Avidity Biosciences, Inc. has recently released its 10-Q report, detailing its financial performance and operational updates. The biopharmaceutical company focuses on delivering RNA therapeutics and developing antibody oligonucleotide conjugates (AOC) to treat diseases previously untreatable with RNA therapeutics. Avidity's lead product candidate, AOC 1001, is in a phase 1/2 clinical trial for the treatment of myotonic dystrophy type 1, with other products in the pipeline for the treatment of rare skeletal muscle and rare cardiac diseases.
In its 10-Q report, Avidity Biosciences, Inc. highlighted its financial position and operational activities. The company reported net losses of $212.2 million and $174.0 million for the years ended December 31, 2023 and 2022, respectively, and $139.6 million for the six months ended June 30, 2024. As of June 30, 2024, Avidity had an accumulated deficit of $710.4 million. The report also emphasized the company's focus on advancing and expanding its pipeline, with three programs in clinical development, including AOC 1001, AOC 1020, and AOC 1044. These programs have been granted Orphan Designation by the FDA and the European Medicines Agency, as well as Fast Track Designation by the FDA.
Avidity Biosciences, Inc. also provided insights into its research collaborations. In November 2023, the company entered into a Research Collaboration and License Agreement with Bristol Myers Squibb Company, receiving approximately $100 million upfront and becoming eligible for up to approximately $1.35 billion in research and development milestone payments, as well as up to approximately $825 million in commercial milestone payments. Additionally, in April 2019, Avidity entered into a Research Collaboration and License Agreement with Eli Lilly and Company, receiving an upfront license fee of $20.0 million and becoming eligible to receive up to $60.0 million in development milestone payments per target, up to $140.0 million in regulatory milestone payments per target, and up to $205.0 million in commercialization milestone payments per target.
The 10-Q report also outlined Avidity's financial outlook, stating that based on its current operating plans, the company believes its existing cash, cash equivalents, and marketable securities of $1.3 billion (as of June 30, 2024) will be sufficient to fund its operations for at least 12 months from the date of the filing of the Form 10-Q. However, the company acknowledged that it may need to raise additional funds or enter into other arrangements to finance its cash needs through equity offerings, debt financings, or potential collaborations, licenses, and other arrangements.
Following these announcements, the company's shares moved 12.1%, and are now trading at a price of $46.95. If you want to know more, read the company's complete 10-Q report here.
