On November 8, 2023 SQZ Biotechnologies Company (OTC: SQZB), focused on unlocking the full potential of cell therapies, reported third quarter 2023 financial results and recent portfolio updates (Press release, SQZ Biotech, NOV 8, 2023, View Source [SID1234637294]).

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"We have taken difficult, but necessary, steps to reduce our operating expenses as we explore strategic alternatives," said Howard Bernstein, M.D., Ph.D., Interim Chief Executive Officer and Member of the Board of Directors. "The Management Team and the Board firmly believe in the technology and therapeutic potential and are committed to exploring a variety of potential paths."

Third Quarter 2023 and Recent Portfolio Updates

Clinical Programs:

SQZ Activating Antigen Carriers ("AAC") Platform in Oncology

Of the five patients treated, 1 patient experienced a complete response and 2 patients experienced stable disease
Interim clinical data reported at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Annual Meeting 2023
SQZ Enhanced Antigen Presenting Cell ("eAPC") Platform in Oncology

Completed enrollment for highest-dose cohort of monotherapy dose escalation trial
Observed BOR of Stable Disease in 40 Percent (8 of 20) of Treated Patients
Interim clinical data reported at the SITC (Free SITC Whitepaper) Annual Meeting 2023
Corporate:

The Company is actively seeking potential partnerships, collaborations and strategic alternatives to advance its oncology programs and platforms
On September 29, 2023, the Board of Directors of SQZ approved a reduction in the Company’s workforce by approximately 80 percent. The decision was based on cost-reduction initiatives intended to reduce the Company’s ongoing operating expenses while it pursues strategic alternatives
Third Quarter 2023 Financial Highlights

Revenue for the quarter ended September 30, 2023, was $0.0 compared to $3.5 million for the same period in 2022
Research and development expenses for the quarter ended September 30, 2023, were $10.5 million compared to $19.6 million for the same period in 2022
General and administrative expenses for the quarter ended September 30, 2023, were $5.6 million compared to $6.9 million for the same period in 2022
Restructuring charges for the quarter ended September 30, 2023 were $7.7 million, driven primarily by a non-cash impairment charge to its facility right of use asset
Net loss for the quarter ended September 30, 2023, was $23.6 million, compared to $22.6 million for the same period in 2022
As of September 30, 2023, the Company had cash and cash equivalents of $10.2 million