Molecular Templates, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 08:19 am EDT
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Molecular Templates, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 6.87 million compared to USD 4.42 million a year ago. Net loss was USD 10.87 million compared to USD 24.42 million a year ago. Basic loss per share from continuing operations was USD 2.85 compared to USD 6.45 a year ago.
For the six months, revenue was USD 43.49 million compared to USD 12.9 million a year ago. Net loss was USD 0.023 million compared to USD 46.03 million a year ago.
Molecular Templates, Inc. is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted biologic therapeutics. The Companyâs proprietary drug platform technology, known as engineered toxin bodies (ETBs), leverages the resident biology of a genetically engineered form of Shiga-like Toxin A subunit to create novel therapies with potent and differentiated mechanisms of action for cancer. Its product pipeline includes MT-6402, MT-8421 and MT-0169. MT-6402 is an ETB consisting of a single chain variable fragments (scFv), with affinity for PD-L1, fused to the enzymatically active de-immunized SLTA and a HLA-A*02 class I antigen derived from the human cytomegalovirus (HCMV) pp65 protein. MT-8421, its ETB targeting CTLA-4, along with MT-6402. MT-0169 is designed to destroy CD38+ tumour cells through internalization of CD38 and cell destruction via a novel mechanism of action (enzymatic ribosomal destruction and immunogenic cell death).