NGM Biopharmaceuticals Inc (NGM) Reports Q3 2023 Financial Results
NGM Biopharmaceuticals Inc (NASDAQ:NGM) reported a net loss of $28.8 million for Q3 2023, compared to a net loss of $47.3 million for the same period in 2022.
The company's cash, cash equivalents, and short-term marketable securities were $166.0 million as of September 30, 2023, compared to $271.5 million as of December 31, 2022.
NGM expects its cash runway to extend into mid-2025.
Dr. Jean-Frederic Viret has been appointed as Chief Financial Officer effective November 3, 2023.
NGM Biopharmaceuticals Inc (NASDAQ:NGM) released its Q3 2023 earnings report on November 2, 2023. The company reported a net loss of $28.8 million for the quarter ended September 30, 2023, compared to a net loss of $47.3 million for the same period in 2022. This decrease in net loss reflects the company's ongoing efforts to manage its expenses and increase its operational efficiency.
Financial Highlights
NGM's related party revenue from its collaboration with Merck Sharp & Dohme LLC was $0.6 million for Q3 2023, compared to $7.9 million for the same period in 2022. The company expects this revenue to continue decreasing in 2023, with minimal funding from Merck from October 1, 2023, through March 31, 2024.
Research and development expenses were $22.9 million for Q3 2023, compared to $46.1 million for the same period in 2022. General and administrative expenses were $8.7 million for Q3 2023, compared to $10.1 million for the same period in 2022.
As of September 30, 2023, NGM's cash, cash equivalents, and short-term marketable securities were $166.0 million, compared to $271.5 million as of December 31, 2022. The company expects that its current financial resources will be sufficient to fund its planned operations into mid-2025.
Business Highlights
NGM continued to progress its myeloid checkpoint solid tumor programs: NGM707, NGM831, and NGM438. The company also announced that comprehensive data from its completed Phase 2b 48-week ALPINE 4 trial of aldafermin in compensated cirrhosis, or F4, patients due to NASH was selected for an oral plenary presentation at the upcoming AASLD The Liver Meeting in November.
Dr. Jean-Frederic Viret has been appointed as Chief Financial Officer effective November 3, 2023. Dr. Viret brings a wealth of experience to this role, having previously served as CFO of Coherus BioSciences, Inc., Shasqi, Inc., and Blade Therapeutics, Inc.
Looking Ahead
NGM Biopharmaceuticals Inc (NASDAQ:NGM) continues to focus on discovering and developing transformative therapeutics for patients. The company's current financial position and the progress of its clinical trials suggest a promising future. However, the company's financial results are subject to various risks and uncertainties, and actual results may differ materially from current expectations.
Explore the complete 8-K earnings release (here) from NGM Biopharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
