Gritstone bio Reports Second Quarter 2024 Financial Results and Provides Corporate Updates

Core Insights - Gritstone bio is advancing its personalized neoantigen vaccine, GRANITE, which shows potential clinical benefits in treating front-line metastatic microsatellite-stable colorectal cancer (MSS-CRC) [1][4] - The company emphasizes the significant unmet need for new treatment options in metastatic colorectal cancer, particularly for the 95% of patients who are MSS and do not respond to current immunotherapies [2] - Financial results indicate a cash position of $61.7 million as of June 30, 2024, reflecting an increase from $52.8 million at the end of the previous quarter [10] Corporate Updates - In April 2024, Gritstone completed a public offering, raising gross proceeds of $32.5 million [3] - The company appointed Stephen Webster to its Board of Directors, bringing over 30 years of experience in the biotechnology industry [3] - Gritstone engaged with patient advocacy groups to enhance education and support for colorectal cancer patients [3] Clinical Program Updates - Preliminary Phase 2 data suggest that GRANITE may provide meaningful clinical benefits in MSS-CRC, with mature progression-free survival (PFS) data expected in Q3 2024 [1][4] - The hazard ratio for GRANITE treatment indicates an 18% relative risk reduction in the overall population and a 48% reduction in a high-risk subgroup [5][6] - The EDGE™ platform, which predicts neoantigen presentation, has shown over 80% accuracy, reinforcing Gritstone's position in neoantigen prediction [6] Infectious Disease Programs - Gritstone is advancing its CORAL program, a next-generation SARS-CoV-2 vaccine, with plans for a Phase 2b study [8] - Follow-up data from the Phase 1 CORAL study indicate durable immune responses lasting up to 12 months [9] - The company is collaborating with Gilead on vaccine-based HIV immunotherapy research [9] Financial Results - Total revenues for Q2 2024 were $0.9 million, a decrease from $1.95 million in Q2 2023 [18] - Research and development expenses decreased to $20.8 million in Q2 2024 from $31 million in the same period last year [11] - The net loss for Q2 2024 was $23.4 million, compared to a net loss of $35.3 million in Q2 2023 [19]