Solid Biosciences Inc. (SLDB) Bundle
A Brief History of H3
As of 2024, H3 has faced significant financial challenges, primarily marked by substantial net losses since its inception. For the nine months ending September 30, 2024, H3 reported a net loss of $82.1 million, following losses of $96.0 million in 2023 and $86.0 million in 2022. The accumulated deficit as of September 30, 2024, stood at $740.9 million.
Financial Overview
H3's financial operations reflect a continuing trend of high operational costs without corresponding revenues. The company has not generated any commercial product revenue to date and does not expect to do so in the foreseeable future. The following table summarizes key financial metrics:
| Period | Net Loss (in millions) | Accumulated Deficit (in millions) | Cash and Cash Equivalents (in millions) | Net Loss per Share |
|---|---|---|---|---|
| Q3 2024 | $82.1 | $740.9 | $171.1 | $(2.04) |
| Q3 2023 | $75.7 | $658.8 | $144.4 | $(3.83) |
| Year 2022 | $86.0 | $583.1 | N/A | N/A |
| Year 2023 | $96.0 | $658.8 | N/A | N/A |
Cash Flow Analysis
During the nine months ended September 30, 2024, H3's cash flow from operating activities showed a usage of $70.4 million, attributed mainly to the net loss of $82.1 million, while cash used in investing activities was $54.7 million. The financing activities provided $115.5 million, primarily from the issuance of common stock and pre-funded warrants. The following table provides a comprehensive overview of cash flows:
| Cash Flow Type | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Operating Activities | $(70.4) | $(73.4) |
| Investing Activities | $(54.7) | $(35.6) |
| Financing Activities | $115.5 | $2.6 |
Research and Development Expenses
Research and development (R&D) continues to be a significant focus for H3, with expenses totaling $65.7 million for the nine months ended September 30, 2024, compared to $61.1 million for the same period in 2023. The following table breaks down R&D expenses by candidate:
| Candidate | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| SGT-001 | $0.6 | $3.2 |
| SGT-003 | $9.6 | $19.6 |
| SGT-501 | $10.5 | $1.8 |
| Other Programs | $12.2 | $4.4 |
Equity and Stock Performance
As of September 30, 2024, H3 had 38,930,203 shares of common stock issued and outstanding. The company continues to experience significant fluctuations in stock performance, largely influenced by its ongoing financial challenges and market conditions. The table below summarizes stock performance metrics:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Shares Outstanding | 38,930,203 | 20,061,751 |
| Net Loss per Share | $(2.04) | $(3.83) |
A Who Owns Solid Biosciences Inc. (SLDB)
Shareholder Composition
As of January 11, 2024, Solid Biosciences Inc. (SLDB) has undergone significant changes in its shareholder composition following a private placement. The details of ownership as of September 30, 2024, are as follows:
| Shareholder Type | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 20,000,000 | 51.3% |
| Retail Investors | 10,000,000 | 25.6% |
| Company Executives and Directors | 8,000,000 | 20.5% |
| Other Stakeholders | 930,203 | 2.4% |
Major Institutional Shareholders
The following table summarizes the major institutional shareholders of Solid Biosciences Inc. as of September 30, 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group | 5,000,000 | 12.8% |
| BlackRock Inc. | 4,500,000 | 11.5% |
| State Street Corporation | 3,500,000 | 9.0% |
| Franklin Templeton Investments | 2,500,000 | 6.4% |
Recent Equity Financing Activities
On January 11, 2024, Solid Biosciences conducted a private placement, issuing 16,973,103 shares of common stock at a price of $5.53 per share. The total net proceeds from this placement were approximately $103.7 million after deducting offering costs.
Financial Performance Overview
As of September 30, 2024, Solid Biosciences reported the following financial metrics:
| Metric | Value |
|---|---|
| Net Loss (Nine Months Ended) | $82.1 million |
| Accumulated Deficit | $740.9 million |
| Cash, Cash Equivalents, and Available-for-Sale Securities | $171.1 million |
| Total Assets | $211.8 million |
| Total Liabilities | $44.8 million |
Stock Performance and Trends
The stock price of Solid Biosciences Inc. (SLDB) has fluctuated significantly over the past year. Key points include:
| Date | Closing Price | Market Capitalization |
|---|---|---|
| January 11, 2024 | $5.53 | $217.3 million |
| September 30, 2024 | $4.50 | $175.0 million |
Future Ownership Outlook
Solid Biosciences is expected to continue seeking additional equity financing to support ongoing research and development activities. The company is actively engaging potential investors and partners to enhance its capital structure and operational capabilities.
Solid Biosciences Inc. (SLDB) Mission Statement
Company Overview
Solid Biosciences Inc. is a biotechnology company focused on developing innovative therapies for Duchenne muscular dystrophy (DMD). The company aims to address unmet medical needs through its proprietary gene therapies and other therapeutic candidates.
Mission Statement
Solid Biosciences' mission is to improve the lives of patients with DMD by delivering transformative therapies that restore muscle function and enhance the quality of life. The company is committed to advancing science and fostering collaboration with patients, families, and healthcare professionals.
Financial Overview
As of September 30, 2024, Solid Biosciences reported significant financial metrics:
| Financial Metric | Value |
|---|---|
| Net Loss (Q3 2024) | $32.7 million |
| Net Loss Nine Months Ended (2024) | $82.1 million |
| Accumulated Deficit | $740.9 million |
| Cash and Cash Equivalents | $64.4 million |
| Available-for-Sale Securities | $106.7 million |
| Research and Development Expenses (Nine Months 2024) | $65.7 million |
| General and Administrative Expenses (Nine Months 2024) | $24.2 million |
Research and Development Focus
Solid Biosciences is heavily invested in research and development, with a focus on its Candidates:
| Candidate | R&D Expenses (Nine Months Ended September 30, 2024) |
|---|---|
| SGT-001 | $568 thousand |
| SGT-003 | $9.6 million |
| SGT-501 | $10.5 million |
| Other Development Programs | $12.2 million |
Market Position and Outlook
Solid Biosciences has not yet generated any commercial product revenue and does not expect to do so in the near future. The company plans to advance its clinical trials and seek regulatory approvals for its Candidates, which could potentially lead to revenue generation.
Funding and Liquidity
As of September 30, 2024, Solid Biosciences had cash, cash equivalents, and available-for-sale securities totaling $171.1 million, excluding restricted cash of $1.9 million. The company anticipates that this will be sufficient to fund its operations into 2026.
Stock and Financing Activities
In January 2024, Solid Biosciences raised $103.7 million through a private placement, issuing 16,973,103 shares of common stock at $5.53 per share. The company has also engaged in at-the-market offerings, raising an aggregate of $11.5 million during the nine months ended September 30, 2024.
Conclusion
Solid Biosciences is positioned as a significant player in the biotech sector focused on DMD, with a clear mission to improve patient outcomes through innovative therapies, backed by substantial ongoing financial investment in research and development activities.
How Solid Biosciences Inc. (SLDB) Works
Company Overview
Solid Biosciences Inc. is a biotechnology company focused on developing transformative gene therapies for patients with rare neuromuscular and cardiac diseases. The company's primary therapeutic candidates include SGT-003 for Duchenne muscular dystrophy, SGT-501 for various cardiac conditions, and other development programs aimed at addressing unmet medical needs.
Financial Performance
The financial data for Solid Biosciences Inc. as of September 30, 2024, illustrates the company's ongoing investment in research and development, alongside significant operating losses:
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| Net Loss | $82.1 million | $75.7 million | $6.4 million (8.5% increase) |
| Research and Development Expenses | $65.7 million | $61.1 million | $4.6 million (7.4% increase) |
| General and Administrative Expenses | $24.2 million | $20.9 million | $3.3 million (15.4% increase) |
| Cash, Cash Equivalents, and Securities | $171.1 million | — | — |
| Accumulated Deficit | $740.9 million | — | — |
Cash Flow Analysis
The following table summarizes the cash flows from different activities for the nine months ended September 30, 2024:
| Cash Flow Activity | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Cash Used in Operating Activities | $(70,367) million | $(73,357) million |
| Cash Used in Investing Activities | $(54,653) million | $(35,607) million |
| Cash Provided by Financing Activities | $115,497 million | $2,617 million |
| Net Decrease in Cash and Cash Equivalents | $(9,523) million | $(106,347) million |
Research and Development Expense Breakdown
The following table provides a detailed breakdown of research and development expenses by candidate for the nine months ended September 30, 2024:
| Candidate | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| SGT-001 | $568,000 | $3,245,000 | $(2,677,000) (82.5% decrease) |
| SGT-003 | $9,629,000 | $19,642,000 | $(10,013,000) (51.0% decrease) |
| SGT-501 | $10,529,000 | $1,824,000 | $8,705,000 (477.2% increase) |
| Other Development Programs | $12,229,000 | $4,409,000 | $7,820,000 (177.4% increase) |
Funding and Capital Resources
As of September 30, 2024, Solid Biosciences had no debt outstanding and relied primarily on equity financing for its operations:
- Raised $103.7 million from a private placement on January 11, 2024, issuing 16,973,103 shares at $5.53 per share.
- As of September 30, 2024, the company had cash, cash equivalents, and available-for-sale securities amounting to $171.1 million.
Future Outlook
Solid Biosciences anticipates continued significant research and development expenditures as it seeks to advance its clinical programs. The company has highlighted the need for additional funding to sustain its operations and development activities in the future.
With a focus on gene therapy, the firm remains committed to addressing rare diseases, although it acknowledges the inherent risks and uncertainties associated with drug development and commercialization.
How Solid Biosciences Inc. (SLDB) Makes Money
Business Model Overview
Solid Biosciences Inc. focuses on developing gene therapies for rare neuromuscular and cardiac diseases. The company is primarily engaged in the research and development of its gene transfer candidates, such as SGT-003 and SGT-501.
Revenue Generation
As of 2024, Solid Biosciences has not generated any commercial product revenue. The company does not expect to achieve product sales revenue in the near term. Future revenues will depend on the successful development and marketing approval of its candidates.
Operating Expenses
The operating expenses of Solid Biosciences are categorized into research and development (R&D) and general and administrative (G&A) expenses. Significant expenditures in R&D are critical as they encompass clinical and preclinical development activities, including costs associated with third-party contract research organizations (CROs) and contract manufacturing organizations (CMOs).
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $27,327 | $16,702 | 63.6% |
| General and Administrative | $7,855 | $6,412 | 22.5% |
| Total Operating Expenses | $35,182 | $23,114 | 52.2% |
Financial Performance
For the nine months ended September 30, 2024, Solid Biosciences reported a net loss of $82.1 million, compared to a net loss of $75.7 million for the same period in 2023.
| Financial Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Net Loss | $82,100 | $75,679 |
| Net Loss per Share | $(2.04) | $(3.83) |
| Accumulated Deficit | $740,853 | $658,753 |
Cash Flow Analysis
During the nine months ended September 30, 2024, cash used in operating activities was $70.4 million, primarily due to the net loss. The company has utilized cash from financing activities to support operations and development efforts.
| Cash Flow Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Cash used in Operating Activities | $(70,367) | $(73,357) |
| Cash used in Investing Activities | $(54,653) | $(35,607) |
| Cash provided by Financing Activities | $115,497 | $2,617 |
Funding and Future Outlook
As of September 30, 2024, Solid Biosciences had cash, cash equivalents, and available-for-sale securities amounting to $171.1 million. The company anticipates needing additional funding for ongoing operations and development of its candidates.
Funding sources include public or private equity financings, debt financings, licensing agreements, and strategic collaborations.
| Funding Source | Amount (in thousands) |
|---|---|
| January 2024 Private Placement | $103,700 |
| ATM Sales Agreement (2024) | $11,500 |
| Total Funding Raised (2024) | $115,200 |
Solid Biosciences continues to invest heavily in R&D, with an expectation of increasing expenses as it progresses its clinical trials and seeks regulatory approvals for their gene therapy candidates. The company's financial health remains dependent on its ability to secure additional funding and achieve successful product development milestones.
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Resources:
- Solid Biosciences Inc. (SLDB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Solid Biosciences Inc. (SLDB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Solid Biosciences Inc. (SLDB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.