UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
Forma Therapeutics Holdings, Inc.
(Address of principal executive offices, including zip code)
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(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trade Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On August 5, 2022, Forma Therapeutics Holdings, Inc. (the Company) announced its financial results for the quarter ended June 30, 2022. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.
The information in this Item 2.02 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Exhibits
(d) Exhibits
99.1 |
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Press release issued by Forma Therapeutics Holdings, Inc. on August 5, 2022, furnished herewith. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FORMA THERAPEUTICS HOLDINGS, INC. |
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Date: August 5, 2022 |
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By: |
/s/ Todd Shegog |
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Todd Shegog |
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Chief Financial Officer (Principal Financial and Accounting Officer) |
Exhibit 99.1
Forma Therapeutics Reports Second Quarter 2022 Financial Results and Provides Business Update
Announced analyses from Phase I study of etavopivat in sickle cell disease indicated reduction of reported pain-related adverse events, supporting potential to reduce vaso-occlusive crises
Recently entered into an exclusive license agreement with Rigel Pharmaceuticals, Inc. for olutasidenib, a mutant IDH1 inhibitor for the potential treatment of relapsed or refractory acute myeloid leukemia
Highlighted progress across portfolio at inaugural Research and Development (R&D) Day
Appointed new members of Executive Team to prepare for growth in late-stage clinical development and commercialization
Cash balance of $395.9 million positions company with runway through the third quarter of 2024
WATERTOWN, Mass.--(BUSINESS WIRE)--August 5, 2022-- Forma Therapeutics Holdings, Inc. (Nasdaq: FMTX), a clinical-stage biopharmaceutical company focused on sickle cell disease, prostate cancer and other rare hematologic diseases and cancers, today reported financial results for the second quarter ended June 30, 2022. The company also highlighted recent progress and upcoming milestones for its pipeline programs.
“In the second quarter, we announced encouraging new analyses from the etavopivat program in sickle cell disease at our inaugural R&D Day. We also recently appointed two new members of our executive team to help drive our next phase of global development and commercialization and entered into a license agreement for olutasidenib,” said Frank Lee, President and Chief Executive Officer of Forma. “We are well-positioned to continue to advance our pipeline and are actively managing expenses as we progress in our mission to deliver transformative medicines to patients with rare hematologic diseases and cancers.”
Key Business Updates
1
Upcoming Milestones
Financial Results
2
Forma will conduct a conference call and webcast August 5, 2022 at 8:00 a.m. Eastern Daylight Time (EDT) to discuss second quarter 2022 results and business updates. Investors may participate in the call by using the registration link here. Once registered, participants will receive a dial-in number as well as a PIN to enter the event.
A live webcast of the conference call will be available in the “News & Investors” section of Forma’s website at www.formatherapeutics.com.
About Forma Therapeutics
Forma Therapeutics is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. Our pipeline is led by etavopivat, an investigational, once-daily, selective pyruvate kinase-R (PKR) activator designed to be a disease-modifying therapy with the potential to improve red blood cell (RBC) health and transform the lives of people living with sickle cell disease, thalassemia, and lower risk MDS. Our R&D engine combines deep biology insight, chemistry expertise and clinical development capabilities to create drug candidates with differentiated mechanisms of action focused on indications with high unmet need. Our work has generated a broad proprietary portfolio of programs with the potential to provide profound patient benefit. For more information, please visit www.FormaTherapeutics.com or follow us on Twitter @FORMAInc and LinkedIn.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the company’s beliefs and expectations regarding its: business plans and objectives; future plans for etavopivat and FT-7051, including expectations regarding potential development and expansion plans relating to, as well as the enrollment, timing, success and data announcements of, planned and ongoing clinical trials; therapeutic and market potential, clinical benefits, mechanisms of action and safety of our product candidates; upcoming milestones and potential payments related thereto; growth as a company; the anticipated contributions of new members of our executive team to our operations and progress; uses and need of capital, expenses and other financial results currently or in the future as well as the expected cash runway through the third quarter of 2024; and the potential impact of COVID-19 on patient retention and enrollment, future operations or clinical trials. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
3
Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties associated with the following: the impact of the COVID-19 pandemic on the company’s business, operations, supply chain, patient enrollment and retention, clinical trials, strategy, goals and anticipated milestones, as well as global economies and financial markets; the therapeutic potential of our product candidates and the timing and completion of our clinical trials and related data analyses; positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; any one or more of our product candidates may not be successfully developed and commercialized; regulatory developments in the United States and foreign countries; our ability to protect and maintain our intellectual property position; and our ability to fund operations; as well as those risks and uncertainties set forth more fully under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q filed with the United States Securities and Exchange Commission (SEC) and subsequent filings with the SEC. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent our views only as of the date hereof and should not be relied upon as representing our views as of any subsequent date.
4
Selected Financial Information
(in thousands except share and per share data)
(unaudited)
Statement of Operations Items: |
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For the Three Months |
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For the Six Months |
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2022 |
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2021 |
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2022 |
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2021 |
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Collaboration revenue |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Operating expenses: |
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Research and development |
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39,059 |
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31,587 |
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70,332 |
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57,930 |
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General and administrative |
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13,939 |
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12,471 |
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27,075 |
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22,338 |
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Total operating expenses |
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52,998 |
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44,058 |
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97,407 |
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80,268 |
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Loss from operations |
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(52,998 |
) |
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(44,058 |
) |
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(97,407 |
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(80,268 |
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Other income: |
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Interest income |
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599 |
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309 |
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888 |
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571 |
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Other (expense) income, net |
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(192 |
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272 |
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(227 |
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268 |
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Total other income, net |
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407 |
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581 |
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661 |
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839 |
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Loss before taxes |
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(52,591 |
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(43,477 |
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(96,746 |
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(79,429 |
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Income tax (benefit) expense |
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(13 |
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108 |
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(10 |
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116 |
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Net loss and comprehensive loss |
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$ |
(52,578 |
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$ |
(43,585 |
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$ |
(96,736 |
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$ |
(79,545 |
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Net loss allocable to shares of common stock, basic and diluted |
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$ |
(52,578 |
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$ |
(43,585 |
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$ |
(96,736 |
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$ |
(79,545 |
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Net loss per share of common stock, basic and diluted |
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$ |
(1.10 |
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$ |
(0.92 |
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$ |
(2.03 |
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$ |
(1.68 |
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Weighted-average shares of common stock outstanding, basic and diluted |
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47,805,493 |
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47,339,464 |
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47,684,236 |
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47,317,361 |
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Selected Balance Sheet Items: |
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June 30, 2022 |
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December 31, 2021 |
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Cash, cash equivalents, and marketable securities |
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$ |
395,903 |
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$ |
490,273 |
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Total assets |
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$ |
475,169 |
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$ |
561,061 |
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Accounts payable, accrued expenses, and other current liabilities |
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$ |
33,421 |
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$ |
35,018 |
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Total stockholders’ equity |
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$ |
414,492 |
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$ |
498,356 |
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Media Contact:
Caitlin Hunt, +1 781-985-5967
Porter Novelli
caitlin.hunt@porternovelli.com
Investor Contact:
Adam Bero, Ph.D.
Kendall Investor Relations
abero@kendallir.com
Source: Forma Therapeutics Holdings, Inc.
5
Document and Entity Information |
Aug. 05, 2022 |
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Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 05, 2022 |
Entity Registrant Name | FORMA THERAPEUTICS HOLDINGS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39333 |
Entity Tax Identification Number | 37-1657129 |
Entity Address, Address Line One | 300 North Beacon Street |
Entity Address, Address Line Two | Suite 501 |
Entity Address, City or Town | Watertown |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02472 |
City Area Code | 617 |
Local Phone Number | 679-1970 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value per share |
Trading Symbol | FMTX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001538927 |
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