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Omega Therapeutics
Omega Therapeutics (OMGA) investor relations material
Omega Therapeutics has been delisted
Omega Therapeutics Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary14 Nov, 2024
Executive summary
Completed Phase 1 MYCHELANGELO I trial for OTX-2002 in HCC, establishing clinical proof-of-mechanism and showing a 50% disease control rate.
Prioritized pipeline to focus on obesity (Novo Nordisk collaboration), regenerative medicine (HNF4A), and metabolic indications (FGF21), with other programs deprioritized.
Leadership changes: Kaan Certel, Ph.D., appointed CEO; Jennifer Nelson, Ph.D., named Chief Scientific Officer.
Strategic partnerships, including Novo Nordisk, are being pursued to support development and expand the pipeline.
Strategic prioritization and cost reductions were implemented in March 2024 to extend the cash runway.
Financial highlights
Q3 2024 collaboration revenue was $2.6 million, up 214% year-over-year; nine-month revenue was $7.1 million, up 238%.
Q3 2024 R&D expenses were $12.8 million, down 22% year-over-year; G&A expenses were $6.2 million, down 14% year-over-year.
Net loss for Q3 2024 was $16.4 million, with net loss per share of $0.30, both improved from prior year periods.
Cash and cash equivalents were $30.4 million as of September 30, 2024, expected to fund operations into Q2 2025.
Net cash used in operating activities was $38.5 million for the nine months, a 52% reduction from the prior year.
Outlook and guidance
Cash runway is expected to last into the second quarter of 2025; additional funding will be required thereafter.
The company anticipates continued operating losses and negative cash flows as it advances clinical and preclinical programs.
Focused on advancing prioritized programs and forming strategic partnerships for capital efficiency and accelerated development.
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Omega Therapeutics
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Frequently asked questions
Omega Therapeutics Inc. is a clinical-stage biotechnology company focused on developing a new class of programmable epigenomic mRNA medicines. The company's OMEGA platform enables precise control of gene expression without altering native nucleic acid sequences, aiming to address the root causes of various diseases. Omega's therapeutic candidates target a range of conditions, including oncology, regenerative medicine, and multigenic and monogenic diseases. Founded in 2017 by Flagship Pioneering, Omega Therapeutics is headquartered in Cambridge, Massachusetts, and its shares are listed on the NASDAQ.
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