-Strong quarter-end cash position of
-Calithera to Host Conference Call Today at
“During the first quarter, we significantly strengthened the company’s financial position and we believe we are well positioned to execute on our strategy. Our collaboration and license agreement with
First Quarter 2017 and Recent Highlights
CB-1158 Global Research, Development and Commercialization Collaboration with Incyte. In January 2017, Incyteand Calithera announced the global collaboration and license agreement for the research, development and commercialization of the first in class, small molecule arginase inhibitor CB-1158. Under the terms of the collaboration and license agreement, Calithera received an up-front payment of $45.0 millionfrom Incytein addition to an $8.0 millionequity investment. CB-1158 entered clinical trials in September 2016and a $12.0 millionpharmacodynamic and pharmacokinetic milestone was achieved in March 2017. Payment of the milestone was received in the second quarter of 2017.
- CB-1158 Data Accepted for Oral Presentation. Data from the Phase 1 solid tumor trial has been accepted for oral presentation at the 2017
American Society of Clinical Oncology( ASCO) annual meeting. Clinical results to be presented in an oral presentation on June 5include monotherapy data from Calithera’s Phase 1 trial in solid tumors.
- CB-839 Enrollment Continues in Renal Cell Carcinoma and Triple Negative Breast Cancer. Calithera continues to enroll patients in combination trials in renal cell carcinoma and triple negative breast cancer, with updates from each of these trials expected in the second half of 2017. Phase 2 trials are expected to begin the second half of 2017 in both renal cell carcinoma and triple negative breast cancer. In addition, initial results of CB-839 dosed in combination with Bristol Myers Squibb’s Opdivo are expected in the second half of 2017.
- Completed Public Offering of Common Stock. In
March 2017, Calithera completed an underwritten public offering of common stock, raising gross proceeds of $80.5 million.
- At-the-Market progam. In the first quarter of 2017, Calithera received
$38.0 millionin gross proceeds from the sale of common stock pursuant to its at-the-market offering program.
Selected First Quarter 2017 Financial Results
Cash, cash equivalents and investments totaled
Research and development expenses were
General and administrative expenses were
Net loss from operations for the three months ended
Revised Financial Guidance for 2017
Calithera expects that its cash, cash equivalents and investments will be between
Conference Call Information
Calithera will host an update conference call today,
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," "poised" and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These statements include those related to the timing of initiation of Calithera’s clinical trials, the clinical and commercial potential of CB-1158, the results of Calithera’s collaboration with
|Calithera Biosciences, Inc.|
|Selected Balance Sheets Financial Data|
|March 31,||December 31,|
|Balance Sheet Data:|
|Cash, cash equivalents and investments||$||207,070||$||51,781|
|Total stockholders’ equity||165,731||49,906|
|Calithera Biosciences, Inc.|
|Selected Statements of Operations Financial Data|
|(in thousands, except per share amounts)|
|Three Months Ended
|Research and development||6,640||7,066|
|General and administrative||3,308||2,591|
|Total operating expenses||9,948||9,657|
|Loss from operations||(5,756||)||(9,657||)|
|Interest income, net||169||75|
|Net loss per share, basic and diluted||$||(0.22||)||$||(0.52||)|
|Weighted average common shares used to compute net loss per share, basic and diluted||25,279||18,389|
Jennifer McNealeyir@Calithera.com 650-870-1071