Forty Seven reports Q2 EPS (74c), consensus (72c)
As of June 30, 2019, cash, cash equivalents and short-term investments were $99.0 million, as compared to $139.0 million as of December 31, 2018. Cash and cash equivalents as of June 30, 2019 do not include aggregate gross proceeds of approximately $86.3 million from the Company's July 2019 public offering, or the approximate $15.7 million upfront payment received in connection with Forty Seven's entering into the collaboration with Ono Pharmaceutical. The company expects that its cash, cash equivalents and short-term investments will fund operating expenses and capital expenditure requirements through the first quarter of 2021. "In recent months, we continued to make significant progress toward our commitment to maximizing the potential of 5F9 as a novel, first-in-class therapeutic for the treatment of cancer," said Mark McCamish, M.D., Ph.D., President and Chief Executive Officer of Forty Seven, Inc. "In particular, we were excited to present updated data for 5F9 in four patient populations, which showed consistent clinical activity across a range of tumor types, and enabled us to define potential accelerated pathways to approval in both MDS and DLBCL. In addition, we entered into a collaboration with Ono Pharmaceutical, allowing us to extend our reach into Japan and other South and East Asian countries and accelerate 5F9's development, while still focusing our internal resources on executing against our path to U.S. registration." Dr. McCamish continued, "We enter the second half of 2019 in a strong corporate position, buoyed by our recent follow-on offering, and with clear priorities for the year ahead. We look forward to initiating our first registration-enabling studies in early 2020, while continuing to advance our broader development program for 5F9 toward additional data readouts later this year and preparing FSI-174 and FSI-189 for investigational new drug application filings."