Analyst Conference Summary

biotechnology

Avidity Biosciences
RNA

conference date: March 1, 2022 (press release only)
for quarter ending: December 31, 2021 (fourth quarter, Q4 2021)


Forward-looking statements

Overview: Planning to have 3 clinical trials underway by end of 2022.

Basic data (GAAP):

Revenue was $2 million, flat sequentially from $2 million, and flat from $2 million year-earlier. All revenue was from collaborations.

Net loss was $39 million, down sequentially from loss of $29 million, and from loss of $16 million year-earlier.

EPS loss $0.82, down sequentially from loss of $0.68, and from loss of $0.43 year-earlier.

Guidance:

none

Conference Highlights:

Sarah Boyce, CEO said "2021 was a pivotal year for Avidity, the field of RNA therapeutics and for the DM1 community as the first patient was dosed with an AOC as part of the AOC 1001 MARINA trial. This milestone transitioned us into a clinical-stage biopharmaceutical company and we continue to make great strides with our advancing and expanding pipeline and AOC platform technology. By the end of 2022, we plan to have three programs in three different rare diseases in the clinic with AOC 1001, AOC 1020 and AOC 1044." AOCs are Antibody Oligonucleotide Conjugates, a method of delivering RNA to target cells.

In Q3 2021 initiated a Phase 1/2 trial for AOC 1001 for DM1 (myotonic dystrophy type 1). It is in 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. 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. Early safety data should be available in Q4 2022.

AOC 1044 for DMD (Duchenne Muscular Dystrophy) could enter the clinic by the end of 2022.

AOC 1020 for the FSHD (facioscapulohumeral muscular dystrophy) could enter the clinic by the end of 2022. Avidity entered a collaboration with the FSHD Clinical Trial Research Network (FSHD CTRN) to support a natural history study called the Motor Outcomes to Validate Evaluations Plus (MOVE+) Study to enhance the understanding of how to utilize whole-body MRI and other tools to identify specific biomarkers for FSHD that can potentially accelerate and support future clinical trial design.

Cash and equivalents ended at $406 million, down sequentially from $413 million. No debt.

Operating expense of $40 million consisted of $33 million for R&D and $7 million for G&A.

Q&A:

none

OpenIcon Analyst Conference Summaries Main Page

 

Search

More Analyst Conference Pages:

 AGEN
 AGIO
 ALNY
 ALXN
 AMAT
 AMGN
 APRE
 ARWR
 BIIB
 BMY
 CLDX
 EPZM
 GILD
 GLYC
 ILMN
 INCY
 INO
 IONS
 ISRG
 MCHP
 MRNA
 PLX
 REGN
 SAGE
 SGEN
 VBLT
 VSTM
 WBA

       

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 2022 William P. Meyers