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Sep 30, 2022
Omega Therapeutics Q3 2022 Earnings Report
Omega Therapeutics' financial performance and corporate developments were reported for Q3 2022.
Key Takeaways
Omega Therapeutics reported a net loss of $25.8 million for the third quarter of 2022, driven by increased R&D and G&A expenses. The company's cash, cash equivalents, and marketable securities totaled $148.3 million as of September 30, 2022. Key highlights included the first patient dosed in the Phase 1/2 MYCHELANGELO I trial of OTX-2002 and the selection of OTX-2101 for MYC-Driven Non-Small Cell Lung Cancer as a second development candidate.
First patient dosed in Phase 1/2 MYCHELANGELO I Trial of OTX-2002.
OTX-2002 granted Orphan Drug Designation by U.S. FDA for the treatment of Hepatocellular Carcinoma.
OTX-2101 for MYC-Driven Non-Small Cell Lung Cancer selected as second Omega Epigenomic Controller™ Development Candidate.
Company had $148.3 million in cash, cash equivalents and marketable securities as of September 30, 2022.
Forward Guidance
This press release contains forward-looking statements regarding the timing and design of clinical trials, the potential of the OMEGA platform, expectations surrounding product candidates, and expectations regarding the pipeline.
Positive Outlook
- The Phase 1/2 MYCHELANGELOTM I clinical trial is ongoing.
- The OMEGA platform has the potential to engineer programmable epigenetic mRNA therapeutics.
- Product candidates like OTX-2002 and OTX-2101 show potential.
- The company is advancing multiple preclinical development programs.
- The company is working on treatments for oncology, immunology, regenerative medicine, and select monogenic diseases.
Challenges Ahead
- The novel technology makes it difficult to predict the time and cost of development.
- There are substantial development and regulatory risks associated with epigenomic controller machines.
- The company has a limited operating history and expects to incur significant additional losses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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