Investing.com
Published Mar 24, 2022 07:08AM ET
Updated Mar 24, 2022 07:40AM ET
Hookipa Pharma Inc (NASDAQ:HOOK), a company developing a new class of immunotherapeutics based on its proprietary arenavirus platform, today reported financial results and provided a corporate update for the fourth quarter and full year 2021, as well as outlook for 2022.
As we work to introduce a new class of novel arenaviral immunotherapies, were proud of the progress we made in 2021. Our data presentations, including at premier oncology meetings, continued to expand the body of evidence on the ability of our technology to induce potent T cell responses, drive tumor regression and potentially serve as a synergistic combination with other immunotherapies, said Joern Aldag, Chief Executive Officer at HOOKIPA. With the recent capital raise from new and existing top-tier investors, as well as funding from our Gilead collaboration, our cash position provides funding into the first half of 2024, enabling us to advance our novel portfolio. This includes our Phase 2 HB-200 program in combination with pembrolizumab in multiple treatment settings for head and neck cancer and two planned IND applications, one in prostate cancer and the other for Hepatitis B, in collaboration with Gilead. Were excited to grow the value proposition even further for our versatile arenaviral technology in addressing unmet needs in cancer.
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Fourth Quarter and Full Year 2021 Financial Results Cash Position: HOOKIPAs cash, cash equivalents and restricted cash as of December 31, 2021 was $66.9 million compared to $143.2 million as of December 31, 2020. When giving effect to (i) receipt of a $15.0 million initiation payment and the issuance of 1,666,666 shares of our common stock for an aggregate purchase price of $5.0 million pursuant to an agreement with Gilead in February 2022, and (ii) the net proceeds of $70 million from the issuance of common stock and convertible preferred stock in a follow-on financing in March 2022, HOOKIPAs pro-forma cash, cash equivalents and restricted cash as of December 31, 2021 would have been $156.9 million.
Revenue was $3.9 million for the three months ended December 31, 2021, and $18.4 million for the year ended December 31, 2021 compared to $5.2 million for the three months ended December 31, 2020 and $19.6 million for the year ended December 31, 2020. The decrease was primarily due to lower revenue from research milestones and lower recognition of deferred revenue related to upfront and milestone payments under the Collaboration Agreement with Gilead.
Research and Development Expenses: HOOKIPAs research and development expenses were $22.4 million for the three months ended December 31, 2021, and $82.9 million for the year ended December 31, 2021 compared to $15.7 million for the three months ended December 31, 2020, and $54.8 million for the year ended December 31, 2020.
The primary drivers of the increase in research and development expenses by $28.1 million compared to 2020 were an increase in manufacturing and quality control expenses of $9.9 million, an increase in clinical study expenses of $3.2 million, along with an increase in other direct expenses and laboratory expenses of $8.1 million and an increase in internal research and development expenses of $6.9 million. The increase was mainly due to the progress in the clinical trial of our HB-200 program, particularly, the increased patient recruitment and related clinical trial monitoring and testing activities, as well as manufacturing and quality control work in preparation of a further extension of the trial. Manufacturing and quality control expenses were also driven by the progress towards clinical development in our Gilead partnered programs and other preclinical programs.
General and Administrative Expenses: General and administrative expenses amounted to $3.5 million for the three months ended December 31, 2021 and $17.3 million for the year ended December 31, 2021 compared to $4.7 million for the three months ended December 31, 2020, and $18.1 million for the year ended December 31, 2020. The decrease was primarily due to a decrease in personnel-related expenses and a decrease in other general and administrative expenses, partially offset by an increase in professional and consulting fees.
Net Loss: HOOKIPAs net loss was $21.2 million for the three months ended December 31, 2021 and $75.7 million for the year ended December 31, 2021 compared to a net loss of $12.5 million for the three months ended December 31, 2020 and $44.1 million for the year ended December 31, 2020. This increase was primarily due to an increase in research and development expenses, mainly driven by the progression of HOOKIPAs oncology programs, in particular the clinical trial of the HB-200 program.
Written By: Investing.com
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