Unity Biotechnology(UBX) - 2025 Q1 - Quarterly Results

First Quarter 2025 Financial Results and Business Updates UNITY Biotechnology reported Q1 2025 financial results, including a net loss increase and decreased cash, alongside updates on the UBX1325 Phase 2b ASPIRE study Business Highlights UNITY's UBX1325 Phase 2b ASPIRE study showed comparable vision improvements, but missed the primary endpoint at weeks 20/24, though interim 36-week data showed non-inferiority UBX1325 Phase 2b ASPIRE Study in DME The UBX1325 Phase 2b ASPIRE study in DME showed vision improvements comparable to aflibercept, with non-inferiority at week 36 - UBX1325 showed vision improvements generally comparable to the aflibercept control in DME patients[2] - The Phase 2b ASPIRE study did not meet the primary endpoint of statistical non-inferiority to aflibercept based on BCVA average at weeks 20 and 24[2] - UBX1325 was non-inferior to aflibercept at week 36, based on interim data[2] - UNITY anticipates receiving the full 36-week data in the second quarter of 2025, which will be instrumental in shaping plans for subsequent studies[3] Financial Performance Overview UNITY reported a Q1 2025 net loss of $7.3 million, an increase from Q1 2024, with cash decreasing to $16.9 million and funds expected into Q4 2025 Cash Position and Runway UNITY's cash, cash equivalents, and marketable securities decreased to $16.9 million, sufficient to fund operations into Q4 2025 | Metric | As of March 31, 2025 | As of December 31, 2024 | Change | | :-------------------------------- | :------------------- | :-------------------- | :----- | | Cash, cash equivalents and marketable securities | $16.9 million | $23.2 million | -$6.3 million | - UNITY believes that current cash, cash equivalents and marketable securities are sufficient to fund operations into the fourth quarter of 2025[4] Operating Expenses Research and development expenses decreased by $0.8 million, while general and administrative expenses increased by $0.1 million in Q1 2025 | Expense Category | Q1 2025 (in millions) | Q1 2024 (in millions) | Change (YoY) | | :----------------------- | :-------------------- | :-------------------- | :----------- | | Research and development | $2.9 | $3.7 | -$0.8 | | General and administrative | $4.0 | $3.9 | +$0.1 | - The decrease in research and development expenses was primarily due to the near completion of the Phase 2 ASPIRE study of UBX1325 in DME and reduced headcount[6] - The increase in general and administrative expenses was primarily due to higher professional fees, accounting service fees, and operating costs, partially offset by reduced personnel-related expenses and stock-based compensation[7] Detailed Financial Statements This section provides unaudited Statements of Operations and Condensed Balance Sheets for Q1 2025, detailing financial performance and position Statements of Operations and Comprehensive Loss The unaudited Statement of Operations shows a net loss of $7.3 million for Q1 2025, an increase from $5.8 million in Q1 2024 | Metric (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Research and development | $2,772 | $3,721 | | General and administrative | $4,119 | $3,878 | | Total operating expenses | $6,891 | $7,599 | | Loss from operations | $(6,891) | $(7,599) | | Interest income | $260 | $513 | | (Loss) gain on warrant liability | $(610) | $1,376 | | Net loss | $(7,302) | $(5,790) | | Net loss per share, basic and diluted | $(0.43) | $(0.34) | Condensed Balance Sheets The Condensed Balance Sheets show total assets decreased to $30.3 million and total stockholders' deficit increased to $(0.2) million as of March 31, 2025 | Metric (in thousands) | March 31, 2025 (Unaudited) | December 31, 2024 | | :-------------------------------- | :------------------------- | :---------------- | | Cash and cash equivalents | $7,999 | $7,580 | | Short-term marketable securities | $8,934 | $15,650 | | Total current assets | $17,647 | $24,267 | | Total assets | $30,347 | $37,662 | | Total current liabilities | $9,066 | $9,260 | | Total liabilities | $30,552 | $31,168 | | Total stockholders' (deficit) equity | $(205) | $6,494 | About UNITY Biotechnology, Inc. UNITY Biotechnology develops therapeutics to address age-related ophthalmologic and neurologic diseases by targeting senescent cells - UNITY is developing a new class of therapeutics to slow, halt, or reverse diseases of aging[8] - The company's current focus is on creating medicines to selectively eliminate or modulate senescent cells for age-related ophthalmologic and neurologic diseases[8] Forward-Looking Statements This section outlines forward-looking statements regarding UNITY's therapeutics, clinical plans, and cash runway, with a disclaimer on inherent risks - The press release contains forward-looking statements related to UNITY's understanding of cellular senescence, potential therapeutics, clinical study plans for UBX1325, and cash runway[9] - These statements involve substantial known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[9] - Readers should not place undue reliance on these statements and are advised to refer to UNITY's SEC filings for a further description of risks and uncertainties[9] Contact Information Contact details are provided for media inquiries via Inizio Evoke Comms and investor relations through LifeSci Advisors, LLC - Media contact: Katherine Smith at Inizio Evoke Comms[14] - Investor contact: Joyce Allaire at LifeSci Advisors, LLC[14]