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Restorbio, Inc. (TORC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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TORC Quarterly Reports

Restorbio, Inc.

CIK: 1720580 Ticker: TORC

Exhibit 99.1

resTORbio Provides Corporate Update and Reports First Quarter 2020 Financial Results

 

 

BOSTON, Massachusetts, May 07, 2020

 – resTORbio, Inc. (Nasdaq: TORC), a clinical-stage biopharmaceutical company developing innovative medicines that target the biology of aging to prevent or treat aging-related diseases, today provided a corporate update and reported financial results for the first quarter ended March 31, 2020.

 

“Following our extensive review of strategic alternatives, we are pleased about the recently reported merger agreement between resTORbio and Adicet Bio. The combined company will focus on the development of Adicet’s off-the-shelf allogeneic gamma delta T cell therapies for oncology and other indications,” commented Chen Schor, Co-Founder, President and CEO of resTORbio. “We look forward to completing the merger in the second half of 2020 and continuing to work diligently with the Adicet Bio management team to achieve that objective.”

 

Recent Corporate Highlights

Announced merger agreement with Adicet Bio, Inc. (“Adicet”) to advance allogeneic gamma delta CAR-T cell therapy

In April, resTORbio, Inc. (“resTORbio”) entered into a definitive merger agreement under which Adicet would merge with a wholly-owned subsidiary of resTORbio in an all-stock transaction. Under the terms of the agreement, the Adicet stockholders will become the majority owners of resTORbio’s outstanding common stock upon the close of the merger. Certain of resTORbio’s stockholders who collectively own approximately 24% of the outstanding shares of resTORbio’s common stock have entered into voting agreements, pursuant to which they have agreed, among other things, and subject to the terms and conditions of the agreements, to vote in favor of the merger agreement. The proposed merger will create a combined, publicly traded biotechnology company operating under the name, “Adicet Bio, Inc.” The combined company will focus on the development of off-the-shelf allogeneic gamma delta T cell therapies focused on oncology and other indications. Adicet’s lead product candidate, ADI-001, is a gamma delta CAR-T cell therapy targeting CD20 antigens and is being developed for non-Hodgkin’s lymphoma. Adicet has a strong pipeline of pre-clinical and discovery programs based on its allogeneic gamma delta CAR-T cell platform.

 

The merger agreement also contemplates a contingent value right agreement (“CVR Agreement”) between resTORbio, a holders’ representative and rights’ representative, pursuant to which each holder of resTORbio common stock would be entitled to one contractual contingent value right (“CVR Right”) issued by resTORbio, subject to the CVR Agreement, for each share of resTORbio common stock held by such holder. A CVR Right will entitle the holder to receive net proceeds of the commercialization, if any, received from a third party commercial partner of RTB101.

 

Announced termination of fifth cohort in Phase 1b/2a Trial of RTB101 in Parkinson’s disease due to COVID-19 level 4 alert in New Zealand

To ensure safety of the clinical trial participants and the study coordinators, resTORbio has decided to terminate the study and not to enroll the fifth cohort due to the COVID-19 level 4 alert in New Zealand, where all non-essential services have been closed and people have been instructed to stay home. Enrollment of four of the five planned once-weekly dosing arms of RTB101 300 mg, sirolimus 2 mg, RTB101 300 mg in combination with sirolimus 2 mg, and RTB101 300 mg in combination with sirolimus 4 mg has been completed. resTORbio plans to analyze the data from the four completed dosing arms and data from the four completed cohorts is expected by mid-2020.

 

First Quarter 2020 Financial Results

 

R&D Expenses: Research and development (R&D) expenses were $4.8 million for the three months ended March 31, 2020 compared to $8.9 million for the three months ended March 31, 2019. The decrease was primarily due to the reduction in the number of ongoing clinical trials.

 

G&A Expenses: General and administrative (G&A) expenses were $2.5 million for the three months ended March 31, 2020 compared to $2.8 million for the three months ended March 31, 2019. The decrease was primarily due to a decrease in headcount partially offset by higher facilities-related expenses.

 

Net Loss: Net loss was $7.0 million, or $0.19 per share, for the three months ended March 31, 2020 compared to a net loss of $11.1 million, or $0.38 per share, for the three months ended March 31, 2019.

 

Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities were $76.3 million as of March 31, 2020 compared to $91.5 million as of December 31, 2019.

  

About RTB101
RTB101 is an oral, selective, and potent TORC1 inhibitor product candidate that inhibits the phosphorylation of multiple targets downstream of TORC1. Inhibition of TORC1 has been observed to extend lifespan and healthspan in aging preclinical species and to improve the function of aging organ systems, suggesting potential benefits in several aging-related diseases.


The following information was filed by Restorbio, Inc. (TORC) on Thursday, May 7, 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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Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accrued Liabilities
Accrued Liabilities (Tables)
Accrued Liabilities - Summary Of Accrued Liabilities (Details)
Commitment And Contingencies - Additional Information (Details)
Commitments And Contingences
License Agreements
License Agreements - Additional Information (Details)
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Schedule Of Fair Value And Amortized Cost Of Company's Available-For-Sale Securities By Contractual Maturity (Details)
Marketable Securities - Schedule Of Fair Value Marketable Securities By Type Of Security (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Potentially Dilutive Securities Excluded From Computation Of Diluted Net Loss Per Share (Details)
Organization
Organization - Additional Information (Details)
Preferred Stock And Common Stock
Preferred Stock And Common Stock (Tables)
Preferred Stock And Common Stock - Additional Information (Details)
Preferred Stock And Common Stock -Schedule Of Number Of Shares Of Common Stock Reserved For Future Issuance (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Summary Of Property And Equipment, Net (Details)
Reduction In Workforce
Reduction In Workforce (Tables)
Reduction In Workforce - Additional Information (Details)
Reduction In Workforce - Schedule Of Amount Expected To Be Incurred And Liability Related To Restructuring (Details)
Reduction In Workforce - Schedule Of Restructuring Charges Reported In Consolidated Statements Of Operations And Comprehensive Loss (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Research Funding Agreement - Additional Information (Details)
Research Funding Agreements
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Assumptions To Estimate Fair Value Of Stock Options For Employees And Non-Employees Using Black-Scholes Option Pricing Model (Details)
Stock-Based Compensation - Summary Of Restricted Stock Units Activity (Details)
Stock-Based Compensation - Summary Of Stock Option Activity (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Subsequent Event
Subsequent Event - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Summary Of Assets Measured At Fair Value On Recurring Basis (Details)

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

Ticker: TORC
CIK: 1720580
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-022817
Submitted to the SEC: Thu May 07 2020 4:02:30 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Pharmaceutical Preparations

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