|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal
executive offices)
|
(Zip Code)
|
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))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which
registered
|
||
|
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Press Release of Rocket Pharmaceuticals, Inc. dated May 6, 2024.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
Rocket Pharmaceuticals, Inc.
|
||
Date: May 6, 2024
|
By:
|
/s/ Martin Wilson
|
Martin Wilson
|
||
General Counsel and Chief Corporate Officer, SVP
|
• |
Advanced Fanconi Anemia (FA) program through key regulatory milestones.
|
o |
In April, Rocket announced that the European Medicines Agency (EMA) accepted the Marketing Authorization Application (MAA) for RP-L102 for the treatment of FA. MAA acceptance was based on positive,
previously disclosed data from the global RP-L102 Phase 1/2 clinical trial.
|
o |
The Company remains on track to submit the Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) in the first half of 2024.
|
• |
KRESLADI™ on track for June 30, 2024, PDUFA date.
|
o |
Rocket continues to ramp up enabling activities to support the launch of its lentiviral (LV) vector portfolio beginning with KRESLADI™ for severe Leukocyte Adhesion Deficiency-I (LAD-I).
Qualified Treatment Center initiation, disease education, payer engagement, and field team build-out are all underway.
|
• |
Bolstered finance, investor relations, and corporate communications expertise of company leadership to support evolution towards commercial stage.
|
o |
Rocket appointed Aaron Ondrey as Chief Financial Officer (CFO). Mr. Ondrey brings over 20 years of experience leading commercial-stage financial management, strategic planning, and capital
allocation. Mr. Ondrey was previously the CFO at Mirati Therapeutics and has held multiple senior finance leadership positions at Arena Pharmaceuticals, Alexion Pharmaceuticals, and Regeneron Pharmaceuticals.
|
o |
In addition, Meg Dodge was appointed Vice President to lead Investor Relations & Corporate Communications. Ms. Dodge is experienced with engaging stakeholders across investors, media, and other
communities in the biotech and financial sectors. Prior to joining Rocket, Ms. Dodge was Head of Investor Relations and Corporate Communications at Krystal Biotech.
|
• |
Celebrated annual Rare Disease Day with multi-faceted awareness campaign.
|
o |
On February 29, 2024, Rocket hosted its annual Rare Disease Day recognition program highlighting the theme, “Leap into Action for Rare.” Several hundred attendees gathered at the Liberty Science
Center and virtually to hear inspirational stories from the community. Rocket also continued its Light Up for Rare initiative in collaboration with global partners to light up buildings and landmarks in Rare Disease Day colors, including
the Empire State Building.
|
o |
Rocket remains highly committed to supporting the rare disease community through patient-focused events, education and advancing science to bring potential treatments to patients with unmet needs.
|
• |
Milestones in 2024 are on track across its pipeline of gene therapies for rare and devastating diseases.
|
o |
Rocket continues to advance three disclosed programs from its adeno-associated virus (AAV) cardiovascular portfolio, including:
|
■ |
Phase 2 pivotal study of RP-A501 for Danon Disease,
|
■ |
Phase 1 study of RP-A601 for PKP2-arrhythmogenic cardiomyopathy (ACM), and
|
■ |
IND-enabling studies for BAG3-associated dilated cardiomyopathy (DCM)
|
o |
In its late-stage LV portfolio, Rocket is working towards initiation of the Phase 2 pivotal study of RP-L301 for Pyruvate Kinase Deficiency (PKD).
|
• |
Data from Rocket’s LV hematology portfolio to be presented at the American Society of Gene and
Cell Therapy (ASGCT) 27th Annual Meeting.
|
o |
Updated data across Rocket’s LV hematology programs will be highlighted as oral presentations at the ASGCT 27th Annual Meeting taking place May 7-11, 2024, in Baltimore, MD
|
o |
Incremental updates include longer-term data demonstrating the safety and efficacy of Rocket’s Phase 1/2 pivotal studies of KRESLADI™ for severe LAD-I and RP-L102 for FA, in addition to the Phase 1
study of RP-L301 for PKD.
|
o |
Details for oral presentations are as follows:
|
• |
Bank of America Global Healthcare Conference 2024: May 16, 2024
|
• |
Cash position. Cash, cash equivalents and investments as of
March 31, 2024, were $330.3 million.
|
• |
R&D expenses. Research and development expenses were
$45.2 million for the three months ended March 31, 2024, compared to $46.4 million for the three months ended March 31, 2023. The decrease in R&D expenses was primarily driven by decreases in manufacturing and development costs and direct materials of $5.8
million. Decreases were partially offset by increases in costs for compensation and benefits expense of $1.4 million due to increased R&D headcount, professional fees of $1.1 million, laboratory supplies of $0.9 million, non-cash stock compensation expense of $0.8 million, and clinical trial costs of $0.6 million.
|
• |
G&A expenses. General and administrative expenses were
$22.1 million for the three months ended March 31, 2024, compared to $15.8 million for the three months ended March 31, 2023. The increase in G&A expenses was primarily driven by increased commercial preparation expenses which
consists of commercial strategy, medical affairs, market development and pricing analysis of $3.3 million, legal expenses of $1.5 million, and non-cash stock compensation expense of $0.5 million.
|
• |
Net loss. Net loss was $62.1 million or $0.66 per share
(basic and diluted) for the three months ended March 31, 2024, compared to $58.3 million or $0.73 (basic and diluted) for the three months ended March 31, 2023.
|
• |
Shares outstanding. 90,646,590 shares of common stock were
outstanding as of March 31, 2024.
|
• |
Cash position. As of March 31, 2024, Rocket had cash, cash
equivalents and investments of $330.3 million. Rocket expects such resources will be sufficient to fund its operations into 2026, including producing AAV cGMP batches at the Company’s Cranbury, N.J. R&D and manufacturing facility and
continued development of its six clinical and/or preclinical programs.
|
Three Months Ended March 31,
|
||||||||
2024
|
2023
|
|||||||
Operating expenses:
|
||||||||
Research and development
|
$
|
45,227
|
$
|
46,371
|
||||
General and administrative
|
22,148
|
15,823
|
||||||
Total operating expenses
|
67,375
|
62,194
|
||||||
Loss from operations
|
(67,375
|
)
|
(62,194
|
)
|
||||
Interest expense
|
(471
|
)
|
(468
|
)
|
||||
Interest and other income, net
|
3,029
|
1,908
|
||||||
Accretion of discount on investments, net
|
2,763
|
2,419
|
||||||
Net loss
|
$
|
(62,054
|
)
|
$
|
(58,335
|
)
|
||
Net loss per share - basic and diluted
|
$
|
(0.66
|
)
|
$
|
(0.73
|
)
|
||
Weighted-average common shares outstanding - basic and diluted
|
93,549,884
|
79,453,519
|
March 31, 2024
|
December 31, 2023
|
|||||||
Cash, cash equivalents, and investments
|
$
|
330,313
|
$
|
407,495
|
||||
Total assets
|
499,442
|
566,341
|
||||||
Total liabilities
|
57,940
|
73,767
|
||||||
Total stockholders' equity
|
441,502
|
492,574
|