Blueprint Medicines Reports First Quarter 2018 Financial Results
"In the first quarter, we continued to make significant progress across our portfolio toward our vision of rapidly delivering potentially transformative kinase medicines to patients with genomically defined diseases," said
Clinical Programs:
Avapritinib: Gastrointestinal Stromal Tumors (GIST)
- In
March 2018 ,Blueprint Medicines completed enrollment of the PDGFRα D842V expansion cohort of its ongoing Phase 1 NAVIGATOR clinical trial. Based on feedback from theU.S. Food and Drug Administration (FDA ) at an End-of-Phase 1 meeting in 2017,Blueprint Medicines believes that data from the PDGFRα D842V expansion cohort may be sufficient to support a New Drug Application (NDA) for avapritinib for the treatment of patients with PDGFRα D842V-driven GIST. Based on the expected timeline for the collection of data,Blueprint Medicines now anticipates it will submit an initial NDA to theFDA for avapritinib in the first half of 2019. In the first quarter,Blueprint Medicines announced it had completed enrollment of the third-line or later (KIT-driven) GIST cohort and initiated enrollment of the second-line GIST cohort in the Phase 1 NAVIGATOR trial.Blueprint Medicines anticipates presenting updated data from the NAVIGATOR trial in the second half of 2018.
Avapritinib: Advanced Systemic Mastocytosis (SM)
Blueprint Medicines recently received positive feedback from theFDA supporting its proposed registration plan for avapritinib in patients with advanced, smoldering and indolent SM. Consistent with feedback from theFDA ,Blueprint Medicines plans to initiate a registration-enabling open-label, single-arm Phase 2 clinical trial in patients with advanced SM, called the PATHFINDER trial, by the middle of 2018. In addition,Blueprint Medicines plans to initiate a registration-enabling Phase 2 clinical trial in patients with indolent SM and smoldering SM, called the PIONEER trial, by the end of 2018.- Enrollment in the expansion portion of the Phase 1 EXPLORER clinical trial for advanced SM is ongoing, and
Blueprint Medicines anticipates presenting updated data from this trial in the second half of 2018.
BLU-667: RET-Altered Solid Tumors
- In
April 2018 ,Blueprint Medicines presented proof-of-concept data from its ongoing Phase 1 ARROW clinical trial of BLU-667 in patients with RET-altered non-small cell lung cancer (NSCLC), medullary thyroid cancer (MTC) and other advanced solid tumors at theAmerican Association for Cancer Research (AACR) Annual Meeting. The data showed broad and robust clinical activity across multiple tumor types and RET genotypes, including in patients whose disease had progressed on prior multi-kinase therapy. Radiographic tumor reductions were observed in 84 percent of patients with RET-altered solid tumors and measurable target lesions, and preliminary overall response rates were 50 percent and 40 percent in patients with NSCLC and MTC, respectively. The data also showed that BLU-667 was generally well-tolerated, and most adverse events reported by investigators were Grade 1. Read the full data here. The maximum tolerated dose (MTD) was determined to be 400 mg once daily, and global enrollment in the dose expansion portion of the Phase 1 ARROW clinical trial is ongoing. - In
April 2018 ,Blueprint Medicines announced the publication of foundational preclinical data and clinical proof-of-concept results for BLU-667. The publication outlined preclinical data characterizing the potency and selectivity of BLU-667 against multiple oncogenic RET variants and resistant mutants and anti-tumor activity in multiple solid tumor models. It also included four patient vignettes from the ongoing Phase 1 ARROW clinical trial, showing clinical responses in patients with RET-KIF5B-altered NSCLC and MTC harboring multiple RET mutations. The paper, titled "Precision targeted therapy with BLU-667 for RET-driven cancers," was published online in Cancer Discovery.
Research Programs:
- In the first quarter of 2018,
Blueprint Medicines initiated investigational new drug application-enabling studies for BLU-782, its development candidate for the treatment of patients with fibrodysplasia ossificans progressiva.Blueprint Medicines plans to report preclinical data for the program in 2018. Blueprint Medicines also recently nominated a new wholly-owned discovery program for an undisclosed kinase target.
First Quarter Financial Results:
- Cash Position: As of
March 31, 2018 , cash, cash equivalents and investments were$621.1 million , as compared to$673.4 million as ofDecember 31, 2017 . This decrease was primarily related to cash used in operating activities. - Collaboration Revenues: Collaboration revenues were
$0.9 million for the first quarter of 2018, as compared to$5.8 million for the first quarter of 2017. This decrease was primarily due to the termination of the Alexion agreement in 2017, which resulted in no revenue recognized under this agreement in the first quarter 2018, as well as the impact on revenue recognized under theRoche agreement as a result of the adoption of Accounting Standards Codification 606 effectiveJanuary 1, 2018 . - R&D Expenses: Research and development expenses were
$50.0 million for the first quarter of 2018, as compared to$28.5 million for the first quarter of 2017. This increase was primarily attributable to increased clinical and manufacturing expenses associated with advancing avapritinib, BLU-554, and BLU-667 further through clinical trials and increased personnel-related expenses. Research and development expenses included$3.0 million in stock-based compensation expenses for the first quarter of 2018. - G&A Expenses: General and administrative expenses were
$9.9 million for the first quarter of 2018, as compared to$5.7 million for the first quarter of 2017. This increase was primarily attributable to increased personnel-related expenses and increased professional fees, including pre-commercial planning activities. General and administrative expenses included$2.5 million in stock-based compensation expenses for the first quarter of 2018. - Net Loss: Net loss was
$56.5 million for the first quarter of 2018, or a net loss per share of$1.29 , as compared to a net loss of$28.0 million for the first quarter of 2017, or a net loss per share of$0.84 .
Financial Guidance:
Based on its current plans,
Conference Call Information:
Blueprint Medicines will host a live conference call and webcast today at 8:30 a.m. ET. The conference call may be accessed by dialing (855) 728-4793 (domestic) or (503) 343-6666 (international) and referring to conference ID 7572918. A webcast of the conference call will be available in the Investors section of the Blueprint Medicines' website at http://ir.blueprintmedicines.com. The archived webcast will be available on Blueprint Medicines' website approximately two hours after the conference call and will be available for 30 days following the conference call.
About
Blueprint Medicines is developing a new generation of targeted and potent kinase medicines to improve the lives of patients with genomically defined diseases. Its approach is rooted in a deep understanding of the genetic blueprint of cancer and other disease driven by the abnormal activation of kinases.
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, as amended, including, without limitation, statements regarding plans and timelines for the clinical development of avapritinib, BLU-554, BLU-667 and BLU-782; the potential benefits of
Blueprint Medicines Corporation |
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Selected Condensed Consolidated Balance Sheet Data |
||||||
(in thousands) |
||||||
(unaudited) |
||||||
March 31 |
December 31, |
|||||
2018 |
2017 |
|||||
Cash, cash equivalents and investments |
$ |
621,123 |
$ |
673,356 |
||
Working capital (1) |
575,700 |
642,615 |
||||
Total assets |
664,468 |
715,737 |
||||
Deferred revenue |
39,734 |
35,373 |
||||
Term loan payable |
1,106 |
1,518 |
||||
Lease incentive obligation |
15,903 |
16,331 |
||||
Total stockholders' equity |
570,873 |
623,970 |
||||
(1) Blueprint Medicines defines working capital as current assets less current liabilities. |
Blueprint Medicines Corporation |
||||||
Condensed Consolidated Statements of Operations Data |
||||||
(in thousands, except per share data) |
||||||
(unaudited) |
||||||
Three Months Ended |
||||||
March 31, |
||||||
2018 |
2017 |
|||||
Collaboration revenue |
$ |
954 |
$ |
5,840 |
||
Operating expenses: |
||||||
Research and development |
49,954 |
28,487 |
||||
General and administrative |
9,911 |
5,683 |
||||
Total operating expenses |
59,865 |
34,170 |
||||
Other income (expense): |
||||||
Other income, net |
2,394 |
425 |
||||
Interest expense |
(32) |
(72) |
||||
Total other income |
2,362 |
353 |
||||
Net loss |
$ |
(56,549) |
$ |
(27,977) |
||
Net loss per share applicable to common stockholders — basic and diluted |
$ |
(1.29) |
$ |
(0.84) |
||
Weighted-average number of common shares used in net loss per share |
43,700 |
33,190 |
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SOURCE
Kristin Hodous, 617 714 6674, khodous@blueprintmedicines.com, or Jim Baker, 617 844 8236, jbaker@blueprintmedicines.com