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Sesen Bio (SESN)

Sesen Bio, Inc. is a late-stage clinical company advancing targeted fusion protein therapeutics for the treatment of patients with cancer. The Company's lead program, Vicineum™, also known as VB4-845, is currently in the follow-up stage of a Phase 3 registration trial for the treatment of high-risk, BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). In December 2020, the Company completed the BLA submission for Vicineum to the FDA. Sesen Bio retains worldwide rights to Vicineum with the exception of Greater China and the Middle East and North Africa (MENA), for which the Company has partnered with Qilu Pharmaceutical and Hikma Pharmaceuticals, respectively, for commercialization. Vicineum is a locally administered targeted fusion protein composed of an anti-EpCAM antibody fragment tethered to a truncated form of Pseudomonas Exotoxin A for the treatment of high-risk NMIBC.

Company profile

Ticker
SESN
Exchange
CEO
Thomas Cannell
Employees
Incorporated
Location
Fiscal year end
Former names
Eleven Biotherapeutics, Inc.
SEC CIK
Subsidiaries
Viventia Bio Inc. • Viventia Bio USA Inc. • Viventia Biotech (EU) Limited ...

SESN stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 72.12M 72.12M 72.12M 72.12M 72.12M 72.12M
Cash burn (monthly) 32.56M 6.58M 12M (no burn) 2.87M 2.39M
Cash used (since last report) 46.76M 9.45M 17.23M n/a 4.11M 3.43M
Cash remaining 25.36M 62.67M 54.89M n/a 68.01M 68.69M
Runway (months of cash) 0.8 9.5 4.6 n/a 23.7 28.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Jun 22 Bourdow Carrie L. Common Stock Grant Acquire A No No 0 40,000 0 40,000
22 Jun 22 Bourdow Carrie L. Stock Option Common Stock Grant Acquire A No No 0.79 65,000 51.35K 65,000
22 Jun 22 Keyes Jason A Common Stock Grant Acquire A No No 0 40,000 0 40,000
22 Jun 22 Keyes Jason A Stock Option Common Stock Grant Acquire A No No 0.79 65,000 51.35K 65,000
22 Jun 22 Michael A. S. Jewett Common Stock Grant Acquire A No No 0 40,000 0 40,000
22 Jun 22 Michael A. S. Jewett Stock Option Common Stock Grant Acquire A No No 0.79 65,000 51.35K 65,000
22 Jun 22 Peter Honig Common Stock Grant Acquire A No No 0 40,000 0 40,000
22 Jun 22 Peter Honig Stock Option Common Stock Grant Acquire A No No 0.79 65,000 51.35K 65,000
22 Jun 22 Jay S. Duker Common Stock Grant Acquire A No No 0 40,000 0 40,000
22 Jun 22 Jay S. Duker Stock Option Common Stock Grant Acquire A No No 0.79 65,000 51.35K 65,000
13F holders Current Prev Q Change
Total holders 85 95 -10.5%
Opened positions 8 18 -55.6%
Closed positions 18 29 -37.9%
Increased positions 16 26 -38.5%
Reduced positions 31 29 +6.9%
13F shares Current Prev Q Change
Total value 38.34M 91.16M -57.9%
Total shares 46.34M 50.43M -8.1%
Total puts 764.6K 2.01M -62.0%
Total calls 649K 976.6K -33.5%
Total put/call ratio 1.2 2.1 -42.8%
Largest owners Shares Value Change
BLK Blackrock 13.39M $8.07M -0.7%
Vanguard 12.69M $7.65M +2.7%
STT State Street 4.34M $2.62M +1.2%
Geode Capital Management 4.22M $2.54M -6.4%
Integrated Assets Ii 1.96M $8.8M 0.0%
NTRS Northern Trust 1.74M $1.05M -3.4%
FMR 683.78K $412K NEW
BK Bank Of New York Mellon 642.26K $387K +8.3%
Nuveen Asset Management 526.43K $3.11M 0.0%
Charles Schwab Investment Management 515.68K $311K 0.0%
Largest transactions Shares Bought/sold Change
FMR 683.78K +683.78K NEW
PRU Prudential Financial 11.68K -674.8K -98.3%
Citadel Advisors 110.39K -576.11K -83.9%
Two Sigma Investments 0 -499.47K EXIT
Susquehanna International 182.15K -460.4K -71.7%
Renaissance Technologies 457.44K +457.44K NEW
Jane Street 20.23K -445.06K -95.7%
Group One Trading 392.71K -393.36K -50.0%
Marshall Wace 0 -379.93K EXIT
Two Sigma Advisers 0 -353.19K EXIT

Financial report summary

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Risks
  • Our exploration of strategic alternatives may not result in entering into or completing a transaction, and the process of reviewing strategic alternatives or its conclusion could adversely affect our stock price.
  • If we do not successfully complete a strategic transaction, our board of directors may decide to pursue a dissolution and liquidation of our company. In such an event, the amount of cash available for distribution to our stockholders will depend heavily on the timing of such liquidation as well as the amount of cash that will need to be reserved for commitments and contingent liabilities.
  • If we are unable to regain compliance with the listing requirements of the Nasdaq Capital Market, our common stock may be delisted from the Nasdaq Capital Market which could have a material adverse effect on our business and could make it more difficult for you to sell your shares.
  • Our restructuring plans and the associated headcount reductions may not result in anticipated savings, could result in total costs and expenses that are greater than expected and could disrupt our business.
Management Discussion
  • Revenue for the year ended December 31, 2021 was $26.5 million, primarily due to the $20 million milestone achieved pursuant to the Roche License Agreement upon initiating a Phase II clinical trial, $5.0 million related to the Qilu License Agreement (achievement of the IND milestone, clinical supply revenue, and license revenue for additional purchase price due to the recovery of VAT), and $1.5 million upfront milestone revenue achieved pursuant to the MENA License Agreement. Revenue for the year ended December 31, 2020 was $11.2 million, which was due to the recognition of revenue pursuant to the Qilu License Agreement.
  • Research and development expenses were $25.3 million for the year ended December 31, 2021, compared to $29.2 million for the year ended December 31, 2020. The decrease of $3.9 million was primarily due to lower costs associated with technology transfer and manufacturing ($7.4 million). This was partially offset by increases in employee-related compensation driven by increased headcount as part of the commercial build and the retention program implemented after receipt of the CRL in August 2021 ($2.1 million), regulatory and clinical consulting fees ($1.0 million) and certain other R&D expense, none of which were individually material ($0.5 million). We anticipate that R&D expenses will increase beginning in 2022 due to additional clinical trial activity costs related to our plans to conduct an additional Phase 3 clinical trial for Vicineum.
  • General and administrative expenses were $29.4 million for the year ended December 31, 2021, compared to $14.3 million for the year ended December 31, 2020. The increase of $15.1 million was primarily due to increases in employee-related compensation ($5.0 million), legal costs ($4.8 million), and marketing and commercial expenses ($4.1 million) driven by preparation for the commercial launch of Vicineum prior to the issuance of the CRL in August 2021. Additionally, increases in accounting services ($0.4 million), insurance expenses ($0.4 million), IT expenses ($0.3 million) and others ($0.1 million) contributed to the increase.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
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Readability
H.S. junior Avg
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