Rocket Pharmaceuticals Inc · Q3 2022 earnings

Briefing

Rocket Pharmaceuticals reported third quarter 2022 financial results and provided updates on recent progress.

Rocket Pharmaceuticals reported a net loss of $57.8 million for the third quarter of 2022. The company highlighted positive updates from its Phase 1 clinical trial in Danon Disease and announced the acquisition of Renovacor to extend its leadership in AAV-based cardiac gene therapy. With cash, cash equivalents, and investments of $306.5 million and additional net proceeds of $108.2 million from a recent equity offering, the company expects its operational runway to extend into the second half of 2024.

• Positive updates from Phase 1 clinical trial in Danon Disease showed RP-A501 was well tolerated with evidence of durable treatment effect and disease improvement.
• Phase 2 pivotal study design and endpoint selection for Danon Disease on track with FDA feedback anticipated in Q4 2022.
• LAD-I and Fanconi Anemia (FA) gene therapy programs remain on track, with regulatory filings anticipated in 1H 2023 and 2H 2023, respectively.
• Announced acquisition of Renovacor extending Rocket’s leadership and capabilities in adeno-associated virus (AAV)-based cardiac gene therapy; expected to close by Q1 2023.

Headline financials

Revenue & EPS history

Rocket Pharmaceuticals expects its cash resources to be sufficient to fund operating expenses and capital expenditure requirements into the second half of 2024. This includes the continued buildout and initiation of AAV cGMP manufacturing capabilities, the continued development of its four clinical programs, and future pipeline programs.