REGENXBIO Inc. (NASDAQ:RGNX) has announced its financial results and corporate highlights for the three months ended September 2020.
REGENXBIO received $80 Million in milestone payment for Zolgensma
The company reported revenue of $98.9 million in Q3 2020 compared to $14.7 million in Q3 20219. The increase was mainly due to an increase of $9.6 million in Zolgensma royalty revenue and $80 million milestone payment recognized in the quarter after achieving $1 billion Zolgensma nets sales. In the third quarter, the company reported an increase of 82% from Q3 2019 in Zolgensma’s net sales. The company’s NAV Technology platform is used in Zolgensma, and Novartis AG reported Zolgensam sales of $291 in the quarter, from which REGENXBIO recognized royalty revenue of $18.8 million.
At the end of the quarter, the company had $298.8 million in cash, cash equivalents, and marketable securities, excluding the milestone payment received from Novartis AG. Based on its operating plan, the company expects the cash balance plus the milestone payment to fund operations, including clinical advancement of product candidates and completion of internal manufacturing capabilities through mid-2022.
REGENXBIO Continues to execute in Q3 despite the pandemic
Kenneth Mills, the company’s CEO, said that the company made an important advancement in its clinical pipeline in Q3 2020. He said that despite the COVID-19 pandemic, the company continued to execute, and already two Phase II studies for the treatment of diabetic retinopathy and AMD are underway. The studies are employing the suprachoroidal approach for RGX-314 delivery. Mils added that the company expanded the RGX-121 program for MPS II patients to gather more insight into possible treatment effects of the one-tome gene therapy. Already additional patients have received doses in the second cohort of the Phase I/II study.
He added that the overall gene therapy treatment progress continues to be encouraging with additional patients across the globe treated with Zolgensma. Mills said that the company’s focus is its relationships with partners and licensee in the gene therapy space, focusing on patients’ needs and novel approaches for treating disease.