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Epizyme, Inc. Reports Second Quarter 2013 Financial Results
Date:7/31/2013

dates. In April, Epizyme scientists published a paper in Proceedings of the National Academy of Sciences, demonstrating the effectiveness of a potent, selective EZH2 inhibitor in specifically killing malignant rhabdoid tumors (MRT) that are INI1-deficient, both in cell culture and in rodent xenograft models. This work demonstrates for the first time the effectiveness of an EZH2 inhibitor in a solid tumor indication.

Second Quarter 2013 Financial Results & Financial Guidance

  • Cash Position Cash and cash equivalents as of June 30, 2013, were $148.7 million, compared to $98.0 million at December 31, 2012. The cash increase was primarily driven by gross proceeds of $88.7 million from Epizyme's initial public offering. Cash and cash equivalents as of June 30, 2013 did not include the $6.0 million milestone earned in the Eisai collaboration in June, which was received in July.
  • Revenue Collaboration revenue was $14.8 million for the second quarter of 2013 and $23.7 million for the six months ended June 30, 2013, compared to $15.3 million and $21.0 million for the comparable periods in 2012.
  • R&D Expenses Research and development expenses were $13.9 million for the second quarter of 2013 and $27.3 million for the six months ended June 30, 2013, compared to $8.9 million and $18.1 million for the comparable periods in 2012. The increase was largely driven by the expansion of the Company's product platform and costs for the clinical studies of EPZ-5676 and EPZ-6438.
  • G&A Expenses General and administrative expenses were $3.1 million for the second quarter of 2013 and $6.1 million for the six months ended June 30, 2013, compared to $1.6 million and $3.5 million for the comparable periods in 2012. The increase was largely driven by incremental expenses to support public company operations as well as increased stock-based compensation expense and other costs to support the Company's growth.
  • Net (Loss) Income
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  • SOURCE Epizyme, Inc.
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