Unum Therapeutics Inc. (NASDAQ: UMRX), a clinical-stage biopharmaceutical company focused on the development of cellular immunotherapies based on its novel, universal Antibody-Coupled T-cell Receptor (ACTR) technology platform.

 

On May 14th, the company announced financial results for the quarter ended March 31, 2018, following its successful initial public offering in April 2018 and concurrent private placement, the company is in a strong financial position to continue developing its proprietary, universal ACTR technology platform and rapidly advancing pipeline of cellular immunotherapies through clinical development.

 

Key highlights of the first quarter:

• Successfully Completed IPO and Concurrent Private Placement Raising $77 Million in Gross Proceeds
• Initiated Cohort Expansion of ATTCK-20-2 Phase I Trial of ACTR087 in Combination with Rituximab in Patients with CD20+ r/r Non-Hodgkin Lymphoma; Updated Data Expected in 4Q 2018
• Phase I Trials of ACTR087 in Combination with SEA-BCMA in Patients with r/r Multiple Myeloma and ACTR707 in Combination with Rituximab in Patients with CD20+ r/r Non-Hodgkin Lymphoma Ongoing; Preliminary Data from Both Trials Expected in 4Q 2018
• On Track to File IND for First Solid Tumor Program, ACTR707 in Combination with Trastuzumab in Patients with HER2+ Advanced Malignancies, in 2H 2018

UMRX is currently evaluating the potential of ACTR in combination with different tumor-targeting antibodies, in three ongoing multi-centres Phase I trials, ATTCK-20-2 and ATTCK-20-03 evaluating ACTR087 and ACTR707, respectively, in combination with rituximab in patients with CD20+ r/r Non-Hodgkin Lymphoma (NHL), and ATTCK-17-01 evaluating ACTR087 in combination with SEA-BCMA in patients with r/r multiple myeloma.

 

Upcoming Milestone:

The company expects to report preliminary data from these three trials late this year.  In the second half of 2018, it is also looking forward to filing an IND and initiating clinical development of ACTR707 in combination with trastuzumab for the treatment of patients with HER2+ advanced cancers, UMRX’ first solid tumor product candidate.

 

Analyst tracking the stock believes that UMRX continues to make sustained progress in its field, most of which could lead them to success. Also, Company’s healthy financial position, as well as promising business profile, makes it a compelling investment/trading option.

 

The company is presently featuring as “Strong Buy” and the average target price is around $20 with a high estimate of approximately $21.00 and a low range of $18.00. On the flip side, the company is exposed to the risk associated with any biotech play.

 

About the Company: Unum Therapeutics is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel immunotherapy products designed to harness the power of a patient’s immune system to cure cancer. Unum’s novel proprietary technology, antibody-coupled T cell receptor (ACTR), is a universal, engineered cell therapy intended to be used in combination with a wide range of tumor-specific antibodies to target different tumor types. Unum is actively building a pipeline of product candidates composed of ACTR T cells co-administered with antibodies for use in both hematologic and solid tumor cancers. The Company is headquartered in Cambridge, MA.

 

Recent developments in details:

• Initiated Cohort Expansion Phase of ATTCK-20-2 Phase I trial; Plans to Expand Clinical Development: In May 2018, Unum initiated the cohort expansion phase of the ATTCK-20-2 trial evaluating safety and anti-lymphoma activity of ACTR087 at the preliminary recommended phase 2 dose (RP2D) level used in combination with rituximab in patients with CD20+ r/r NHL. Unum expects to report updated data, including preliminary data from this phase of the ATTCK-20-2 trial, in the fourth quarter of 2018.

These data will also inform the strategy for a planned multi-center Phase II clinical trial exploring ACTR T cells used in combination with rituximab in patients with CD20+ r/r NHL who received prior CD19 CAR T cell therapy.

Besides, Unum intends to file a protocol amendment to the ATTCK-20-2 trial in the second half of 2018 to explore ACTR087 in combination with an alternative rituximab dosing regimen from that currently being studied.

 

• Initiated Patient Enrollment and Dosing in ATTCK-17-01 Phase I trial: In the first quarter, Unum initiated patient enrollment in ATTCK-17-01, a Phase I, multi-center, an open-label clinical trial designed to test the safety, tolerability, and anti-myeloma activity of ACTR087 used in combination with SEA-BCMA in patients with r/r multiple myeloma. Unum is currently enrolling and dosing patients in this trial and expects to report preliminary data in the fourth quarter of 2018.

 

• Continued Enrollment in ATTCK-20-03 Phase I trial: In the fourth quarter of 2017, Unum initiated patient enrollment in Phase I, multi-center, an open-label clinical trial called ATTCK-20-03, evaluating the safety, tolerability, and anti-lymphoma activity of ACTR707 used in combination with rituximab in patients with CD20+ r/r NHL. Unum has completed enrollment in the first dose level of this ongoing dose escalation study and expects to report preliminary data from the trial in the fourth quarter of 2018.

 

• On Track to File IND for First Solid Tumor ACTR Product Candidate in the Second Half of 2018: Unum is on track to file an IND in the second half of 2018 for ACTR707 in combination with trastuzumab for the treatment of patients with HER2+ advanced cancers.

 

First Quarter 2018 Results:

Revenue: Collaboration revenue recognized during the three months ended March 31, 2018 and 2017, of $2.2 million and $1.8 million, respectively, reflects the recognition of a portion of the $25.0 million upfront payment received from Seattle Genetics under Unum’s collaboration agreement as well as reimbursements of research and development costs by Seattle Genetics. Effective January 1, 2018, Unum adopted the new revenue recognition standard, ASC 606, which changed the manner in which the Company recognizes revenue from this collaboration agreement.

 

Net Loss: Net loss attributable to common stockholders was $6.8 million, or $0.66 per share, for the three months ended March 31, 2018, and $6.0 million, or $0.58 per share, for the three months ended March 31, 2017.

 

Cash, Cash Equivalents, and Marketable Securities:  As of March 31, 2018, Unum had cash, cash equivalents, and marketable securities of $32.4 million. The Company believes that the net proceeds from the IPO and concurrent private placement, together with its existing cash, cash equivalents, and marketable securities, will fund operating expenses and capital expenditure requirements through at least December 2019, without considering available borrowings under its loan and security agreement.

 

Key risk factors and potential stock drivers:

• Successful completion of the upcoming milestones would lead future direction for the company. Any adversities related to these future milestones might adversely impact the overall investor sentiments.
• UMRX is still an early stage entity and has not yet generated revenue and will likely operate at a loss as it grows its market position and seeks ways to monetize it. The company’ prospects are significantly dependent on BPX-01 and BPX-04, which might have limited sales potential initially.
• UMRX has a history of operating losses. Therefore, any time or cost overrun in its ongoing R&D activities and its impact on business & financial profile will remain a key business sensitivity factor.

 

Stock Chart:

Comments:

• On Friday, June 8th, 2018, UMRX closed at $12.97, on an average volume of 167,016 million shares exchanging hands. Market capitalization is $387 million. The current RSI is at 63.70
• In the past 52 weeks, shares of UMRX have traded as low as $10.15 and as high as $14.24.
• At $12.97, shares of UMRX are trading above its 50-day moving average (MA) at $11.50
• The present support and resistance levels for the stock are at $12.16 & $13.45 respectively.

 

 

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