Third Quarter Financial Results
-- Cash Position: As of September 30, 2024, cash and cash equivalents were
$157.0 million, which Lexeo believes will be sufficient to fund
operations into 2027.
-- R&D Expenses: R&D expenses were $23.4 million for the three months ended
September 30, 2024, compared to $17.2 million for the three months ended
September 30, 2023.
-- G&A Expenses: G&A expenses were $8.1 million for the three months ended
September 30, 2024, compared to $3.0 million for the three months ended
September 30, 2023.
-- Net Loss: Net loss was $29.5 million or $0.89 per share (basic and
diluted) for the three months ended September 30, 2024, compared to $20.1
million or $12.36 per share (basic and diluted) for the three months
ended September 30, 2023.
About Lexeo Therapeutics
Lexeo Therapeutics is a New York City-based, clinical stage genetic medicine company dedicated to transforming healthcare by applying pioneering science to fundamentally change how genetically defined cardiovascular diseases and APOE4-associated Alzheimer's disease are treated. Using a stepwise development approach, Lexeo is leveraging early proof-of-concept functional and biomarker data to advance a pipeline of cardiovascular and APOE4-associated Alzheimer's disease programs.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, Lexeo's expectations and plans regarding its current product candidates and programs and the timing for receipt and announcement of data from its clinical trials, the timing and likelihood of potential regulatory approval, and expectations regarding the time period over which Lexeo's capital resources will be sufficient to fund its anticipated operations and estimates regarding Lexeo's financial condition. Words such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "develop," "plan" or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Lexeo believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements. These forward-looking statements are based upon current information available to the company as well as certain estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Lexeo's filings with the U.S. Securities and Exchange Commission $(SEC.UK)$), many of which are beyond the company's control and subject to change. Actual results could be materially different from those indicated by such forward-looking statements as a result of many factors, including but not limited to: risks and uncertainties related to global macroeconomic conditions and related volatility; expectations regarding the initiation, progress, and expected results of Lexeo's preclinical studies, clinical trials and research and development programs; the unpredictable relationship between preclinical study results and clinical study results; delays in submission of regulatory filings or failure to receive regulatory approval; liquidity and capital resources; and other risks and uncertainties identified in Lexeo's Annual Report on Form 10-K for the annual period ended December 31, 2023, filed with the SEC on March 11, 2024, Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, filed with the SEC on August 12, 2024, and subsequent future filings Lexeo may make with the SEC. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Lexeo claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Lexeo expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.
Media Response:
Media@lexeotx.com
Investor Response:
Carlo Tanzi, Ph.D.
ctanzi@kendallir.com
Lexeo Therapeutics, Inc.
Selected Condensed Financial Information
(unaudited, in thousands, except share and per share
amounts)
Condensed Statements of Operations and Comprehensive
Loss
Three Months Ended For the Nine Months
September 30, Ended September 30,
------------------------ ------------------------
2024 2023 2024 2023
----------- ---------- ----------- ----------
Operating expenses
Research and
development $ 23,423 $ 17,246 $ 55,725 $ 44,920
General and
administrative 8,120 3,027 22,659 8,619
---------- --------- ---------- ---------
Total
operating
expenses 31,543 20,273 78,384 53,539
---------- --------- ---------- ---------
Operating loss (31,543) (20,273) (78,384) (53,539)
---------- --------- ---------- ---------
Other income and
expense
Loss on fair
value
adjustment to
convertible
SAFE Note - (272) - (272)
Other income
(expense), net (3) 1 (9) (6)
Interest expense (35) (52) (107) (155)
Interest income 2,092 488 6,091 1,765
---------- --------- ---------- ---------
Total other
income and
expense 2,054 165 5,975 1,332
---------- --------- ---------- ---------
Loss from operations
before income
taxes (29,489) (20,108) (72,409) (52,207)
Income taxes - - - -
---------- --------- ---------- ---------
Net loss and
comprehensive loss $ (29,489) $ (20,108) $ (72,409) $ (52,207)
========== ========= ========== =========
Net loss per common
share, basic and
diluted $ (0.89) $ (12.36) $ (2.31) $ (32.24)
Weighted average
number of shares
outstanding used in
computation of net
loss per common
share, basic and
diluted 33,063,153 1,626,734 31,354,821 1,619,152
Condensed Balance Sheet Data
September 30, December 31,
2024 2023
--------------- --------------
Cash and cash equivalents $ 157,020 $ 121,466
Total assets 173,865 139,807
Total liabilities 34,539 26,272
Total stockholders' equity 139,326 113,535
(END) Dow Jones Newswires
November 13, 2024 07:30 ET (12:30 GMT)
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