Humanigen Inc. (NASDAQ: HGEN) has reported financial results for Q3 2021 and nine months ending September 30, 2021, and provided a regulatory and corporate update.
Humangen’s Q3 loss widened due to lenzilumab R&D expenses
Net loss was $66.7 or $1.12 per share in Q3 2021 compared to $30.8 million or $0.71 per share a year ago. For the nine months ending September 30, 2021, the net loss was $203.1 million or $3.56 per share, widening from $57.2 million or $1.79 per share a year before. Net loss increase was due to total expenses increase especially R&D expenses that increased as Humanigen accelerated efforts to produce lenzilumab for possible commercialization after receiving regulatory approval.
The company had 76.5 million in cash and equivalents at the end of the quarter. During the nine months ending September 30, 2021, Humanigen raised net proceeds of around$40 million for common stock shares sales under the At-The-market offering program. In addition, it drew $25 million under its loan facility with Hercules Capital offering net proceeds of $24.4 million and also closed a common stock public offering of $94.2 million.
Humanigen advancing lenzilumab for COVID-19 treatment
CEO and Chairman Cameron Durrant said, “We are continuing our efforts to get lenzilumab to hospitalized COVID-19 patients. The recent selection of lenzilumab by the European Commission as one of the 10 most promising treatments for COVID-19, validates our view that lenzilumab offers meaningful clinical potential.1 We appreciate the commitment MHRA has made to reviewing our application. The vaccination rate in the UK is 79%, yet hospitalizations due to COVID-19 continue. We continue to work with regulators in the UK, US, and European Union to potentially bring this therapy to patients.”
In June, the company initiated the submission of a Conditional Marketing Authorization Application to the UK MHRA to use lenzilumab in treating hospitalized COVID-19 patients. The CMA was accepted for accelerated COVID-associated in Q3 2021. At the end of the quarter, the company submitted the last required modules, and the MHRA reviews the application.
