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Sep 30, 2020
Scorpius Holdings Q3 2020 Earnings Report
Heat Biologics reported financial results for Q3 2020, highlighting progress in oncology and COVID-19 vaccine programs and maintaining a solid balance sheet.
Key Takeaways
Heat Biologics reported a net loss of $8.9 million, or $0.06 per share, and grant revenue of $0.8 million for the third quarter of 2020. The company had $117.3 million in cash and short-term investments as of September 30, 2020, and is advancing its oncology and COVID-19 vaccine programs.
Recognized $0.8 million of grant revenue for qualified expenditures under the CPRIT and NIH grants.
Research and development expenses were $3.2 million.
General and administrative expense was $6.6 million.
Net loss attributable to Heat Biologics was approximately $8.9 million, or ($0.06) per basic and diluted share.
Scorpius Holdings
Scorpius Holdings
Forward Guidance
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 on our current expectations and projections about future events.
Positive Outlook
- PTX-35 being the potential first-in-class T- cell costimulatory antibody
- The expected enrollment of the Phase 1 PTX-35 study
- The potential of Heat’s COVID-19 vaccine to be used as either a standalone vaccine or in combination with other antibody-focused vaccine approaches to enhance prophylactic protection
- The combination of Heat’s gp96 platform in a single therapy holding enormous promise in the prevention and treatment of cancer and infectious diseases, such as COVID-19
- Heat’s capital providing a significant runway to achieve a number of important clinical milestones that will drive value for shareholders in the months and years ahead
Challenges Ahead
- The ability of Heat's vaccine platform to provide protection against COVID-19
- The ability of Heat's therapies to perform as designed, to demonstrate safety and efficacy, as well as results that are consistent with prior results
- The ability to enroll patients and complete the clinical trials on time and achieve desired results and benefits, especially in light of COVID-19
- Heat's ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements
- Regulatory limitations relating to Heat's ability to promote or commercialize its product candidates for specific indications