Analyst Conference Summary

biotechnology

conference date: March 16, 2021
for quarter ending: December 31, 2020 (fourth quarter, Q4 2020)

Forward-looking statements

Overview: Preclinical, plans for first clinical trial in 2021

Basic data (GAAP):

Revenue was $2.1 million, up from $1.4 million year-earlier. All revenue was from collaborations.

Net loss was $16.3 million, from loss of $10.4 million year-earlier.

EPS loss $0.43, from loss of $3.75 year-earlier.

Guidance:

none

Conference Highlights:

Sarah Boyce, CEO said "In 2020, we made significant advances across our AOC pipeline and platform. Our work supports Avidity's evolution to a clinical-stage company as we plan to advance AOC 1001 into the clinic in the second half of this year and progress our FSHD and DMD programs. Our discovery efforts continue to focus on expanding our AOC platform into additional muscle diseases and other tissues as we begin to realize our vision of profoundly improving people's lives by revolutionizing the delivery of RNA treatments." AOCs are Antibody Oligonucleotide Conjugates, a method of delivering RNA to target cells.

Avidity's most advanced program is AOC 1001 for DM1 (myotonic dystrophy type 1). Avidity advanced its first-in-class AOC 1001 toward the clinic. It entered into a collaboration with Myotonic Dystrophy Clinical Research Network supporting END-DM1, a natural history study to advance the understanding of disease progression in patients with DM1. The company plans to initiate a Phase 1/2 clinical study of AOC 1001 in adults with DM1 in the second half of 2021.

Avidity also has potential therapies for other muscle diseases in development, with another possible IND planned for 2022.

Cash and equivalents ended at $328 million. No debt.

Operating expense of $18.4 million consisted of $13.6 million for R&D and $4.8 million for G&A.

Q&A:

none

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: