The company reported a total of $176.9 million in cash, cash equivalents and marketable securities as of December 31, 2021, compared to $148.8 million as of December 31, 2020.
Magenta anticipates that its cash, cash equivalents and marketable securities will be sufficient to fund its current operating plan through the fourth quarter of 2023.
The company also said R&D expenses were $13.1 million in the fourth quarter of 2021, compared to $12.3 million in the fourth quarter of 2020. The increase was primarily due to increased R&D activities. process development to support future manufacturing of MGTA-145 as part of the company’s sickle cell stem cell mobilization program.
However, this increase in spending was also offset by lower manufacturing costs related to activities supporting Magenta’s Investigational New Drug Application that was filed in June 2021 for a CD45 antibody-drug conjugate, the company reported.
Additionally, Magenta’s net loss was $19.3 million for the fourth quarter of 2021, compared to a net loss of $18.2 million for the fourth quarter of 2020.
Finally, the company said the first patient had completed the initial safety evaluation period, allowing other patients to be dosed into the cohort. The company said it plans to share more information about this trial in 2022.
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