On November 2, 2023 Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) (the "Company"), reported financial results for the third quarter of 2023 (Press release, Ionis Pharmaceuticals, NOV 2, 2023, View Source [SID1234636770]).

"We continue to successfully execute on our strategy to deliver a steady cadence of potentially transformational medicines to patients," said Brett P. Monia, Ph.D., chief executive officer of Ionis. "Eplontersen is on track for its first potential approval in the U.S. and is under regulatory review in the EU and Canada. We believe the positive efficacy and safety data coupled with an attractive self-administration dosing profile positions eplontersen to be the preferred therapy in the largely underserved hereditary ATTR polyneuropathy population. We reported positive data from the olezarsen Phase 3 Balance study in patients with familial chylomicronemia syndrome, showing statistically significant triglyceride lowering, substantial reductions in acute pancreatitis attacks and favorable safety and tolerability, positioning olezarsen to be our first independent commercial launch. We also made additional progress across our wholly owned and partnered pipeline, and further expanded our rich Phase 3 pipeline with the advance of zilganersen for patients with Alexander disease into Phase 3 development. Looking ahead, we expect to continue our positive momentum with the potential approval and launch of eplontersen and the Phase 3 data readout of donidalorsen in hereditary angioedema."

Third Quarter 2023 Summary Financial Results:

Three months ended
September 30,

Nine months ended
September 30,

2023

2022

2023

2022

(amounts in millions)

Total revenue

$
144

$
160

$
463

$
435

Operating expenses

$
287

$
219

$
811

$
637

Operating expenses on a non-GAAP basis

$
261

$
195

$
732

$
562

Loss from operations

$
(143
)

$
(59
)

$
(348
)

$
(202
)
Loss from operations on a non-GAAP basis

$
(117
)

$
(35
)

$
(269
)

$
(127
)

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1
Financial Highlights

•
Revenue continued to be substantial and sustained, with revenues of $144 million and $463 million in the three and nine months ended September 30, 2023, reflecting a 10% decrease and 6% increase compared to the same periods last year, respectively, driven by the timing of certain partner payments

•
Operating expenses increased in the three and nine months ended September 30, 2023 compared to the same periods last year, primarily due to strategic investments to bring eplontersen, olezarsen and donidalorsen to patients

•
Cash and short-term investments of $2.2 billion as of September 30, 2023 enables continued investments to drive increasing value

•
Reaffirmed 2023 financial guidance

Near-Term Commercial Opportunities and Late-Stage Pipeline Highlights

•
Achieved multiple milestones with eplontersen:

o
Eplontersen is under regulatory review by the European Medicines Agency (EMA) and Health Canada for the treatment of hereditary ATTR polyneuropathy (ATTRv-PN)

o
The EMA granted orphan drug designation to eplontersen for the treatment of ATTR in the EU

o
Published positive data from the Phase 3 NEURO-TTRansform study in patients with ATTRv-PN in the Journal of the American Medical Association (JAMA) showing eplontersen halted measures of disease progression and continuously improved quality of life at 35-, 66- and 85-weeks

o
Presented positive new data showing continued benefit in secondary endpoints from the Phase 3 NEURO-TTRansform study in patients with ATTRv-PN at the European ATTR Amyloidosis (EU-ATTR) meeting

o
Presented positive exploratory data from a pre-defined cardiac sub-population of patients in NEURO-TTRansform showing improvement in cardiac function and structure compared to external placebo at the Heart Failure Society of America (HFSA) Annual Scientific Meeting

o
Completed enrollment of the Phase 3 CARDIO-TTRansform study of eplontersen in patients with ATTR cardiomyopathy (ATTR-CM), the largest study ever conducted in ATTR-CM; on track for data readout as early as H1:2025

•
Reported positive data from the Phase 3 Balance study of olezarsen in patients with familial chylomicronemia syndrome (FCS)

o
Olezarsen demonstrated robust, dose-dependent reductions in APOCIII, statistically significant reductions in triglycerides, substantial reductions in acute pancreatitis attacks and a favorable safety and tolerability profile

o
On track to file for regulatory approval in the U.S. and EU in early 2024

•
The FDA granted orphan drug designation to donidalorsen for the treatment of patients with hereditary angioedema (HAE); on track for data readout in the Phase 3 OASIS-HAE study in H1:2024

•
Advanced zilganersen (GFAP) into Phase 3 development for the treatment of patients with Alexander disease

2
•
The FDA granted orphan drug designation to ulefnersen (FUS) for the treatment of patients with FUS-ALS

Partnered Program Highlights

•
GSK reported positive data from the Phase 2b B-Together study of bepirovirsen followed by pegylated interferon in patients with chronic hepatitis B virus (HBV)

•
Reported positive interim data from the ongoing Phase 2 study of IONIS-FB-LRx in patients with immunoglobulin A nephropathy (IgAN)

•
Biogen reported positive data from the Phase 1/2 study of IONIS-MAPTRx (BIIB080) in patients with Alzheimer’s disease

•
Completed enrollment in the Phase 1/2 HALOS study of ION582 (BIIB121) in patients with Angelman syndrome

•
Entered a new agreement with Roche to advance two novel RNA-targeted programs for Alzheimer’s disease and Huntington’s disease

Third Quarter 2023 Financial Results

"Our year-to-date financial results keep us on track to achieve our 2023 guidance as we execute on a strategy to unlock next-level value," said Elizabeth L. Hougen, chief financial officer of Ionis. "Our strong financial foundation includes more than $2B in cash, significant royalty revenue with SPINRAZA, and substantial and sustained R&D revenue from multiple partners. We are well positioned to continue investing in our key priorities to drive future positive cash flow, including advancing our go-to-market activities, growing our wholly owned pipeline and optimizing new cutting-edge technologies for future medicines. We look forward to the potential U.S. eplontersen ATTRv-PN approval next month followed closely by launch. Together with our partner, AstraZeneca, we believe we are well positioned to identify new patients to further grow the market and become the treatment of choice for this population that remains largely underserved by current therapies."

Revenue

Ionis’ revenue was comprised of the following:

Three months ended
September 30,

Nine months ended
September 30,

2023

2022

2023

2022

Revenue:

(amounts in millions)

Commercial revenue:

SPINRAZA royalties

$
67

$
62

$
179

$
175

Other commercial revenue:

TEGSEDI and WAYLIVRA revenue, net

8

6

25

23

Licensing and royalty revenue

9

5

26

25

Total commercial revenue

84

73

230

223

Research and development revenue:

Amortization from upfront payments

18

18

47

54

Milestone payments

16

15

90

60

License fees

5

35

25

37

Other services

5

1

11

6

Collaborative agreement revenue

44

69

173

157

Eplontersen joint development revenue

16

18

60

55

Total research and development revenue

60

87

233

212

Total revenue

$
144

$
160

$
463

$
435

Commercial revenue for the three and nine months ended September 30, 2023 included $67 million and $179 million from SPINRAZA royalties, respectively, which were essentially flat compared to the same periods last year reflecting SPINRAZA’s resilience against emerging competition. Ionis’ commercial revenue in the three and nine months ended September 30, 2023 also included royalties from the U.S. launch of QALSODY.

R&D revenue decreased for the three months ended September 30, 2023 and increased for the nine months ended September 30, 2023 compared to the same periods last year due to the timing of certain partner payments, including the $35 million license fee for IONIS-FB-LRx that Ionis earned from Roche in the three months ended September 30, 2022.

Operating Expenses

Ionis’ operating expenses increased in the three and nine months ended September 30, 2023 compared to the same periods in 2022, consistent with expectations. As Ionis advanced its robust pipeline, study costs increased compared to the same periods in 2022 as most of the Company’s Phase 3 studies are either fully enrolled or approaching full enrollment, resulting in higher R&D expenses year over year. Ionis’ SG&A expenses also increased year over year primarily due to launch preparation activities for eplontersen, olezarsen and donidalorsen.

Balance Sheet

As of September 30, 2023, Ionis’ cash, cash equivalents and short-term investments increased to $2.2 billion compared to $2.0 billion at December 31, 2022 primarily due to the $500 million Ionis received from Royalty Pharma in January 2023. Ionis’ working capital also increased over the same period primarily due to the Company’s higher cash and short-term investments balance. In the first quarter of 2023, the Company recorded a long-term liability for future royalties due to Royalty Pharma. In June 2023, Ionis issued $575 million of senior convertible notes due in June 2028 with an interest rate of 1.75%. The Company used the majority of the proceeds to repurchase $504 million of its 0.125% convertible notes.

Webcast

Management will host a conference call and webcast to discuss Ionis’ third quarter 2023 results at 11:30 a.m. Eastern time on Thursday, November 2, 2023. Interested parties may access the webcast here. A webcast replay will be available for a limited time at the same address. To access the Company’s third quarter 2023 earnings slides click here.

On November 2, 2023 Intra-Cellular Therapies, Inc. (Nasdaq: ITCI), a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, reported its financial results for the third quarter ended September 30, 2023 and provided a corporate update (Press release, Intra-Cellular Therapies, NOV 2, 2023, View Source [SID1234636769]).

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"Our third quarter results represent another period of significant CAPLYTA growth, and we are again increasing our revenue guidance for the full year 2023," said Dr. Sharon Mates, Chairman and CEO of Intra-Cellular Therapies. "We continue to solidify CAPLYTA’s position as an important option in the treatment of bipolar depression and schizophrenia and we remain focused on advancing our pipeline, including additional lumateperone development programs."

Third Quarter Financial Highlights:

Total revenues were $126.2 million for the third quarter of 2023, compared to $71.9 million for the same period in 2022. Net product sales of CAPLYTA were $125.8 million for the third quarter of 2023, compared to $71.9 million for the same period in 2022, representing a year-over-year increase of 75% and a 14% sequential increase over the second quarter of 2023.

•
Net loss for the third quarter of 2023 was $24.3 million compared to a net loss of $53.5 million for the same period in 2022.

•
Cost of product sales was $9.1 million in the third quarter of 2023 compared to $5.9 million for the same period in 2022.

1

•
Selling, general and administrative (SG&A) expenses were $105.2 million for the third quarter of 2023, compared to $88.4 million for the same period in 2022.

•
Research and development (R&D) expenses were $41.6 million for the third quarter of 2023, compared to $33.3 million for the same period in 2022.

•
Cash, cash equivalents, restricted cash and investment securities totaled $494.8 million at September 30, 2023.

Fiscal 2023 Financial Outlook:

•
Full year 2023 CAPLYTA net product sales guidance increased to $460 to $470 million from the previous range of $445 to $465 million.

•
Full year 2023 SG&A expense guidance lowered to $405 to $420 million and R&D expense guidance lowered to $185 to $200 million.

CLINICAL HIGHLIGHTS

Lumateperone:

•
Adjunctive Major Depressive Disorder (MDD) program: Studies 501, 502 and 505, our global Phase 3 clinical trials evaluating lumateperone 42 mg as an adjunctive therapy to antidepressants for the treatment of MDD are ongoing. We expect to report topline results from Study 501 and from Study 502 in the first and second quarters of 2024, respectively. Subject to the results of these studies, we anticipate filing a supplemental NDA in the second half of 2024.

•
Mixed Features program: We presented results from Study 403 at the 2023 Psych Congress and at the European College of Neuropsychopharmacology Congress.

In this study, lumateperone 42mg was statistically significant on the primary endpoint of symptom reduction on the Montgomery Asberg Depression Rating Scale (MADRS) for the combined mixed features patient population of MDD and bipolar depression and the individual patient populations of MDD with mixed features and bipolar depression with mixed features. The robust effect sizes ranged from 0.64 to 0.67. Lumateperone was generally safe and well tolerated, with a side effect profile consistent with prior trials. There were no notable changes in weight, body mass index or waist circumference and no clinically relevant changes in metabolic parameters.

We plan to continue presenting analyses from Study 403 at upcoming medical conferences including a post-hoc analysis evaluating the antidepressant effects of lumateperone in a pre-specified patient population with mixed features exhibiting anxious distress, commonly known as anxious depression.

•
Lumateperone Long Acting Injectable (LAI) formulation: We have completed the pre-clinical development of an LAI formulation, and we have conducted a Phase 1 single ascending dose study with this formulation. We expect to initiate a Phase 1 single ascending dose study with four additional formulations in the first half of 2024. The goal of the program is to develop LAI formulations that are effective, safe, and well-tolerated with treatment durations of one month or longer.

Other pipeline programs:

•
ITI-1284-ODT-SL program: ITI-1284 is a deuterated form of lumateperone, a new chemical entity formulated as an oral disintegrating tablet for sublingual administration. We have initiated Phase 2 programs evaluating ITI-1284 in generalized anxiety disorder, psychosis in Alzheimer’s disease, and agitation in Alzheimer’s disease.

•
Phosphodiesterase type I inhibitor (PDE1) program: We continue to develop our portfolio of PDE1 inhibitors:

Lenrispodun (ITI-214) Parkinson’s disease (PD) program: Patient enrollment in our Phase 2 clinical trial is ongoing. The objective of this study is to evaluate improvements in motor symptoms in patients with PD. Changes in cognition and inflammatory biomarkers are also being assessed.

ITI-1020 cancer immunotherapy program: Our Phase 1 single ascending dose study in healthy volunteers is ongoing. The objective of this study is to evaluate pharmacokinetics, safety, and tolerability of different doses of ITI-1020.

•
ITI-333 program: ITI-333, a 5-HT2A receptor antagonist and µ-opioid receptor partial agonist, provides potential utility in the treatment of opioid use disorder and pain. A multiple ascending dose study and a positron emission tomography (PET) study are ongoing.

•
ITI-1500 Non-Hallucinogenic Psychedelic Program: Our lead product candidate in this program, ITI-1549, continues to advance through IND enabling studies. This program is focused on the development of novel non-hallucinogenic psychedelics for the treatment of mood, anxiety and other neuropsychiatric disorders without the liabilities of known psychedelics, including the hallucinogenic potential and risk for cardiac valvular pathologies.

Conference Call and Webcast Details

The Company will host a live conference call and webcast today at 8:30 AM Eastern Time to discuss the Company’s financial results and provide a corporate update. To attend the live conference call by phone, please use this registration link (https://register.vevent.com/register/BI30bccb5ef41c4aa1b58d7db393a02621). All participants must use the link to complete the online registration process in advance of the conference call.

The live and archived webcast can be accessed under "Events & Presentations" in the Investors section of the Company’s website at www.intracellulartherapies.com. Please log in approximately 5-10 minutes prior to the event to register and to download and install any necessary software.

CAPLYTA (lumateperone) is indicated in adults for the treatment of schizophrenia and depressive episodes associated with bipolar I or II disorder (bipolar depression) as monotherapy and as adjunctive therapy with lithium or valproate.

Important Safety Information

Boxed Warnings:

•
Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death. CAPLYTA is not approved for the treatment of patients with dementia-related psychosis.

•
Antidepressants increased the risk of suicidal thoughts and behaviors in pediatric and young adults in short-term studies. All antidepressant-treated patients should be closely monitored for clinical worsening, and for emergence of suicidal thoughts and behaviors. The safety and effectiveness of CAPLYTA have not been established in pediatric patients.

Contraindications: CAPLYTA is contraindicated in patients with known hypersensitivity to lumateperone or any components of CAPLYTA. Reactions have included pruritus, rash (e.g., allergic dermatitis, papular rash, and generalized rash), and urticaria.

Warnings & Precautions: Antipsychotic drugs have been reported to cause:

•
Cerebrovascular Adverse Reactions in Elderly Patients with Dementia-Related Psychosis, including stroke and transient ischemic attack. See Boxed Warning above.

•
Neuroleptic Malignant Syndrome (NMS), which is a potentially fatal reaction. Signs and symptoms include: high fever, stiff muscles, confusion, changes in breathing, heart rate, and blood pressure, elevated creatinine phosphokinase, myoglobinuria (and/or rhabdomyolysis), and acute renal failure. Patients who experience signs and symptoms of NMS should immediately contact their doctor or go to the emergency room.

•
Tardive Dyskinesia, a syndrome of uncontrolled body movements in the face, tongue, or other body parts, which may increase with duration of treatment and total cumulative dose. TD may not go away, even if CAPLYTA is discontinued. It can also occur after CAPLYTA is discontinued.

•
Metabolic Changes, including hyperglycemia, diabetes mellitus, dyslipidemia, and weight gain. Hyperglycemia, in some cases extreme and associated with ketoacidosis, hyperosmolar coma or death, has been reported in patients treated with antipsychotics. Measure weight and assess fasting plasma glucose and lipids when initiating CAPLYTA and monitor periodically during long-term treatment.

•
Leukopenia, Neutropenia, and Agranulocytosis (including fatal cases). Complete blood counts should be performed in patients with pre-existing low white blood cell count (WBC) or history of leukopenia or neutropenia. CAPLYTA should be discontinued if clinically significant decline in WBC occurs in absence of other causative factors.

•
Decreased Blood Pressure & Dizziness. Patients may feel lightheaded, dizzy or faint when they rise too quickly from a sitting or lying position (orthostatic hypotension). Heart rate and blood pressure should be monitored and patients should be warned with known cardiovascular or cerebrovascular disease. Orthostatic vital signs should be monitored in patients who are vulnerable to hypotension.

•
Falls. CAPLYTA may cause sleepiness or dizziness and can slow thinking and motor skills, which may lead to falls and, consequently, fractures and other injuries. Patients should be assessed for risk when using CAPLYTA.

•
Seizures. CAPLYTA should be used cautiously in patients with a history of seizures or with conditions that lower seizure threshold.

•
Potential for Cognitive and Motor Impairment. Patients should use caution when operating machinery or motor vehicles until they know how CAPLYTA affects them.

•
Body Temperature Dysregulation. CAPLYTA should be used with caution in patients who may experience conditions that may increase core body temperature such as strenuous exercise, extreme heat, dehydration, or concomitant anticholinergics.

•
Dysphagia. CAPLYTA should be used with caution in patients at risk for aspiration.

Drug Interactions: CAPLYTA should not be used with CYP3A4 inducers. Dose reduction is recommended for concomitant use with strong CYP3A4 inhibitors or moderate CYP3A4 inhibitors.

Special Populations: Newborn infants exposed to antipsychotic drugs during the third trimester of pregnancy are at risk for extrapyramidal and/or withdrawal symptoms following delivery. Dose reduction is recommended for patients with moderate or severe hepatic impairment.

Adverse Reactions: The most common adverse reactions in clinical trials with CAPLYTA vs. placebo were somnolence/sedation, dizziness, nausea, and dry mouth.

CAPLYTA is available in 10.5 mg, 21 mg, and 42 mg capsules.

Please click here to see full Prescribing Information including Boxed Warning.

About CAPLYTA (lumateperone)

CAPLYTA 42 mg is an oral, once daily atypical antipsychotic approved in adults for the treatment of schizophrenia and depressive episodes associated with bipolar I or II disorder (bipolar depression) as monotherapy and as adjunctive therapy with lithium or valproate. While the mechanism of action of CAPLYTA is unknown, the efficacy of CAPLYTA could be mediated through a combination of antagonist activity at central serotonin 5-HT2A receptors and postsynaptic antagonist activity at central dopamine D2 receptors.

Lumateperone is being studied for the treatment of major depressive disorder, and other neuropsychiatric and neurological disorders. Lumateperone is not FDA-approved for these disorders.

On November 2, 2023 Inhibrx, Inc. (Nasdaq: INBX), a clinical-stage biopharmaceutical company dedicated to the development of therapeutics for oncology and rare diseases, reported preliminary efficacy and safety data from the Phase 1 trial of INBRX-109 in combination with Irinotecan and Temozolomide (IRI/TMZ) for the treatment of advanced or metastatic, unresectable Ewing sarcoma (Press release, Inhibrx, NOV 2, 2023, View Source [SID1234636768]). Inhibrx presented this dataset as of the data cut of September 8th, 2023 at the Annual Connective Tissue Oncology Society (CTOS) Conference today.

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Among the 13 patients evaluable, which included 7 classical Ewing sarcoma patients (EWS) and 6 round cell sarcoma patients (RCS), the observed disease control rate was 76.9%, or 10 out of 13 patients as measured by RECISTv1.1. There were 7 patients who achieved partial responses (53.8%), 5 of which were observed in classical EWS patients (71.4%) and 2 of which were observed in RCS patients (33.3%). Durable clinical benefit was observed in 4 patients (30.8%) who achieved disease control lasting greater than 6 months. As of September 8, 2023, the longest duration of stable disease was over 10 months and ongoing and 7 of the 13 patients remained in the study.
Overall, INBRX-109 in combination with IRI/TMZ was well tolerated. The most common adverse events were diarrhea, nausea and fatigue, all consistent with the known safety profile of IRI/TMZ. No grade 3 or higher liver-related events occurred.

"I am encouraged by these initial data in relapsed/refractory Ewing sarcoma patients. This is a patient population with a high unmet need and limited effective treatment options," said Dr. Rashmi Chugh, MD, a Professor of Internal Medicine in the Division of Hematology/Oncology at University of Michigan Rogel Comprehensive Cancer Center. "I look forward to ongoing recruitment in this cohort of patients and seeing the results of the further expansion."

About Ewing Sarcoma

Ewing sarcoma, a round cell sarcoma, is a rare, aggressive tumor that occurs in children and adults. It is frequently metastatic at diagnosis with a poor prognosis and commonly relapses. Few effective treatments are available. IRI with TMZ is frequently used in the relapsed setting but response rates are low.

About INBRX-109

INBRX-109 is a precision-engineered, tetravalent death receptor 5 (DR5) agonist antibody designed to exploit the tumor-biased cell death induced by DR5 activation.

In January 2021, the FDA granted Fast Track designation to INBRX-109 for the treatment of patients with unresectable or metastatic conventional chondrosarcoma and orphan-drug designation to INBRX-109 for chondrosarcoma in the United States.

In June 2021, Inhibrx initiated a randomized, blinded, placebo-controlled, registration-enabling Phase 2 trial of INBRX-109 in conventional chondrosarcoma, which is currently ongoing. Additionally, in a Phase 1 trial, Inhibrx is currently investigating INBRX-109 in other indications in combination with certain chemotherapies, including Ewing sarcoma.

On November 2, 2023 IN8bio, Inc. (Nasdaq: INAB), a clinical-stage biopharmaceutical company developing innovative gamma-delta T cell therapies, reported an abstract detailing new, positive data from the Phase 1 investigator-sponsored trial of INB-100 in patients with hematologic malignancies has been selected for poster presentation at the 65th American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting and Exposition taking place December 9-12, 2023 (Press release, In8bio, NOV 2, 2023, View Source [SID1234636767]).

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Details for the ASH (Free ASH Whitepaper) 2023 presentation are as follows:

Title: INB-100: A Pilot Study of Donor Derived, Ex-Vivo Expanded/Activated Gamma-Delta T Cell (EAGD) Infusion Following Haploidentical Hematopoietic Stem Cell Transplantation and Post-Transplant Cyclophosphamide (PTCy)
Presenter: Joseph McGuirk, DO, The University of Kansas Cancer Center
Abstract #: 4853
Session Name: Cellular Immunotherapies: Early Phase and Investigational Therapies: Poster III
Date and Time: Monday, December 11, 2023, 6:00 PM – 8:00 PM PDT

Ten patients have been treated, completing the dose-escalation of this Phase 1 trial as of the abstract data cutoff of July 14, 2023. Updated data on safety and efficacy, including CRs and durability of response will be presented in December.

About the INB-100 Phase 1 Trial
The Phase 1 clinical trial (NCT03533816) is a dose-escalation trial of allogeneic derived, gamma-delta T cells from matched related donors that have been expanded and activated ex vivo and administered systemically to patients with hematologic malignancies following hematopoietic bone marrow transplantation (HSCT). The single-institution clinical trial is currently being conducted at The University of Kansas Cancer Center (KUCC). The primary endpoints of this trial are safety and tolerability, and secondary endpoints include rates of GvHD, relapse rate and overall survival.

On November 2, 2023 ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, reported recent progress in the business and reported financial results for the quarter ended September 30, 2023 (Press release, ImmunoGen, NOV 2, 2023, View Source [SID1234636766]).

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"Building on the momentum generated in the first half of 2023, we delivered a strong third quarter highlighted by significant ELAHERE revenue growth and the achievement of key operational milestones," said Mark Enyedy, ImmunoGen’s President and Chief Executive Officer. "With a 36% increase in sequential quarterly net sales and over $210 million in product revenue through the first nine months of the year, ELAHERE is tracking towards one of the most successful first product launches in oncology in a decade. We also made important progress in our effort to bring ELAHERE to eligible patients around the world with the acceptance of the MAA by the EMA and the NDA by the NMPA, and the establishment of a collaboration with Takeda to deliver ELAHERE in Japan."

Enyedy continued, "In addition, we advanced the ELAHERE development program and are pleased to report that our PICCOLO trial in platinum-sensitive ovarian cancer has met the primary endpoint of objective response rate based on an interim efficacy assessment. With a number of patients remaining on treatment and longer follow-up required to establish mature response durability of ELAHERE in this patient population, we anticipate an ORR of at least 48% when we report full data in mid-2024. Turning to our second pivotal program, PVEK, we continue to advance our 802 study and look forward to reporting data from our PVEK/VEN/AZA triplet in frontline AML at ASH (Free ASH Whitepaper) in December. We also continued to monitor the NSCLC cohort with IMGC936 and advanced dose escalation with IMGN151, our second-generation ADC targeting FRα. We look forward to a strong finish to the year and a productive 2024 with the continued growth of ELAHERE, important new data for our programs, and geographic expansion in Europe and China."

RECENT PROGRESS

ELAHERE (mirvetuximab soravtansine-gynx)

Generated $105.2 million in ELAHERE net sales for the quarter ended September 30, 2023.
Obtained acceptance of the Marketing Authorization Application (MAA) by the European Medicines Agency (EMA) for ELAHERE in folate receptor alpha (FRα)-positive platinum-resistant ovarian cancer (PROC) to support approval and launch in Europe.
Submitted the supplemental Biologics License Application (sBLA) to the US Food and Drug Administration (FDA) to support conversion to full approval.
Our partner, Huadong Medicine, obtained acceptance of the New Drug Application (NDA) to the National Medical Products Administration (NMPA) of China for ELAHERE in FRα-positive PROC to support approval and launch.
Announced collaboration with Takeda Pharmaceutical Company Limited (Takeda) granting Takeda an exclusive license to develop and commercialize ELAHERE in Japan. The Company received an upfront payment of $23.21 million and is eligible to receive up to approximately $1352 million in regulatory and commercial milestone payments in addition to tiered royalties in the low double-digits to mid-twenties.
Clinical Pipeline and Research

Presented additional subset analyses in prior lines of therapy and prior exposure to PARP inhibitor (PARPi) therapy from MIRASOL in an oral session at the 24th Congress of the European Society of Gynaecological Oncology (ESGO) demonstrating clinical outcomes of safety and efficacy consistent with the overall MIRASOL study population.
Reported that PICCOLO, the ongoing single-arm Phase 2 trial of mirvetuximab in FRα-high, platinum-sensitive ovarian cancer (PSOC) has met the primary endpoint of objective response rate (ORR) based upon an interim assessment with no new safety signals identified. An ORR of at least 48% is expected when full data are reported in mid-2024.
Established a multi-target license and option agreement with ImmunoBiochem Corporation to develop next-generation ADCs.
Corporate

Appointed Lauren White as Senior Vice President and Chief Financial Officer, and Heather Adkins Huet, PhD, as Senior Vice President and Chief Scientific Officer.
ANTICIPATED UPCOMING EVENTS

Potential FDA approval of ELAHERE’s sBLA in H1 2024.
Report full data from the single-arm Phase 2 PICCOLO trial of mirvetuximab in FRα-high PSOC in mid-2024.
Potential EMA approval of ELAHERE in late 2024 to support launch in Europe.
Our partner, Huadong Medicine, is planning for NMPA approval of ELAHERE by the end of 2024 to support launch in China.
Report data from the 802 trial, evaluating the pivekimab sunirine (pivekimab) triplet with Venclexta (venetoclax) and Vidaza (azacitidine) in frontline acute myeloid leukemia (AML) at the American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting in December 2023.
Report top-line data from the pivotal frontline de novo cohort in the Phase 2 CADENZA trial of pivekimab in blastic plasmacytoid dendritic cell neoplasm (BPDCN) in 2024.
Provide an update on the IMGC936 non-small cell lung cancer (NSCLC) cohort following a prespecified interim analysis.
FINANCIAL RESULTS

Total revenues were $113.4 million for the quarter ended September 30, 2023, including $105.2 million of net product revenues from sales of ELAHERE, compared to $15.4 million in total revenues for the quarter ended September 30, 2022. The increase was driven by ELAHERE net sales, partially offset by $7.4 million of license fees recorded as revenue in the prior year period pursuant to the Company’s collaboration agreements with Eli Lilly and Company and Novartis Institutes for BioMedical Research, Inc.

Research and development expenses were $47.6 million for the quarter ended September 30, 2023 compared to $59.2 million for the quarter ended September 30, 2022. The decrease was primarily driven by ELAHERE supply costs expensed in the prior quarter versus capitalized in the current period and lower hiring expenses. Partially offsetting these decreases, salaries and benefits increased driven largely by the expansion of our medical affairs organization.

Selling, general and administrative expenses were $37.7 million for the quarter ended September 30, 2023 compared to $33.6 million for the quarter ended September 30, 2022. The increase was due primarily to greater expenses in support of the US launch of ELAHERE, including costs related to the addition of our commercial organization and sales and marketing activities.

Net income for the third quarter of 2023 was $30.7 million, or $0.10 per basic and diluted share, compared to a net loss of $77.8 million, or $0.31 per basic and diluted share, for the third quarter of 2022.

ImmunoGen had $605.5 million in cash and cash equivalents and $130.7 million in accounts receivable as of September 30, 2023, compared with $275.1 million in cash and cash equivalents and $12.6 million in accounts receivable as of December 31, 2022. Cash used in operations was $137.7 million for the first nine months of 2023 compared with cash used in operations of $169.6 million for the same period in 2022. Capital expenditures were $1.6 million and $1.1 million for the first nine months of 2023 and 2022, respectively.

FINANCIAL GUIDANCE

ImmunoGen’s full year financial guidance for 2023 remains unchanged; the Company continues to expect:

revenues, excluding product revenue from ELAHERE, between $45 million and $50 million; and
operating expenses between $350 million and $365 million.
The Company continues to expect that its existing cash and cash equivalents, together with anticipated future product and collaboration revenues, will fund operations for more than two years.

CONFERENCE CALL INFORMATION

ImmunoGen will hold a conference call today at 8:00 a.m. ET to discuss these results. To access the live call by phone, please register here. A dial-in and unique PIN will be provided to join the call. The call may also be accessed through the Investors and Media section of the Company’s website, www.immunogen.com. Following the call, a replay will be available at the same location.

ABOUT ELAHERE

ELAHERE (mirvetuximab soravtansine-gynx) is a first-in-class ADC comprising a folate receptor alpha-binding antibody, cleavable linker, and the maytansinoid payload DM4, a potent tubulin inhibitor designed to kill the targeted cancer cells.

ELAHERE is indicated for the treatment of adult patients with folate receptor-alpha (FRα) positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have received one to three prior systemic treatment regimens. Select patients for therapy based on an FDA-approved test.

This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

Eye problems are common with ELAHERE and can be severe. ELAHERE also can cause severe or life-threatening inflammation of the lungs that may lead to death and patients may develop nerve problems called peripheral neuropathy during treatment. Please see full Prescribing Information, including Boxed Warning, and Medication Guide for ELAHERE.