Harpoon Therapeutics Reports First Quarter 2019 Financial Results and Provides Corporate Update
- Continued enrollment of Phase 1 trial for HPN424, Harpoon’s lead TriTAC product candidate in development for the treatment of prostate cancer
- Net proceeds of approximately
$71 millionfrom completion of initial public offering in February
“Harpoon has continued to progress in 2019, both in the clinic and in its development as a company. We are pleased to now have two T cell engagers in the clinic, with dosing of the first patient with our second product candidate HPN536 in April. We continue to develop additional candidates, with IND submissions expected this year and next,” said
First Quarter 2019 Business Highlights and Other Recent Developments
- In February, Harpoon successfully completed its initial public offering, raising net proceeds of approximately
- In March, Harpoon designated its fourth Tri-specific T cell Activating Construct (TriTAC™) in development, HPN328, for the treatment of small cell lung cancer (SCLC). HPN328 targets delta-like 3 (DLL3), a protein highly expressed in a majority of SCLC tumors, but not in normal tissue. This selective expression makes DLL3 an attractive drug target for T cell engagers. Harpoon is currently conducting IND-enabling studies and expects to initiate a Phase 1 clinical trial of HPN328 in 2020.
- In April, Harpoon dosed the first patient with HPN536, a mesothelin-targeting T cell engager, in a Phase 1/2a clinical trial for ovarian and other mesothelin-expressing solid tumors. This represents the second TriTAC that Harpoon has brought into the clinic. The study consists of two phases, an initial dose escalation phase of approximately 20 ovarian cancer patients followed by an expansion phase of up to three additional parallel cohorts of 20 patients each with ovarian, pancreatic and mesothelioma cancer. The study is designed to evaluate the safety, tolerability, pharmacokinetics and activity of HPN536. For additional information about the trial, please visit clinicaltrials.gov using the identifier NCT03872206.
Harpoon plans to have three TriTAC product candidates in the clinic by the end of 2019, with a fourth expected in 2020. All of Harpoon’s anticipated milestones for 2019 remain on track, as follows:
- HPN424 – present additional Phase 1 data in the second half of 2019 at a medical conference
- HPN536 – initiated Phase 1/2a trial in
- HPN217 – initiate Phase 1 trial in the second half of 2019
- HPN328 – initiate Phase 1 trial in 2020
First Quarter Financial Results
Harpoon Therapeuticsended the first quarter of 2019 with $147.6 millionin cash, cash equivalents, and marketable securities compared to $89.5 millionas of December 31, 2018. The increase was due to approximately $71 millionin net proceeds from Harpoon’s initial public offering, completed in February 2019, partially offset by cash used in operations.
- Net loss for the first quarter ended
March 31, 2019was $13.6 millioncompared to $4.9 millionfor the first quarter ended March 31, 2018.
- Revenue for the first quarter of 2019 was
$1.1 millioncompared to $1.6 millionfor the first quarter of 2018. The decrease was due to an upfront payment of $0.5 millionrecognized in the first quarter of 2018 related to our license agreement with Werewolf Therapeutics, Inc.During both periods, revenue primarily consisted of the amortized portion of the deferred $17.0 millionupfront payment received in October 2017under our collaboration agreement with AbbVie.
- Research and development expense for the first quarter of 2019 was
$9.4 millioncompared to $5.5 millionfor the first quarter of 2018. The increase primarily arose from clinical development expenses and an increase in personnel-related expenses, including conducting preclinical studies, continuation of the first clinical trial for lead product candidate, HPN424, and manufacturing activities for four TriTAC product candidates in various stages of development.
- General and administrative expense for the first quarter of 2019 was
$5.8 millioncompared to $1.0 millionfor the first quarter of 2018. The increase was primarily due to an increase in legal fees, consulting and accounting services related to our 2018 year-end audit, and an increase in headcount.
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 timing of IND submissions, the progress, timing, scope and results of clinical trials, the timing of the presentation of data, the association of data with treatment outcomes, the development of product candidates, 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 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
Chief Financial Officer
Statement of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
|Three Months Ended March 31,|
|Collaboration and license revenue||$||1,063||$||1,563|
|Research and development||9,382||5,533|
|General and administrative||5,832||982|
|Total operating expenses||15,214||6,515|
|Loss from operations||(14,151||)||(4,952||)|
|Other income (expense)||40||(2||)|
|Other comprehensive loss:|
|Net unrealized gain on marketable securities||26||—|
|Net loss per share, basic and diluted||(0.92||)||(5.04||)|
|Weighted-average shares used in computing net loss per share, basic and diluted||14,750,260||969,235|
Selected Balance Sheet Data
|As of March 31,|
|March 31, 2019||December 31, 2018|
|Cash, cash equivalents, and marketable securities||$||147,550||$||89,493|
|Total convertible preferred stock||—||129,577|
|Total stockholders' equity (deficit)||133,594||(53,479||)|
Source: Harpoon Therapeutics