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- Achieved $23.6 million in Total Revenue in the Third Quarter of 2022 Including $8.3 million in Net Revenue from Sales of COSELA® (trilaciclib) -
- Provided Encouraging Initial Data from Phase 2 Trial Demonstrating Potential of Trilaciclib to Reduce (>50%) the Rates of Adverse Events (AEs) Related to an Antibody-Drug Conjugate (ADC) -
- Completed Patient Enrollment in Pivotal Phase 3 Trial of Trilaciclib in Metastatic Triple Negative Breast Cancer (mTNBC) (PRESERVE 2) -
- Completed Patient Enrollment in Phase 2 Clinical Trial of Trilaciclib in Combination with Chemotherapy and Avelumab in Patients with Bladder Cancer (mUC) (PRESERVE 3) -
- Announced Acceptance of Abstract of Initial Results from Phase 2 Trilaciclib Mechanism of Action (MOA) Trial for Poster Presentation at the 2022 San Antonio Breast Cancer Symposium (SABCS) -
- Management to Host Webcast and Conference Call today at 8:30 AM ET -
RESEARCH TRIANGLE PARK, N.C., Nov. 02, 2022 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today provided a corporate and financial update for the third quarter ended September 30, 2022.
“During the third quarter of 2022, we demonstrated continued execution on our clinical programs, but also experienced lower COSELA sales momentum versus what we achieved in the second quarter,” said Jack Bailey, Chief Executive Officer of G1 Therapeutics. “Regarding the former, today we provided encouraging initial safety data from our ongoing Phase 2 trial of trilaciclib in combination with an ADC showing its potential to reduce the rates of adverse events associated with the ADC sacituzumab govitecan-hziy, including myelosuppression, diarrhea, and potentially alopecia. We also completed enrollment in our pivotal Phase 3 mTNBC trial and in our Phase 2 bladder cancer and mechanism of action trials. Regarding the latter, we are actively working through variability in the ES-SCLC market at certain times of the year due to patient flow and account staffing, and have recently put in place a variety of actions that we believe will enable us to drive growth over the coming months. G1's mission is to improve the lives of those affected by cancer by effectively developing trilaciclib and by ensuing broad access to COSELA, and we remain dedicated to excellence in both areas."
Third Quarter 2022 and Recent Highlights
Financial
Clinical
Medical
Corporate
Third Quarter 2022 Financial Results
As of September 30, 2022, cash and cash equivalents and marketable securities totaled $123.0 million, compared to $221.2 million as of December 31, 2021.
Total revenues for the third quarter of 2022 were $23.6 million, including $8.3 million in net product sales of COSELA and license revenue of $15.3 million, compared to total $4.9 million of total revenue in the third quarter of 2021. This license revenue in the current quarter is primarily related to revenue recognized from two development milestones in the Simcere license agreement, including a $13 million milestone related to the approval of COSELA in China.
Operating expenses for the third quarter of 2022 were $45.1 million, compared to $46.0 million for the third quarter of 2021. GAAP operating expenses include stock-based compensation expense of $4.8 million for the third quarter of 2022, compared to $5.5 million for the third quarter of 2021.
Cost of goods sold expense for the third quarter of 2022 was $1.1 million compared to $0.6 million for the third quarter of 2021, primarily due to an increase in product sales.
Research and development (R&D) expenses for the third quarter of 2022 were $19.6 million, compared to $21.1 million for the third quarter of 2021. The decrease in R&D expenses was primarily due to a decrease in costs for manufacturing of active pharmaceutical ingredients and drug product to support clinical trials.
Selling, general, and administrative (SG&A) expenses for the third quarter of 2022 were $24.4 million, compared to $24.3 million for the third quarter of 2021. The increase in SG&A expenses was due to increases in personnel costs due to increased headcount and administrative costs. The increase is offset by a decrease in medical affairs costs, commercialization costs, and professional and technology costs.
The net loss for the third quarter of 2022 was $25.3 million, compared to $42.5 million for the third quarter of 2021. The basic and diluted net loss per share for the third quarter of 2022 was $(0.59) compared to $(1.00) for the third quarter of 2021.
Webcast and Conference Call
G1 will host a webcast and conference call at 8:30 a.m. ET today to provide a corporate and financial update for the third quarter ended September 30, 2022.
Please note that there is a new process to access the call via telephone. To register and receive a dial in number and unique PIN to access the live conference call, please follow this link to register online. While not required, it is recommended that you join 10 minutes prior to the start of the event. A live and archived webcast will be available on the Events & Presentations page of the company’s website: www.g1therapeutics.com. The webcast will be archived on the same page for 90 days following the event.
About COSELA® (trilaciclib) for Injection
COSELA (trilaciclib) was approved by the U.S. Food and Drug Administration on February 12, 2021.
Indication
COSELA® (trilaciclib) is indicated to decrease the incidence of chemotherapy-induced myelosuppression in adult patients when administered prior to a platinum/etoposide-containing regimen or topotecan-containing regimen for extensive-stage small cell lung cancer.
Important Safety Information
COSELA is contraindicated in patients with a history of serious hypersensitivity reactions to trilaciclib.
Warnings and precautions include injection-site reactions (including phlebitis and thrombophlebitis), acute drug hypersensitivity reactions, interstitial lung disease (pneumonitis), and embryo-fetal toxicity.
The most common adverse reactions (>10%) were fatigue, hypocalcemia, hypokalemia, hypophosphatemia, aspartate aminotransferase increased, headache, and pneumonia.
This information is not comprehensive. Please click here for full Prescribing Information. https://www.g1therapeutics.com/cosela/pi/
To report suspected adverse reactions, contact G1 Therapeutics at 1-800-790-G1TX or call FDA at 1-800-FDA-1088 or visit www.fda.gov/medwatch.
About G1 Therapeutics
G1 Therapeutics, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of next generation therapies that improve the lives of those affected by cancer, including the Company’s first commercial product, COSELA® (trilaciclib). G1 has a deep clinical pipeline and is executing a tumor-agnostic development plan evaluating trilaciclib in a variety of solid tumors, including colorectal, breast, lung, and bladder cancers. G1 Therapeutics is based in Research Triangle Park, N.C. For additional information, please visit www.g1therapeutics.com and follow us on Twitter @G1Therapeutics.
G1 Therapeutics® and the G1 Therapeutics logo and COSELA® and the COSELA logo are trademarks of G1 Therapeutics, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, those relating to expectations for the commercial sales of COSELA (trilaciclib), the therapeutic potential of COSELA (trilaciclib), our ability to generate data to maximize trilaciclib’s applicability to future treatment paradigms, our ability to obtain approvals for and commercialize additional indications of COSELA (trilaciclib), and our reliance on partners to develop licensed products. If we are not in compliance with our monthly net revenue covenants or the minimum cash covenant, we may be subject to the acceleration clauses in our loan agreement, and the lender may call the debt, resulting in our immediate need for additional funds. In addition, COSELA (trilaciclib) may fail to achieve the degree of market acceptance for commercial success, and the impact of pandemics such as COVID-19 (coronavirus). Each of these forward-looking statements is based on the company’s expectations and assumptions as of the date of this press release and involves risks and uncertainties. Factors that may cause the company’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in the company’s filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein and include, but are not limited to, the company’s ability to complete a successful commercialize COSELA (trilaciclib); the company’s ability to complete clinical trials for, obtain approvals for and commercialize additional indications of COSELA (trilaciclib); the company’s initial success in ongoing clinical trials may not be indicative of results obtained when these trials are completed or in later stage trials; the inherent uncertainties associated with developing new products or technologies and operating as a commercial-stage company; and market conditions. Except as required by law, the company assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
G1 Therapeutics Contacts:
Jen Moses
Chief Financial Officer
919-930-8506
jmoses@g1therapeutics.com
Will Roberts
Vice President, Investor Relations & Corporate Communications
919-907-1944
wroberts@g1therapeutics.com
G1 Therapeutics, Inc.
Balance Sheet Data
(in thousands)
| September 30, 2022 | December 31, 2021 | ||||||
| Cash and cash equivalents and Marketable securities | $ | 122,982 | $ | 221,186 | |||
| Working Capital | $ | 120,331 | $ | 215,952 | |||
| Total Assets | $ | 166,573 | $ | 254,094 | |||
| Accumulated deficit | $ | (698,369 | ) | $ | (584,459 | ) | |
| Total stockholders' equity | $ | 45,965 | $ | 143,541 | |||
G1 Therapeutics, Inc.
Condensed Statements of Operations
(in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | |||||||||||||||
| Product sales, net | $ | 8,269 | $ | 3,576 | $ | 22,467 | $ | 6,717 | |||||||
| License revenue | 15,307 | 1,282 | 18,584 | 18,963 | |||||||||||
| Total revenues | 23,576 | 4,858 | 41,051 | 25,680 | |||||||||||
| Operating expenses | |||||||||||||||
| Cost of goods sold | 1,111 | 591 | 2,756 | 1,642 | |||||||||||
| Research and development | 19,581 | 21,143 | 66,729 | 56,435 | |||||||||||
| Selling, general and administrative | 24,432 | 24,268 | 76,857 | 72,474 | |||||||||||
| Total operating expenses | 45,124 | 46,002 | 146,342 | 130,551 | |||||||||||
| Loss from operations | (21,548 | ) | (41,144 | ) | (105,291 | ) | (104,871 | ) | |||||||
| Other income (expense) | |||||||||||||||
| Interest income | 211 | 7 | 270 | 35 | |||||||||||
| Interest expense | (2,764 | ) | (934 | ) | (7,436 | ) | (2,609 | ) | |||||||
| Other income (expense) | 48 | (76 | ) | (234 | ) | (208 | ) | ||||||||
| Total other income (expense), net | (2,505 | ) | (1,003 | ) | (7,400 | ) | (2,782 | ) | |||||||
| Loss before income taxes | (24,053 | ) | (42,147 | ) | (112,691 | ) | (107,653 | ) | |||||||
| Income tax expense | 1,219 | 321 | 1,219 | 679 | |||||||||||
| Net loss | $ | (25,272 | ) | $ | (42,468 | ) | $ | (113,910 | ) | $ | (108,332 | ) | |||
| Net loss per share, basic and diluted | $ | (0.59 | ) | $ | (1.00 | ) | $ | (2.67 | ) | $ | (2.60 | ) | |||
| Weighted average common shares outstanding, basic and diluted | 42,799,342 | 42,383,573 | 42,731,826 | 41,740,911 | |||||||||||