Celyad Oncology provides fourth quarter 2023 business update and 2024 outlook
January 16 2024 - 4:01PM
Celyad Oncology (Euronext: CYAD) (the “Company”), today provides a
fourth quarter 2023 business update and an outlook for 2024.
Michel Lussier, interim Chief Executive Officer
of Celyad Oncology, commented: “2023 has been a very important year
for Celyad Oncology, after the changes that occurred in 2022. Our
research team has made a remarkable progress to broaden the range
of cancer indications that could be targeted by chimeric antigen
receptor (CAR) T-cells and to tackle the main limitations of
current CAR T-cell therapies. We have shared new data at several
scientific and business conferences along the year, and published
in high impact peer-reviewed journals. We are eager to see the
impact of our efforts to unleash the power of our IP estate and
stay at the forefront of next-generation CAR T-cell
development.”
2023 corporate
accomplishments
-
On August 24, 2023, the Company announced that it obtained
commitments from Fortress, Tolefi and other longstanding existing
shareholders to subscribe to a capital increase of up to €9.8
million in 2 tranches:
-
A first tranche of 2.0 million was disbursed in the context of
authorized capital as of September 4, 2023; and
-
A second tranche subscribed by Fortress was approved by the
extraordinary shareholders’ meeting of November 14, 2023. Following
this private placement, the Company believes that its existing cash
and cash equivalents should be sufficient, based on the current
scope of activities, to fund operating expenses and capital
expenditure requirements into the second quarter of 2025.
2023 operational highlights
-
Multiplex short hairpin ribonucleic acid (shRNA) non-gene
edited technology – All along 2023, we have collected and
presented data validating our shRNA multiplexing approach:
-
We developed a chimeric micro-RNA (miRNA) cluster to enable
multiplexing of shRNAs, designed for easy, efficient, and tunable
downregulation of up to four target genes simultaneously in CAR
T-cells;
-
Results detailing the technical aspects of the development of this
platform have been published in Molecular Therapy – Nucleic Acids
(Mol Ther Nucleic Acids. 2023, 34:102038). This publication has
raised much interest from the community and was subjected to an
editorial comment in the same volume of the Journal (Mol Ther
Nucleic Acids. 2023, 34:102077);
-
Additional data which demonstrate feasibility of this approach in
the context of allogeneic cell therapies or with the aim to create
therapies able to overcome the coinhibitory effects of exhaustion
markers were presented at several scientific conferences. Posters
are available on the company’s website, at
https://celyad.com/our-science-technology/publications/.
-
Multispecific NKG2D-based CAR T-cell platform – In
2023, we have compiled and presented data validating our
multispecific approach targeting NKG2D ligands (NKG2DL):
-
We have developed different CD19/NKG2DL, BCMA/NKG2DL and
PSMA/NKG2DL multispecific CAR T-cells, utilizing both tandem
constructs – that encompass the extracellular domain of the natural
NKG2D receptor fused to a scFv targeting CD19, BCMA or PSMA, or
dual constructs – that co-express the NKG2D-based CAR with an
anti-CD19, anti-BCMA or anti-PSMA CAR, respectively;
-
Our data provides the proof-of-concept that NKG2DL are valuable
targets in a multispecific CAR approach and demonstrate our
CD19/NKG2DL multispecific CAR T-cells are highly effective to
counteract relapses due to CD19 antigen loss in vivo. In vitro data
generated with BCMA/NKG2DL and PSMA/NKG2DL multispecific CAR
T-cells further validate this approach in other hematological and
solid indications. Posters are available on the company’s website,
at https://celyad.com/our-science-technology/publications/.
Financial highlights
As of December 31, 2023, the Company had cash
and cash equivalents of €3.0 million and short-term investments of
€4.0 million. The Company projects that its existing cash, cash
equivalents and short-term investments should be sufficient to fund
operating expenses and capital expenditure requirements into the
second quarter of 2025. Therefore, the Company continues to project
that its existing cash and cash equivalents will be sufficient to
fund its estimated operating and capital expenditures over at least
the next 12 months from the date of this press release.
Outlook for 2024
-
More data and evidence in the context of the multispecific CAR
T-cell platform and shRNA multiplexing approach will be shared in
the first half of 2024, with the aim to develop assets ready for a
potential initiation of clinical trials either by the Company
and/or through strategic partnerships afterwards.
-
Celyad Oncology will attend the 7th CAR-TCR Europe summit in
London, UK (February 27-29, 2024), the must-attend forum to
brainstorm and stay at the forefront of cell therapy
innovations.
Financial Calendar 2024
|
- Full Year 2023 Financial Results
|
|
- Annual shareholders meeting
|
|
- First Half 2024 Interim Results
|
The financial calendar is communicated on an
indicative basis and may be subject to change.
About Celyad Oncology
Celyad Oncology is a cutting-edge biotechnology
company dedicated to pioneering the discovery and advancement of
revolutionary technologies for chimeric antigen receptor (CAR)
T-cells. Its primary objective is to unlock the potential of its
proprietary technology platforms and intellectual property,
enabling to be at the forefront of developing next-generation CAR
T-cell therapies. By fully leveraging its innovative technology
platforms, Celyad Oncology aims to maximize the transformative
impact of its candidate CAR T-cell therapies and redefine the
future of CAR T-cell treatments. Celyad Oncology is based in
Mont-Saint-Guibert, Belgium. For more information, please visit
www.celyad.com.
Celyad Oncology Forward-Looking
Statement
This release may contain forward-looking
statements, within the meaning of applicable securities laws,
including the Private Securities Litigation Reform Act of 1995, as
amended, including, without limitation, statements regarding
beliefs about and expectations for the Company’s updated strategic
business model, including associated potential benefits,
transactions and partnerships, statements regarding the potential
value of the Company’s IP, and statements regarding the
continuation of the Company’s existence, its cash and cash runway.
The words “will,” “potential,” “continue,” “target,” “project,”
“should” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Any forward-looking
statements in this release are based on management’s current
expectations and beliefs and are subject to a number of known and
unknown risks, uncertainties and important factors which might
cause actual events, results, financial condition, performance or
achievements of Celyad Oncology to differ materially from those
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, without limitation, risks related to the
material uncertainty about the Company’s ability to continue as a
going concern; the Company’s ability to realize the expected
benefits of its updated strategic business model; the Company’s
ability to develop its IP assets and enter into partnerships with
outside parties; the Company’s ability to enforce its patents and
other IP rights; the possibility that the Company may infringe on
the patents or IP rights of others and be required to defend
against patent or other IP rights suits; the possibility that the
Company may not successfully defend itself against claims of patent
infringement or other IP rights suits, which could result in
substantial claims for damages against the Company; the possibility
that the Company may become involved in lawsuits to protect or
enforce its patents, which could be expensive, time-consuming, and
unsuccessful; the Company’s ability to protect its IP rights
throughout the world; the potential for patents held by the Company
to be found invalid or unenforceable; and other risks identified in
Celyad Oncology’s U.S. Securities and Exchange Commission (SEC)
filings and reports, including in the latest Annual Report on Form
20-F filed with the SEC and subsequent filings and reports by
Celyad Oncology. These forward-looking statements speak only as of
the date of publication of this document and Celyad Oncology’s
actual results may differ materially from those expressed or
implied by these forward-looking statements. Celyad Oncology
expressly disclaims any obligation to update any such
forward-looking statements in this document to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based,
unless required by law or regulation.
Celyad Oncology Contacts:
Investor & Media Contact:David
Georges, VP Finance and Administrationinvestors@celyad.com
communications@celyad.com
Source: Celyad Oncology SA
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