AUSTIN, Texas, March 09, 2021 (GLOBE NEWSWIRE) — Lumos Pharma, Inc. (NASDAQ:LUMO), a clinical-stage biopharmaceutical company focused on therapeutics for rare diseases, announced financial results for the year ended December 31, 2020 and provided an update on clinical activities and financial guidance for 2021.
“The fourth quarter and full year 2020 were marked by significant achievements for Lumos Pharma,” commented Rick Hawkins, Chairman, CEO and President of Lumos Pharma. “From the completion of our merger last spring, the subsequent sale of our PRV providing significant non-dilutive funds, to the initiation of our Phase 2b OraGrowtH210 Trial evaluating our orally administered therapeutic for PGHD, Lumos Pharma has built a solid foundation to advance our clinical and corporate strategy targeting PGHD, diseases of growth hormone deficiency, and other rare diseases in the coming year.”
Clinical Updates
Corporate Updates
Financial Results for the Year Ended December 31, 2020
Conference Call and Webcast Details
The Company has scheduled a conference call and webcast for 4:30 p.m. ET today to discuss its financial results and to give an update on clinical and business development activities. There will also be a question-and-answer session following management’s prepared remarks.
Access to the live conference call is available five minutes prior to the start of the call by dialing (855) 469-0612 (U.S.) or (484) 756-4268 (international). The conference call will be webcast live and a link to the webcast can be accessed through the Lumos Pharma website at https://lumos-pharma.com/ in the “Investors & Media” section under “Events and Presentations” or through this link: https://edge.media-server.com/mmc/p/6ujteayr. To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled webcast. A replay of the call will be available approximately two hours after the completion of the call and can be accessed by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (international) and using the passcode 3735869. The replay will be available for two weeks from the date of the call.
About Lumos Pharma
Lumos Pharma, Inc. is a clinical stage biopharmaceutical company focused on the development and commercialization of therapeutics for rare diseases. Lumos Pharma was founded and is led by a management team with longstanding experience in rare disease drug development and received early funding from leading healthcare investors, including Deerfield Management, a fund managed by Blackstone Life Sciences, Roche Venture Fund, New Enterprise Associates (NEA), Santé Ventures, and UCB. Lumos Pharma’s lead therapeutic candidate is LUM-201, an oral growth hormone stimulating small molecule, currently being evaluated in a Phase 2b clinical trial, the OraGrowtH210 Trial, for the treatment of Pediatric Growth Hormone Deficiency (PGHD). If approved by the FDA, LUM-201 would provide an orally administered alternative to daily injections that current PGHD patients endure for many years of treatment. LUM-201 has received Orphan Drug Designation in both the US and EU. For more information, please visit https://lumos-pharma.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of Lumos Pharma, Inc. (the “Company”) that involve substantial risks and uncertainties. All such statements contained in this press release are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “forecast,” “projected,” “guidance,” “upcoming,” “will,” “would,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “imminent,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, our intent to initiate a Pharmacokinetic/Pharmacodynamic OraGrowtH212 study of LUM-201 in PGHD in 2021, our intent to initiate Long-Term Extension OraGrowtH211 Trial, that cash on hand is expected to fund current operations through the read-out of our Phase 2b OraGrowtH210 Trial and completion of the OraGrowtH212 Trial, that we are engaging in activities that we hope will lead to the expansion of our pipeline through the licensure of other rare disease assets, that we believe Lumos Pharma is well positioned to execute on our clinical and business development plans, the potential of an orally administered treatment regimen for PGHD and other indications, plans related to execution of clinical trials; plans related to moving additional indications into clinical development; future financial performance, results of operations, cash position and sufficiency of capital resources to fund its operating requirements; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including the effects of pandemics or other widespread health problems such as the ongoing COVID-19 pandemic, the outcome of our future interactions with regulatory authorities, the outcome of our Phase 2b OraGrowtH210 Trial for LUM-201, our ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources for our operations and to conduct or continue planned clinical development programs, the ability to obtain the necessary patient enrollment for our product candidate in a timely manner, the ability to successfully develop our product candidate, the risks associated with the process of developing, obtaining regulatory approval for and commercializing drug candidates such as LUM-201 that are safe and effective for use as human therapeutics, the timing and ability of Lumos to raise additional equity capital as needed and other risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements as discussed in “Risk Factors” and elsewhere in Lumos Pharma’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other reports filed with the SEC. The forward-looking statements in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause their views to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this press release.
Investor & Media Contact:
Lisa Miller
Lumos Pharma Investor Relations
512-792-5454
ir@lumos-pharma.com
Lumos Pharma, Inc. | |||||||||||
Consolidated Statements of Operations | |||||||||||
(unaudited) | |||||||||||
(In thousands, except share and per share amounts) | |||||||||||
Year Ended December 31, |
|||||||||||
2020 | 2019 | ||||||||||
Revenues: | |||||||||||
Licensing and collaboration revenue | $ | 168 | $ | — | |||||||
Total revenues | 168 | — | |||||||||
Operating expenses: | |||||||||||
Research and development | 9,206 | 5,669 | |||||||||
General and administrative | 17,265 | 4,147 | |||||||||
Total operating expenses | 26,471 | 9,816 | |||||||||
Loss from operations | (26,303 | ) | (9,816 | ) | |||||||
Other income and expense: | |||||||||||
Other income, net | 6,467 | 37 | |||||||||
Interest income | 200 | 74 | |||||||||
Other income, net | 6,667 | 111 | |||||||||
Net loss before taxes | (19,636 | ) | (9,705 | ) | |||||||
Income tax benefit | 13,973 | — | |||||||||
Net loss | (5,663 | ) | (9,705 | ) | |||||||
Accretion of preferred stock to current redemption value | (651 | ) | (3,040 | ) | |||||||
Net loss attributable to common shareholders | $ | (6,314 | ) | $ | (12,745 | ) | |||||
Net loss per share of common stock | |||||||||||
Basic and diluted | $ | (0.93 | ) | $ | (9.79 | ) | |||||
Weighted average number of common shares outstanding | |||||||||||
Basic and diluted | 6,777,932 | 1,302,390 | |||||||||
Lumos Pharma, Inc. | |||||||||
Consolidated Balance Sheets | |||||||||
(unaudited) | |||||||||
(In thousands, except share and per share amounts) | |||||||||
December 31, | |||||||||
2020 | 2019 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 98,679 | $ | 4,952 | |||||
Prepaid expenses and other current assets | 3,506 | 82 | |||||||
Income tax receivable | 115 | — | |||||||
Other receivables | 26,149 | 35 | |||||||
Total current assets | 128,449 | 5,069 | |||||||
Non-current assets: | |||||||||
Property and equipment, net | 335 | 84 | |||||||
Right-of-use asset | 249 | 373 | |||||||
Total non-current assets | 584 | 457 | |||||||
Total assets | $ | 129,033 | $ | 5,526 | |||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 244 | $ | 365 | |||||
Accrued expenses | 5,898 | 709 | |||||||
Current portion of lease liability | 319 | 189 | |||||||
Total current liabilities | 6,461 | 1,263 | |||||||
Long-term liabilities: | |||||||||
Royalty obligation payable to Iowa Economic Development Authority | 6,000 | — | |||||||
Lease liability | — | 191 | |||||||
Total long-term liabilities | 6,000 | 191 | |||||||
Total liabilities | 12,461 | 1,454 | |||||||
Commitments and contingencies: | |||||||||
Redeemable convertible preferred stock: | |||||||||
Series A redeemable convertible preferred stock, $0.0001 par value: Authorized, issued and outstanding shares — 0 and 978,849 at December 31, 2020 and 2019, respectively | — | 21,904 | |||||||
Series B redeemable convertible preferred stock, $0.0001 par value: Authorized, issued and outstanding shares — 0 and 1,989,616 at December 31, 2020 and 2019, respectively | 41,631 | ||||||||
Stockholders’ equity (deficit): | |||||||||
Undesignated preferred stock, $— par value: Authorized shares – 5,000,000 at December 31, 2020 and 2019, respectively; issued and outstanding shares —0 at December 31, 2020 and 2019 | — | — | |||||||
Common stock, $0.01 par value: Authorized shares — 75,000,000 and 36,000,000 at December 31, 2020 and 2019; issued and outstanding 8,305,269 and 1,177,933 at December 31, 2020 and 2019, respectively | 83 | 12 | |||||||
Treasury stock, at cost, 0 and 176,623 shares held as of December 31, 2020 and 2019, respectively | — | — | |||||||
Additional paid-in capital | 182,480 | 202 | |||||||
Accumulated deficit | (65,991 | ) | (59,677 | ) | |||||
Total stockholders’ equity (deficit) | 116,572 | (59,463 | ) | ||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity | $ | 129,033 | $ | 5,526 |
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