EXHIBIT 99.1

GBT Reports Recent Business Progress and First Quarter 2018 Financial Results

SOUTH SAN FRANCISCO, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- Global Blood Therapeutics, Inc. (GBT) (NASDAQ:GBT) today reported recent business progress and financial results for the first quarter ended March 31, 2018.


"During the first quarter of 2018, we continued to remain focused on the clinical development of voxelotor for the treatment of sickle cell disease, and we have invested further in our commercial infrastructure with the appointment of David L. Johnson as chief commercial officer,” said Ted W. Love, M.D., president and chief executive officer of GBT. “We remain on track to announce top-line clinical data from Part A of our Phase 3 HOPE Study in the first half of this year.”

Recent Business Progress

Voxelotor

  • Clinical Hemorheology and Microcirculation published results from a preclinical study demonstrating that voxelotor preserves normal blood flow properties in sickled red blood cells.
  • Two poster presentations highlighting results from the Phase 1 Basecamp (GBT440-011) study, which evaluated the physiologic effects of voxelotor in healthy volunteers under hypoxemic conditions, will be presented at the upcoming American Thoracic Society Conference 2018, which will be held May 18-23, 2018, in San Diego.

Corporate

  • Raised approximately $240.5 million in net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses, from an underwritten public offering and related exercise of the over-allotment option in March 2018.
  • Expanded the management team with the appointment of David L. Johnson as chief commercial officer. Mr. Johnson is an accomplished leader with more than 25 years in the biopharmaceutical industry including most recently serving as vice president, sales and marketing, Liver Disease Business Unit, at Gilead Sciences, Inc.

Financial Results for the Three Months Ended March 31, 2018
Cash, cash equivalents and marketable securities totaled $544.6 million at March 31, 2018, compared with $329.4 million at December 31, 2017. 

Net loss for the three months ended March 31, 2018, was $41.6 million compared with $23.3 million for the same period in 2017. Basic and diluted net loss per share for the three months ended March 31, 2018, was $0.87 compared with $0.60 for the same period in 2017.

Research and development (R&D) expenses for the three months ended March 31, 2018, were $29.9 million compared with $17.3 million for the same period in 2017. The increase in R&D expenses is primarily attributable to increased expenses for the Phase 2a HOPE-KIDS 1 Study and the Phase 3 HOPE Study, including increased expenses related to a higher level of manufacturing activities to support these studies.  Total R&D stock-based compensation expense incurred for the three months ended March 31, 2018, was $3.0 million, compared with $1.1 million for the same period in 2017.

General and administrative (G&A) expenses for the three months ended March 31, 2018, were $12.8 million compared with $6.4 million for the same period in 2017. The increase in G&A is primarily attributable to increased employee-related costs, including $1.7 million of stock-based compensation expense related to the achievement of certain milestones in the first quarter of 2018, and increased professional and consulting services associated with the growth of the Company's operations. Total G&A stock-based compensation expense incurred in the three months ended March 31, 2018, was $4.8 million, compared with $1.5 million for the same period in 2017.

About GBT
GBT is a clinical-stage biopharmaceutical company determined to discover, develop and deliver innovative treatments that provide hope to underserved patient communities. GBT is developing its lead product candidate, voxelotor, as an oral, once-daily therapy for sickle cell disease. To learn more, please visit www.gbt.com and follow the company on Twitter @GBT_news.

Forward-Looking Statements
Statements we make in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements, including statements regarding the therapeutic potential and safety profile of voxelotor, our ability to implement and complete our clinical development plans for voxelotor, our ability to generate and report data from our ongoing and potential future studies of voxelotor (including our ongoing Phase 3 HOPE Study and our ongoing Phase 2a HOPE-KIDS 1 Study), regulatory review and actions relating to voxelotor, and the timing of these events, to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. We can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved, and furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, the risks that our clinical and preclinical development activities may be delayed or terminated for a variety of reasons, that results of clinical trials may be subject to differing interpretations, that regulatory authorities may disagree with our clinical development plans or require additional studies or data to support further clinical investigation of our product candidates, that drug-related adverse events may be observed in clinical development, and that data and results may not meet regulatory requirements or otherwise be sufficient for further development, regulatory review or approval, along with those risks set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, as well as discussions of potential risks, uncertainties and other important factors in our subsequent filings with the U.S. Securities and Exchange Commission. Except as required by law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 
GLOBAL BLOOD THERAPEUTICS, INC.
 
Condensed Consolidated Statements of Operations
(Unaudited)
 (In thousands, except share and per share amounts) 
 
 Three Months Ended March 31,
 2018 2017
Operating expenses:   
Research and development$29,944  $17,283 
General and administrative12,751  6,438 
Total operating expenses42,695  23,721 
Loss from operations(42,695) (23,721)
Other income (expense):     
Interest income, net1,173  441 
Other expenses, net(34) (52)
Total other income, net1,139  389 
Net loss$(41,556) $(23,332)
Basic and diluted net loss per common share$(0.87) $(0.60)
Weighted-average number of shares used in computing basic and diluted net loss per common share47,770,023  39,125,848 
      


GLOBAL BLOOD THERAPEUTICS, INC.
 
Condensed Consolidated Balance Sheets
 
(In thousands)
 
  March 31, 2018 December 31, 2017
  (Unaudited)  
Assets    
Current assets:    
Cash and cash equivalents $455,637  $198,332 
Short-term marketable securities  87,949   116,493 
Prepaid expenses and other current assets  10,264   9,487 
Total current assets  553,850   324,312 
Property and equipment, net  17,414   16,571 
Long-term marketable securities  992   14,607 
Other assets  1,120   1,230 
Total assets $573,376
  $356,720 
Liabilities and Stockholders’ Equity        
Current liabilities $   23,960  $  26,264 
Other liabilities, noncurrent  11,652   11,652 
Total liabilities  35,612   37,916 
Total stockholders’ equity  537,764   318,804 
Total liabilities and stockholders’ equity $573,376  $356,720 
       

Contact Information:
Myesha Lacy (investors)
GBT
650-351-4730
investor@gbt.com

Julie Normart (media)
W2O pure
415-946-1087
media@gbt.com


The following information was filed by Global Blood Therapeutics, Inc. (GBT) on Monday, May 7, 2018 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.

View differences made from one quarter to another to evaluate Global Blood Therapeutics, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Global Blood Therapeutics, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account