Zentalis(ZNTL) - 2023 Q4 - Annual Results

Financial Performance - Zentalis Pharmaceuticals reported a cash balance of $483 million as of December 31, 2023, with a projected cash runway into 2026[1]. - Total operating expenses for 2023 were $299.5 million, an increase of 31.8% from $227.3 million in 2022[18]. - The net loss attributable to Zentalis in 2023 was $292.2 million, compared to a net loss of $236.8 million in 2022, representing a 23.4% increase[18]. - The net loss per common share for 2023 was $4.47, slightly improved from $4.48 in 2022[18]. - Cash, cash equivalents, and marketable securities increased to $482.9 million in 2023, up from $437.4 million in 2022[20]. - Total assets as of December 31, 2023, were $551.7 million, compared to $539.3 million in 2022[20]. - Total liabilities increased to $114.3 million in 2023, up from $105.3 million in 2022[20]. - Working capital improved to $427.4 million in 2023, compared to $395.3 million in 2022[20]. - Investment and other income, net, increased significantly to $22.6 million in 2023, compared to $6.0 million in 2022[18]. Research and Development - Research and development expenses for the year ended December 31, 2023, were $189.6 million, an increase of $16.9 million from $172.7 million in 2022[11]. - Azenosertib is being evaluated in over 10 ongoing and planned clinical trials across various tumor types, including ovarian cancer and colorectal cancer[3]. - The objective response rate (ORR) for azenosertib as a monotherapy in a population of 19 patients with platinum-resistant ovarian cancer and uterine serous carcinoma was reported at 37%[3]. - The median progression-free survival (mPFS) for the same patient population increased to 6.5 months[3]. - The company anticipates multiple clinical data readouts during 2024 and 2025, including results from various ongoing trials[4]. - Zentalis is on track to submit its first New Drug Application (NDA) for azenosertib in a gynecologic malignancy in 2026[4]. Administrative and Leadership Changes - General and administrative expenses for the year ended December 31, 2023, were $64.4 million, up from $54.6 million in 2022, reflecting a $9.8 million increase[11]. - General and administrative expenses increased to $64.4 million in 2023, up from $54.6 million in 2022, a rise of 17.5%[18]. - Zentalis strengthened its leadership team with the appointment of Diana Hausman, M.D., as Chief Medical Officer, and Kyle Rasbach, Ph.D., Pharm.D., as Chief Business Officer[7]. Licensing and Collaborations - The company received an upfront payment of $35 million from Immunome for the licensing of a ROR1 antibody drug conjugate, with potential milestone payments of up to $275 million[7].