Agios Reports Business Highlights and Third Quarter 2021 Financial Results
– Received FDA Priority Review for Mitapivat for the Treatment of Adults with Pyruvate Kinase (PK) Deficiency; PDUFA Date Set for
– Initiated ENERGIZE and ENERGIZE-T Phase 3 Studies in Thalassemia –
– Agios to Host Investor Day on
“In the third quarter, we have continued our strong clinical and operational execution. Following our NDA and MAA filings for mitapivat for adults with PK deficiency, the team is laser-focused on launch preparations in this indication, as well as on initiating three pivotal trials across thalassemia and sickle cell disease by year-end,” said
THIRD QUARTER 2021 & RECENT HIGHLIGHTS
- Received Priority Review designation for the new drug application of mitapivat in PK deficiency by the
U.S. Food and Drug Administration (FDA), accelerating review time from 10 months to six months from the day of filing acceptance; Prescription Drug User Fee Act (PDUFA) action date set forFeb. 17, 2022 . - Initiated first global trial sites for Phase 3 ENERGIZE and ENERGIZE-T studies of mitapivat in not regularly transfused and regularly transfused adults with α- or β-thalassemia.
- Continued start-up activities for the Phase 2/3 study of mitapivat in sickle cell disease. In collaboration with a global team of sickle cell disease patients and caregivers, developed study name – RISE UP – and unveiled it at the
Sickle Cell Disease Association of America 49th AnnualNational Convention last month. - In Q3, repurchased approximately 5.3 million shares of Agios common stock at an average price of
$47.94 per share. To date, the company has completed more than$800 million of the up to$1.2 billion of share repurchases authorized by the Board of Directors following the company’s sale of its oncology business toServier , representing a reduction of just over 23% of our starting share count.
KEY UPCOMING MILESTONES
- Host investor day on
Nov. 17 to share updates on the company’s research and development pipeline, as well as provide additional insights into the commercial launch strategy and expectations for mitapivat in PK deficiency. - Initiate Phase 2/3 RISE UP study of mitapivat in sickle cell disease by year-end.
Data Presentations
- Submitted the following select data for presentation at the 63rd
American Society of Hematology (ASH) Annual Meeting & Exposition, hostedDec. 11-14 :- Long-term efficacy data of mitapivat in adults with PK deficiency who participated in the Phase 3 ACTIVATE and ACTIVATE-T trials
- Long-term efficacy and safety data of mitapivat in adults with thalassemia who do not receive regular transfusions
- Efficacy, safety and translational data of mitapivat in sickle cell disease from ongoing collaborator-led studies
- Phase 1 healthy volunteer study data of AG-946, the company's novel PK activator
THIRD QUARTER 2021 FINANCIAL RESULTS
The financial results discussion compares Agios’ continuing operations. All periods have been adjusted to exclude discontinued operations related to the divested oncology business.
Research and Development (R&D) Expenses: R&D expenses for continuing operations were $64.0 million for the third quarter of 2021 compared to $51.9 million for the third quarter of 2020. The year-over-year increase in R&D was driven primarily by start-up costs associated with the Phase 3 studies of mitapivat in thalassemia and sickle cell disease, as well as disease education and engagement efforts for mitapivat in PK deficiency, thalassemia and sickle cell disease.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses for continuing operations were $27.2 million for the third quarter of 2021 compared to
Non-Operating Income: Non-operating income included approximately
Net Loss: Net loss was $88.8 million for the third quarter of 2021 compared to a net loss of $99.0 million for the third quarter of 2020.
Cash Position and Guidance: Cash, cash equivalents and marketable securities as of Sept. 30, 2021, were $1.4 billion compared to $722.4 million as of Sept. 30, 2020. The company expects that its cash, cash equivalents and marketable securities will enable the company to execute its operating plan through major catalysts and to cash-flow positivity without the need to raise additional equity.
CONFERENCE CALL INFORMATION
Agios will host a conference call and live webcast with slides today at 8:00 a.m. ET to discuss third quarter 2021 financial results and recent business activities. To participate in the conference call, please dial 1-877-377-7098 (domestic) or 1-631-291-4547 (international) and refer to conference ID 5748074. The live webcast can be accessed under “Events & Presentations” in the Investors section of the company's website at www.agios.com. The archived webcast will be available on the company's website beginning approximately two hours after the event.
Agios will host an investor webcast on
About Agios
Agios is focused on discovering and developing novel investigational medicines to treat genetically defined diseases through scientific leadership in the field of cellular metabolism. The company’s most advanced drug candidate is a first-in-class pyruvate kinase R (PKR) activator, mitapivat, that is currently being evaluated for the treatment of three distinct hemolytic anemias. In addition to its active late-stage clinical pipeline, Agios has multiple novel, investigational therapies in clinical and preclinical development. For more information, please visit the company’s website at www.agios.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding Agios’ plans, strategies and expectations for the preclinical, clinical and commercial advancement of its drug development programs, including mitapivat and AG-946; the potential benefits of Agios’ products and product candidates; Agios’ key milestones and guidance for 2021; its financial guidance regarding the period in which it will have capital available to fund its operations; expectations regarding the return of capital to shareholders following the sale of Agios’ oncology business; Agios’ expectations for the FDA’s review of its NDA for mitapivat; and the potential benefits of Agios’ strategic plans and focus. The words “anticipate,” “expect,” “goal,” “hope,” “milestone,” “plan,” “potential,” “possible,” “strategy,” “will,” “vision,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from Agios’ current expectations and beliefs. Management’s expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other important factors, including, without limitation risks and uncertainties related to: the failure of Agios to receive milestone or royalty payments related to the sale of its oncology business, the uncertainty of the timing of any receipt of any such payments, and the uncertainty of the results and effectiveness of the use of proceeds from the transaction with
| Consolidated Balance Sheet Data | |||||
| (in thousands) | |||||
| (Unaudited) | |||||
2021 |
2020 |
||||
| Cash, cash equivalents, and marketable securities | $ | 1,396,196 | $ | 670,537 | |
| Assets held for discontinued operations | - | 50,460 | |||
| Total assets | 1,541,498 | 852,952 | |||
| Liabilities held for discontinued operations | - | 299,728 | |||
| Stockholders' equity | 1,394,762 | 399,500 | |||
| Consolidated Statements of Operations Data | ||||||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||||||
| (Unaudited) |
||||||||||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
| (In thousands, except share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Cost and expenses: | ||||||||||||||||||||
| Research and development | $ | 64,000 | $ | 51,943 | $ | 183,674 | $ | 161,388 | ||||||||||||
| Selling, general and administrative | 27,152 | 28,347 | 89,917 | 89,196 | ||||||||||||||||
| Total cost and expenses | 91,152 | 80,290 | 273,591 | 250,584 | ||||||||||||||||
| Loss from operations | (91,152 | ) | (80,290 | ) | (273,591 | ) | (250,584 | ) | ||||||||||||
| Gain on sale of oncology business | 1,996 | — | 3,996 | — | ||||||||||||||||
| Interest income, net | 256 | 1,115 | 504 | 5,820 | ||||||||||||||||
| Other income, net | 4,641 | — | 11,165 | — | ||||||||||||||||
| Net loss from continuing operations | (84,259 | ) | (79,175 | ) | (257,926 | ) | (244,764 | ) | ||||||||||||
| Net (loss) income from discontinued operations, net of tax | (4,507 | ) | (19,804 | ) | 1,957,268 | 15,051 | ||||||||||||||
| Net (loss) income | $ | (88,766 | ) | $ | (98,979 | ) | $ | 1,699,342 | $ | (229,713 | ) | |||||||||
| Net loss from continuing operations per share - basic and diluted | $ | (1.48 | ) | $ | (1.15 | ) | $ | (4.13 | ) | $ | (3.55 | ) | ||||||||
| Net (loss) income from discontinued operations per share - basic and diluted | $ | (0.08 | ) | $ | (0.29 | ) | $ | 31.31 | $ | 0.22 | ||||||||||
| Net (loss) income per share - basic and diluted | $ | (1.56 | ) | $ | (1.43 | ) | $ | 27.19 | $ | (3.33 | ) | |||||||||
| Weighted-average number of common shares used in computing net loss per share from continuing operations, net (loss) income per share from discontinued operations and net (loss) income per share – basic and diluted | 57,048,175 | 69,144,061 | 62,503,087 | 68,905,853 | ||||||||||||||||
Contacts
Investors:
Senior Director, Investor Relations
Holly.Manning@agios.com
Media:
Director, Corporate Communications
Jessica.Rennekamp@agios.com
Source: Agios Pharmaceuticals, Inc.
