Gemini Therapeutics, Inc. (Nasdaq: GMTX) today reported
financial results for the year ended December 31, 2021.
“As previously announced this year, Gemini Therapeutics has
initiated a process to evaluate strategic options to maximize
shareholder value that may potentially result in changes to our
business strategy. While we have not set a timetable for completion
of this strategic review process, we look forward to providing an
update in the future if and when appropriate,” said Georges
Gemayel, Ph.D. Executive Chair and interim President and Chief
Executive Officer.
Full Year 2021 Financial Results
Gemini reported a net loss of $71.9 million for the full year
2021 compared to $40.8 million for the same period in 2020.
Research and development expenses were $48.7 million and $28.2
million for the twelve months ended December 31, 2021 and 2020,
respectively. The full year increase was primarily due to an
increase in external research and development costs related to
clinical trial activities of GEM103.
General and administrative expenses were $20.3 million and $5.9
million for the twelve months ended December 31, 2021 and 2020,
respectively. The full year increase was primarily due to higher
personnel-related costs and higher legal, insurance and other
professional fees incurred in connection with operating as a public
company.
As of December 31, 2021, cash and cash equivalents totaled
$136.6 million, with approximately 43.2 million shares of common
stock outstanding.
About Gemini Therapeutics
Gemini Therapeutics is a clinical stage precision medicine
company developing novel therapeutic compounds to treat genetically
defined age-related macular degeneration (AMD). Gemini’s candidate,
GEM103, is a recombinant form of human complement factor H protein
(CFH) and is designed to address both complement hyperactivity and
restore retinal health in patients with AMD. GEM103 has been
evaluated in a Phase 2a trial in dry AMD patients with a CFH risk
variant and a Phase 1/2a study in patients with neovascular
age-related macular degeneration with or at risk for macular
atrophy. Gemini is also working to advance a potentiating antibody
for CFH, GEM307, towards clinical development for treatment of
systemic diseases. For more information, visit
www.geminitherapeutics.com.
Availability of Other Information About Gemini
Therapeutics
Investors and others should note that we communicate with our
investors and the public using our website
(www.geminitherapeutics.com), the investor relations website
(https://investors.geminitherapeutics.com/), including but not
limited to investor presentations and investor fact sheets, U.S.
Securities and Exchange Commission filings, press releases, public
conference calls and webcasts. The information that Gemini posts on
these channels and websites could be deemed to be material
information. As a result, Gemini encourages investors, the media,
and others interested in Gemini to review the information that is
posted on these channels, including the investor relations website,
on a regular basis. This list of channels may be updated from time
to time on Gemini’s investor relations website and may include
additional social media channels. The contents of Gemini’s website
or these channels, or any other website that may be accessed from
its website or these channels, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
Gemini’s Forward-Looking Statements
Certain statements in this press release and the information
incorporated herein by reference may constitute “forward-looking
statements” for purposes of the federal securities laws. Our
forward-looking statements include, but are not limited to,
statements regarding our or our management team’s expectations,
hopes, beliefs, intentions or strategies regarding the future,
including those relating to the benefits we expect to receive from
the restructuring, the timing and success of the strategic
alternative review process or the ability to complete a potential
strategic transaction. Forward-looking statements include
statements relating to our management team’s expectations, hopes,
beliefs, intentions or strategies regarding the future. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “will,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. These forward-looking
statements are based on current expectations and beliefs concerning
future developments and their potential effects. There can be no
assurance that future developments affecting us will be those that
we have anticipated. These forward-looking statements involve a
number of risks, uncertainties (some of which are beyond our
control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those factors
described under the heading “Risk Factors” in the Gemini’s most
recent Annual Report on Form 10-K filed with the SEC, as well as
discussions of potential risks, uncertainties, and other important
factors included in any of our future filings with the SEC. Should
one or more of these risks or uncertainties materialize, or should
any of our assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements. Some of these risks and uncertainties may in the future
be amplified by the ongoing COVID-19 pandemic and there may be
additional risks that we consider immaterial or which are unknown.
It is not possible to predict or identify all such risks. Our
forward-looking statements only speak as of the date they are made,
and we do not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Gemini Therapeutics, Inc.
Consolidated Statements of Operations
and Comprehensive Loss
(In Thousands, except share and per
share amounts)
Year Ended December
31,
2021
2020
Operating expenses:
Research and development
$
48,717
$
28,170
General and administrative
20,285
5,870
Total operating expenses
69,002
34,040
Loss from operations
(69,002)
(34,040)
Other income (expense):
Interest expense
(2,158)
(6,826)
Interest income
15
37
Loss on conversion of convertible
notes
(711)
—
Change in fair value of warrant
liability
—
(8)
Other expense
(13)
—
Net loss and comprehensive loss
$
(71,869)
$
(40,837)
Net loss per share, basic and diluted
$
(1.78)
$
(2.70)
Weighted average common shares
outstanding, basic and diluted
40,362,303
15,115,129
Gemini Therapeutics, Inc.
Consolidated Balance Sheets
(In Thousands)
December 31,
2021
2020
Assets
Cash and cash equivalents
$
136,627
$
4,503
Other current assets
3,473
562
Total current assets
140,100
5,065
Other assets
337
3,254
Total assets
$
140,437
$
8,319
Liabilities and stockholders' equity
(deficit)
Current liabilities
$
14,834
$
24,876
Long-term liabilities
762
5,304
Total liabilities
15,596
30,180
Total stockholders' equity (deficit)
124,841
(21,861)
Total liabilities and stockholders' equity
(deficit)
$
140,437
$
8,319
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220310005079/en/
Brian Piekos (617) 401-4400 IR@geminitherapeutics.com
Gemini Therapeutics (NASDAQ:GMTX)
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