NEW YORK and SAN DIEGO, March 01, 2023 (GLOBE NEWSWIRE) -- ZentalisTM Pharmaceuticals, Inc. (Nasdaq: ZNTL), a clinical-stage biopharmaceutical company focused on discovering and developing clinically differentiated small molecule therapeutics targeting fundamental biological pathways of cancers, today announced financial results for the year ended December 31, 2022 and highlighted recent corporate accomplishments.
"2022 was a year of considerable progress for Zentalis. We prioritized our portfolio, accelerated our clinical development strategy for our potentially first-in-class Wee1 inhibitor, azenosertib, and further strengthened our management team to drive execution," said Kimberly Blackwell, MD, Chief Executive Officer. "We are building on the momentum generated in 2022 with many clinical milestones and new programs planned for 2023. Our dose optimization activities for azenosertib remain a top priority, and we are on track to declare a monotherapy recommended Phase 2 dose in the first half of the year. We are also advancing our Cyclin E1 enrichment strategy in ovarian cancer, and we look forward to sharing Cyclin E1 preclinical data in the first half of the year and Cyclin E1 clinical data as part of the chemotherapy combination readout in the second half of the year. In addition, we plan to share progress on ZN-d5, our BCL-2 inhibitor, later this year. I am incredibly proud of the entire organization and our patient-driven mission, which guides our strategy and motivates us to continually accelerate our efforts."
Azenosertib (ZN-c3) Wee1 Inhibitor Program Highlights
BCL-2 Inhibitor (ZN-d5) Update
BCL-xL Degrader Update
Corporate Highlights
Full Year 2022 Financial Results
Melissa Epperly, Chief Financial Officer, stated, “We are pleased to have extended our cash runway into the second quarter of 2025 through portfolio prioritization and disciplined spending, coupled with sales of common stock via our at-the-market facility.”
About Zentalis Pharmaceuticals
Zentalis™ Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics targeting fundamental biological pathways of cancers. Utilizing its Integrated Discovery Engine, the Company is developing a focused pipeline of potentially best-in-class oncology candidates, which include azenosertib (ZN-c3), a Wee1 inhibitor for advanced solid tumors, ZN-d5, a BCL-2 inhibitor for hematologic malignancies and related disorders, and a heterobifunctional degrader of BCL-xL for solid and hematological malignancies. The Company is also leveraging its extensive experience and capabilities across cancer biology and medicinal chemistry to advance its research on protein degraders and other undisclosed targets. Zentalis has operations in New York and San Diego.
For more information, please visit www.zentalis.com. Follow Zentalis on Twitter at @ZentalisP and on LinkedIn at www.linkedin.com/company/zentalis-pharmaceuticals.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements relating to the potential for a product candidate to be first-in-class or best-in-class; the potential benefits of our dose optimization work, including plans to declare a monotherapy RP2D for azenosertib and the timing thereof; accelerating our efforts; plans to provide program updates and potential paths to registration for azenosertib and the timing thereof; clinical milestones and new programs planned for 2023; advancing our Cyclin E1 patient enrichment strategy; projected cash runway; potential benefits of our product candidates; plans to present preclinical data relating to Cyclin E1 and the timing thereof; plans to report results from the Phase 1b chemotherapy combination trial in ovarian cancer, including Cyclin E1 data, and the timing thereof; plans to present interim clinical data and declare the RP2D for the ZN-d5 Phase 1/2 monotherapy trial in AL amyloidosis and the timing thereof; and plans to provide preliminary data from the Phase 1/2 combination study of ZN-d5 and azenosertib in AML and the timing thereof. The terms “aim,” “believe,” “continue,” “look forward,” “on track,” “optimize,” “plans,” “potential,” “projected,” “to be,” “will,” and similar references are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our limited operating history, which may make it difficult to evaluate our current business and predict our future success and viability; we have and expect to continue to incur significant losses; our need for additional funding, which may not be available; our substantial dependence on the success of our lead product candidates; the outcome of preclinical testing and early trials may not be predictive of the success of later clinical trials; failure to identify additional product candidates and develop or commercialize marketable products; potential unforeseen events during clinical trials could cause delays or other adverse consequences; risks relating to the regulatory approval process or ongoing regulatory obligations; failure to obtain U.S. or international marketing approval; our product candidates may cause serious adverse side effects; inability to maintain our collaborations, or the failure of these collaborations; our reliance on third parties; effects of significant competition; the possibility of system failures or security breaches; risks relating to intellectual property; our ability to attract, retain and motivate qualified personnel, and risks relating to management transitions; significant costs as a result of operating as a public company; the COVID-19 pandemic has adversely impacted and may continue to adversely impact our business, including our preclinical studies and clinical trials; and the other important factors discussed under the caption “Risk Factors” in our most recently filed periodic report on Form 10-K or 10-Q and subsequent filings with the U.S. Securities and Exchange Commission (SEC) and our other filings with the SEC. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
ZENTALIS™ and its associated logo are trademarks of Zentalis and/or its affiliates. All website addresses and other links in this press release are for information only and are not intended to be an active link or to incorporate any website or other information into this press release.
Investor Contacts:
Adam D. Levy, PhD, MBA
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Alexandra Roy
Solebury Strategic Communications
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Media Contact:
Julia Deutsch
Solebury Strategic Communications
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Zentalis Pharmaceuticals, Inc. | |||||||||||
Consolidated Statements of Operations | |||||||||||
(In thousands, except per share amounts) | |||||||||||
Year ended December 31, | |||||||||||
2022 | 2021 | 2020 | |||||||||
Operating Expenses | |||||||||||
Research and development | $ | 172,734 | $ | 175,601 | $ | 84,901 | |||||
General and administrative | 54,553 | 40,941 | 33,886 | ||||||||
Total operating expenses | 227,287 | 216,542 | 118,787 | ||||||||
Loss from operations | (227,287 | ) | (216,542 | ) | (118,787 | ) | |||||
Other Income (Expense) | |||||||||||
Investment and other income, net | 5,987 | 401 | 683 | ||||||||
Gain on deconsolidation of Zentera | — | 51,582 | — | ||||||||
Net loss before income taxes | (221,300 | ) | (164,559 | ) | (118,104 | ) | |||||
Income tax expense (benefit) | (469 | ) | (297 | ) | 444 | ||||||
Loss on equity method investment | 16,282 | 1,831 | — | ||||||||
Net loss | (237,113 | ) | (166,093 | ) | (118,548 | ) | |||||
Net loss attributable to noncontrolling interests | (307 | ) | (7,368 | ) | (707 | ) | |||||
Net loss attributable to Zentalis | $ | (236,806 | ) | $ | (158,725 | ) | $ | (117,841 | ) | ||
Net loss per common share outstanding, basic and diluted | $ | (4.48 | ) | $ | (3.72 | ) | $ | (4.19 | ) | ||
Common shares used in computing net loss per share, basic and diluted | 52,857 | 42,688 | 28,113 |
Zentalis Pharmaceuticals, Inc. | ||||||||
Selected Condensed Consolidated Balance Sheet Data | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
December 31, | ||||||||
2022 | 2021 | |||||||
Cash, cash equivalents and marketable securities | $ | 437,371 | $ | 339,887 | ||||
Working capital (1) | 395,286 | 306,826 | ||||||
Total assets | 539,310 | 454,507 | ||||||
Total liabilities | 105,286 | 90,025 | ||||||
Total Zentalis equity | $ | 434,024 | $ | 364,482 | ||||
(1) The Company defines working capital as current assets less current liabilities. |
Last Trade: | US$3.00 |
Daily Change: | 0.07 2.39 |
Daily Volume: | 1,747,623 |
Market Cap: | US$213.810M |
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