14th March 2019
Portfolio
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SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Mar. 14, 2019-- Harpoon Therapeutics, Inc. (NASDAQ: HARP), a clinical-stage immunotherapy company developing a novel class of T cell engagers, today reported financial results for the fourth quarter and full year ended December 31, 2018 and provided a corporate update.
“The past year included achievement of significant clinical, scientific and operational milestones for Harpoon Therapeutics. T cell engagers are gaining momentum as exciting immuno-oncology therapies and Harpoon has built a proprietary TriTAC platform to take this approach to a new level. HPN424 has entered a Phase 1 clinical trial in prostate cancer and HPN536 is poised to enter clinical development for ovarian and other mesothelin (MSLN) expressing tumors in the near future, followed by HPN217 targeting B cell maturation antigen (BCMA) for the potential treatment of multiple myeloma. In addition, we successfully completed our initial public offering in February, an important milestone in the company’s history which further strengthened our balance sheet.”
Gerald McMahon PhD, President and Chief Executive Officer of Harpoon
“Our scientific expertise has led to the discovery and development of three TriTACs on paths for clinical development. We are pleased to announce today that we have selected an additional drug candidate, targeting DLL3, for potential clinical development in small cell lung cancer. This candidate, HPN328, has entered IND-enabling studies and we expect a Phase 1 trial to begin in 2020.”
Holger Wesche, Chief Scientific Officer of Harpoon
2018 Business Highlights
Recent Developments
Anticipated Milestones
Harpoon plans to have three TriTAC product candidates in the clinic by the end of 2019, with a fourth expected in 2020, as follows:
Fourth Quarter and Full Year 2018 Financial Results
Conference Call Information
Harpoon will host a conference call and live audio webcast this afternoon at 1:30 p.m. PT / 4:30 p.m. ET to discuss the fourth quarter and full year 2018 financial results and provide a corporate update.
The live call may be accessed by dialing 866-951-6894 for domestic callers and 409-261-0624 for international callers and using conference ID: 2497976. A live webcast of the call will be available online from the investor relations section of the Harpoon Therapeuticswebsite at https://ir.harpoontx.com/events-and-presentations.
An archived replay of the webcast will be available on Harpoon Therapeutics’ website shortly after the conference call.
About Harpoon Therapeutics
Harpoon Therapeutics is a clinical-stage immunotherapy company developing a novel class of T cell engagers that harness the power of the body’s immune system to treat patients suffering from cancer and other diseases. T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells. Using its proprietary Tri-specific T cell Activating Construct™ (TriTAC) platform, Harpoon is developing a pipeline of novel T cell engagers, or TriTACs, initially focused on the treatment of solid tumors and hematologic malignancies. For additional information about Harpoon Therapeutics, please visit www.harpoontx.com.
Cautionary Note on 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,” “target,” “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. These forward-looking statements are based on Harpoon Therapeutics’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Harpoon Therapeutics’ clinical development programs, future results or performance to differ significantly from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, scope and results of clinical trials, the association of data with treatment outcomes and the timing and likelihood of development milestones for product candidates. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, and unexpected litigation or other disputes. Other factors that may cause Harpoon Therapeutics’ actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Harpoon Therapeutics’ filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Harpoon Therapeuticsassumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Harpoon Therapeutics, Inc. | ||||||||||||||||
Statements of Operations | ||||||||||||||||
(in thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Audited) | |||||||||||||||
Revenue | ||||||||||||||||
Collaboration and license revenue | $ | 1,063 | $ | 708 | $ | 4,750 | $ | 708 | ||||||||
Total revenue | 1,063 | 708 | 4,750 | 708 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 8,717 | 4,791 | 26,368 | 13,622 | ||||||||||||
General and administrative | 2,215 | 912 | 6,106 | 3,614 | ||||||||||||
Total operating expenses | 10,932 | 5,703 | 32,474 | 17,236 | ||||||||||||
Loss from operations | (9,869 | ) | (4,995 | ) | (27,724 | ) | (16,528 | ) | ||||||||
Interest income | 148 | 57 | 395 | 78 | ||||||||||||
Interest expense | — | — | — | (285 | ) | |||||||||||
Other expense | (8 | ) | (4 | ) | (37 | ) | (95 | ) | ||||||||
Net loss | $ | (9,729 | ) | $ | (4,942 | ) | $ | (27,366 | ) | $ | (16,830 | ) | ||||
Net loss per share, basic and diluted | (8.15 | ) | (5.27 | ) | (25.65 | ) | (18.81 | ) | ||||||||
Weighted-average shares used in computing net loss per share, basic and diluted | 1,193,797 | 938,372 | 1,066,877 | 894,901 | ||||||||||||
Harpoon Therapeutics, Inc. | ||||||||
Selected Balance Sheet Data | ||||||||
(Audited) | ||||||||
As of December 31, | ||||||||
2018 | 2017 | |||||||
(in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 89,493 | $ | 29,423 | ||||
Total assets | 102,580 | 31,872 | ||||||
Total liabilities | 26,482 | 18,974 | ||||||
Total convertible preferred stock | 129,577 | 39,841 | ||||||
Total stockholders' deficit | (53,479 | ) | (26,943 | ) |