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Jun 30, 2022
Evelo Q2 2022 Earnings Report
Reported financial results and business highlights for the second quarter 2022.
Key Takeaways
Evelo Biosciences reported a net loss of $30.6 million for Q2 2022, with cash and cash equivalents at $92.0 million. The company is progressing with clinical trials for EDP1815 and EDP2939, expecting key data readouts in the coming quarters.
Health authority feedback on registration trials for EDP1815 in psoriasis is expected by year-end.
Phase 2 clinical read-outs with EDP1815 in atopic dermatitis are expected in 1Q and 2Q 2023.
Phase 2 data for EDP2939 in psoriasis is expected in 2H 2023.
A $79.2 million registered direct offering of common stock was completed in May 2022.
Evelo
Evelo
Forward Guidance
Evelo Biosciences is focused on advancing its clinical development programs for EDP1815 and EDP2939, with key milestones expected in the near term. The company anticipates feedback from health authorities regarding registration trials for EDP1815 in psoriasis by the end of 2022 and expects Phase 2 data readouts for EDP1815 in atopic dermatitis in 1Q and 2Q 2023. Additionally, Phase 2 data for EDP2939 in psoriasis is anticipated in 2H 2023.
Positive Outlook
- Health authority feedback on EDP1815 in psoriasis registration trials expected by year-end.
- Phase 2 data for EDP1815 in atopic dermatitis expected in 1Q and 2Q 2023.
- Phase 2 data for EDP2939 in psoriasis expected in 2H 2023.
- Initiation of Phase 1/2 trial for EDP2939 in healthy volunteers and psoriasis patients in Q3 2022.
- Dosing expected to commence in Q4 2022 for EDP2939 Phase 1/2 trial.
Challenges Ahead
- Potential delays in regulatory approval for product candidates.
- Reliance on third parties and collaborators for various aspects of development.
- Lack of experience in manufacturing, selling, marketing, and distributing product candidates.
- Risks associated with protection of proprietary technology and trade secrets.
- Potential lawsuits for infringement of third-party intellectual property.