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SQZ Biotechnologies Reports First Quarter 2022 Financial Results and Recent Portfolio Updates

WATERTOWN, Mass.–(BUSINESS WIRE)–SQZ Biotechnologies (NYSE: SQZ), focused on unlocking the full potential of cell therapies for multiple therapeutic areas, today reported first quarter 2022 financial results and recent portfolio updates.

“Our year is off to an exciting start with the FDA IND clearance to initiate clinical trials of our eAPCs – our multifunctional mRNA-based investigational cell therapy that targets solid tumors by engineering multiple T cell signals simultaneously,” said Armon Sharei, Ph.D., Chief Executive Officer and Founder at SQZ Biotechnologies. “We were also delighted by the recent FDA Fast Track Designation for our lead APC clinical candidate, which had promising clinical results in 2021, providing the potential to accelerate its registrational path. We look forward to continued progress on the evolution of our technology platform and unique therapeutic pipeline with anticipated clinical data across our APC, eAPC, and AAC trials in the second half of this year.”

First Quarter 2022 and Recent Portfolio Updates

SQZ® Antigen Presenting Cell (“APC”) Platform in Oncology

SQZ® Enhanced Antigen Presenting Cell (“eAPC”) Platform in Oncology

SQZ® Activating Antigen Carriers (“AAC”) Platform in Oncology

SQZ® Tolerizing Antigen Carriers (“TAC”) Platform in Immune Tolerance

SQZ® Potential Pipeline Expansion Research

First Quarter 2022 Financial Highlights

About SQZ Biotechnologies

SQZ Biotechnologies Company is a clinical-stage biotechnology company focused on unlocking the full potential of cell therapies for patients around the world and has active programs in oncology, autoimmune and infectious diseases, as well as additional exploratory initiatives to support future pipeline growth. The company’s proprietary Cell Squeeze® technology offers the unique ability to deliver multiple biological materials into many cell types to engineer what we believe can be a broad range of potential therapeutics. With demonstrated production timelines under 24 hours and the opportunity to eliminate preconditioning and lengthy hospital stays, our approach could significantly broaden the therapeutic range and accessibility of cell therapies. The company’s first therapeutic applications seek to generate target-specific immune responses, both in activation for the treatment of solid tumors and infectious diseases, and in immune tolerance for the treatment of autoimmune diseases. For more information, please visit www.sqzbiotech.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements relating to our financial condition and cash position, events and presentations, regulatory submissions, platform development, product candidates, project funding, preclinical and clinical activities, progress and outcomes, development plans, manufacturing, clinical safety and efficacy results, therapeutic potential, and market opportunities. These forward-looking statements are based on management’s current expectations. Actual results could differ from those projected in any forward-looking statements due to several risk factors. Such factors include, among others, risks and uncertainties related to our limited operating history; our significant losses incurred since inception and expectation to incur significant additional losses for the foreseeable future; the development of our initial product candidates, upon which our business is highly dependent; the impact of the COVID-19 pandemic on our operations and clinical activities; our need for additional funding and our cash runway; the lengthy, expensive, and uncertain process of clinical drug development, including uncertain outcomes of clinical trials and potential delays in regulatory approval; our ability to maintain our relationships with our third party vendors and strategic collaborators; and protection of our proprietary technology, intellectual property portfolio and the confidentiality of our trade secrets. These and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements. Any forward-looking statements represent management’s estimates as of this date and we undertake no duty to update these forward-looking statements, whether as a result of new information, the occurrence of current events, or otherwise, unless required by law.

SQZ BIOTECHNOLOGIES COMPANY

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

THREE MONTHS ENDED

MARCH 31,

 

 

2022

 

2021

Collaboration revenue

 

$

2,869

 

 

$

5,454

 

Operating expenses:

 

 

 

 

Research and development

 

 

17,010

 

 

 

14,740

 

General and administrative

 

 

6,912

 

 

 

6,120

 

Total operating expenses

 

 

23,922

 

 

 

20,860

 

Loss from operations

 

 

(21,053

)

 

 

(15,406

)

Other income, net

 

 

15

 

 

 

7

 

Net loss

 

 

(21,038

)

 

 

(15,399

)

Net loss per share, basic and diluted

 

$

(0.75

)

 

$

(0.59

)

Weighted-average common shares outstanding, basic and diluted

 

 

28,145,036

 

 

 

26,264,019

 

 

 SQZ BIOTECHNOLOGIES COMPANY

Condensed Consolidated Balance Sheets

(In thousands)

(unaudited)

 

 

 

 

 

 

MARCH 31,

 

DECEMBER 31,

 

 

2022

 

2021

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

122,914

 

 

$

143,513

 

Other current assets

 

 

5,003

 

 

 

7,122

 

Total current assets

 

 

127,917

 

 

 

150,635

 

Other assets

 

 

72,880

 

 

 

75,717

 

Total assets

 

$

200,797

 

 

$

226,152

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

29,499

 

 

 

33,224

 

Long term liabilities

 

 

66,384

 

 

 

68,952

 

Total liabilities

 

 

95,883

 

 

 

102,176

 

Total stockholders’ equity

 

 

104,914

 

 

 

123,976

 

Total liabilities and stockholders’ equity

 

$

200,797

 

 

$

226,152

 

 

Contacts

Investor Relations
Mike Kaiser

857-760-0398

michael.kaiser@sqzbiotech.com

Media Contact
Erin Phelps

860-729-0807

erin.phelps@sqzbiotech.com

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