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NEW YORK and VIENNA, May 11, 2023 (GLOBE NEWSWIRE) -- HOOKIPA Pharma Inc. (NASDAQ: HOOK, ‘HOOKIPA’), a company developing a new class of immunotherapeutics based on its proprietary arenavirus platform, today reported financial results and business highlights for the first quarter of 2023.
“We are happy to report continued progress across our oncology and infectious disease portfolios, as our HB-300 program for advanced prostate cancer and Gilead-partnered HB-400 program for the treatment of chronic hepatitis B both entered the clinic. Further, our HB-700 program in collaboration with Roche achieved a success-based milestone payment associated with manufacturing for our clinical supplies,” said Joern Aldag, Chief Executive Officer at HOOKIPA. “We are on track to report Phase 2 data from our lead program, HB-200 in combination with pembrolizumab, in the second quarter of 2023, which is an exciting step forward as we expect the results to inform our next, potentially registrational trial.”
Quarter highlights
Oncology
Infectious disease
Corporate
Upcoming Milestones
First Quarter 2023 Financial Results
Cash Position: HOOKIPA’s cash, cash equivalents and restricted cash as of March 31, 2023 was $110.0 million compared to $113.4 million as of December 31, 2022. The decrease was primarily attributable to cash used in operating activities, partly offset by funds resulting from the Gilead and Roche collaborations.
Revenue: Revenue was $3.2 million for the three months ended March 31, 2023 compared to $1.4 million for the three months ended March 31, 2022. The increase was primarily due to higher recognition of upfront and milestone payments under the Gilead and Roche collaborations, partially offset by lower cost reimbursements received under the Gilead collaboration.
Research and Development Expenses: HOOKIPA’s research and development expenses were $20.9 million for the three months ended March 31, 2023, compared to $16.6 million for the three months ended March 31, 2022. The primary drivers of the increase in research and development expenses by $4.3 million compared to the three months ended March 31, 2022 were higher clinical study expenses for our HB-200 program and higher expenses for research and development services for our HB-200 program, as well as increased spending for our Gilead and Roche partnered programs, partially offset by lower manufacturing expenses for our HB-200 and Gilead partnered programs.
General and Administrative Expenses: General and administrative expenses amounted to $4.9 million for the three months ended March 31, 2023, compared to $5.0 million for the three months ended March 31, 2022. The decrease compared to the three months ended March 31, 2022 was primarily due to a decrease in professional and consulting fees and in other expenses, partially offset by an increase in personnel-related expenses.
Net Loss: HOOKIPA’s net loss was $19.7 million for the three months ended March 31, 2023, compared to a net loss of $18.0 million for the three months ended March 31, 2022. This increase was primarily due to an increase in research and development expenses, partially offset by an increase in revenues from collaboration and licensing, and an increase in grant income, and a decrease in general and administrative expenses.
HOOKIPA Pharma Inc.
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
| Three months ended March 31, (unaudited) | ||||||||
| 2023 | 2022 | |||||||
| Revenue from collaboration and licensing | $ | 3,176 | $ | 1,445 | ||||
| Operating expenses: | ||||||||
| Research and development | (20,931 | ) | (16,620 | ) | ||||
| General and administrative | (4,902 | ) | (4,972 | ) | ||||
| Total operating expenses | (25,833 | ) | (21,592 | ) | ||||
| Loss from operations | (22,657 | ) | (20,147 | ) | ||||
| Total interest, other income and taxes, net | 2,977 | 2,179 | ||||||
| Net loss | $ | (19,680 | ) | $ | (17,968 | ) | ||
| Net loss per share — basic and diluted | (0.27 | ) | (0.40 | ) | ||||
Condensed Balance Sheets (Unaudited)
(In thousands)
| As of | As of | |||||
| March 31, | December 31, | |||||
| 2023 | 2022 | |||||
| Cash, cash equivalents and restricted cash | $ | 110,021 | $ | 113,444 | ||
| Total assets | 163,088 | 170,454 | ||||
| Total liabilities | 79,609 | 67,937 | ||||
| Total stockholders’ equity | 83,479 | 102,517 | ||||
About HOOKIPA
HOOKIPA Pharma Inc. (NASDAQ: HOOK) is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies, based on its proprietary arenavirus platform, which are designed to mobilize and amplify targeted T cells and thereby fight or prevent serious disease. HOOKIPA’s replicating and non-replicating technologies are engineered to induce robust and durable antigen-specific CD8+ T cell responses and pathogen-neutralizing antibodies. HOOKIPA’s pipeline includes its wholly owned investigational arenaviral immunotherapies targeting Human Papillomavirus 16-positive cancers, prostate cancers, and other undisclosed programs. HOOKIPA is collaborating with Roche on an arenaviral immunotherapeutic for KRAS-mutated cancers. In addition, HOOKIPA aims to develop functional cures of HBV and HIV in collaboration with Gilead.
Find out more about HOOKIPA online at www.hookipapharma.com.
Forward Looking Statements
Certain statements set forth in this press release constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by terms such as “believes,” “expects,” “plans,” “potential,” “would” or similar expressions and the negative of those terms. Such forward-looking statements involve substantial risks and uncertainties that could cause HOOKIPA’s research and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug development process, including HOOKIPA’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, HOOKIPA’s ability to successfully establish, protect and defend its intellectual property, risks relating to business interruptions resulting from the coronavirus (COVID-19) disease outbreak or similar public health crises, the impact of COVID-19 on the enrollment of patients and timing of clinical results, and other matters that could affect the sufficiency of existing cash to fund operations. HOOKIPA undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see HOOKIPA’s quarterly report on Form 10-Q for the quarter ended March 31, 2023, which is available on the Security and Exchange Commission’s website at www.sec.gov and HOOKIPA’s website at www.hookipapharma.com.
Investors and others should note that we announce material financial information to our investors using our investor relations website ( https://ir.hookipapharma.com/ ), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our members and the public about our company, our services and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the U.S. social media channels listed on our investor relations website.
For further information, please contact:
| Media | Investors |
| Instinctif Partners | Reinhard Kandera, Chief Financial Officer |
| hookipa@instinctif.com | IR@hookipapharma.com |
| +44 (0) 7457 2020 |