Analyst Conference Summary

biotechnology

Avidity Biosciences
RNA

conference date: May 11, 2021 (press release only)
for quarter ending: March 31, 2020 (first quarter, Q1 2021)


Forward-looking statements

Overview: Preclinical, plans for first clinical trial in 2021

Basic data (GAAP):

Revenue was $2.7 million, up sequentially from $2.1 million, and up from $1.4 million year-earlier. All revenue was from collaborations.

Net loss was $23.8 million, down sequentially from loss of $16.3 million, and from loss of $6.1 million year-earlier.

EPS loss $, down sequentially from loss of $0.43, and from loss of $ year-earlier.

Guidance:

none

Conference Highlights:

Sarah Boyce, CEO said "AOC 1001, the first program from our AOC platform, is advancing toward the clinic and is on track to begin a Phase 1/2 study in adults with DM1 in the second half of this year. Our skeletal muscle pipeline is also progressing as planned while we continue to expand our discovery efforts to other indications." 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.

In April 2021 preclinical data for AOC1001 for DM1 was presented at the American Academy of Neurorogy 2021 meeting. This showed activity in cultured human muscle cells from DM1 patients.

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

Cash and equivalents ended at $308 million, down sequentially from $328 million. No debt.

Operating expense of $26.7 million consisted of $20.7 million for R&D and $5.9 million for G&A.

Q&A:

none

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Disclaimer: My analyst call summaries may include both 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. These are my personal notes which I share with other investors and which I use as the basis of my blog and Seeking Alpha articles.

Copyright 2021 William P. Meyers