Solid Biosciences Q1 2024 Business Update and Financial Results

Solid Biosciences Inc. has reported its financial results for the first quarter ending March 31, 2024, while also providing significant business updates. The company, focused on developing genetic medicines for neuromuscular and cardiac diseases, is preparing to commence patient dosing in their SGT-003 trial in the second quarter of 2024. The trial aims to assess the safety, microdystrophin expression, and functional benefits of the treatment for Duchenne muscular dystrophy (Duchenne).

Bo Cumbo, President and CEO of Solid Biosciences, remarked on the company’s progress, noting that their capital raise of $108.9 million in January 2024 has bolstered their financial position, now standing at $206.1 million. This strong cash reserve is expected to support operations through 2026, allowing Solid to advance its portfolio, including bringing SGT-003 to clinical trials and progressing SGT-501 for catecholaminergic polymorphic ventricular tachycardia (CPVT) towards an Investigational New Drug (IND) application.

Company updates reveal that the Phase 1/2 trial of SGT-003 in pediatric Duchenne patients is set to start in Q2 2024, with initial data anticipated by Q4 2024. Solid plans to file an IND for SGT-501 in Q1 2025. The company is also advancing its broader therapeutic portfolio with ongoing preclinical studies in BAG3, TNNT2 mouse studies, and preclinical work in RBM20. Additionally, platform work in capsids and CMC process development continues.

Recent highlights include the FDA granting Rare Pediatric Disease Designation on April 1, 2024, for SGT-003. This designation can lead to a priority review voucher if a new biologics license application is approved, potentially speeding the review process for future applications. On March 7, 2024, Solid entered a licensing agreement for its AAV-SLB101 capsid to be used in developing an RNAi therapy for FSHD (Facioscapulohumeral muscular dystrophy), aiming to broadly license the capsid to other entities pursuing rare disease treatments. Furthermore, the FDA granted Orphan Drug Designation to SGT-003 on January 16, 2024, offering financial incentives and market exclusivity upon approval.

Financially, Solid reported no collaboration revenues for the first quarters of 2024 and 2023. Research and development expenses decreased to $18.9 million in Q1 2024 from $24.6 million in Q1 2023, primarily due to reduced costs related to SGT-003 and SGT-001, offset by increased expenses for SGT-501. General and administrative expenses rose to $8.0 million in Q1 2024 from $7.4 million in Q1 2023, largely due to higher legal and business development costs. The net loss for Q1 2024 was $24.3 million, down from $30.1 million in Q1 2023, attributed to lower R&D costs and higher yields from cash and securities.

As of March 31, 2024, Solid held $206.1 million in cash, cash equivalents, and available-for-sale securities, up from $123.6 million at the end of December 2023. This financial position is expected to support the company’s operations into 2026, funding its strategic priorities.

Solid Biosciences is committed to advancing its gene therapy candidates, focusing on therapies for Duchenne muscular dystrophy, CPVT, and other fatal cardiac diseases. The company leverages its diverse expertise and is driven by a patient-centric approach to improve lives affected by these severe conditions.