Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company
developing precision genetic medicines for neuromuscular and
cardiac diseases, today reported financial results for the third
quarter ended September 30, 2023, and provided a business update.
“We are pleased with the continued advancement
of our diversified pipeline of neuromuscular and cardiac gene
therapies; including an IND submission in this quarter for SGT-003
for patients with Duchenne,” said Bo Cumbo, President and CEO of
Solid Biosciences. “We continue to expand our pipeline and last
quarter licensed in a gene transfer program to treat
catecholaminergic polymorphic ventricular tachycardia (CPVT). With
the addition of Dr. Gabriel Brooks as our Chief Medical Officer and
his specialized background in cardiology, we hope to accelerate our
multiple cardiac and neuromuscular pipeline assets in preclinical
development. Our commitment to bringing transformational therapies
to address the severe unmet needs of patients, their caregivers,
and families, remains steadfast.”
Third Quarter 2023 Business
Highlights
- Solid Biosciences appointed Gabriel
Brooks, M.D., as Chief Medical Officer, in October 2023. Dr. Brooks
previously directed the translational development of a range of
precision AAV gene therapies for dilated, arrhythmogenic, and
hypertrophic cardiomyopathies, as Rare Cardiovascular Therapeutic
Area Head in the Rare Disease Research Unit at Pfizer. Previous to
Pfizer, Dr. Brooks served as the vice president of research and
development at 4D Molecular Therapeutics, where he oversaw
translational development of AAV gene therapies for Anderson Fabry
and first-in-human dosing of AAV gene therapies for two
ophthalmologic indications (choroideremia and X-linked retinitis
pigmentosa).
Third Quarter 2023 Financial
Highlights
There were no collaboration revenues for the
third quarter of 2023 and 2022.
Research and development expenses for the three months ended
September 30, 2023, were $16.7 million, compared to $14.0
million for the three months ended September 30, 2022. The
increase of $2.7 million in research and development expenses was
primarily due to a $1.5 million increase in study related costs for
SGT-003 for Duchenne advancing the program to IND submission in
Q4.
General and administrative expenses were $6.4
million for the three months ended September 30, 2023, compared to
$7.1 million for the three months ended September 30, 2022. The
decrease of $0.7 million was primarily related to a decrease in
legal fees related to the acquisition of AavantiBio.
Net loss for the third quarter of 2023 was $21.0
million, compared to $20.4 million for the third quarter of 2022.
The increase in net loss was the result of higher research and
development costs offset by lower general and administrative
expenses and an increase in yields on cash equivalents and
available-for-sale securities.
Solid had $142.9 million in cash, cash
equivalents, and available-for-sale securities as of September 30,
2023, compared to $213.7 million as of December 31, 2022. The
Company expects that its cash, cash equivalents, and
available-for-sale securities will enable it to fund key strategic
priorities through multiple important pipeline milestones and into
2025.
About Solid Biosciences
Solid Biosciences is a life sciences company
focused on advancing a portfolio of gene therapy candidates and
neuromuscular and cardiac programs, including SGT-003, for the
treatment of Duchenne muscular dystrophy (Duchenne), SGT-501 for
the treatment of catecholaminergic polymorphic ventricular
tachycardia (CPVT), AVB-401 for the treatment of BAG3-mediated
dilated cardiomyopathy, AVB-202-TT for the treatment of
Friedreich’s ataxia, and additional assets for the treatment of
fatal cardiac diseases. Solid is advancing its diverse pipeline
across rare neuromuscular and cardiac diseases, bringing together
experts in science, technology, disease management, and care.
Patient-focused and founded by those directly impacted, Solid’s
mandate is to improve the daily lives of patients living with these
devastating diseases. For more information, please visit
www.solidbio.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding future
expectations, plans and prospects for the company; the ability to
successfully achieve and execute on the Company’s priorities and
reach or achieve milestones within projected cash runway; the cash
runway of the company and the sufficiency of the Company’s cash,
cash equivalents, and available for sale securities to fund its
operations; the impact of hiring a CMO; the Company’s SGT-003
program, including expectations for submission of an IND and its
success, and the Company’s future development, including the
potential acceleration of the Company’s multiple cardiac and
neuromuscular pipeline assets in preclinical development; and other
statements containing the words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “would,”
“working” and similar expressions. Any forward-looking statements
are based on management’s current expectations of future events and
are subject to a number of risks and uncertainties that could cause
actual results to differ materially and adversely from those set
forth in, or implied by, such forward-looking statements. These
risks and uncertainties include, but are not limited to, risks
associated with the ability to recognize the anticipated benefits
of Solid’s acquisition of AavantiBio; the Company’s ability to
advance SGT-003, SGT-501, AVB-401, AVB-202-TT and other preclinical
programs and capsid libraries on the timelines expected or at all;
obtain and maintain necessary approvals from the FDA and other
regulatory authorities; replicate in clinical trials positive
results found in preclinical studies of the Company’s product
candidates; obtain, maintain or protect intellectual property
rights related to its product candidates; compete successfully with
other companies that are seeking to develop Duchenne and other
neuromuscular and cardiac treatments and gene therapies; manage
expenses; and raise the substantial additional capital needed, on
the timeline necessary, to continue development of SGT-003,
SGT-501, AVB-401, AVB-202-TT and other candidates, achieve its
other business objectives and continue as a going concern. For a
discussion of other risks and uncertainties, and other important
factors, any of which could cause the Company’s actual results to
differ from those contained in the forward-looking statements, see
the “Risk Factors” section, as well as discussions of potential
risks, uncertainties and other important factors, in the Company’s
most recent filings with the Securities and Exchange Commission. In
addition, the forward-looking statements included in this press
release represent the Company’s views as of the date hereof and
should not be relied upon as representing the Company’s views as of
any date subsequent to the date hereof. The Company anticipates
that subsequent events and developments will cause the Company's
views to change. However, while the Company may elect to update
these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so.
Solid Biosciences Contact:Leah MonteiroVP,
Investor Relations and
Communications617-766-3430lmonteiro@solidbio.com
Solid Biosciences (NASDAQ:SLDB)
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