F-star Therapeutics (FSTX) Q2 2022 Earnings Results

By Amit Chowdhry ● Aug 11, 2022
  • F-star Therapeutics (FSTX) has announced its Q2 2022 earnings. These are the details.

F-star Therapeutics (FSTX) has announced its Q2 2022 earnings. Below are the highlights.

Q2 2022 Financial Summary:

— Cash and cash equivalents were $53.0 million as of June 30, 2022, compared to $78.5 million on December 31, 2021.

— R&D expenses were $8.7 million for the quarter ended June 30, 2022, compared to $8.3 million for the corresponding quarter in 2021. The $0.4 million increase is primarily due to an increase of $2.9 million in clinical trial costs, $0.9 million in R&D consulting, staff, and other R&D costs, offset by the UK R&D tax credit of $3.4 million, which is treated as a reduction in expense.

— G&A expenses were $7.5 million for the quarter ended June 30, 2022, compared to $6.5 million for the second quarter 2021. This $1.0 million increase is primarily due to $2.5 million in transaction-related costs, offset by reductions of $1.0 million of non-transaction-related legal and professional fees, $0.4 million in stock-based compensation expense and $0.1 million in other G&A expense.

— Net loss was $19.0 million or a loss per share of $0.88 (basic and diluted) for the quarter ended June 30, 2022, as compared to a net loss of $15.5 million or a loss per share of $0.91 (basic and diluted) for the quarter ended June 30, 2021.

KEY QUOTES:

“During the second quarter, we steadfastly remained focused on advancing our four clinical programs. We continued the enrollment for the FS118 study in PD-1 acquired resistance head and neck cancer patients and have cleared the initial futility hurdle. The dose-escalation study for FS222 continues to progress well, and we are happy to report that therapy remains well-tolerated and clinically active at pharmacologically active dose levels, including in patients with low levels of PD-L1 expression. We also initiated the combination study of FS120 with KEYTRUDA® in patients with advanced cancers and we look forward to evaluating the potential clinical benefits of the combined therapies. Dose escalation of SB 11285 continues. Both the monotherapy and combination with atezolizumab remain well tolerated.”

— Eliot Forster, CEO of F-star Therapeutics