AUSTIN, May 05, 2021 (GLOBE NEWSWIRE) --  Lumos Pharma, Inc. (NASDAQ:LUMO), a clinical-stage biopharmaceutical company focused on therapeutics for rare diseases, announced financial results for the first quarter ending March 31, 2021 and provided an update on clinical and corporate activities.

“The first quarter of 2021 was notable for data published further supporting the differentiated mechanism of action of LUM-201 and its potential for efficacy in patients with pediatric growth hormone deficiency identified by our Predictive Enrichment Marker strategy,” commented Rick Hawkins, Chairman, CEO and President of Lumos Pharma. “In addition, final proceeds received in January from our PRV sale further strengthened our balance sheet and support our clinical and corporate strategy as we advance our OraGrowtH210 Trial in PGHD and pursue licensing opportunities to expand our pipeline.”

Recent Highlights

Financial Results for the Quarter Ended March 31, 2021

Conference Call and Webcast Details

The Company has scheduled a conference call and webcast for 4:30 p.m. ET today to discuss its financial results and to give an update on clinical and business development activities. There will also be a question-and-answer session following management’s prepared remarks.

Access to the live conference call is available five minutes prior to the start of the call by dialing (855) 469-0612 (U.S.) or (484) 756-4268 (international). The conference call will be webcast live and a link to the webcast can be accessed through the Lumos Pharma website at https://lumos-pharma.com/ in the "Investors & Media" section under "Events and Presentations" or through this link: https://edge.media-server.com/mmc/p/dvreqx64. To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled webcast. A replay of the call will be available approximately two hours after the completion of the call and can be accessed by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (international) and using the passcode 5863619. The replay will be available for two weeks from the date of the call.

About Lumos Pharma

Lumos Pharma, Inc. is a clinical stage biopharmaceutical company focused on the development and commercialization of therapeutics for rare diseases. Lumos Pharma was founded and is led by a management team with longstanding experience in rare disease drug development and received early funding from leading healthcare investors, including Deerfield Management, a fund managed by Blackstone Life Sciences, Roche Venture Fund, New Enterprise Associates (NEA), Santé Ventures, and UCB. Lumos Pharma’s lead therapeutic candidate is LUM-201, an oral growth hormone stimulating small molecule, currently being evaluated in a Phase 2b clinical trial, the OraGrowtH210 Trial, for the treatment of Pediatric Growth Hormone Deficiency (PGHD). If approved by the FDA, LUM-201 would provide an orally administered alternative to daily injections that current PGHD patients endure for many years of treatment. LUM-201 has received Orphan Drug Designation in both the US and EU. For more information, please visit https://lumos-pharma.com/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of Lumos Pharma, Inc. (the “Company”) that involve substantial risks and uncertainties. All such statements contained in this press release are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “forecast,” “projected,” "guidance," "upcoming," "will," “would,” "plan," “intend,” "anticipate," "approximate," "expect," “potential,” “imminent,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, the ability of prior research results to forecast the performance of therapeutic agents in the clinic, anticipated business development activities, anticipated market reception to our treatment regimen for PGHD and other indications, plans related to initiation and execution of clinical trials; plans related to moving additional indications into clinical development; future financial performance, results of operations, cash position and sufficiency of capital resources to fund its operating requirements; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including the effects of pandemics or other widespread health problems, the outcome of our future interactions with regulatory authorities, our ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the ability to obtain the necessary patient enrollment for our product candidate in a timely manner, the ability to successfully develop our product candidate, the timing and ability of Lumos to raise additional equity capital as needed and other risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements as discussed in "Risk Factors" and elsewhere in Lumos Pharma’s Annual Report on Form 10-K for the year ended December 31, 2020 and other reports filed with the SEC. The forward-looking statements in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause their views to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this press release.

Investor & Media Contact:

Lisa Miller
Lumos Pharma Investor Relations
512-792-5454
ir@lumos-pharma.com


Lumos Pharma, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(In thousands, except share and per share amounts)
 
    
 Three Months Ended March 31,
 2021 2020
Revenues:   
Licensing and collaboration revenue$—   $21  
Total revenues—   21  
Operating expenses:   
Research and development4,660   1,905  
General and administrative3,957   3,331  
Total operating expenses8,617   5,236  
Loss from operations(8,617)  (5,215) 
Other income and expense:   
Other income, net20   136  
Interest income3   4  
Interest expense(37)  (48) 
Other (expense) income, net(14)  92  
Net loss before taxes(8,631)  (5,123) 
Income tax benefit—    5,463  
Net (loss) income$(8,631)  $340  
Accretion of preferred stock to current redemption value—    (651) 
Net loss attributable to common shareholders$(8,631)  $(311) 
    
Net loss per share of common stock   
Basic and diluted$(1.04)  $(0.14) 
    
Weighted average number of common shares outstanding   
Basic and diluted8,316,888   2,189,758  


Lumos Pharma, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(In thousands, except share and per share amounts)
 
 March 31, December 31,
 2021 2020
Assets   
Current assets:   
Cash and cash equivalents$114,101   $98,679  
Prepaid expenses and other current assets5,306   3,506  
Income tax receivable115   115  
Other receivables79   26,149  
Total current assets119,601   128,449  
Non-current assets:   
Property and equipment, net100   335  
Right-of-use asset361   249  
Total non-current assets461   584  
Total assets$120,062   $129,033  
Liabilities and Stockholders' Equity    
Current liabilities:   
Accounts payable$357   $244  
Accrued expenses4,366   5,898  
Current portion of lease liability261   319  
Total current liabilities4,984   6,461  
Long-term liabilities:   
Royalty obligation payable to Iowa Economic Development Authority6,000   6,000  
Lease liability106   —  
Total long-term liabilities6,106   6,000  
Total liabilities11,090   12,461  
Commitments and contingencies:   
Stockholders' equity:   
Undesignated preferred stock, $— par value: Authorized shares - 5,000,000 at March 31, 2021 and December 31, 2020; issued and outstanding shares - 0 at March 31, 2021 and December 31, 2020—   —   
Common stock, $0.01 par value: Authorized shares - 75,000,000 at March 31, 2021 and December 31, 2020; issued 8,335,570 and 8,305,269 at March 31, 2021 and December 31, 2020, respectively and outstanding 8,332,193 and 8,305,269 at March 31, 2021 and December 31, 2020, respectively83   83  
Treasury stock, at cost, 3,377 and 0 at March 31, 2021 and December 31, 2020, respectively(44)  —   
Additional paid-in capital183,555   182,480  
Accumulated deficit(74,622)  (65,991) 
Total stockholders' equity108,972   116,572  
Total liabilities and stockholders' equity$120,062   $129,033