UroGen Pharma Reports Second Quarter 2022 Financial Results and Recent Corporate Developments
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Reported Jelmyto® net product revenue of
$16.6 million , a 22% increase from the first quarter of 2022, and 28% increase YoY; reaffirmed 2022 full-year revenue guidance of$70-$80 million - Enrollment of UGN-102 Phase 3 single-arm, ENVISION pivotal trial in subjects with low-grade intermediate risk non-muscle invasive bladder cancer (LG-IR-NBIMC) is ongoing and on track; enrollment completion anticipated before end of 2022
- Progressed first in human multi-arm Phase 1 clinical trial of UGN-301 in high-grade non-muscle invasive bladder cancer (HG-NMIBC)
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Conference call and webcast to be held today at
10:00 AM ET
“Positive momentum established last quarter has accelerated into the second quarter of 2022 and we remain confidently on track to meet our anticipated guidance, both financial and in terms of clinical development,” said
Business Highlights:
Jelmyto (mitomycin) for pyelocaliceal solution in low-grade Upper Tract Urothelial Cancer (LG-UTUC):
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Generated net product revenues of
$16.6 million for the second quarter of 2022, representing a 22% increase over the first quarter of 2022, and a 28% increase over the same period in 2021. -
Activated sites on
August 1 were 893, compared to 857 onMay 1, 2022 while repeat accounts onAugust 1 were 144, compared to 114 onMay 1, 2022 . - Nephrostomy tube administration of Jelmyto has increased from approximately 20% to approximately 40% of instillations over the past 3 months, benefits of which include avoiding the necessity of medical equipment as well as conferring more flexibility with scheduling and instillation.
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Empirical data of Jelmyto instillation via Nephrostomy were presented at the
American Urological Association meeting in May by Dr.Kyle Rose demonstrating that 13 of 26 patients examined exhibited a complete response, while another 12 patients had a partial response. Importantly, ureteral stenosis occurred in 4 (15%) patients, compared to 31 (44%) patients in the pivotal OLYMPUS trial, where all participants were administered Jelmyto via retrograde administration. There were no severe adverse events reported and no patients had impaired renal function.
UGN-102 (mitomycin) for intravesical solution:
- Enrollment ongoing and active in the single-arm Phase 3 ENVISION pivotal trial of UGN-102 for the treatment of LG-IR-NMIBC. Completion of enrollment continues to be anticipated by the end of 2022.
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ENVISION is similar in design to the previously completed Phase 2b OPTIMA II study which demonstrated a complete response (CR) rate of 65% and probability of remaining in CR 12 months after therapy of 72.5% by
Kaplan Meier analysis. UroGen continues to anticipate submitting a New Drug Application (NDA) to the FDA for UGN-102 in 2024.
UGN-301 (zalifrelimab) for intravesical solution:
- UroGen’s first-in-human, novel, multi-arm Phase 1 clinical trial of UGN-301, the Company’s anti-CTLA4 antibody, in HG-NMIBC is ongoing. This Phase 1 clinical trial will utilize a Master Protocol to evaluate the safety and tolerability of UGN-301 as monotherapy and in combination with other immunomodulators, including UGN-201, the Company’s proprietary toll-like receptor 7 (TLR7) agonist, as well as other potential chemo and/or immune therapies in patients with NMIBC.
Second Quarter 2022 Financial Results:
Jelmyto Revenue: UroGen reported net product revenues of Jelmyto for the second quarter 2022 of
R&D Expense: Research and development expenses for the second quarter 2022 were
SG&A Expense: Selling, general and administrative expenses for the second quarter 2022 were
Financing on Prepaid Forward Obligation: UroGen reported non-cash financing expense related to the prepaid forward obligation to RTW Investments of
Interest Expense on Long-Term Debt: Interest expense related to the up to
Net Loss: UroGen reported a net loss of
Cash & Cash Equivalents: As of
2022 Revenue, Operating Expense and RTW Expense Guidance: The Company reiterates anticipated full year 2022 net product revenues from Jelmyto to be in the range of
Conference Call & Webcast Information: Members of UroGen’s management team will host a live conference call and webcast today at
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SELECTED CONSOLIDATED BALANCE SHEETS |
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( |
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(Unaudited) |
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|
|
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Cash and cash equivalents and marketable securities |
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$ |
112,411 |
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$ |
89,814 |
Total assets |
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$ |
146,141 |
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$ |
119,746 |
Total liabilities |
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$ |
187,054 |
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$ |
111,333 |
Total shareholders' equity (deficit) |
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$ |
(40,913 |
) |
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$ |
8,413 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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( |
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(Unaudited) |
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Three months ended |
Six months ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
$ |
16,604 |
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$ |
13,032 |
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$ |
30,168 |
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$ |
20,517 |
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||||
Cost of revenue |
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1,846 |
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1,427 |
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3,371 |
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2,324 |
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Gross profit |
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14,758 |
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11,605 |
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26,797 |
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18,193 |
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Operating expenses: |
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Research and development expenses |
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12,640 |
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12,124 |
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25,336 |
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22,637 |
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Selling, general and administrative expenses |
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20,833 |
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22,304 |
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42,133 |
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44,493 |
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Total operating expenses |
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33,473 |
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34,428 |
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67,469 |
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67,130 |
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Operating loss |
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(18,715 |
) |
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(22,823 |
) |
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(40,672 |
) |
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(48,937 |
) |
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Financing on prepaid forward obligation |
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(5,833 |
) |
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(3,120 |
) |
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(11,659 |
) |
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(3,120 |
) |
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Interest expense on long-term debt |
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(2,239 |
) |
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- |
|
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(2,521 |
) |
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- |
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Interest and other income |
|
128 |
|
|
33 |
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|
126 |
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|
212 |
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Loss before income taxes |
$ |
(26,659 |
) |
$ |
(25,910 |
) |
$ |
(54,726 |
) |
$ |
(51,845 |
) |
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Income tax expense |
|
(32 |
) |
|
(312 |
) |
|
(357 |
) |
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(312 |
) |
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Net loss |
$ |
(26,691 |
) |
$ |
(26,222 |
) |
$ |
(55,083 |
) |
$ |
(52,157 |
) |
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Net loss per ordinary share basic and diluted |
$ |
(1.18 |
) |
$ |
(1.17 |
) |
$ |
(2.43 |
) |
$ |
(2.34 |
) |
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Weighted average shares outstanding, basic and diluted |
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22,703,572 |
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22,331,119 |
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22,667,825 |
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22,287,037 |
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About Jelmyto®
Jelmyto (mitomycin) for myelocaliceal solution, is a drug formulation of mitomycin indicated for the treatment of adult patients with low-grade upper tract urothelial cancer (LG-UTUC). Utilizing the RTGel™ technology platform, UroGen’s proprietary sustained release, hydrogel-based formulation, Jelmyto is designed to enable longer exposure of urinary tract tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means. Jelmyto is delivered to patients using standard ureteral catheters or nephrostomy tube. The
APPROVED USE FOR JELMYTO
JELMYTO® is a prescription medicine used to treat adults with a type of cancer of the lining of the upper urinary tract including the kidney called low-grade Upper Tract Urothelial Cancer (LG-UTUC).
IMPORTANT SAFETY INFORMATION
You should not receive JELMYTO if you have a hole or tear (perforation) of your bladder or upper urinary tract.
Before receiving JELMYTO, tell your healthcare provider about all your medical conditions, including if you:
- are pregnant or plan to become pregnant. JELMYTO can harm your unborn baby. You should not become pregnant during treatment with JELMYTO. Tell your healthcare provider right away if you become pregnant or think you may be pregnant during treatment with JELMYTO. Females who are able to become pregnant: You should use effective birth control (contraception) during treatment with JELMYTO and for 6 months after the last dose.
- Males being treated with JELMYTO: If you have a female partner who is able to become pregnant, you should use effective birth control (contraception) during treatment with JELMYTO and for 3 months after the last dose.
- are breastfeeding or plan to breastfeed. It is not known if JELMYTO passes into your breast milk. Do not breastfeed during treatment with JELMYTO and for 1 week after the last dose.
- Tell your healthcare provider if you take water pills (diuretic).
How will I receive JELMYTO?
- Your healthcare provider will tell you to take a medicine called sodium bicarbonate before each JELMYTO treatment.
- You will receive your JELMYTO dose from your healthcare provider 1 time a week for 6 weeks. It is important that you receive all 6 doses of JELMYTO according to your healthcare provider’s instructions. If you miss any appointments, call your healthcare provider as soon as possible to reschedule your appointment. Your healthcare provider may recommend up to an additional 11 monthly doses.
- JELMYTO is given to your kidney through a tube called a catheter.
- During treatment with JELMYTO, your healthcare provider may tell you to take additional medicines or change how you take your current medicines.
After receiving JELMYTO:
- JELMYTO may cause your urine color to change to a violet to blue color. Avoid contact between your skin and urine for at least 6 hours.
- To urinate, males and females should sit on a toilet and flush the toilet several times after you use it. After going to the bathroom, wash your hands, your inner thighs, and genital area well with soap and water.
- Clothing that comes in contact with urine should be washed right away and washed separately from other clothing.
JELMYTO may cause serious side effects, including:
- Swelling and narrowing of the tube that carries urine from the kidney to the bladder (ureteric obstruction). If you develop swelling and narrowing, and to protect your kidney from damage, your healthcare provider may recommend the placement of a small plastic tube (stent) in the ureter to help the kidney drain. Tell your healthcare provider right away if you develop side pain or fever during treatment with JELMYTO.
- Bone marrow problems. JELMYTO can affect your bone marrow and can cause a decrease in your white blood cell, red blood cell, and platelet counts. Your healthcare provider will do blood tests prior to each treatment to check your blood cell counts during treatment with JELMYTO. Your healthcare provider may need to temporarily or permanently stop JELMYTO if you develop bone marrow problems during treatment with JELMYTO.
The most common side effects of JELMYTO include: urinary tract infection, blood in your urine, side pain, nausea, trouble with urination, kidney problems, vomiting, tiredness, stomach (abdomen) pain.
You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1‑800‑FDA‑1088. You may also report side effects to
Please see JELMYTO Full Prescribing Information, including the Patient Information, for additional information.
About Upper Tract Urothelial Cancer (UTUC)
Urothelial cancer is the ninth most common cancer globally and the eighth most lethal neoplasm in men in the
About LG IR NMIBC
Out of the 80,000 estimated cases of bladder cancer per year in the
About UGN-102
UGN-102 (mitomycin) for intravesical solution is an investigational drug formulation of mitomycin in Phase 3 development for the treatment of low-grade intermediate risk NMIBC. Utilizing the RTGelTM Technology Platform, UroGen’s proprietary sustained release, hydrogel-based formulation, UGN-102 is designed to enable longer exposure of bladder tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means. UGN-102 is delivered to patients using a standard urinary catheter. The Company presented results from the Phase 2b OPTIMA II trial in
About the Phase 3 ENVISION Trial
The Phase 3 ENVISION trial is a single-arm, multinational, multicenter study evaluating the efficacy and safety of UGN-102 (mitomycin) as primary chemoablative therapy in patients with low-grade, intermediate-risk NMIBC. The Phase 3 ENVISION trial is expected to enroll approximately 220 patients across 90 sites and study participants will receive six once-weekly intravesical instillations of UGN-102. The planned primary endpoint will evaluate the complete response rate at three months after the first installation, and the key secondary endpoint will evaluate durability over time in patients who achieve complete response at the three-month assessment. Based on discussions with the FDA, and enrollment expected by the end of 2022, assuming positive findings, UroGen anticipates submitting an NDA for UGN-102 in 2024.
Learn more about the Phase 3 ENVISION trial at www.clinicaltrials.gov (NCT05243550)
About
UroGen is a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers because patients deserve better options. UroGen has developed RTGelTM reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based platform technology that has the potential to improve therapeutic profiles of existing drugs. UroGen’s sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. Jelmyto® (mitomycin) for pyelocalyceal solution and investigational treatment UGN-102 (mitomycin) for intravesical solution are designed to ablate tumors by non-surgical means. UroGen is headquartered in
Forward Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding: our ongoing Phase 3 ENVISION trial for UGN-102, the design and objectives thereof, the number of patients to be enrolled and the timing for completion of enrollment; plans with respect to a regulatory submission for UGN-102 and the timing thereof; the expected benefits of the FDA’s expansion of the in-use period for Jelmyto’s admixture; the ongoing Phase 1 clinical study for UGN-301 and the design, objectives and timing thereof; financial and clinical development guidance for 2022 and our expectations regarding our ability to meet such guidance; our goal and ability to reach cash flow break-even in 2025; our long-term growth potential; the potential of RTGel to improve the therapeutic profiles of existing drugs; and UroGen’s sustained release technology making local delivery potentially more effective as compared to other treatment options. These statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to: clinical trial enrollment challenges that may impact the expected timing of our ongoing and planned clinical trials, including challenges related to the ongoing COVID-19 pandemic and the
UroGen® are registered trademarks of
View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005112/en/
INVESTOR CONTACT:
Senior Director, Investor Relations
vincent.perrone@urogen.com
609-460-3588 ext. 1093
MEDIA CONTACT:
Director, Corporate Communications
cindy.romano@urogen.com
609-460-3583 ext. 1083
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