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Exhibit 99.1
Checkmate Pharmaceuticals Reports Third Quarter 2020 Financial Results and Provides an Update on Recent Progress
Presented new CMP-001 data in melanoma at SITCs 35th Anniversary Annual Meeting
Cambridge, Mass., November 13, 2020 (GLOBE NEWSWIRE) Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) (Checkmate), a clinical stage biotechnology company focused on developing its proprietary technology to harness the power of the immune system to combat cancer, today announced third quarter 2020 financial results and provided an update on recent progress.
We are enthusiastic as we advance CMP-001 toward registration in melanoma and expand toward potential proof of concept in additional indications, said Barry Labinger, Chief Executive Officer. We remain on track to initiate key new clinical trials by late 2020/early 2021 as planned.
Recent Progress
| During SITCs 35th Anniversary Annual Meeting, three new data presentations were given evaluating CMP-001, Checkmates advanced generation Toll-like receptor 9 (TLR9) agonist. These data continue to demonstrate the clinical activity of CMP-001 in combination with anti-PD-1 antibodies in patients with 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: |
o | First-line head and neck cancer |
o | Anti-PD-1 refractory melanoma |
o | First-line metastatic or unresectable melanoma |
Third Quarter 2020 Financial Results
| Cash and cash equivalents: Cash and cash equivalents were $137.3 million as of September 30, 2020. |
| Research and development expenses (R&D): R&D expenses were $6.7 million for the quarter ended September 30, 2020, compared to $5.1 million for the quarter ended September 30, 2019. The increase was primarily attributable to increased headcount and clinical trial expenses in connection with increased patient enrollment in the ongoing clinical trials of CMP-001 and preparations for the initiation of planned additional clinical trials of CMP-001. These increases were partially offset by a decrease in contract manufacturing costs. |
| General and administration expenses (G&A): G&A expenses were $3.2 million for the quarter ended September 30, 2020, compared to $1.2 million for the quarter ended September 30, 2019. The increase was primarily attributable to increases in personnel and other operating expenses incurred in connection with Checkmate beginning to operate as a publicly-traded company. |
| Net loss and comprehensive loss: Net loss and comprehensive loss was $9.8 million for the quarter ended September 30, 2020, compared to $6.2 million for the quarter ended September 30, 2019. |
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Checkmate Pharmaceuticals, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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These payments are comprised of a license fee of $1.0 million which was recognized in research and development expense in 2015, a $1.0 million milestone payment in connection with the dosing of the first patient in our first Phase 1 clinical trial, which was recognized in research and development expense in 2016, and a $0.3 million license amendment fee in connection with the signing of the second amendment to the Kuros License Agreement, which was recognized in research and development expense in 2018.
We also anticipate that we will experience a significant increase in accounting, audit, legal, regulatory, compliance and director and officer insurance costs as well as investor and public relations expenses associated with operating as a public company.
We expect to continue to incur significant expenses and to increase operating losses for at least the next several years.
We have incurred recurring losses and had negative operating cash flows since inception and our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of CMP-001 or any other products we acquire or develop.
We expect our expenses to increase substantially in connection with our ongoing activities, particularly as we advance the preclinical activities and clinical trials for CMP-001 and any other product candidates that we may develop or acquire in the future.
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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: 0001193125-20-292303
Submitted to the SEC: Fri Nov 13 2020 7:31:19 AM EST
Accepted by the SEC: Fri Nov 13 2020
Period: Wednesday, September 30, 2020
Industry: Biological Products No Disgnostic Substances