UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2022, Amylyx Pharmaceuticals, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2022. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information provided in this Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded with the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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AMYLYX PHARMACEUTICALS, INC. |
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Date: August 11, 2022 |
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By: |
/s/ James M. Frates |
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James M. Frates |
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Chief Financial Officer |
Exhibit 99.1
Amylyx Pharmaceuticals Reports Second Quarter 2022 Financial Results
CAMBRIDGE, Mass. August 11, 2022 -- Amylyx Pharmaceuticals, Inc. (Nasdaq: AMLX) (“Amylyx” or the “Company”) today reported financial results for the quarter ended June 30, 2022.
“The second quarter of 2022 has been another exciting time for Amylyx, marked by our first regulatory approval. ALBRIOZA™ is now commercially available in Canada signifying an important milestone on our path to helping people living with ALS,” said Justin Klee, Co-CEO of Amylyx.
Josh Cohen, Co-CEO of Amylyx, added, “Looking ahead, we remain committed to advancing our ongoing regulatory interactions and preparing for launch in the U.S. and the European Union, if approved.”
Second Quarter 2022 and Recent Business Highlights:
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Financial Results for the Second Quarter Ended June 30, 2022
For the quarter ended June 30, 2022, research and development expenses were $24.3 million, compared to $10.9 million for the quarter ended June 30, 2021. The increase was mainly driven by higher product manufacturing and development expenses in support of clinical trial and launch preparation activities for commercialization, and increased personnel-related expenses due to increased headcount to support research and development efforts.
General and administrative expenses were $30.0 million for the quarter ended June 30, 2022, compared to $7.7 million for the quarter ended June 30, 2021. The increase was primarily due to higher personnel-related expenses due to increased headcount to support launch preparation initiatives and increased consulting and professional services fees for commercial readiness activities and operations as a public company.
Net loss for the quarter ended June 30, 2022, was $54.1 million, or $0.93 per share, compared to a net loss of $21.9 million, or $3.41 per share, for the same period in 2021.
Cash, cash equivalents and short-term investments were $206.7 million at June 30, 2022, compared to $255.2 million at March 31, 2022.
About AMX0035
AMX0035 (sodium phenylbutyrate and taurursodiol) is an oral fixed-dose medication approved with conditions as ALBRIOZA™ to treat amyotrophic lateral sclerosis (ALS) in Canada and with marketing applications pending in the United States and the European Union. The combination of sodium phenylbutyrate and taurursodiol may reduce neuronal cell death, hypothesized to occur by simultaneously mitigating endoplasmic reticulum (ER) stress and mitochondrial dysfunction. AMX0035 is also being explored for the potential treatment of other neurodegenerative diseases.
About the CENTAUR Trial
CENTAUR was a multicenter Phase 2 clinical trial in 137 participants with ALS encompassing a 6-month randomized placebo-controlled phase and an open-label long-term follow-up phase. The trial met its primary efficacy endpoint of reducing functional decline as measured by the Amyotrophic Lateral Sclerosis Functional Rating Scale – Revised (ALSFRS-R).
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Overall, reported rates of adverse events and discontinuations were similar between AMX0035 and placebo groups during the 24-week randomized phase; however, gastrointestinal events occurred with greater frequency (≥2%) in the AMX0035 group. Detailed safety and functional efficacy data from CENTAUR were published in the New England Journal of Medicine. Data from additional analyses from the CENTAUR trial were published in Muscle & Nerve in 2020 and 2022, and the Journal of Neurology, Neurosurgery and Psychiatry in 2022.
The CENTAUR trial was funded, in part, by the ALS ACT grant and the ALS Ice Bucket Challenge, and was supported by The ALS Association, ALS Finding a Cure (a program of The Leandro P. Rizzuto Foundation), the Northeast ALS Consortium, and the Sean M. Healey & AMG Center for ALS at Mass General.
About the PHOENIX Trial
The Phase 3 PHOENIX clinical trial (NCT05021536) is a 48-week, randomized placebo-controlled global clinical trial further evaluating the safety and efficacy of AMX0035 (sodium phenylbutyrate and taurursodiol) for the treatment of ALS. The primary efficacy outcome of the trial will be a composite measure of survival and Amyotrophic Lateral Sclerosis Functional Rating Scale-Revised (ALSFRS-R) total score progression over 48 weeks and survival and tolerability over 48 weeks. Secondary endpoints include change in slow vital capacity (SVC), measured both at home using a self-administered spirometer to support virtual data collection and at clinic sites using standard spirometry, quality of life patient-reported outcome assessments, ventilation-free survival rates and other measures. More information on the PHOENIX trial can be found at www.clinicaltrials.gov and eudract.ema.europa.eu.
About Amylyx Pharmaceuticals
Amylyx Pharmaceuticals, Inc. is committed to supporting and creating more moments for the neurodegenerative community through the discovery and development of innovative new treatments. Amylyx is headquartered in Cambridge, Massachusetts and has operations in Canada and EMEA. For more information, visit amylyx.com and follow us on LinkedIn and Twitter. For investors, please visit investors.amylyx.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: Amylyx’ strategy, business plans and objectives for 2022 and beyond; the potential of AMX0035 as a treatment for ALS, the efficacy and safety profile of AMX0035 and the potential for regulatory approval of AMX0035 as a treatment for ALS in the U.S. and the European Union and to maintain approval in Canada; the commercialization of ALBRIOZA in Canada and potential commercial launch of AMX0035 as a treatment for ALS in other jurisdictions, if approved, and the ability to scale operations to prepare for commercial launch; the timing, progress and results of our global Phase 3 PHOENIX clinical trial of AMX0035 and potential OLE extension; the potential of AMX0035 or other future therapeutic candidates as a treatment for neurodegenerative diseases generally; and expectations regarding our longer-term strategy. Any forward-looking statements in this statement are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of Amylyx’ program development activities, Amylyx’ ability to execute on its commercial and regulatory strategy, regulatory developments, expectations regarding the timing of FDA and EMA review of AMX0035 for the treatment of ALS, market acceptance of AMX0035, Amylyx’ ability to fund operations, and the impact that the ongoing COVID-19 pandemic will have on Amylyx’ operations, as well as those risks and uncertainties set forth in Amylyx’ United States Securities and Exchange Commission (SEC) filings, including Amylyx’ Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Amylyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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AMYLYX PHARMACEUTICALS, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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UNAUDITED |
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(in thousands) |
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June 30, |
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December 31, |
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Assets |
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Cash, cash equivalents and short-term investments |
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$ |
206,681 |
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$ |
96,118 |
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Prepaid expenses and other current assets |
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9,458 |
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5,392 |
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Deferred offering costs |
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— |
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3,441 |
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Other assets |
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9,101 |
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663 |
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Total assets |
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$ |
225,240 |
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$ |
105,614 |
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Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
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Accounts payable and accrued expenses |
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$ |
25,377 |
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$ |
17,396 |
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Other liabilities |
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7,074 |
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35 |
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Total liabilities |
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32,451 |
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17,431 |
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Redeemable convertible preferred stock |
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— |
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239,351 |
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Stockholders’ equity (deficit) |
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192,789 |
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(151,168 |
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Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) |
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$ |
225,240 |
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$ |
105,614 |
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AMYLYX PHARMACEUTICALS, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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UNAUDITED |
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(in thousands, except share and per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Operating expenses: |
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Research and development |
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$ |
24,259 |
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$ |
10,929 |
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$ |
45,723 |
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$ |
17,793 |
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General and administrative |
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29,994 |
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7,658 |
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56,344 |
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13,662 |
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Total operating expenses |
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54,253 |
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18,587 |
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102,067 |
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31,455 |
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Loss from operations |
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(54,253 |
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(18,587 |
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(102,067 |
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(31,455 |
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Other income (expense), net |
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360 |
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(3,335 |
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472 |
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(4,990 |
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Loss before income taxes |
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(53,893 |
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(21,922 |
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(101,595 |
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(36,445 |
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Provision for income taxes |
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174 |
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— |
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320 |
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— |
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Net loss |
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$ |
(54,067 |
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$ |
(21,922 |
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$ |
(101,915 |
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$ |
(36,445 |
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Net loss per share attributable to common stockholders —basic and diluted |
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$ |
(0.93 |
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$ |
(3.41 |
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$ |
(1.85 |
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$ |
(5.75 |
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Weighted-average shares used in computing net loss per share attributable |
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58,275,903 |
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6,433,889 |
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54,958,537 |
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6,334,813 |
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Contacts
Media
Becky Gohsler
Finn Partners
(646) 307-6307
amylyxmediateam@amylyx.com
Investors
Lindsey Allen
Amylyx Pharmaceuticals, Inc.
(857) 320-6244
Investors@amylyx.com
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