On August 10, 2023 SQZ Biotechnologies Company (OTC: SQZB), focused on unlocking the full potential of cell therapies, reported second quarter 2023 financial results and recent portfolio updates (Press release, SQZ Biotech, AUG 10, 2023, View Source [SID1234634242]).

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"We made steady progress in the enrollment of our two clinical trials and anticipate monotherapy data readouts for each program later this year," said Howard Bernstein, M.D., Ph.D., Interim Chief Executive Officer and Member of the Board of Directors. "We recently announced our intent to explore the Company’s potential financing options and strategic alternatives. The Management Team and the Board are committed to exploring all potential paths that could advance our programs and our technology."

Second Quarter 2023 and Recent Portfolio Updates

Clinical Programs:

SQZ Activating Antigen Carriers ("AAC") Platform in Oncology

A confirmed complete response (CR), by RECIST 1.1 criteria, was observed in the first patient in the lowest-dose cohort of the SQZ-AAC-HPV-101 Phase 1 clinical trial for HPV16+ solid tumors
Best overall response of stable disease for two additional patients in lowest-dose cohort
Currently enrolling patients for the highest-dose cohort
Interim clinical data is anticipated in the fourth quarter of 2023
SQZ Enhanced Antigen Presenting Cell ("eAPC") Platform in Oncology

Completed enrollment for highest-dose cohort of monotherapy dose escalation trial
On track to report interim clinical data for the middle- and highest-dose monotherapy cohorts in the third quarter of 2023
Programs for Partnership and Collaboration:

The Company is actively seeking potential partnerships, collaborations or strategic alternatives to advance its oncology programs and platforms
The Company has full clinical development and future commercialization rights for programs targeting HPV 16 positive tumors including both the eAPC and AAC clinical programs
The Company has also developed and is testing a Point of Care manufacturing system that could significantly reduce the time and cost of cell manufacturing
Second Quarter 2023 Financial Highlights

Revenue for the quarter ended June 30, 2023, was $0.2 compared to $3.0 million for the same period in 2022
Research and development expenses for the quarter ended June 30, 2023, were $12.7 million compared to $18.8 million for the same period in 2022
General and administrative expenses for the quarter ended June 30, 2023, were $4.6 million compared to $7.0 million for the same period in 2022
Net loss for the quarter ended June 30, 2023, was $16.8 million, compared to $22.2 million for the same period in 2022
As of June 30, 2023, the Company had cash and cash equivalents of $24.7 million and anticipates this will be sufficient to fund operating expenses and capital expenditure requirements through the end of 2023