Business
Graphite Bio Reports Recent Business Progress and Fourth Quarter and Fiscal Year 2022 Financial Results
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Graphite Bio, Inc. (Nasdaq: GRPH) today reported recent business progress and fourth quarter and fiscal year
About this update from Lenz Therapeutics, Inc.
[{"type":"text","content":" SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nGraphite Bio, Inc. (Nasdaq: GRPH) today reported recent business progress and fourth quarter and fiscal year 2022 financial results.\n\n“As announced last month, Graphite Bio has initiated a process to evaluate strategic alternatives that may result in changes to our business strategy,” said CEO Josh Lehrer, M.D., M.Phil. “We are working expeditiously to complete this strategic review and look forward to providing an update in the future when appropriate.”\n\nRecent Business Updates\n\n\nIn February 2023, Graphite Bio announced its decision to discontinue development of nulabeglogene autogedtemcel (nula-cel) for sickle cell disease and initiate a process to explore strategic alternatives. As a result of this decision, the company announced a corporate restructuring to preserve capital while it conducts the strategic review. The company also disclosed its intention to continue research activities associated with its early-stage non-genotoxic conditioning program, with the goal of advancing toward one or more potential development candidates.\n\n\nIn January 2023, the company announced a voluntary pause of the Phase 1/2 CEDAR study of nula-cel. The company made this decision due to a serious adverse event of prolonged low blood cell counts (pancytopenia) in the first patient dosed with nula-cel, and the company’s conclusion that the event is likely related to study treatment.\n\n\nFourth Quarter 2022 Financial Highlights\n\n\nCash Position: As of December 31, 2022, cash, cash equivalents and investments in marketable securities totaled $283.6 million.\n\n\nR&D Expenses: Research and development expenses were $18.5 million for the fourth quarter of 2022, which includes $1.4 million in stock-based compensation expense.\n\n\nG&A Expenses: General and administrative expenses were $8.3 million for the fourth quarter of 2022, which includes $2.2 million in stock-based compensation expense.\n\n\nNet Loss: Net loss was $24.6 million, or $0.44 per basic and diluted share, for the fourth quarter of 2022.\n\n\nFiscal Year 2022 Financial Highlights\n\n\nR&D Expenses: Research and development expenses were $72.8 million for fiscal year 2022, which includes $5.3 million in stock-based compensation expense.\n\n\nG&A Expenses: General and administrative expenses were $32.9 million for fiscal year 2...