Bicycle Therapeutics is progressing a robust oncology portfolio and has cash and equivalents of $407.4 million to provide a financial runway through 2024.
Based at Babraham Research Campus in Cambridge and quoted on the US technology exchange, NASDAQ, Bicycle is pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology.
It has issued financial results for the first quarter ended March 31, 2022 and provided relevant corporate updates. Cash burn is modest by life science industry standards and chief executive Kevin Lee is thrilled at the progress to date.
He said: “We have made significant progress recently across our oncology pipeline. We reported interim data for the Phase I portion of the Phase I/II trial in BT8009, showing an overall response rate, or ORR, of 50 per cent in the 5mg/m2 weekly cohort in patients with urothelial cancer and an encouraging tolerability profile.
“We believe BT8009 has the potential to offer clinically meaningful differentiation compared to currently available therapies and look forward to advancing the program once the dose escalation phase is complete. We also look forward to initiating the BT5528 Phase II expansion cohorts soon.
“Beyond our Bicycle Toxin Conjugates®, or BTCs, we continue to be encouraged as we progress our Bicycle TICA™ programs forward, including BT7480, which is advancing in the dose escalation portion of the Phase I clinical trial.
“Underscoring our efforts is a strong balance sheet and we anticipate our cash and cash equivalents will provide financial runway through 2024.”
The $407.4m cash at March 31 compared to $438.7m as of December 31, 2021. The decrease is primarily due to cash used in operating activities. Research and development expenses were $14.3m for the three months compared to $9.7m for the equivalent period in 2021.
The $4.6m increase was primarily due to increased discovery and platform-related expenses, as well as increased personnel-related expenses, including $1.2m of incremental non-cash share-based compensation.
General and administrative expenses were $17m – more than double the $8.1m for the same period in 2021. This was primarily due to $5.2m incremental non-cash share-based compensation expense, personnel-related costs and increased professional and consulting costs. Net loss was up to $27.6m from $16.2m.
Published on: 06.05.22Article sourced from www.businessweekly.co.uk