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Jun 30, 2022
Omega Therapeutics Q2 2022 Earnings Report
Omega Therapeutics reported second quarter 2022 financial results and highlighted recent company progress.
Key Takeaways
Omega Therapeutics reported a net loss of $25.9 million for the second quarter of 2022. The company's cash, cash equivalents and marketable securities totaled $173.7 million as of June 30, 2022. They also received FDA clearance for OTX-2002 IND application.
Received FDA Clearance of IND Application for OTX-2002, the First Ever Epigenomic Controller, for MYC Driven Hepatocellular Carcinoma
Launched Phase 1/2 Clinical Trial Under the MYCHELANGELOTM Clinical Program in Patients Expected in 2H’22
Data from Preclinical Studies Show Promising Anti-Tumor Activity and Loss of Cancer Cell Viability Achieved Through Pre-Transcriptional Downregulation of MYC Gene Expression
$173.7 Million in Cash, Cash Equivalents and Marketable Securities at End of Second Quarter
Omega Therapeutics
Omega Therapeutics
Forward Guidance
This press release contains forward-looking statements regarding the timing and design of our Phase 1/2 MYCHELANGELOTM clinical trial; the potential of the OMEGA platform; expectations surrounding the potential of our product candidates, including our lead OEC candidate OTX-2002; and expectations regarding our pipeline.
Positive Outlook
- timing and design of our Phase 1/2 MYCHELANGELOTM clinical trial
- the potential of the OMEGA platform
- expectations surrounding the potential of our product candidates, including our lead OEC candidate OTX-2002
- expectations regarding our pipeline
- initiation of preclinical studies and advancement of multiple preclinical development programs in oncology, immunology, regenerative medicine, and select monogenic diseases
Challenges Ahead
- the novel technology on which our product candidates are based makes it difficult to predict the time and cost of preclinical and clinical development and subsequently obtaining regulatory approval, if at all
- the substantial development and regulatory risks associated with epigenomic controller machines due to the novel and unprecedented nature of this new category of medicines
- our limited operating history
- the incurrence of significant losses and the fact that we expect to continue to incur significant additional losses for the foreseeable future
- our need for substantial additional financing