$DTIL reports strong financials and progress in gene editing for Q4 and FY 2022
Mar 9th 2023, 12:19 pm
Analyst Summary: Precision BioSciences, Inc. has reported its financial results for the fourth quarter and fiscal year ended on December 31, 2022, and provided business updates. According to the report, the company's cash balance provides an expected two-year runway through Q1 2025. These results show great progress on clinical, manufacturing, research, and collaboration fronts toward building an end-to-end gene editing company. The company has made investment in manufacturing optimization with allogeneic CAR T therapies, resulting in improved product candidate attributes in azer-cel, a potential first-in-class allogeneic CAR T treatment. The company plans to progress azer-cel to a decision point for a Phase 2 trial in non-Hodgkin lymphoma (NHL) subjects who have relapsed following autologous CAR T treatment. The company also plans to complete Phase 1 dose escalation for PBCAR19B in the earlier line NHL setting. The company plans to provide a CAR T update, expected to include interim efficacy and safety data from the PBCAR19B Phase 1 trial at Dose Level 2, with an expectation of durability data to follow this year. Furthermore, Precision believes in vivo gene editing applications are particularly well suited to ARCUS because they require extremely low levels of off-target editing and efficient delivery. Precision continues to make significant progress in their partner programs with Novartis and Lilly targeting Duchenne muscular dystrophy. The company expects that existing cash and cash equivalents, continued operational discipline, and available credit will be sufficient to fund its operating expenses and capital expenditure requirements through Q1 2025. Quotes: Michael Amoroso, Chief Executive Officer of Precision BioSciences, said: "Over the last year, Precision has invested in manufacturing optimization with our allogeneic CAR T therapies, which resulted in improved product candidate attributes in azer-cel, a potential first-in-class allogeneic CAR T treatment for patients who have relapsed following autologous CAR T treatment." Forward Looking Statements: The press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. The statements are based on the company's current expectations, beliefs and assumptions and on information currently available to them.