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Jun 30, 2022
Solid Biosciences Q2 2022 Earnings Report
Solid Biosciences reported financial results for Q2 2022 and provided a business update.
Key Takeaways
Solid Biosciences reported collaboration revenue of $6.2 million for the second quarter of 2022, compared to $3.6 million for the second quarter of 2021. Net loss for the second quarter of 2022 was $25.1 million, compared to $18.7 million for the second quarter of 2021. The company had $162.9 million in cash, cash equivalents and available-for-sale securities as of June 30, 2022.
Transition to transient transfection-based manufacturing process continues for SGT-001; Company expects to continue dosing patients in 2023.
Development of next-generation Duchenne gene therapy candidate SGT-003 continues; Company anticipates mid-2023 Investigational New Drug (IND) submission.
Company ended Q2 with approximately $162.9 million in cash and investments; cash runway into Q2 2024.
Collaboration revenue for the second quarter of 2022 was $6.2 million, compared to $3.6 million for the second quarter of 2021.
Forward Guidance
Solid Biosciences expects to continue dosing patients using SGT-001 in 2023 with product made using the new transient-based process. The company is on track for an anticipated mid-2023 Investigational New Drug (IND) submission for SGT-003. The company expects that its cash, cash equivalents and available-for-sale securities will enable Solid to fund its operations and capital expenditures into the second quarter of 2024.
Positive Outlook
- The company expects to continue dosing patients using SGT-001 in 2023 with product made using the new transient-based process.
- The company also expects to share additional data from IGNITE DMD in early 2023, including the study’s primary one-year analysis of all treated patients as well as three-year longitudinal data from Patients Four through Six.
- The company is on track for an anticipated mid-2023 Investigational New Drug (IND) submission for SGT-003.
- AAV-SLB101 has demonstrated enhanced muscle biodistribution and transgene expression, as well as reduced liver tropism, compared with AAV9 in in vivo mouse models and, utilizing a reporter transgene, non-human primate in vivo models.
- The company expects that its cash, cash equivalents and available-for-sale securities will enable Solid to fund its operations and capital expenditures into the second quarter of 2024.
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