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Dec 31, 2021
Omega Therapeutics Q4 2021 Earnings Report
Omega Therapeutics announced financial results for the fourth quarter and full year ended December 31, 2021, and outlined key corporate objectives for 2022.
Key Takeaways
Omega Therapeutics reported its Q4 2021 financial results, with a net loss of $20.9 million. The company had $225.3 million in cash, cash equivalents, and marketable securities as of December 31, 2021. They are planning to submit an Investigational New Drug application (IND) for OTX-2002 and nominate two OEC candidates in the first half of 2022.
IND application for OTX-2002 for c-Myc Driven Hepatocellular Carcinoma is on track to be submitted in the first half of 2022.
Additional Omega Epigenomic Controller™ Development Candidates are targeted to be announced in the first half of 2022.
The company had a strong balance sheet to fund the pipeline of Omega Epigenomic Controllers with $225.3 million in cash, cash equivalents and marketable securities as of December 31, 2021.
An abstract was selected for a poster presentation at the upcoming AACR 2022 Annual Meeting, highlighting the mechanism of action of OTX-2002 and its potential as a differentiated and viable approach to the treatment of HCC.
Omega Therapeutics
Omega Therapeutics
Forward Guidance
Omega Therapeutics is focused on advancing its pipeline and platform in 2022 with several key milestones.
Positive Outlook
- Complete IND-enabling studies for OTX-2002 and file the Company’s first IND to the U.S. Food and Drug Administration (FDA) during the first half of 2022.
- Declare two OEC development candidates in the first half of 2022.
- Target submission of an additional IND application in the second half of 2022 or early 2023.
- Continue to develop the OMEGA Epigenomic Programming platform and investigate additional development programs to expand pipeline.
- Publish and present relevant preclinical and early clinical data supporting programs and platform development.