Raised $499 million of net proceeds from public offering of common stock, expected to support operations into 2026
2024 data readout timelines for emraclidine, darigabat, and tavapadon remain on track
Tavapadon investor webcast scheduled for December 11, 2023
Conference call today at 8:00 a.m. ET
CAMBRIDGE, Mass., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Cerevel Therapeutics, (Nasdaq: CERE), a company dedicated to unraveling the mysteries of the brain to treat neuroscience diseases, today reported financial results for the third quarter ended September 30, 2023 and provided key pipeline and business updates.
“Cerevel is bringing forward one of the broadest neuroscience pipelines in the industry, with novel approaches to treating challenging diseases, and we remain focused on execution as we head into multiple data readouts in 2024,” said Ron Renaud, president and chief executive officer of Cerevel Therapeutics. “We are well-capitalized, with runway into 2026, and we have a strong team in place to advance our late-stage pipeline of potential new treatments for schizophrenia, epilepsy, and Parkinson’s disease.”
Tavapadon Investor Webcast on December 11, 2023
Cerevel will host an investor webcast on December 11, 2023 from 10:00 to 11:30 a.m. ET focused on the tavapadon program in Parkinson’s disease.
Pipeline Highlights
Leveraging its deep understanding of neurocircuitry and targeted receptor subtype selectivity, Cerevel is advancing its broad and diverse pipeline of novel neuroscience product candidates.
Below are the latest updates for Cerevel’s lead programs.
Emraclidine: an M4-selective positive allosteric modulator (PAM) in development for schizophrenia and Alzheimer’s disease psychosis.
Darigabat: an α2/3/5-selective GABAA receptor PAM currently under development for epilepsy and panic disorder.
Tavapadon: a D1/D5 partial agonist currently in Phase 3 for the treatment of Parkinson’s disease.
CVL-871: a D1/D5 partial agonist in development for treatment of dementia-related apathy.
In addition to these lead programs, Cerevel is advancing its early clinical pipeline and discovery programs, which include:
Financial Results for the Third Quarter 2023
Conference Call Information
Cerevel will host a conference call and webcast today, November 1, at 8:00 a.m. ET to discuss its third quarter 2023 financial results and key pipeline and business updates. To access the call, please register at this link. Once registered, you will receive the dial-in information and a unique PIN number.
A live webcast of the call, along with supporting slides, will be available on the investors section of Cerevel’s website at investors.cerevel.com. Following the live webcast, an archived version of the call will be available on the website.
About Cerevel Therapeutics
Cerevel Therapeutics is dedicated to unraveling the mysteries of the brain to treat neuroscience diseases. The company is tackling diseases by combining its deep expertise in neurocircuitry with a focus on targeted receptor subtype selectivity and a differentiated approach to pharmacology. Cerevel Therapeutics has a diversified pipeline comprised of five clinical-stage investigational therapies and several preclinical compounds with the potential to treat a range of neuroscience diseases, including schizophrenia, Alzheimer’s disease psychosis, epilepsy, panic disorder, and Parkinson’s disease. Headquartered in Cambridge, Mass., Cerevel Therapeutics is advancing its current research and development programs while exploring new modalities through internal research efforts, external collaborations, or potential acquisitions. For more information, visit www.cerevel.com.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements about: the potential attributes and benefits of our product candidates; the format, timing and objectives of our product development activities and clinical trials; the timing and outcome of regulatory interactions, including whether activities meet the criteria to serve as registrational; the ability to compete with other companies currently marketing or engaged in the development of treatments for relevant indications; the size and growth potential of the markets for product candidates and ability to serve those markets; the rate and degree of market acceptance of product candidates, if approved; the sufficiency of our cash runway; and our tavapadon investor webcast. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. Actual performance and results may differ materially from those projected or suggested in the forward-looking statements due to various risks and uncertainties, including, among others: clinical trial results may not be favorable; uncertainties inherent in the product development process (including with respect to the timing of results and whether such results will be predictive of future results); the impact of COVID-19, the post-COVID environment and other factors on the timing, progress and results of clinical trials; our ability to recruit and enroll suitable patients in our clinical trials, including the effectiveness of mitigation measures; whether and when, if at all, our product candidates will receive approval from the FDA or other regulatory authorities, and for which, if any, indications; competition from other biotechnology companies; uncertainties regarding intellectual property protection; and other risks identified in our SEC filings, including those under the heading “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on August 2, 2023 and our subsequent SEC filings. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Media Contact:
Anna Robinson
Cerevel Therapeutics
anna.robinson@cerevel.com
Investor Contact:
Matthew Calistri
Cerevel Therapeutics
matthew.calistri@cerevel.com
TABLE 1 | |||||||||||||||||
CEREVEL THERAPEUTICS HOLDINGS, INC. | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(unaudited, in thousands, except share amounts and per share amounts) | |||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | $ | 85,252 | $ | 71,385 | $ | 237,514 | $ | 198,947 | |||||||||
General and administrative | 26,055 | 23,680 | 70,187 | 61,654 | |||||||||||||
Total operating expenses | 111,307 | 95,065 | 307,701 | 260,601 | |||||||||||||
Loss from operations | (111,307 | ) | (95,065 | ) | (307,701 | ) | (260,601 | ) | |||||||||
Interest income, net | 9,891 | 3,992 | 28,787 | 4,954 | |||||||||||||
Interest expense | (2,644 | ) | (1,286 | ) | (7,920 | ) | (1,286 | ) | |||||||||
Other income (expense), net | 7,822 | (7,579 | ) | (13,033 | ) | (1,770 | ) | ||||||||||
Loss before income taxes | (96,238 | ) | (99,938 | ) | (299,867 | ) | (258,703 | ) | |||||||||
Income tax benefit (provision), net | (123 | ) | — | (315 | ) | — | |||||||||||
Net loss | $ | (96,361 | ) | $ | (99,938 | ) | $ | (300,182 | ) | $ | (258,703 | ) | |||||
Net loss per share, basic and diluted | $ | (0.61 | ) | $ | (0.66 | ) | $ | (1.91 | ) | $ | (1.73 | ) | |||||
Weighted-average shares used in calculating net loss per share, basic and diluted | 157,498,891 | 152,304,645 | 157,069,093 | 149,544,252 | |||||||||||||
TABLE 2 | |||||||
CEREVEL THERAPEUTICS HOLDINGS, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(unaudited, in thousands) | |||||||
As of | |||||||
September 30, 2023 | December 31, 2022 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 155,721 | $ | 136,521 | |||
Marketable securities | 521,161 | 755,509 | |||||
Prepaid expenses and other current assets | 10,904 | 13,621 | |||||
Total current assets | 687,786 | 905,651 | |||||
Marketable securities | 81,340 | 58,126 | |||||
Property and equipment, net | 26,613 | 27,467 | |||||
Operating lease assets | 20,580 | 21,820 | |||||
Restricted cash | 1,960 | 1,867 | |||||
Other long-term assets | 3,683 | 2,891 | |||||
Total assets | $ | 821,962 | $ | 1,017,822 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | $ | 78,838 | $ | 72,564 | |||
Operating lease liabilities, net of current portion | 28,673 | 31,190 | |||||
2027 convertible senior notes, net | 336,933 | 335,482 | |||||
Financing liabilities | 104,556 | 57,348 | |||||
Total stockholders’ equity | 272,962 | 521,238 | |||||
Total liabilities and stockholders’ equity | $ | 821,962 | $ | 1,017,822 | |||
TABLE 3 | ||||||||
CEREVEL THERAPEUTICS HOLDINGS, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(unaudited, in thousands) | ||||||||
For the Nine Months Ended September 30, | ||||||||
2023 | 2022 | |||||||
Net cash flows used in operating activities | $ | (244,881 | ) | $ | (205,709 | ) | ||
Net cash flows provided by (used in) investing activities | 223,930 | (362,102 | ) | |||||
Net cash flows provided by financing activities | 40,244 | 621,060 | ||||||
Net increase in cash, cash equivalents and restricted cash | 19,293 | 53,249 | ||||||
Cash, cash equivalents and restricted cash, beginning of the period | 138,388 | 197,218 | ||||||
Cash, cash equivalents and restricted cash, end of the period | $ | 157,681 | $ | 250,467 | ||||
Note: | ||||||||
Cash, cash equivalents and restricted cash balances include restricted cash of $2.0 million and $1.9 million as of September 30, 2023 and September 30, 2022, respectively. |
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