Loading...
•
Mar 31, 2024
Avidity Biosciences Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024, and highlighted recent corporate progress.
Key Takeaways
Avidity Biosciences reported a cash position of $915.9 million at the end of Q1 2024, following a $400 million private placement. They are advancing their AOC platform and plan to initiate the global Phase 3 HARBOR™ study for del-desiran this quarter. Collaboration revenue was $3.5 million, and research and development expenses were $66.8 million.
Initiation of global Phase 3 HARBOR™ trial for del-desiran (AOC 1001) in DM1 is on track for this quarter.
Avidity to report FSHD data from FORTITUDE™ trial this quarter and DMD data from EXPLORE44™ trial in 2H24.
Presented positive long-term del-desiran data from MARINA-OLE™ showing reversal of disease progression in people living with myotonic dystrophy type 1 across multiple endpoints.
Cash position of $915 million at the end of Q124 following successful private placement.
Revenue by Segment
Forward Guidance
Avidity anticipates several milestones including the initiation of the global Phase 3 HARBOR™ trial of del-desiran for adults living with DM1 in the second quarter of 2024, sharing preliminary data in approximately half of participants in the Phase 1/2 FORTITUDE™ trial of AOC 1020 in people living with FSHD in the second quarter of 2024, and sharing 5 mg/kg cohort data from the Phase 1/2 EXPLORE44™ trial of AOC 1044 in people living with DMD44 in the second half of 2024.
Positive Outlook
- Initiate global Phase 3 HARBOR™ trial of del-desiran for adults living with DM1 in Q2 2024.
- Share preliminary data in approximately half of participants in the Phase 1/2 FORTITUDE™ trial of AOC 1020 in people living with FSHD in Q2 2024.
- Share 5 mg/kg cohort data from the Phase 1/2 EXPLORE44™ trial of AOC 1044 in people living with DMD44 in 2H 2024.
- Advance programs in cardiology and immunology through internal discovery efforts and key partnerships.
- AOCs have the potential to target a range of different cells and tissues beyond the liver, and to treat cardiac and immunological diseases.
Challenges Ahead
- Avidity may not be able to resolve the partial clinical hold related to the serious adverse event which occurred in the Phase 1/2 MARINA® trial.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...