanced Antigen Presenting Cell ("eAPC") Platform in Oncology
Enrolling highest-dose cohort of monotherapy dose escalation trial
On track to report initial clinical data for the middle- and highest-dose monotherapy cohorts in the middle of 2023
SQZ Activating Antigen Carriers ("AAC") Platform in Oncology
A confirmed complete response (CR), by RECIST 1.1 criteria, was observed in the first patient in the lowest-dose cohort of the SQZ-AAC-HPV-101 Phase 1 clinical trial for HPV16+ solid tumors
In light of the response, the Company resumed patient enrollment in the SQZ-AAC-HPV-101 clinical trial
The Study Safety Committee recommended the Company move directly to the highest-dose cohort
Currently enrolling patients for the highest-dose cohort
Initial clinical data from the highest-dose cohort is anticipated in the fourth quarter of 2023
Earlier Stage Programs:
The Company will continue to explore partnerships and collaborations for its earlier stage assets and programs, including SQZ Tolerizing Antigen Carriers ("TAC") Platform in Immune Tolerance
First Quarter 2023 Financial Highlights
Revenue for the quarter ended March 31, 2023, was $0.0 compared to $2.9 million for the same period in 2022
Research and development expenses for the quarter ended March 31, 2023, were $13.0 million compared to $17.0 million for the same period in 2022
General and administrative expenses for the quarter ended March 31, 2023, were $5.3 million compared to $6.9 million for the same period in 2022
Net loss for the quarter ended March 31, 2023, was $17.7 million, compared to $21.0 million for the same period in 2022
As of March 31, 2023, the Company had cash and cash equivalents of $39.9 million and anticipates this will be sufficient to fund operating expenses and capital expenditure requirements into 2024