On March 29, 2022 Checkmate Pharmaceuticals, Inc. (Nasdaq: CMPI) ("Checkmate"), a clinical stage biopharmaceutical company focused on developing its proprietary technology to harness the power of the immune system to combat cancer, reported full year 2021 financial results and provided a business update (Press release, Checkmate Pharmaceuticals, MAR 29, 2022, View Source [SID1234611187]).
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"Our vidutolimod program continued to advance in 2021 and expand into multiple cancer indications," said Alan Bash, President and Chief Executive Officer of Checkmate. "Driving vidutolimod forward to multiple clinical data readouts and towards registration in refractory melanoma remains our top strategic priority. I look forward to advancing our leadership in innate immunity and driving the success of Checkmate with our highly talented executive team and Board of Directors."
Recent Business Updates
Alan Bash, accomplished global biopharmaceutical executive with over 20 years of strategic and operational leadership at Bristol Myers Squibb, was appointed President and CEO. Mr. Bash also joined the Board of Directors.
Jon Wigginton, M.D. and Joy Yan, M.D., Ph.D., both industry leaders in immuno-oncology clinical development, joined the Board of Directors.
Patient dosing was initiated in a Phase 2 multi-indication study evaluating the efficacy and safety of vidutolimod in combination with cemiplimab supported by a clinical collaboration with Regeneron; cohorts focused on anti-PD-1 refractory cutaneous squamous cell carcinoma and Merkel cell carcinoma are currently enrolling.
Patient recruitment activities and enrollment continue across our other ongoing clinical trials evaluating vidutolimod, including:
A Phase 2 trial of vidutolimod in combination with nivolumab in anti-PD-1 refractory advanced melanoma, supported by a clinical collaboration with Bristol Myers Squibb.
A randomized Phase 2/3 trial of vidutolimod in combination with nivolumab vs. nivolumab monotherapy in first-line metastatic or unresectable melanoma, also supported by the clinical collaboration with Bristol Myers Squibb.
A Phase 2 trial of vidutolimod in combination with pembrolizumab in recurrent or metastatic squamous cell head and neck cancer.
Vidutolimod Anticipated 2022 Milestones
Phase 2 head and neck cancer trial—preliminary data on a subset of patients are anticipated in the second half of 2022.
Phase 2 non-melanoma skin cancer trial cohorts—preliminary data on a subset of patients are anticipated in the second half of 2022.
Full Year 2021 Financial Results
Research and development expenses (R&D): R&D expenses for the full year 2021 were $45.8 million, compared to $26.7 million for the same period in the prior year. This increase reflects a combined $6 million in milestone payments to Kuros Biosciences AG for achievement of patient dosing milestones in our trials, higher third-party CRO and manufacturing costs directly related to the vidutolimod clinical trials, and additional personnel and consulting costs associated with execution of the clinical trials.
General and administration expenses (G&A): G&A expenses for the full year 2021 were $15.7 million, compared to $10.2 million for the same period in the prior year. This increase was primarily attributable to increases in personnel and operating expense to support Checkmate operating for a full year in 2021 as a publicly traded company.
Net loss: Net loss for the full year 2021 was $61.4 million, compared to $36.9 million for the prior year.
Cash, cash equivalents and investments: Cash, cash equivalents and available-for-sale investments were $70.9 million as of December 31, 2021.