October 2023 financing funds late-stage clinical trials of HPN328 in multiple tumor types
Positive interim results from Phase 1/2 trial of T cell engager HPN328 in patients with small cell lung cancer (SCLC) and other neuroendocrine tumor types presented at ESMO 2023
HPN328 Phase 2 monotherapy dose(s) selection on track for year-end 2023 for discussion with regulators in 1H 2024
Data update of ongoing HPN328 Phase 1/2 trial expected in 1H 2024
SOUTH SAN FRANCISCO, Calif., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Harpoon Therapeutics, Inc. (NASDAQ: HARP) (the “Company”), a clinical-stage immunotherapy company developing novel T cell engagers, today reported financial results for the third quarter ended September 30, 2023 and provided corporate updates.
“Over the last several months, we have made important progress and positioned Harpoon for continued momentum ahead. During ESMO last month, we presented the largest data set so far for HPN328 and are excited by the clinical benefit observed, particularly the response data in our 1 mg priming dose cohorts, from which we plan to select the recommended Phase 2 dose(s) by the of this year. The HPN328 interim update shows compelling activity with the potential for best-in-class efficacy as we select the optimized dose to study across multiple tumor types, including small cell lung cancer, neuroendocrine prostate cancer, and other neuroendocrine neoplasms,” said Julie Eastland, President and CEO of Harpoon Therapeutics. “We look forward to meeting with the regulators in the first half of 2024 to discuss our development plans. Additionally, our newly strengthened balance sheet allows us to continue executing toward multiple value-creating events.”
Corporate Update
Tri-specific T cell Activating Construct (TriTAC®) Platform
HPN328 (DLL3) Phase 1/2 trial in small cell lung cancer (SCLC), NEPC, and other neuroendocrine neoplasms
HPN217 (BCMA) Phase 1 trial for relapsed, refractory multiple myeloma (RRMM)
Third Quarter 2023 Financial Results
About Harpoon Therapeutics
Harpoon Therapeutics is a clinical-stage immunotherapy company developing a novel class of T cell engagers that harness the power of the body’s immune system to treat patients suffering from cancer and other diseases. T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells. Using its proprietary Tri- specific T cell Activating Construct (TriTAC®) platform, Harpoon is developing a pipeline of novel TriTACs initially focused on the treatment of solid tumors and hematologic malignancies. Harpoon has also developed a proprietary ProTriTAC™ platform, which applies a prodrug concept to its TriTAC platform to create a therapeutic T cell engager that remains inactive until it reaches the tumor. Harpoon’s third proprietary technology platform, extended release TriTAC-XR, is designed to mitigate cytokine release syndrome. For additional information about Harpoon Therapeutics, please visit www.harpoontx.com.
Cautionary Note Regarding Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements about the therapeutic potential of our product candidates, the expected timing, progress, and results of the Company’s clinical trials and interactions with regulators, the association of interim clinical data and preclinical results with potential treatment outcomes, the Company’s data presentation plans, the Company’s cash sufficiency and runway, including expected proceeds from warrant exercises , and other statements containing the words “anticipates,” “believes,” “continue,” “expects,” “intends,” “look forward,” “plans,” “toward,” “will” and similar expressions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. These forward-looking statements are based upon the Company’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with market conditions. These and other risks are described in additional detail in the Company’s filings with the U.S. Securities and Exchange Commission (SEC). All forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise.
Contact:
Ana Kapor
[email protected]
Harpoon Therapeutics, Inc.
Statement of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except share and per share amounts)
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | ||||||||||||||||
Collaboration and license revenue | $ | 4,448 | $ | 13,617 | $ | 33,252 | $ | 27,826 | ||||||||
Total revenue | 4,448 | 13,617 | 33,252 | 27,826 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 12,325 | 20,977 | 39,684 | 62,446 | ||||||||||||
General and administrative | 4,262 | 4,529 | 12,250 | 14,993 | ||||||||||||
Impairment of long-lived assets | — | — | 1,729 | — | ||||||||||||
Total operating expenses | 16,587 | 25,506 | 53,663 | 77,439 | ||||||||||||
Loss from operations | (12,139 | ) | (11,889 | ) | (20,411 | ) | (49,613 | ) | ||||||||
Interest income, net | 480 | 289 | 1,520 | 433 | ||||||||||||
Interest expense | (2,046 | ) | — | (3,744 | ) | — | ||||||||||
Other income (expense), net | 11,903 | (40 | ) | 10,556 | (132 | ) | ||||||||||
Net loss attributable to common stockholders | (1,802 | ) | (11,640 | ) | (12,079 | ) | (49,312 | ) | ||||||||
Other comprehensive loss: | ||||||||||||||||
Net unrealized (loss) gain on marketable securities | (4 | ) | 28 | 4 | 19 | |||||||||||
Comprehensive loss | $ | (1,806 | ) | $ | (11,612 | ) | $ | (12,075 | ) | $ | (49,293 | ) | ||||
Net loss attributable to common stockholders per share, basic and diluted | $ | (0.46 | ) | $ | (3.52 | ) | $ | (3.17 | ) | $ | (14.95 | ) | ||||
Weighted-average shares used in computing net loss per share, basic and diluted | 3,947,995 | 3,306,215 | 3,807,955 | 3,299,357 |
Harpoon Therapeutics, Inc.
Selected Balance Sheet Data
(Unaudited)
September 30, 2023 | December 31, 2022 | |||||||
(in thousands) | ||||||||
Cash, cash equivalents and short-term marketable securities | $ | 31,608 | $ | 53,112 | ||||
Total assets | $ | 47,578 | $ | 73,729 | ||||
Total liabilities | $ | 43,037 | $ | 68,330 | ||||
Total stockholders' equity | $ | 4,541 | $ | 5,399 |
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