Gracell Biotechnologies Inc (NASDAQ: GRCL) reported its unaudited fourth-quarter financial results and corporate updates.
Gracell gives updates on its plans
According to the CEO, Chairman, and Founder of Gracell Biotechnologies, Dr. William Cao, the company experienced tremendous growth in 2021 as it advanced its differentiated cell treatments. Moreover, the company developed GCO12F on its FasTCAR CAR-T platform.
The company is still finding patients for its RRMM trial. It is also testing a treatment for B-NHL. Moreover, it has requested an Orphan Drug Designation to treat multiple myeloma. The company is conducting its clinics trial in China and hopes to submit an IND filing by the second half of the year.
The company will also present data on its first human trial of GC50, which it developed in its TruUCAR CAR-T platform at the AACR in 2022. This data will show the different applications of the platform.
In addition, Gracell is developing its SMART CART platform to treat solid tumors. It will begin its first human trial of GC503, which it developed on the platform this year. The company is also expanding its operations in the U.S. It has opened an innovation center in California in line with this objective.
Gracell’s Biotechnologies goals for 2022 include developing accessible, efficient, and safe therapies for patients worldwide.
Gracell’s fourth quarter results
On December 31, 2021, Gracell Biotechnologies had $287.6 million in short-term in cash investments, and cash equivalents. The company also finalized a public offering with $220 million in proceeds.
Gracell spent $16.9 million on development and research in the fourth quarter of 2021. The company’s amount for the entire year was $51.3 million was more than the amount it spent in 2020.
This increase was because the company spent more on clinical trials, development, and research. The company also hired more personnel which led to increased payroll and expenses. Gracell had more facility expenses as it expanded its developments and research initiatives. Furthermore, it had increased share compensation expenses.
Gracell’s administrative expenses rose to $5 million in the fourth quarter and $21.5 million for the whole year. This increase was because the company expanded its operations which led to increased personnel expenses and payroll.
