Blade Therapeutics, Inc.

The last year has demonstrated that a sound financing strategy and compelling company narrative are essential to securing funding – it’s become more important than ever that investors are excited before taking the plunge. Given the current economic environment that is causing challenges in biopharma, how should companies be approaching funding in 2024? Listen to this discussion on different kinds of funding options available, how companies can optimize their chances to secure funding and how they should be assessing VCs in addition to alternative partners – particularly if your company will be seeking funding at JPM this January. Our host and guests also discuss current challenges, how to weather adversity, and what investment trends are anticipated for next year. This roundtable discussion occurs Thursday, January 4. Subscribe below to receive an update with a link to the video the morning it goes live. By submitting your email address, you agree to receive communications from BioSpace. PANELISTS Jeff Burton | Halia Therapeutics | CFO Jeff Burton joined Halia Therapeutics as the Chief Financial Officer in December 2020. ‌Prior to coming to Halia, Jeff was with Tolero Pharmaceuticals where he helped guide the company through several rounds of funding, the acquisition of Tolero by Sumitomo Dainippon Pharma for $200 million upfront and $500 million in milestones, and provided support for the successful filing of five INDs and completion of nine clinical trials. ‌Prior to Tolero, Jeff was at Fusion-io, where he helped the company successfully complete its IPO, secondary offering, several acquisitions, key system implementations, and the eventual acquisition of Fusion-io by SanDisk for more than $1.1 billion. ‌Jeff holds Bachelor and Master of Accounting degrees from the University of Utah. Karen Harris | The Alzheimer’s Drug Discovery Foundation | CFO and Head of Mission-Related Investing Karen Harris is a member of the Alzheimer’s Drug Discovery Foundation’s executive team and serves as its Chief Financial Officer and Head of Mission Related Investments. ‌With a CFO background that spans both non-profits and investment banking, Ms. Harris is committed to increasing transparency and accessibility of complex financial information and heightening organizational effectiveness with robust financial governance, strategic planning, policies, controls, and training. She regularly presents to the ADDF’s Boards of Governors and Overseers, launched a board-level Finance and Audit Committee, and oversees the organization’s banking relationships. As Head of Mission Related Investments, Ms. Harris has also structured and stewarded dozens of venture-based investments for the ADDF, and she manages and monitors its extensive portfolio of securities and royalty arrangements with universities and biotech companies. ‌Previously, Ms. Harris served as Chief Financial Officer for the East Harlem Tutorial Program and Director of Development at Mount Sinai Adolescent Health Center. She also led a career in the financial sector for 20+ years prior to her transition to non-profit leadership. Among other roles, Ms. Harris served as Global COO for global equity capital markets, a $1 billion dollar division with 190 bankers at UBS, and as a Director and investment banker at Merrill Lynch. She earned an MBA in Finance from Stanford Graduate School of Business, graduating first in her class, and a BA in Economics from Columbia University. Rob Williamson | Triumvira Immunologics | President and COO Robert F. Williamson, III has been active in building biotechnology companies and shareholder value for over two decades. He currently is the President and COO of Triumvira Immunologics. Previously, he was the CBO of OncoMyx, an oncolytic virus company, and CEO of BioTheryX, a protein degradation therapeutics company, raising a $100M crossover round and preparing the company for an IPO. Prior to BioTheryX, Mr. Williamson served as CEO of both PharmAkea and ATXCo, oncology and fibrosis companies financed through a partnership with Celgene, until PharmAkea’s acquisition by Galecto and ATXCo’s acquisition by Blade Therapeutics. Prior, Mr. Williamson was CEO of Arriva Pharmaceuticals, President and COO of Eos Biotechnology, which he sold to Protein Design Labs, and COO of DoubleTwist, Inc. through its acquisition by Merck and Hitachi. ‌Mr. Williamson also serves as a director and adviser for foundations, private, and public companies. Notably, Mr. Williamson served as an early Director of Pharmasset, Inc., where he helped finance, grow, and advance the company into the public markets and through its acquisition by Gilead in 2011 for $11 billion. Earlier, Mr. Williamson was a partner with The Boston Consulting Group and a research assistant for the Federal Reserve Board. He received a BA in economics from Pomona College and an MBA from Stanford. HOST ⁠⁠⁠⁠Lori Ellis⁠⁠⁠ | BioSpace | Head of Insights Lori is the head of insights at BioSpace. She analyzes and comments on industry trends for BioSpace and clients. She creates engaging content for clients to support their marketing objectives. She has been part of an award-winning marketing team and has won a Muse Creative award, a Vega award and several Adobe awards in collaborative team projects for her audio narration work. Her experience in the television/film and audio industries benefits both BioSpace and partners through her moderation and hosting of live and virtual events. While she has covered all elements of the drug development process, her current focus is on the ever-evolving impact of technology – specifically artificial intelligence – on the pharmaceutical industry.⁠

--Jean-Frédéric Viret, Ph.D., has been appointed as Chief Financial Officer effective November 3, 2023-- --Continued to progress myeloid checkpoint solid tumor programs: NGM707, NGM831 and NGM438-- --Selected for an oral plenary presentation of data from Phase 2b ALPINE 4 trial of aldafermin in compensated cirrhosis (F4) due to NASH at upcoming AASLD The Liver Meeting®-- --Reported $166.0 million in cash, cash equivalents and marketable securities as of September 30, 2023, with expected cash runway into mid-2025-- SOUTH SAN FRANCISCO, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- NGM Biopharmaceuticals, Inc., (NGM Bio) (Nasdaq: NGM), a clinical-stage biotechnology company focused on discovering and developing transformative therapeutics for patients, today reported financial results for the quarterly period ended September 30, 2023 and provided business highlights. “In the third quarter, we continued to advance our efforts to develop novel medicines for cancer and other grievous diseases. This includes steady progress across our clinical-stage solid tumor oncology portfolio,” said David J. Woodhouse, Ph.D., Chief Executive Officer at NGM Bio. “We also announced that comprehensive data from our completed Phase 2b 48-week ALPINE 4 trial of aldafermin in compensated cirrhosis, or F4, patients due to NASH was selected for an oral plenary presentation at the upcoming AASLD The Liver Meeting in November. We are pleased that the ALPINE 4 trial achieved its primary endpoint with positive, statistically significant results across multiple measures, demonstrating clinical impact in this very advanced, difficult-to-treat patient population. This is an important milestone as we seek to partner aldafermin for continued, late-stage development.” Key Third Quarter and Recent Highlights Solid Tumor Oncology In the Phase 1/2 trial evaluating NGM707, an ILT2/ILT4 antagonist antibody product candidate, as a monotherapy and in combination with KEYTRUDA® (pembrolizumab) for the treatment of patients with advanced or metastatic solid tumors, completed enrollment in the Phase 1, Part 1a (monotherapy dose escalation) cohort. Enrollment in the Phase 1, Part 1b (combination dose escalation with pembrolizumab) cohort is ongoing. In the Phase 1/1b trial evaluating NGM438, a LAIR1 antagonist antibody product candidate, as a monotherapy and in combination with pembrolizumab for the treatment of patients with advanced or metastatic solid tumors, completed enrollment in the Phase 1, Part 1a (monotherapy dose escalation) cohort and the Phase 1, Part 1b (combination dose escalation with pembrolizumab) cohort is nearing completion of enrollment. NGM438, alone and in combination with pembrolizumab, has been well-tolerated and there have been no dose limiting toxicities to date. In the Phase 1/1b trial evaluating NGM831, an ILT3 antagonist antibody product candidate, as a monotherapy and in combination with pembrolizumab for the treatment of patients with advanced or metastatic solid tumors, completed enrollment in both a Phase 1, Part 1a and a Phase 1, Part 1b cohort. NGM831, alone and in combination with pembrolizumab, has been well-tolerated and there have been no dose limiting toxicities to date. Aldafermin Upcoming oral plenary presentation of data from Phase 2b ALPINE 4 trial of aldafermin in compensated cirrhosis (F4) due to NASH to be presented at AASLD The Liver Meeting taking place November 10–14, 2023, in Boston, MA. Corporate Jean-Frédéric Viret, Ph.D., has been appointed as Chief Financial Officer (CFO) effective November 3, 2023. Dr. Viret brings a wealth of experience to this role, having previously served for seven years (2014–2021) as CFO of Coherus BioSciences, Inc., a commercial-stage, publicly traded, biopharmaceutical company focused on the research, development and commercialization of biosimilars and biologics to treat cancer, and more recently as CFO of Shasqi, Inc. and Blade Therapeutics, Inc., two privately held biotechnology companies focused on oncology and fibrotic disease, respectively. Earlier in his career, Dr. Viret was CFO at diaDexus, Inc., XDx, Inc. (now CareDx, Inc.) and Anesiva, Inc. and worked in a variety of finance roles at Tularik Inc. and PricewaterhouseCoopers LLP (now PwC). Third Quarter 2023 Financial Results NGM Bio reported a net loss of $28.8 million for the quarter ended September 30, 2023, compared to a net loss of $47.3 million for the same period in 2022. Related party revenue from our collaboration with Merck Sharp & Dohme LLC, or Merck, was $0.6 million for the quarter ended September 30, 2023, compared to $7.9 million for the same period in 2022. Our related party revenue from Merck will continue to decrease in 2023 and we expect minimal funding from Merck from October 1, 2023 through March 31, 2024. Research and development expenses were $22.9 million for the quarter ended September 30, 2023, compared to $46.1 million for the same period in 2022. General and administrative expenses were $8.7 million for the quarter ended September 30, 2023, compared to $10.1 million for the same period in 2022. Cash, cash equivalents and short-term marketable securities were $166.0 million as of September 30, 2023, compared to $271.5 million as of December 31, 2022. NGM Bio expects its cash, cash equivalents and marketable securities will be sufficient to fund its planned operations into mid-2025. NGM Bio has based this estimate on plans and assumptions that may prove to be insufficient or inaccurate (for example, with respect to anticipated costs, timing or success of certain activities), and NGM Bio could utilize its available financial resources sooner than it currently expects. About NGM Biopharmaceuticals, Inc. NGM Bio is focused on discovering and developing novel, life-changing medicines for people whose health and lives have been disrupted by disease. The company’s biology-centric drug discovery approach aims to seamlessly integrate interrogation of complex disease-associated biology and protein engineering expertise to unlock proprietary insights that are leveraged to generate promising product candidates and enable their rapid advancement into proof-of-concept studies. As explorers on the frontier of life-changing science, NGM Bio aspires to operate one of the most productive research and development engines in the biopharmaceutical industry. All therapeutic candidates in the NGM Bio pipeline have been generated by its in-house discovery engine, always led by biology and motivated by unmet patient need. Visit us at for more information. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Rahway, NJ, USA Abbreviations (in Alphabetical Order) F4=Fibrosis stage 4; ILT2=Immunoglobin-Like Transcript 2; ILT3=Immunoglobin-Like Transcript 3; ILT4=Immunoglobin-Like Transcript 4; LAIR1=Leukocyte-Associated Immunoglobulin-Like Receptor 1; NASH=non-alcoholic steatohepatitis Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will,” “could,” “expect,” “expected,” “promising,” “aspires,” “aims” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to: the therapeutic potential of NGM Bio’s product candidates; NGM Bio’s continued pipeline development, including identification and engagement of third-party partners for potential future business development arrangements (“BD Arrangements”) to determine further development of programs currently without significant resource allocation, including aldafermin, and research and development and discovery engine output; NGM Bio’s expectation of continued decreasing revenue from Merck; the sufficiency of NGM Bio’s cash resources to fund its planned operations into mid-2025; and other statements that are not historical fact. Because such statements deal with future events and are based on NGM Bio’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of NGM Bio could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including, without limitation, risks and uncertainties associated with the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success; risks related to failure or delays in successfully initiating, enrolling, reporting data from or completing clinical studies, as well as the risks that results obtained in preclinical or clinical trials to date may not be indicative of results obtained in future trials; NGM Bio’s reliance on its amended collaboration with Merck; NGM Bio’s ability to identify, attract and engage third-party partners for BD Arrangements, if any, relating to its programs currently without significant resource allocation, including NGM621, aldafermin, NGM313 (MK-3655) and NGM936, or otherwise; the time-consuming and uncertain regulatory approval process; NGM Bio’s reliance on third-party manufacturers for its product candidates and the risks inherent in manufacturing and testing pharmaceutical products; the sufficiency of NGM Bio’s cash resources and expected cash runway, including the risk that NGM Bio could utilize its available capital resources sooner than it currently expects and its need for additional capital; macroeconomic conditions (such as the impacts of the ongoing COVID-19 pandemic, global geopolitical conflict, global economic slowdown, increased inflation, rising interest rates and recent and potential future bank failures); and other risks and uncertainties affecting NGM Bio and its development programs, including those discussed in the section titled “Risk Factors” in NGM Bio’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed with the United States Securities and Exchange Commission (“SEC”) on August 3, 2023 and future filings and reports that NGM Bio makes from time to time with the SEC. Except as required by law, NGM Bio assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Investor Contact: Media Contact: ir@ngmbio.com media@ngmbio.com NGM BIOPHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Related party revenue $ 582 $ 7,911 $ 4,252 $ 37,152 Operating expenses: Research and development 22,942 46,106 96,150 134,345 General and administrative 8,671 10,109 29,902 30,759 Total operating expenses 31,613 56,215 126,052 165,104 Loss from operations (31,031 ) (48,304 ) (121,800 ) (127,952 ) Interest income, net 2,249 965 7,281 1,684 Other (expense) income, net (15 ) 78 (186 ) 38 Net loss $ (28,797 ) $ (47,261 ) $ (114,705 ) $ (126,230 ) Net loss per share, basic and diluted $ (0.35 ) $ (0.59 ) $ (1.39 ) $ (1.59 ) Weighted average shares used to compute net loss per share, basic and diluted 82,707 80,623 82,393 79,331 NGM BIOPHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) September 30, 2023 December 31, 2022* ASSETS Current assets: Cash and cash equivalents $ 51,476 $ 73,456 Short-term marketable securities 114,569 198,036 Related party receivable from collaboration — 7,580 Prepaid expenses and other current assets 7,994 9,787 Restricted cash 2,999 — Total current assets 177,038 288,859 Property and equipment, net 7,281 8,496 Operating lease right-of-use asset 538 2,096 Restricted cash 2,455 3,954 Other non-current assets 4,838 3,997 Total assets $ 192,150 $ 307,402 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,690 $ 8,453 Accrued liabilities 16,167 33,638 Operating lease liability, current 1,381 5,385 Contract liabilities 107 366 Total current liabilities 22,345 47,842 Total liabilities 22,345 47,842 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value — — Common stock, $0.001 par value 83 82 Additional paid-in capital 866,138 841,413 Accumulated other comprehensive loss (78 ) (302 ) Accumulated deficit (696,338 ) (581,633 ) Total stockholders' equity 169,805 259,560 Total liabilities and stockholders' equity $ 192,150 $ 307,402 ___________ * Derived from the audited consolidated financial statements.

No reasons were given for the decision nor the delays to the merger timeline. Don’t count on the triumphant return of biotech special purpose acquisition company deals quite yet. Despite Wilbur Ross’ own blank check company making one of the first announcements for the sector this year, it turns out that deal has now died. As set out back in January, Aprinoia Therapeutics—a Massachusetts-based biotech focused on neurodegenerative diseases such as Alzheimer's and progressive supranuclear palsy (PSP)—was due to combine with the SPAC Ross Acquisition at an implied fully diluted transaction equity value of $280 million. At the time, the deal was expected to complete in the first quarter of the year. Now, five months after that deadline, Aprinoia instead announced yesterday afternoon that the two parties had agreed to a “mutual termination” of the deal. No reasons were given for the decision nor the delays to the merger timeline. Ross—who served as U.S. secretary of commerce in the Trump administration—had already personally invested $7.5 million through a convertible note, according to the original announcement, with another $12.5 million due to follow if the merger had completed. The plan was for the newly listed Aprinoia to use these funds to bring its lead product, a positron emission tomography imaging tracer for neurodegenerative diseases, through to commercialization in China. With that funding no longer on the table, it’s unclear how Aprinoia plans to progress any of its imaging agents or an ongoing U.S. phase 1 trial of its lead therapy, a monoclonal anti-tau IgG antibody being investigated for Alzheimer’s, PSP and frontotemporal dementia. The most recent funding infusion for the company was a $40 million series C back in 2021. With Aprinoia having made no other announcements since unveiling the SPAC deal, it’s hard to get a sense of the other facts in play. The biotech hadn’t responded to a request from Fierce Biotech for further information at the time of publication. While SPAC deals were a hot ticket for biotechs to go public a couple of years ago, the rush cooled in 2022 as the industry hit tough times. Since then, their use has been more sporadic, although 2023 has seen a steady trickle of merger announcements, with August alone seeing U.K. cell therapy developer Celixir and American Gene Technologies’ HIV-focused unit Addimmune unveiling plans to combine with so-called blank check companies. It’s not unheard of for SPAC deals to fall through. Last year saw both gene therapy developer Amicus Therapeutics and fibrosis-focused Blade Therapeutics admit their blank check routes had hit a dead end.