Analyst Conference Summary

Bind Therapeutics

conference date: May 7, 2015 at 5:30 A.M. Pacific Time
for quarter ending: March 31, 2015 (Q1, first quarter 2015)

Forward-looking statements

Note: this is the first time I will be covering BIND, which I first bought on 4/20/2015, but it has been on my watch list for quite a while.

Overview: Progress continues to be made on the pipeline of this development stage biotechnology company.

Basic data (GAAP):

Revenue was $4.4 million, up from $1.6 millon year-earlier.

Net income was negative $8.6 million, flat from year-earlier.

EPS diluted was negative $0.44, up from $0.51 year-earlier.



Conference Highlights:

BIND has collaborations with Pfizer Inc., AstraZeneca AB, F. Hoffmann-La Roche Ltd. and Merck & Co., or Merck to develop Accurins based on their proprietary therapeutic payloads and targeting ligands. Bind also has proprietary, unpartnered programs.

The lead candidate is BIND-014, an Accurin that contains docetaxel, for prostate cancer. Bind is now enrolling patients in a Phase 2 trial for non-small cell lung cancer with KRAS mutations and squamous histology. Another Phase 2 trial in multiple tumor types will begin this quarter. First data readouts could come before the end of 2015.

In collaboration with AstraZeneca AZD2811 should go into Phase 1 in the second half of 2015. Positive pre-clinical data was presented at the AACR meeting.

The company hopes to finish BIND-510 preclinical studies this year and file for an IND in 2016.

See also the Bind Therapeutics Pipeline page

Revenue in the quarter was from reimbursement of R&D expenses by partners and from partial recognition of license fee and milestone revenue. A $1 million milestone from AstraZeneca was reached in the quarter.

Cash balance ended at $63 million and cash should last through the first half of 2016, or longer if milestone payments are received. Long term debt was $13.4 million and warrant liability was $7.6 million.

Operating expenses of $12.9 million consisted of $8.2 million for research and development and $4.8 million for general and administrative. Loss from operations was $8.6 million.


Enrollment and PD-1 failures? The trial is a second line trial, so that has not been an issue for the KRAS cohort. We will keep a close eye on patient accruals in the squamous cohort.

In the Insight 2 trial of four tumor types, we will enroll in the U.S. and Russia, and we expect to have data from at least 20 patients in at least 2 tumor types by the first quarter of next year.

Reduction of toxicity in AstraZeneca trial? The Aurora B kinase inhibitor has bone marrow toxicity, which we have eleminated in pre-clinical models. The drug itself was not seen as a good candidate because of its toxicity.

How large of a payload can Accurins carry? The sweet spot is about 100 nanometers. The larger the molecule carried, the less molecules can be carried, so you get a lower concentration.

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Disclaimer: My analyst call summaries may include both our condensations of statements made by company representatives and my own analysis. They are not covered by any warranty. I cannot guarantee anything said by company representatives is true. I try not to make errors, but it is possible. This is investment journalism, not financial advice.

Copyright 2015 William P. Meyers