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FMTX Forma Therapeutics

Forma Therapeutics is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. Its R&D engine combines deep biology insight, chemistry expertise and clinical development capabilities to create drug candidates with differentiated mechanisms of action focused on indications with high unmet need. Its work has generated a broad proprietary portfolio of programs with the potential to provide profound patient benefit.

Company profile

Ticker
FMTX
Exchange
CEO
Frank D. Lee
Employees
Incorporated
Location
Fiscal year end
Former names
Forma Therapeutics Holdings LLC, Forma Therapeutics Holdings, Inc.,
SEC CIK
Subsidiaries
Forma Securities Corporation • Forma Therapeutics, Inc. ...
IRS number
371657129

FMTX stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

13 Aug 21
22 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 53.34M 53.34M 53.34M 53.34M 53.34M 53.34M
Cash burn (monthly) 15.65M 26.84M 14.69M 12.11M 158K 3.48M
Cash used (since last report) 58.67M 100.6M 55.04M 45.39M 592.2K 13.03M
Cash remaining -5.33M -47.26M -1.7M 7.96M 52.75M 40.31M
Runway (months of cash) -0.3 -1.8 -0.1 0.7 333.9 11.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Jun 21 Wirth Peter Common Stock Grant Acquire A No No 0 2,750 0 130,415
17 Jun 21 Wirth Peter Stock Option Common Stock Grant Acquire A No No 25.35 8,375 212.31K 8,375
17 Jun 21 Peter Kolchinsky Common Stock Grant Acquire A No No 0 2,750 0 2,750
17 Jun 21 Peter Kolchinsky Stock Option Common Stock Grant Acquire A No No 25.35 8,375 212.31K 8,375
17 Jun 21 Clackson Timothy P Common Stock Grant Acquire A No No 0 2,750 0 26,340
17 Jun 21 Clackson Timothy P Stock Option Common Stock Grant Acquire A No No 25.35 8,375 212.31K 8,375
17 Jun 21 Fanucci Marsha Common Stock Grant Acquire A No No 0 2,750 0 55,282
17 Jun 21 Fanucci Marsha Stock Option Common Stock Grant Acquire A No No 25.35 8,375 212.31K 8,375
17 Jun 21 Frederick Wayne A.I. Common Stock Grant Acquire A No No 0 2,750 0 2,750
17 Jun 21 Frederick Wayne A.I. Stock Option Common Stock Grant Acquire A No No 25.35 8,375 212.31K 8,375

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

96.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 82 88 -6.8%
Opened positions 13 7 +85.7%
Closed positions 19 13 +46.2%
Increased positions 35 48 -27.1%
Reduced positions 18 18
13F shares
Current Prev Q Change
Total value 1.19B 1.74B -31.5%
Total shares 45.75M 45.91M -0.4%
Total puts 0 15K EXIT
Total calls 0 24.5K EXIT
Total put/call ratio 0.6
Largest owners
Shares Value Change
Ra Capital Management 9.01M $224.3M 0.0%
FMR 5.83M $145.06M +17.3%
Cormorant Asset Management 4.72M $117.52M +0.0%
BLK Blackrock 3.33M $82.99M +1.4%
Novartis Bioventures 2.99M $104.41M 0.0%
Lilly Ventures Fund I 2.4M $83.9M 0.0%
Vanguard 2.3M $57.14M +4.7%
STT State Street 2.17M $54.12M +16.2%
Baker Bros. Advisors 2.02M $50.4M 0.0%
Samsara BioCapital 1.57M $38.97M 0.0%
Largest transactions
Shares Bought/sold Change
Perceptive Advisors 0 -1.25M EXIT
FMR 5.83M +857.9K +17.3%
STT State Street 2.17M +302.78K +16.2%
Logos Global Management 1.22M -195K -13.8%
Opaleye Management 171K +171K NEW
Candriam Luxembourg S.C.A. 292.69K +169.69K +138.0%
Wellington Management 213.04K -156.6K -42.4%
EcoR1 Capital 105.64K +105.64K NEW
Vanguard 2.3M +102.99K +4.7%
RY Royal Bank Of Canada 59.83K -99.43K -62.4%

Financial report summary

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Risks
  • We are a clinical-stage biopharmaceutical company with a limited operating history, and have not generated any revenue to date from drug sales, and may never become profitable.
  • We have incurred significant operating losses in recent periods and anticipate that we will incur continued losses for the foreseeable future.
  • We will require additional capital to finance our operations, which may not be available to us on acceptable terms, or at all. If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, scale back or discontinue some of our product candidate development programs or pre-commercialization efforts.
  • We depend heavily on the success of our lead product candidates, etavopivat and FT-7051. We cannot be certain that we will be able to obtain regulatory approval for, or successfully commercialize, any of our current or future product candidates.
  • If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.
  • Rare hematologic diseases may have relatively low prevalence and it may be difficult to identify patients with the driver of the disease, which may lead to delays in enrollment for our trials.
  • Business interruptions resulting from the COVID-19 outbreak or similar public health crises could cause a disruption to the development of our product candidates and adversely impact our business.
  • Our current or future product candidates may cause adverse or other undesirable side effects that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any.
  • Positive results from early preclinical studies and clinical trials of our current or future product candidates are not necessarily predictive of the results of later preclinical studies and clinical trials of our current or future product candidates. If we cannot replicate the positive results from our earlier preclinical studies and clinical trials of our
  • Even if we receive marketing approval for our current or future product candidates in the U.S., we may never receive regulatory approval to market our current or future product candidates outside of the U.S.
  • A Fast Track Designation by the FDA may not actually lead to a faster development or regulatory review or approval process.
  • We may not be able to obtain or maintain Orphan Drug Designation or exclusivity for any product candidates and, even if we do, that exclusivity may not prevent the FDA or the EMA from approving other competing products.
  • Although we have obtained Rare Pediatric Disease Designation from the FDA for etavopivat in SCD patients, we may not be eligible to receive a priority review voucher in the event that FDA approval does not occur prior to September 30, 2026.
  • Even if we receive regulatory approval for any of our current or future product candidates, we will be subject to ongoing obligations and continued regulatory review, which may result in significant additional expense. Additionally, our current or future product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our drugs.
  • Manufacturing our current or future product candidates is complex and we may encounter difficulties in production. If we encounter such difficulties, our ability to provide supply of our current or future product candidates for preclinical studies and clinical trials or for commercial purposes could be delayed or stopped.
  • Our future growth may depend, in part, on our ability to penetrate foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties that could materially adversely affect our business.
  • We are and may in the future conduct clinical trials for current or future product candidates outside the U.S., and the FDA and comparable foreign regulatory authorities may not accept data from such trials.
  • We may not be successful in our efforts to identify or discover additional product candidates or we may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • In light of the large population of patients with SCD who reside in foreign countries, our ability to generate meaningful revenues in those jurisdictions may be limited due to the strict price controls and reimbursement limitations imposed by governments outside of the U.S.
  • Even if we receive marketing approval for our current or future product candidates, our current or future product candidates may not achieve broad market acceptance, which would limit the revenue that we generate from their sales.
  • We face substantial competition, which may result in others discovering, developing or commercializing drugs before or more successfully than we do.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any current or future product candidates that we may develop.
  • Even if we are able to commercialize any current or future product candidates, such drugs may become subject to unfavorable pricing regulations or third-party coverage and reimbursement policies, which would harm our business.
  • Healthcare reform measures may have a material adverse effect on our business and results of operations.
  • If, in the future, we are unable to establish sales and marketing and patient support capabilities or enter into agreements with third parties to sell and market our current or future product candidates, we may not be successful in commercializing our current or future product candidates if and when they are approved, and we may not be able to generate any revenue.
  • Our relationships with customers and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, exclusion from government healthcare programs, contractual damages, reputational harm and diminished profits and future earnings.
  • We may face potential liability if we obtain identifiable patient health information from clinical trials sponsored by us.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • If the market opportunities for etavopivat and our other current and future product candidates are smaller than we believe they are, our revenue may be adversely affected, and our business may suffer. Moreover, because the target patient populations we are seeking to treat are small, we must be able to successfully identify patients and capture a significant market share to achieve profitability and growth.
  • We rely, and expect to continue to rely, on third parties to conduct our ongoing and planned clinical trials for our current and future product candidates. If these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, we may not be able to obtain marketing approval for or commercialize our current and potential future product candidates and our business could be substantially harmed.
  • The third parties upon whom we rely for the supply of the active pharmaceutical ingredient, or API, drug product and drug substance used in our product candidates are limited in number, and the loss of any of these suppliers could significantly harm our business.
  • Our success is dependent on our executive management team’s ability to successfully pursue business development, strategic partnerships and investment opportunities as our company matures. We may also form or seek strategic alliances or acquisitions or enter into additional collaboration and licensing arrangements in the future, and we may not realize the benefits of such collaborations, alliances, acquisitions or licensing arrangements.
  • Our manufacturing process needs to comply with FDA regulations relating to the quality and reliability of such processes. Any failure to comply with relevant regulations could result in delays in or termination of our clinical programs and suspension or withdrawal of any regulatory approvals.
  • If our third-party manufacturers use hazardous and biological materials in a manner that causes injury or violates applicable law, we may be liable for damages.
  • If we are unable to obtain and maintain patent and other intellectual property protection for our technology and product candidates or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and drugs similar or identical to ours, and our ability to successfully commercialize our technology and drugs may be impaired.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, deadlines, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated if we fail to comply with these requirements. We may miss a filing deadline for patent protection on these inventions.
  • If our trademarks and trade names for our products or company name are not adequately protected in one or more countries where we intend to market our products, we may delay the launch of product brand names, use different trademarks or tradenames in different countries, or face other potentially adverse consequences to building our product brand recognition.
  • If we are unable to adequately protect and enforce our trade secrets, our business and competitive position would be harmed.
  • We may not obtain or grant licenses or sublicenses to intellectual property rights in all markets on equally or sufficiently favorable terms with third parties.
  • We may initiate, become a defendant in, or otherwise become party to lawsuits to protect or enforce our intellectual property rights, which could be expensive, time-consuming and unsuccessful.
  • We may be subject to damages or settlement costs resulting from claims that we or our employees have violated the intellectual property rights of third parties, or are in breach of our agreements. We may be accused of, allege or otherwise become party to lawsuits or disputes alleging wrongful disclosure of third-party confidential information by us or by another party, including current or former employees, contractors or consultants. In addition to diverting attention and resources to such disputes, such disputes could adversely impact our business reputation and/or protection of our proprietary technology.
  • We may be unable to obtain patent or other intellectual property protection for our current or future product candidates or our future products, if any, in all jurisdictions throughout the world, and we may not be able to adequately enforce our intellectual property rights even in the jurisdictions where we seek protection.
  • If we fail to comply with our obligations in any agreements under which we may license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
  • Any granted patents we may own or in-license covering our current or future product candidates or other valuable technology could be narrowed or found invalid or unenforceable if challenged in court or before administrative bodies in the U.S. or abroad, including the USPTO and the EPO. A patent asserted in a judicial court could be found invalid or unenforceable during the enforcement proceeding. Administrative or judicial proceedings challenging the validity of our patents or individual patent claims could take months or years to resolve.
  • We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent, which might subject us to infringement claims or adversely affect our ability to develop and market our current or future product candidates.
  • Our current operations are located in Massachusetts; and we or the third parties upon whom we depend may be adversely affected by natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel.
  • We will need to develop and expand our company, and we may encounter difficulties in managing this development and expansion, which could disrupt our operations.
  • Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.
  • Our employees, principal investigators, CROs and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • The price of our common stock may be volatile and fluctuate substantially, and you could lose all or part of your investment.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or current or future product candidates.
  • The dual class structure of our common stock may limit your ability to influence corporate matters and may limit your visibility with respect to certain transactions.
  • If securities analysts do not publish or cease publishing research or reports about our business or if they publish negative evaluations of our stock, the price of our stock could decline.
  • We are an emerging growth company and a smaller reporting company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies and smaller reporting companies will make our common stock less attractive to investors.
  • Commencing December 31, 2021, we will no longer be an “emerging growth company” or a “smaller reporting company” and the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies will no longer apply to us.
  • We will continue to incur increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • Because of potential volatility in our trading price and trading volume, we may incur significant costs from class action securities litigation.
  • Anti-takeover provisions under our charter documents and Delaware law could delay or prevent a change of control, which could limit the market price of our common stock and may prevent or frustrate attempts by our stockholders to replace or remove our current management.
  • Our bylaws designate certain courts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • If we fail to establish and maintain proper and effective internal control over financial reporting, our operating results and our ability to operate our business could be harmed.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • We may be unable to adequately protect our information systems from cyberattacks, which could result in the disclosure of confidential or proprietary information, including personal data, damage our reputation, and subject us to significant financial and legal exposure.
  • Our internal computer systems, or those of our third-party CROs, collaborators or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our current or future product candidates’ development programs.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our current or future product candidates.
Management Discussion
  • We recognized $100.6 million of collaboration revenue for the year ended December 31, 2019. There was no collaboration revenue for the year ended December 31, 2020. The decrease was primarily due to the termination of our collaboration agreements with Celgene in 2018 and completion of the performance obligations under our license agreements with Celgene in 2019.
  • Research and development expense decreased by $17.9 million from $111.3 million for the year ended December 31, 2019 to $93.4 million for the year ended December 31, 2020.
  • The decrease in research and development expense was primarily attributable to a $8.2 million decrease in spending on internal research and development expenses primarily due to restructuring in January 2019 reprioritization of research and development, and the March 2020 divestiture of Hit Discovery to Valo Health, and a $7.3 million decrease in spending on external predevelopment candidate expenses and unallocated expenses due to reprioritization of research and development, the reduction of research activities following the termination of the Celgene collaboration, and divestiture of Hit Discovery to Valo Health. A decrease of $15.6 million related to olutasidenib due to the conduct of our registration Phase II study in acute myeloid leukemia, our exploratory Phase I study in solid tumors and clinical product manufacturing, a $3.8 million decrease in
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: Agent, benchmark, biomarker, bioresearch, Bishop, chain, combat, commandeered, constitutionality, dismissed, EHA, enhance, etavopivat, excessive, exert, gouging, hemolytic, instructed, John, MAD, mg, NaN, OLE, preapproval, predominately, RBC, reconsider, red, resume, resuming, shareholder, Shelf, SPV, tracing, unblinded, unnecessary, Virtual, waiver
Removed: accrual, aimed, basic, beneficiary, Blueprint, calling, cap, certification, Circuit, codified, constitutional, derive, duly, Exhibit, feedback, furnished, hereto, herewith, introduced, Linkbase, molecule, NDC, negotiating, originally, overturned, PCT, penalty, pocket, Principle, proposal, reconciliation, registrant, reimportation, revising, Schema, Secretary, Taxonomy, thereunto, undersigned, XBRL

Patents