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Checkmate Pharmaceuticals, Inc. (CMPI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Checkmate Pharmaceuticals, Inc.

CIK: 1651431 Ticker: CMPI

Exhibit 99.1

Checkmate Pharmaceuticals Reports Second Quarter 2020 Financial Results and Provides an Update on Recent Progress

Successfully completed IPO in August 2020 raising $76.6 million in gross proceeds

On track to initiate planned new clinical trials in melanoma and head and neck cancer

Cambridge, Mass., – September 18, 2020 (GLOBE NEWSWIRE) – Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) (“Checkmate”), a clinical stage biotechnology company focused on developing proprietary technology to harness the power of the immune system to combat cancer, today announced second quarter 2020 financial results and provided an update on recent progress.

“This is an exciting time for our company as we rapidly develop CMP-001 across multiple tumor types in combination with checkpoint inhibitors,” said Barry Labinger, Chief Executive Officer. “Our recent public offering positions us well to execute on our clinical and strategic plans, including advancement of CMP-001 towards registration in melanoma and towards demonstration of proof of concept in additional tumor types, including head and neck cancer. We are on track to initiate key new clinical trials by late 2020/early 2021 as planned.”

Recent Progress

 

   

In August 2020, Checkmate closed its initial public offering of 5,000,000 shares of common stock at $15 per share. Including the subsequent partial exercise of the underwriters’ overallotment option, total gross proceeds were approximately $76.6 million, before deducting underwriting commissions and offering expenses.

 

   

In July 2020, the U.S. Food and Drug Administration granted Fast Track designation to Checkmate’s product candidate, CMP-001, a differentiated Toll-like receptor 9 (TLR9) agonist, in combination with a programmed death receptor 1 (PD-1) blocking antibody (nivolumab or pembrolizumab) in both anti-PD-1 refractory melanoma and first-line metastatic melanoma.

 

   

Checkmate is actively engaging with potential clinical sites and remains on track to initiate three Phase 2 trials combining CMP-001 with PD-1 blockade by late 2020/early 2021 for the treatment of:

 

   

First-line head and neck cancer

 

   

Anti-PD-1 refractory melanoma

 

   

First-line metastatic or unresectable melanoma

Second Quarter 2020 Financial Results

 

   

Cash and cash equivalents: Cash and cash equivalents were $80.3 million as of June 30, 2020 (excluding proceeds from the IPO which was completed in August 2020).

 

   

Research and development expenses(R&D): R&D expenses were $6.5 million for the quarter ended June 30, 2020, compared to $5.8 million for the quarter ended June 30, 2019. The increase was primarily attributable to start-up costs for upcoming clinical trials as well as manufacturing and process development costs.

 

   

General and administration expenses(G&A): G&A expenses were $1.8 million for the quarter ended June 30, 2020, compared to $1.1 million for the quarter ended June 30, 2019. The increase was primarily attributable to expenses incurred in connection with the Checkmate’s preparation for operating as a publicly-traded company.


The following information was filed by Checkmate Pharmaceuticals, Inc. (CMPI) on Friday, September 18, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Balance Sheets
Condensed Balance Sheets (Parenthetical)
Condensed Statements Of Cash Flows
Condensed Statements Of Operations And Comprehensive Loss
Condensed Statements Of Redeemable Convertible Preferred Stock And Stockholders' Deficit
Condensed Statements Of Redeemable Convertible Preferred Stock And Stockholders' Deficit (Parenthetical)
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Expenses (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Common Stock
Common Stock (Tables)
Common Stock - Summary Of Common Stock Available For Future Issuance (Detail)
Convertible Loan Notes
Convertible Loan Notes - Additional Information (Detail)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Additional Information (Details)
Fair Value Measurement - Schedule Of Aggregate Fair Value Of The Company's Series B Preferred Stock Tranche Right Liability (Detail)
Fair Value Measurement - Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Detail)
Fair Value Measurement - Schedule Of Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Nature Of Business And Basics Of Presentation
Nature Of Business And Basics Of Presentation - Additional Information (Detail)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Summary Of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders (Detail)
Net Loss Per Share - Summary Of Potentially Dilutive Shares Excluded From The Calculation Of Diluted Net Loss (Detail)
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock (Tables)
Redeemable Convertible Preferred Stock - Additional Information (Detail)
Redeemable Convertible Preferred Stock - Schedule Of Cumulative Dividends (Detail)
Redeemable Convertible Preferred Stock - Schedule Of Redeemable Convertible Preferred Stock (Detail)
Stock Based Compensation
Stock Based Compensation - (Tables)
Stock Based Compensation - Additional Information (Detail)
Stock Based Compensation - Schedule Of Fair Value Of Stock Option Awards On The Grant Date Using The Black-Scholes Option Valuation Model (Detail)
Stock Based Compensation - Summary Of Total Stock-Based Compensation Expense (Details)
Stock Based Compensation - Summary The Activity Under The Company's Stock Option Plan (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Checkmate Pharmaceuticals, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CMPI
CIK: 1651431
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-249120
Submitted to the SEC: Fri Sep 18 2020 4:16:20 PM EST
Accepted by the SEC: Fri Sep 18 2020
Period: Tuesday, June 30, 2020
Industry: Biological Products No Disgnostic Substances

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