Lytix Biopharma: Second quarter and first half of 2022 results
Lytix Biopharma, a Norwegian immune-oncology company, today releases its second quarter and first half 2022 results – New encouraging clinical data.
“The first six months of 2022 have been fueled by clinical development and clinical data presentations across international conferences alongside seeing our partner Verrica Pharmaceuticals advance its Phase II study evaluating LTX-315 for basal cell carcinoma. For Lytix, the most significant clinical trial development was the completion of the Phase II study evaluating LTX-315 in combination with adoptive therapy (ACT) in soft tissue sarcoma patients. This combination treatment provided meaningful clinical benefit for patients with progressive metastatic soft tissue sarcoma and clearly shows the potential of using LTX-315 in combination with ACT to generate a high number of tumor-specific T cells”, says Dr. Øystein Rekdal, CEO of Lytix Biopharma.
Highlights from the first quarter 2022:
- Data from the Phase II ATLAS-IT-04 trial evaluating LTX-315 in sarcoma patients demonstrated proof-of-concept by showing that the compound improved the outcome of adoptive cell transfer treatment by stabilizing the disease in patients with progressive metastatic soft tissue sarcoma.
- In April, Verrica Pharmaceuticals dosed the first patient in its Phase II study evaluating LTX-315 in basal cell carcinoma (BCC), triggering an initial milestone payment to Lytix.
- Regulatory process is initiated and ongoing to expand the site network for the ATLAS-IT-05 study to highly recognized sites with intratumoral immunotherapy expertise in three European countries.
- The preclinical safety testing for LTX-401 has been completed demonstrating a favorable safety profile. Preparations for a Phase I clinical study are progressing according to plan.
- In April, Lytix received a USD 1 million milestone payment from Verrica following first patient dosed in its Phase II study of LTX-315 for the treatment of basal cell carcinoma.
- Total operating expenses for the six months ended 30 June 2022 ended at NOK 36.6 million, which is in line with last year’s figures of NOK 36.1 million.
Key figures (unaudited):
| Amounts in NOK thousands | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | FY 2021 |
|---|---|---|---|---|---|
| Total operating income | 10 427 | 1 640 | 11 936 | 23 201 | 25 827 |
| Total operating expense | (20 418) | (14 041) | (36 600) | (36 054) | (73 844) |
| Loss from operations | (9 991) | (12 401) | (24 664) | (12 853) | (48 017) |
| Loss for the period | (1 183) | (12 392) | (16 414) | (12 748) | (48 049) |
| Property, plant and equipment | 132 | - | - | ||
| Cash position at end of the period | 177 084 | 70 950 | 197 282 | ||
| Trade and other receivables | 6 893 | 162 792 | 5 680 | ||
| Total assets | 184 108 | 233 742 | 202 962 | ||
| Total equity | 173 967 | 233 030 | 189 624 | ||
| Total liabilities | 10 141 | 10 712 | 13 338 | ||
| Total equity and liabilities | 184 108 | 233 742 | 202 962 |
The full report and a presentation is linked to this press release (and available at https://www.lytixbiopharma.com/investors/financial-reports.html).
The results will be presented in a webcast with CEO Øystein Rekdal, CDO Graeme Currie and CFO Gjest Breistein at 14:30 CEST.
The presentation and subsequent Q&A session will be held in English and may be viewed live. Please register for the presentation at Lytix Biopharma Q2 webcast 25.08.22
A recording of the presentation will be made available on https://www.lytixbiopharma.com/investors/financial-reports.html after the presentation.
For more information, please contact:
Ole Peter Nordby, ole.peter.nordby@lytixbiopharma.com
Lytix Biopharma in brief:
Based in Oslo, Norway, Lytix is a clinical stage biotech company developing novel cancer immunotherapies, an area within cancer therapy that is aimed at activating the patient’s immune system to fight cancer. The company’s technology is based on pioneering research in “host defense peptides” – nature’s first line of defense towards foreign pathogens. Lytix Biopharma’s lead product, LTX-315, is a first-in-class oncolytic molecule representing a new and superior therapeutic principle to boost anti-cancer immunity, with the potential to be the ideal combination partner with other types of immunotherapies. LTX-315 targets cancer cells and disintegrates their cell membranes, causing immunogenic cell death and release of a patient’s tumor specific antigens and potent immunostimulants. This mode of action allows cytotoxic T cells to recognize, infiltrate and attack cancer cells.