On November 2, 2021 Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for serious rare and ultra-rare genetic diseases, reported its financial results for the third quarter 2021 (Press release, Ultragenyx Pharmaceutical, NOV 2, 2021, View Source [SID1234594104]).
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"In the third quarter we executed on key commercial and clinical milestones, including the resumption of the GTX-102 study for the treatment of Angelman syndrome and the initiation of our seamless Phase 1/2/3 study of UX701 for the treatment of Wilson disease. Looking ahead, we are preparing to initiate four additional studies across multiple modalities, including two Phase 3 gene therapies, a Phase 2/3 anti-sclerostin monoclonal antibody, and a Phase 1/2 leveraging our first mRNA program," said Emil D. Kakkis, M.D., Ph.D., Chief Executive Officer and President of Ultragenyx. "The breadth of our clinical programs with the strength of our balance sheet put us in position to deliver disease-modifying therapies across a spectrum of rare diseases."
Third Quarter 2021 Financials and Full Year Crysvita Guidance Update
In the third quarter 2021, Crysvita revenue in Ultragenyx territories1 increased 35% versus the third quarter 2020. For the full year 2021, the company now expects the 2021 Crysvita revenue to be towards the upper end of the guidance range of $180 million to $190 million that was previously provided.
Dojolvi revenue in the third quarter 2021 grew 176% versus the third quarter of 2020, which was the first quarter following FDA approval. As of the end of the third quarter 2021, the company had received approximately 310 completed start forms from approximately 145 unique prescribers. This has led to approximately 250 patients on reimbursed therapy as of the end of September 2021.
Third quarter 2021 revenue included $12.1 million related to the technology transfer as part of the Daiichi Sankyo strategic manufacturing partnership around the company’s producer cell line and HEK293 technologies. The technology transfer activities and resulting revenue is expected to be substantially complete in the fourth quarter 2021.
Total operating expenses of $171.5 million in the third quarter 2021 increased 30% or $39.7 million versus the third quarter 2020, primarily driven by pipeline advancements. For the year, total operating expenses are expected to increase modestly as the company continues the commercial launch of Dojolvi and supports six clinical programs, including four pivotal studies.
Net cash used in operations for the nine months ended September 30, 2021 was $284.4 million, compared to net cash used of $69.8 million for the same period in 2020 which included approximately $154 million of operating cash received in 2020 from Daiichi Sankyo related to the collaboration and license agreement. Cash, cash equivalents, and marketable debt securities were $941.4 million as of September 30, 2021.
Program Updates and Upcoming Milestones
GTX-102 for the treatment of Angelman Syndrome, partnered with GeneTx
The U.S. FDA removed the clinical hold, allowing GeneTx to begin dosing naïve pediatric patients in the Phase 1/2 study of GTX-102 in patients with Angelman syndrome.
The first patients in Canada have been dosed, with dosing in the U.K. and U.S. currently expected to begin in the fourth quarter of 2021.
A preliminary update on the first four patients in the study is expected to be available around the end of the year, with complete data from the full cohort of 12 patients anticipated in mid-2022.
Gene Therapy Clinical Program Updates
UX701 for the treatment of Wilson disease: Multiple patients with Wilson disease have been successfully screened and are enrolled in the baseline monitoring period prior to dosing in the seamless Phase 1/2/3 study. Following the initial screening that includes testing for pre-existing antibodies to the AAV9 capsid, patients will be evaluated to ensure stable measures of disease during a 6-to 12-week baseline monitoring period after which they will then be dosed with either UX701 or placebo.
DTX401 for the treatment of Glycogen Storage Disease Type Ia: The first patients in the U.S. and Canada are expected to enter a 4- to 8-week baseline screening period around the end of 2021 after which they would receive a single dose of DTX401 or placebo.
DTX301 for the treatment of Ornithine Transcarbamylase Deficiency: The first patients in the U.S. are expected to enter a 4- to 8- week baseline screening period around the end of 2021 after which they would receive a single dose of DTX301 or placebo.
14th International Congress of Inborn Errors of Metabolism (ICIEM): Ten abstracts have been accepted for this hybrid conference that will be held November 21-24, 2021. Of the five oral presentations accepted, two will include longer-term follow-up data from the Phase 1/2 clinical studies of DTX301 for OTC deficiency and DTX401 for GSDIa.
UX143 for the treatment of Osteogenesis Imperfecta, or OI
At the 2021 American Society for Bone and Mineral Research (ASBMR) annual meeting, additional secondary endpoint data from the Phase 2b ASTEROID study demonstrated that treatment with UX143 resulted in dose-dependent increase in P1NP serum levels, a marker of bone formation, and decrease in CTx serum levels, a marker of bone resorption confirming the mechanism of action of sclerostin inhibition over the 12-month treatment period. Observed improvements in bone mineral density were continuous over the 12 months of the study, with comparable gains achieved in the first and second 6 months of treatment in the high dose group despite temporal changes in biomarkers.
A Phase 2/3 study in children and young adults is expected to initiate around the end of 2021, with additional studies in other age groups to follow.
1: Ultragenyx territories include the collaboration revenue from the North American profit share territory and other regions where revenue from product sales are recognized by Ultragenyx. This excludes the European territory revenue, which is recognized as non-cash royalty revenue since the rights were sold to Royalty Pharma in December 2019.
Conference Call and Webcast Information
Ultragenyx will host a conference call today, Tuesday, November 2, 2021, at 2 p.m. PT/ 5 p.m. ET to discuss the third quarter 2021 financial results and provide a corporate update. The live and replayed webcast of the call will be available through the company’s website at View Source To participate in the live call by phone, dial (855) 797-6910 (USA) or (262) 912-6260 (international) and enter the passcode 1098326. The replay of the call will be available for one year.