UNITY Biotechnology, Inc. Reports Second Quarter 2024 Financial Results and Business Updates
Rhea-AI Summary
UNITY Biotechnology (NASDAQ:UBX) reported its Q2 2024 financial results and provided business updates. Key highlights include:
Enrollment Success: The company exceeded its enrollment goal for the ASPIRE study, evaluating UBX1325 against aflibercept in diabetic macular edema (DME).
Financial Position: Cash, cash equivalents, and marketable securities totaled $34.0 million as of June 30, 2024. UNITY believes this is sufficient to fund operations into Q3 2025.
Reduced Net Loss: Q2 2024 net loss was $5.3 million, down from $15.5 million in Q2 2023.
Decreased Expenses: R&D expenses decreased to $3.5 million from $6.4 million, while G&A expenses reduced to $3.5 million from $5.4 million year-over-year.
Study Timeline: Topline 24-week primary endpoint data for the ASPIRE study is expected in Q1 2025, with 36-week data in Q2 2025.
Positive
- Exceeded enrollment goal for ASPIRE study in DME
- Net loss decreased by 65.8% year-over-year to $5.3 million
- R&D expenses reduced by 45.3% to $3.5 million
- G&A expenses decreased by 35.2% to $3.5 million
- Cash used in operations reduced by 56.3% to $9.8 million in H1 2024
Negative
- Cash, cash equivalents and marketable securities decreased by 21.3% to $34.0 million since December 31, 2023
News Market Reaction 1 Alert
On the day this news was published, UBX gained 1.44%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SOUTH SAN FRANCISCO, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (UNITY) [NASDAQ:UBX], a biotechnology company developing therapeutics to slow, halt, or reverse diseases of aging, today reported financial results for the second quarter ended June 30, 2024.
“Having expanded and extended our ASPIRE study to 50 patients and 36 weeks, respectively, to better assess the efficacy and durability of UBX1325 compared to aflibercept, we have been laser-focused on enrollment and execution this quarter,” said Anirvan Ghosh, Ph.D., chief executive officer of UNITY. “I’m pleased to report that due to the excellent performance of our clinical operations team and the enthusiasm and engagement of our investigators, we have not just met, but have exceeded our enrollment goal in this study."
UBX1325 (foselutoclax) is designed as a novel and durable therapeutic option in diabetic macular edema (DME) that acts via a senolytic mechanism of action upstream of VEGF inhibitors, with the potential to address shortcomings of the current standard of care, such as high treatment burden and sub-optimal response to treatment.
UNITY expects topline 24-week primary endpoint data in the first quarter of 2025 and 36-week data in the second quarter of 2025. The Phase 2b ASPIRE study in DME is a multi-center, randomized, double-masked, active-controlled study designed to evaluate the safety and efficacy of UBX1325 in a head-to-head comparison to aflibercept. More information about ASPIRE (NCT06011798) can be found here.
Second Quarter Financial Results
Cash, cash equivalents and marketable securities totaled
Net loss for the three months ended June 30, 2024 was
Research and development expenses decreased by
General and administrative expenses decreased by
About UNITY
UNITY is developing a new class of therapeutics to slow, halt, or reverse diseases of aging. UNITY’s current focus is on creating medicines to selectively eliminate or modulate senescent cells and thereby provide transformative benefit in age-related ophthalmologic and neurologic diseases. More information is available at www.unitybiotechnology.com or follow us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements including statements related to UNITY’s understanding of cellular senescence and the role it plays in diseases of aging, the potential for UNITY to develop therapeutics to slow, halt, or reverse diseases of aging, including for ophthalmologic and neurologic diseases, the potential for UNITY to successfully commence and complete clinical studies of UBX1325 for DME, AMD, and other ophthalmologic diseases, the expected timing of enrollment and results of the clinical trials in UBX1325, and UNITY’s expectations regarding the sufficiency of its cash runway. These statements involve substantial known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements, including risks related to delay or disruption in the enrollment of patients in clinical trials, risks relating to the uncertainties inherent in the drug development process, and risks relating to UNITY’s understanding of senescence biology. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. The forward-looking statements in this press release represent our views as of the date of this release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this release. 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 UNITY’s most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the Securities and Exchange Commission on August 6, 2024, as well as other documents that may be filed by UNITY from time to time with the Securities and Exchange Commission.
| Unity Biotechnology, Inc. Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 3,463 | $ | 6,435 | $ | 7,184 | $ | 12,195 | ||||||||
| General and administrative | 3,516 | 5,413 | 7,394 | 10,212 | ||||||||||||
| Total operating expenses | 6,979 | 11,848 | 14,578 | 22,407 | ||||||||||||
| Loss from operations | (6,979 | ) | (11,848 | ) | (14,578 | ) | (22,407 | ) | ||||||||
| Interest income | 515 | 805 | 1,028 | 1,660 | ||||||||||||
| Interest expense | — | (883 | ) | — | (1,885 | ) | ||||||||||
| Gain (loss) on warrant liability | 1,246 | (3,461 | ) | 2,622 | 2,030 | |||||||||||
| Other income (expense), net | (61 | ) | (69 | ) | (141 | ) | (133 | ) | ||||||||
| Net loss | (5,279 | ) | (15,456 | ) | (11,069 | ) | (20,735 | ) | ||||||||
| Other comprehensive gain (loss) | ||||||||||||||||
| Unrealized gain (loss) on marketable debt securities | 3 | 14 | (11 | ) | 115 | |||||||||||
| Comprehensive loss | $ | (5,276 | ) | $ | (15,442 | ) | $ | (11,080 | ) | $ | (20,620 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.31 | ) | $ | (1.07 | ) | $ | (0.66 | ) | $ | (1.44 | ) | ||||
| Weighted-average number of shares used in computing net loss per share, basic and diluted | 16,815,387 | 14,425,775 | 16,800,238 | 14,369,643 | ||||||||||||
| Unity Biotechnology, Inc. Condensed Balance Sheets (In thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 7,584 | $ | 19,803 | ||||
| Short-term marketable securities | 26,400 | 23,398 | ||||||
| Prepaid expenses and other current assets | 1,862 | 3,404 | ||||||
| Total current assets | 35,846 | 46,605 | ||||||
| Property and equipment, net | 4,630 | 5,082 | ||||||
| Operating lease right-of-use assets | 11,900 | 12,981 | ||||||
| Long-term restricted cash | 896 | 896 | ||||||
| Other long-term assets | 250 | 126 | ||||||
| Total assets | $ | 53,522 | $ | 65,690 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,456 | $ | 1,380 | ||||
| Accrued compensation | 1,385 | 1,841 | ||||||
| Accrued and other current liabilities | 5,977 | 4,619 | ||||||
| Total current liabilities | 8,818 | 7,840 | ||||||
| Operating lease liability, net of current portion | 21,659 | 23,539 | ||||||
| Warrant liability | 3,291 | 5,913 | ||||||
| Total liabilities | 33,768 | 37,292 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock | 2 | 2 | ||||||
| Additional paid-in capital | 515,209 | 512,773 | ||||||
| Accumulated other comprehensive gain | (35 | ) | (24 | ) | ||||
| Accumulated deficit | (495,422 | ) | (484,353 | ) | ||||
| Total stockholders’ equity | 19,754 | 28,398 | ||||||
| Total liabilities and stockholders’ equity | $ | 53,522 | $ | 65,690 | ||||
Media
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Katherine Smith
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Investor Contact
LifeSci Advisors, LLC
Joyce Allaire
jallaire@lifesciadvisors.com
FAQ
What were UNITY Biotechnology's Q2 2024 financial results?
When does UNITY Biotechnology expect topline data for the ASPIRE study of UBX1325?
How much did UNITY Biotechnology's R&D expenses decrease in Q2 2024?
What is the cash runway for UNITY Biotechnology (UBX) based on current resources?
