UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2022
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: 281 -454-3424
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| The Nasdaq Capital Market | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 12, 2022, Bellicum Pharmaceuticals, Inc. (the “Registrant”) issued a press release announcing its financial results for the first quarter ended March 31, 2022. A copy of this press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any of the Registrant’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
| 99.1 | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Bellicum Pharmaceuticals, Inc. | ||||||||||||||||||||
Dated: November 4, 2021 | By: | /s/ Richard A. Fair | ||||||||||||||||||
| Richard A. Fair | ||||||||||||||||||||
| President and Chief Executive Officer | ||||||||||||||||||||
Exhibit 99.1
Bellicum Reports First Quarter 2022 Financial Results and Provides Operational Update
HOUSTON, May 12, 2022 --- Bellicum Pharmaceuticals, Inc. (Nasdaq: BLCM), a leader in developing novel, controllable cellular immunotherapies for cancers, today reported financial results for the first quarter 2022 and provided an operational update.
“I am pleased with the growing momentum in patient recruitment and enrollment after recent COVID-19-related delays at our sites,” said Rick Fair, President and Chief Executive Officer. “We remain on track to report results from our ongoing BPX-601 and BPX-603 trials early next year. I appreciate our team’s and investigators’ hard work and commitment to execute to plan in 2022."
Program Highlights and Current Updates
BPX-601 GoCAR-T®
•Enrollment in the Phase 1/2 dose escalation clinical trial in patients with previously treated metastatic castration-resistant prostate cancer (mCRPC) is ongoing. The company expects to present a data update on BPX-601 in the first quarter of 2023.
BPX-603 GoCAR-T
•Enrollment is ongoing in the Phase 1/2 clinical trial for BPX-603 in patients with solid tumors that express human epidermal growth factor 2 (HER2), including breast, endometrial, ovarian, gastric, and colorectal cancers. The company expects to present a data update on BPX-603 in the first half of 2023.
Financial Results for the First Quarter 2022
R&D Expenses: Research and development expenses were $4.5 million for the first quarter 2022, compared to $6.5 million for the first quarter 2021. The decrease in R&D expenses for the first quarter 2022 was primarily due to reduced expenses related to rivo-cel activities, a discontinued development program.
G&A Expenses: General and administrative expenses were $1.5 million in the first quarter 2022 compared to $2.0 million for the comparable period in 2021. The decrease in G&A expenses for the first quarter 2022 compared to the first quarter 2021 was primarily due to reduced share-based compensation expense.
Loss from Operations: Bellicum reported a loss from operations of $5.9 million for the first quarter 2022, compared to $8.9 for the comparable period in 2021.
Net Income/Loss: Bellicum reported a net loss of $7.6 million for the first quarter 2022, compared to a net loss of $11.3 million for the first quarter 2021. The results included a loss from the change in fair value of warrant derivative liabilities of $1.6 million for the first quarter of 2022, which was primarily driven by an increase in our stock price over the first quarter of 2022.
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Exhibit 99.1
Shares Outstanding: As of May 9, 2022, Bellicum had 8,609,661 shares of common stock and 452,000 shares of preferred stock outstanding. Each share of preferred stock is convertible into 10 shares of common stock.
Cash Position and Guidance: Bellicum reported cash and cash equivalents and restricted cash totaling
$41.3 million as of March 31, 2022, compared to $47.7 million as of December 31, 2021.
About Bellicum Pharmaceuticals
Bellicum is a clinical stage biopharmaceutical company striving to deliver cures through controllable cell therapies. The company’s next-generation product candidates are differentiated by powerful cell signaling technologies designed to produce more effective CAR-T cell therapies. Bellicum’s GoCAR-T® product candidates, BPX-601 and BPX-603, are designed to be more efficacious CAR-T cell products capable of overriding key immune inhibitory mechanisms. More information about Bellicum can be found at www.bellicum.com or follow us on Twitter or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Bellicum may, in some cases, use terms such as “continue,” “designed,” “expects,” “plans,” “intends,” “may,” “will” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding Bellicum’s intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the ability of the Bellicum team to successfully execute to plan in 2022; and the timing of data updates from Bellicum’s ongoing BPX-601 and BPX-603 clinical trials. Various factors may cause differences between Bellicum’s expectations and actual results, including, among others, the impact of the COVID-19 pandemic on Bellicum’s clinical trial sites and trial enrollment, other factors, such as safety issues, may impact Bellicum’s clinical progress, actual expenses incurred may be higher than anticipated, and trial results may be different than anticipated, as discussed in greater detail under the heading “Risk Factors” in Bellicum’s filings with the Securities and Exchange Commission, including without limitation Bellicum’s quarterly report on Form 10- Q for the three months ended March 31, 2022 and Bellicum’s annual report on Form 10-K the year ended December 31, 2021. Any forward-looking statements that Bellicum makes in this press release speak only as of the date of this press release. Bellicum assumes no obligation to update Bellicum’s forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
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Exhibit 99.1
BELLICUM PHARMACEUTICALS, INC. | |||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||
(unaudited; in thousands) | |||||||||||||||||||||||
| March 31 | December 31, | ||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 39,769 | $ | 46,156 | |||||||||||||||||||
Restricted cash | 1,501 | 1,501 | |||||||||||||||||||||
Accounts receivable, interest and other receivables | 207 | 205 | |||||||||||||||||||||
Prepaid expenses and other current assets | 1,943 | 1,269 | |||||||||||||||||||||
Other Assets: | |||||||||||||||||||||||
Property and equipment, net | 14 | 12 | |||||||||||||||||||||
Total assets | $ | 43,434 | $ | 49,143 | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Accounts payable | $ | 212 | $ | 90 | |||||||||||||||||||
Accrued expenses and other current liabilities | 3,347 | 3,849 | |||||||||||||||||||||
Warrant derivative liability | 4,410 | 2,773 | |||||||||||||||||||||
Preferred stock | 18,036 | 18,036 | |||||||||||||||||||||
Total stockholders' deficit | 17,429 | 24,395 | |||||||||||||||||||||
Total liabilities, preferred stock and stockholders' equity | $ | 43,434 | $ | 49,143 | |||||||||||||||||||
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Exhibit 99.1
BELLICUM PHARMACEUTICALS, INC. | |||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||
(unaudited; in thousands, except share and per share amounts) | |||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Research and development | $ | 4,486 | $ | 6,460 | |||||||||||||||||||
General and administrative | 1,453 | 2,012 | |||||||||||||||||||||
Total operating expenses | 5,939 | 8,472 | |||||||||||||||||||||
| Loss on lease termination | — | 464 | |||||||||||||||||||||
Loss from operations | (5,939) | (8,936) | |||||||||||||||||||||
| Interest income | 14 | 10 | |||||||||||||||||||||
Interest expense | — | (4) | |||||||||||||||||||||
Change in fair value of warrant and private placement option liability | (1,637) | (2,337) | |||||||||||||||||||||
Net loss | $ | (7,562) | $ | (11,267) | |||||||||||||||||||
| Net loss attributable to common shareholders | $ | (7,562) | $ | (11,267) | |||||||||||||||||||
Net loss per common share attributable to common shareholders, basic and diluted | $ | (0.25) | $ | (1.12) | |||||||||||||||||||
Weighted-average shares outstanding, basic and diluted | 30,819,578 | 10,034,970 | |||||||||||||||||||||
Source: Bellicum Pharmaceuticals
Investors:
Robert H. Uhl
Managing Director
ICR Westwicke
858-356-5932
Robert.uhl@westwicke.com
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