Lexeo Therapeutics(LXEO) - 2025 Q1 - Quarterly Results

Operational Highlights and Business Updates Lexeo reported positive interim data for lead cardiac programs LX2006 and LX2020, advancing LX2006 to a registrational study by early 2026, and redeployed $20 million to extend its cash runway into 2027 - Announced positive interim data for LX2006 in Friederich ataxia (FA) cardiomyopathy, with key metrics exceeding target thresholds for a planned registrational study[1] - The Phase 1/2 trial for LX2020 (HEROIC-PKP2) is currently enrolling its third cohort, with an interim data update expected in the second half of 2025[1] - Redeployed $20 million to focus on clinical-stage programs, extending the company's operational cash runway into 2027[1][4] LX2006 for Friederich Ataxia (FA) Cardiomyopathy LX2006 Phase 1/2 interim data showed positive results, including a 25% mean LVMI reduction and 115% increase in cardiac frataxin expression, with a registrational study planned by early 2026 - Efficacy: Participants with abnormal LVMI at baseline achieved a 25% mean reduction, exceeding the 10% target reduction agreed upon with the FDA for the planned registrational study[3] - Protein Expression: Cardiac frataxin expression increased in all SUNRISE-FA participants, with an average increase of 115% over baseline in the high-dose cohort[3] - Next Steps: A prospective natural history study (CLARITY-FA) will begin in Q2 2025 to serve as a concurrent external control, with the registrational study expected to start by early 2026[1][3] LX2020 for PKP2-Arrhythmogenic Cardiomyopathy (ACM) Interim data from LX2020's HEROIC-PKP2 Phase 1/2 trial showed promising increases in PKP2 protein expression (71% and 115%), with the trial now enrolling its third cohort and a data update expected in H2 2025 - In Cohort 1, two participants showed 71% and 115% increases in PKP2 protein expression from baseline at 3-months post-treatment[3] - The first participant evaluated at 6 months post-treatment experienced a 67% reduction in premature ventricular contractions (PVCs)[3] - The trial is currently enrolling its third cohort (n=4), with an interim clinical data update expected in the second half of 2025[1][3] Capital Redeployment and Cash Runway In April 2025, Lexeo redeployed approximately $20 million and reduced its workforce by 15% to focus on lead clinical programs, extending its cash runway into 2027 - Redeployed approximately $20 million in capital towards the company's lead cardiac programs, LX2006 and LX2020[4] - The capital redeployment included a limited reduction in force impacting approximately 15% of employees[4] - The updated capital structure is expected to maintain operational runway into 2027[4] First Quarter 2025 Financial Results Lexeo reported a Q1 2025 net loss of $32.7 million ($0.99 per share), wider than Q1 2024, with $106.9 million in cash and increased R&D and G&A expenses Financial Summary Lexeo ended Q1 2025 with $106.9 million in cash, extending runway into 2027, while R&D expenses rose to $17.2 million and G&A to $16.6 million, resulting in a $32.7 million net loss Financial Highlights (Millions USD) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cash, Cash Equivalents, and Investments | $106.9M | N/A | | Research and Development Expenses | $17.2M | $15.7M | | General and Administrative Expenses | $16.6M | $7.5M | | Net Loss | $32.7M | $21.7M | | Net Loss per Share | $0.99 | $0.77 | Selected Financial Information This section presents detailed unaudited consolidated statements of operations for Q1 2025 and 2024, alongside selected balance sheet data as of March 31, 2025, and December 31, 2024 Consolidated Statements of Operations and Balance Sheet Data (in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | (in thousands) | 2025 (unaudited) | 2024 (unaudited) | | Operating expenses | | | | Research and development | $17,171 | $15,742 | | General and administrative | $16,634 | $7,549 | | Total operating expenses | $33,805 | $23,291 | | Operating loss | ($33,805) | ($23,291) | | Net loss | ($32,656) | ($21,682) | | Net loss per common share | ($0.99) | ($0.77) | | | March 31, 2025 (unaudited) | December 31, 2024 | | Cash, cash equivalents, and investments | $106,866 | $128,530 | | Total assets | $125,690 | $146,942 | | Total liabilities | $37,575 | $30,100 | | Total stockholders' equity | $88,115 | $116,842 |