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

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

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.