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Sep 30, 2021
Omega Therapeutics Q3 2021 Earnings Report
Announced third quarter 2021 financial results and outlined key corporate objectives.
Key Takeaways
Omega Therapeutics reported financial results for the third quarter ended September 30, 2021, highlighting the advancement of OTX-2002 through IND-enabling studies, a strategic collaboration with Stanford University School of Medicine, and a strong balance sheet with $234.3 million in cash and cash equivalents.
OTX-2002, targeting c-MYC for hepatocellular carcinoma, is advancing through IND-enabling studies.
A strategic collaboration was established with Stanford University School of Medicine for potential future Omega Epigenomic Controller development candidates.
The company has a strong balance sheet with $234.3 million in cash and cash equivalents as of September 30, 2021.
Completed a successful IPO, raising $141.1 million in aggregate gross proceeds.
Omega Therapeutics
Omega Therapeutics
Forward Guidance
Omega Therapeutics is focused on advancing its OMEGA platform and pipeline of Omega Epigenomic Controllers, with key objectives including filing an IND for OTX-2002 in the first half of 2022 and identifying additional development candidates.
Positive Outlook
- Targeting filing an IND for OTX-2002 in the first half of 2022.
- Working on multiple programs in pre-clinical studies, including ARDS with CXCL1-3/IL8, alopecia with SFRP1, NSCLC with c-MYC and liver disease with HNF4a.
- Targeting the identification of additional development candidates for the first half of 2022 and an additional IND for the second half of 2022 or early 2023.
- Continuing to evolve and develop its OMEGA platform.
- Continual integration and updating of its suite of technologies that enable the development of potentially breakthrough medicines.
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
- The incurrence of significant losses and the fact that we expect to continue to incur significant additional losses for the foreseeable future
- Uncertainty regarding preclinical development, especially for a new class of medicines such as epigenomic controllers
- Our product candidates may be associated with serious adverse events, undesirable side effects or have other properties that could halt their regulatory development, prevent their regulatory approval, limit their commercial potential, or result in significant negative consequences