First Quarter 2019 Financial Results
AVROBIO reported a net loss of $17.1 million for the first quarter of 2019 as compared to a net loss of $8.2 million for the comparable period in 2018. This increase was due to increased research and development expenses, as well as increased general and administrative expenses.
Research and development expenses were $12.4 million for the first quarter of 2019 as compared to $5.6 million for the comparable period in 2018. This increase was driven by increased preclinical, clinical development and manufacturing activities related to the advancement of the Company’s pipeline, as well as increased personnel-related costs includingnon-cash stock-based compensation expense resulting from an increase in employee headcount.
General and administrative expenses were $5.3 million for the first quarter of 2019 as compared to $2.1 million for the comparable period in 2018. This increase was primarily due to an increase in employee headcount, legal, consulting and professional fees related to the support of ongoing business operations as a publicly traded company, as well as the impact ofnon-cash stock-based compensation.
As of March 31, 2019, AVROBIO had $108.5 million in cash and cash equivalents, as compared to $126.3 million in cash and cash equivalents as of December 31, 2018. Based on the Company’s current operating plan, AVROBIO expects its cash and cash equivalents as of March 31, 2019 will enable the Company to fund its operating expenses and capital expenditure requirements into the second half of 2020.
About AVROBIO, Inc.
AVROBIO, Inc., is a Phase 2 clinical-stage gene therapy company. AVROBIO is focused on the development of its gene therapy candidate,AVR-RD-01, in Fabry disease, as well as additional gene therapy programs in other lysosomal storage disorders including Gaucher disease, cystinosis and Pompe disease. The Company’s plato™ platform includes a proprietary vector system, automated cell manufacturing solution and refined conditioning regimen with therapeutic drug monitoring. AVROBIO is headquartered in Cambridge, MA and has offices in Toronto, ON. For additional information, visit www.avrobio.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words or similar expressions that are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding our business strategy, prospective products and goals, the therapeutic potential of our product candidates, anticipated benefits of our gene therapy platform including potential impact on our commercialization and pipeline expansion activities, the design, commencement, enrollment and timing of ongoing or planned clinical trials, clinical trial results, product approvals and regulatory pathways, potential regulatory approvals and the timing thereof, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products, and the market opportunity for our product candidates, and statements regarding the Company’s financial and cash position and expected cash runway. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Results in preclinical or early stage clinical trials may not be indicative of results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements, or the scientific data presented.
