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Mar 31, 2020
Evelo Q1 2020 Earnings Report
Reported financial results and business highlights for the first quarter 2020.
Key Takeaways
Evelo Biosciences reported its Q1 2020 financial results, highlighting clinical advancements with EDP1815 and EDP1503, including an IND submission for a Phase 2 trial of EDP1815 for COVID-19 and a focus on the triple-negative breast cancer cohort for EDP1503. The company's cash and cash equivalents decreased to $58.1 million, and the net loss was $23.0 million, or $(0.71) per share.
Submitted investigational new drug (IND) application for a Phase 2 trial of EDP1815 for COVID-19; data readout expected during 2H 2020.
Selected enteric capsule formulation of EDP1815 for Phase 2 dose ranging trial in psoriasis; trial initiation now expected in 3Q 2020, with interim data in mid-2021.
Evelo to continue enrollment in triple-negative breast cancer arm of ongoing Phase 1/2 trial of EDP1503.
Reported positive clinical data from a healthy volunteer immunopharmacology trial with EDP1815, showing a greater than 15-fold reduction in the inflammatory reaction compared to placebo.
Evelo
Evelo
Forward Guidance
Evelo Biosciences is revising milestone guidance for EDP1815 in psoriasis and EDP1867 in atopic diseases due to the ongoing COVID-19 pandemic. The company expects Phase 2 data from EDP1815-205 in 2H 2020, initiation of a Phase 2 trial for EPD1815 in psoriasis in 3Q 2020, interim Phase 2 data readout for EP1815 in psoriasis by mid-2021, initiation of Phase 1b trial of EDP1867 in atopic diseases in 1Q 2021 and clinical data from a cohort of individuals with TNBC in the Phase 1/2 trial of EDP1503 in 2H 2020.
Positive Outlook
- Phase 2 data from EDP1815-205, an Evelo-sponsored COVID-19 trial, in 2H 2020.
- Initiation of a Phase 2 trial for EPD1815 in mild to moderate psoriasis in 3Q 2020.
- Interim Phase 2 data readout for EP1815 in mild to moderate psoriasis by mid-2021.
- Initiation of Phase 1b trial of EDP1867 in atopic diseases in 1Q 2021.
- Clinical data from a cohort of individuals with TNBC in the Phase 1/2 trial of EDP1503 in 2H 2020.
Challenges Ahead
- Ongoing COVID-19 pandemic impacting clinical site initiation.
- Ongoing COVID-19 pandemic impacting patient recruitment.
- Revised milestone guidance for EDP1815 in psoriasis.
- Revised milestone guidance for EDP1867 in atopic diseases.
- Potential delays in clinical trials due to the pandemic.