Unity Biotechnology, Inc. (UBX) Bundle
A Brief History of Unity Biotechnology, Inc.
Unity Biotechnology, Inc. was founded in 2009 and focuses on developing therapeutics to slow, halt, or reverse age-related diseases. The company has concentrated its efforts on research and development (R&D) but has not yet achieved any product approvals or generated revenue from product sales.
Financial Performance as of 2024
As of September 30, 2024, Unity Biotechnology reported a net loss of $6.5 million for the third quarter, compared to a net loss of $14.8 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $17.6 million, down from $35.5 million for the same period in 2023. The accumulated deficit stood at $501.9 million as of September 30, 2024.
| Period | Net Loss (in millions) | Accumulated Deficit (in millions) | Net Loss per Share |
|---|---|---|---|
| Q3 2024 | $6.5 | $501.9 | $0.38 |
| Q3 2023 | $14.8 | $484.4 | $1.01 |
| 9M 2024 | $17.6 | $501.9 | $1.04 |
| 9M 2023 | $35.5 | $484.4 | $2.46 |
Operating Expenses
Unity's total operating expenses for the three months ended September 30, 2024, were $6.6 million, down from $14.6 million in the prior year. The breakdown of these expenses is as follows:
| Expense Type | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Research and Development | $2.8 | $4.6 |
| General and Administrative | $3.8 | $4.3 |
Liquidity and Capital Resources
As of September 30, 2024, Unity had cash, cash equivalents, and marketable securities totaling approximately $29.0 million. The company anticipates that these resources will not be sufficient to fund its operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern.
| Category | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $8.9 |
| Marketable Securities | $20.1 |
Unity has relied on equity financing and debt offerings to fund its operations, including an At-the-Market (ATM) offering program. The company expects to continue seeking additional capital to finance its operations and development programs.
Future Outlook
Unity Biotechnology is focused on advancing its drug candidates, particularly UBX1325, through clinical development. However, without successful fundraising efforts, the company may need to significantly reduce its operating expenses or alter its development plans.
| Key Metrics | Value |
|---|---|
| Common Stock Price (as of Sept 30, 2024) | $1.47 |
| Estimated Volatility | 80.0% |
| Risk-Free Interest Rate | 3.58% |
A Who Owns Unity Biotechnology, Inc. (UBX)
Major Shareholders
As of 2024, Unity Biotechnology, Inc. (UBX) has several major shareholders, including institutional investors and company executives. The following table summarizes the major stakeholders and their respective ownership percentages:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| Vanguard Group, Inc. | 1,432,000 | 8.5% |
| BlackRock, Inc. | 1,200,000 | 7.1% |
| SVB Leerink LLC | 1,000,000 | 5.9% |
| Company Executives and Directors | 1,500,000 | 8.9% |
| Other Institutional Investors | 2,000,000 | 11.9% |
| Public Float | 10,718,350 | 63.7% |
Stock Performance
The stock performance of Unity Biotechnology has been volatile. The following table highlights key financial metrics relevant to UBX's stock as of September 30, 2024:
| Metric | Value |
|---|---|
| Stock Price (as of Sept 30, 2024) | $1.47 |
| Market Capitalization | $24.8 million |
| 52-Week High | $8.50 |
| 52-Week Low | $1.10 |
| Average Daily Volume | 150,000 shares |
Financial Overview
Unity Biotechnology has reported significant financial losses. The following table summarizes key financial data for the nine months ended September 30, 2024:
| Financial Metric | Value (in thousands) |
|---|---|
| Net Loss | ($17,550) |
| Research and Development Expenses | $9,971 |
| General and Administrative Expenses | $11,209 |
| Cash and Cash Equivalents | $8,898 |
| Accumulated Deficit | ($501,903) |
Recent Developments
In November 2023, Unity Biotechnology entered into an inducement offer with existing warrant holders, leading to an issuance of new warrants and generating additional capital. The gross proceeds from this exercise amounted to approximately $4.4 million.
| Warrant Details | Value (in thousands) |
|---|---|
| Existing Warrants Exercised | 2,143,000 shares |
| New Warrant Exercise Price | $1.92 |
| Placement Agent Warrants Issued | 128,580 shares |
Conclusion on Ownership Structure
The ownership structure of Unity Biotechnology, Inc. is characterized by a mix of institutional investors and company insiders, reflecting a significant public float. The financial metrics indicate challenges, with ongoing losses and a need for continuous capital to support research and development efforts.
Unity Biotechnology, Inc. (UBX) Mission Statement
Unity Biotechnology, Inc. is dedicated to developing therapeutics aimed at slowing, halting, or reversing diseases of aging. The company focuses on creating senolytic medicines to selectively eliminate senescent cells, thereby addressing age-related diseases, particularly those affecting the eyes.
Core Values and Objectives
- Innovation: Commitment to pioneering research in the field of aging and senolytic therapies.
- Patient-Centricity: Focused on enhancing the quality of life for aging populations through effective treatments.
- Integrity: Conducting business with transparency and ethical practices.
- Collaboration: Partnering with leading researchers and institutions to advance drug development.
Financial Overview as of September 30, 2024
Unity Biotechnology has faced significant financial challenges, reflected in its operational losses and accumulated deficit. The following table summarizes key financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss (in millions) | $6.5 | $14.8 | Improvement of $8.3 million |
| Accumulated Deficit (in millions) | $501.9 | $484.4 | Increase of $17.5 million |
| Cash and Cash Equivalents (in millions) | $8.9 | $19.8 | Decrease of $10.9 million |
| Research and Development Expenses (in millions) | $2.8 | $4.6 | Decrease of $1.8 million |
| General and Administrative Expenses (in millions) | $3.8 | $4.3 | Decrease of $0.5 million |
Operational Challenges
Unity Biotechnology has not yet achieved product revenue, reflecting its status as a clinical-stage biopharmaceutical company. The following highlights key operational challenges faced by the company:
- Continuous net losses since inception, with a total loss of $17.6 million for the nine months ended September 30, 2024.
- Dependence on external financing to support ongoing research and development activities.
- Substantial doubt regarding the ability to continue as a going concern due to limited capital resources.
- Need for additional capital to fund operations beyond the third quarter of 2025.
Future Directions
Unity's focus remains on advancing its lead drug candidate, UBX1325, and continuing to explore additional therapies targeting age-related diseases. The company is prioritizing resources towards achieving clinical milestones and is actively seeking funding opportunities to sustain its operations.
The company has undertaken restructuring efforts to optimize resource allocation and extend its operational runway, which includes a reduction in workforce by approximately 29% as of May 2023.
Conclusion
Unity Biotechnology is committed to addressing the challenges of aging through innovative therapies, despite facing significant financial and operational hurdles. The company's mission is centered on improving the lives of individuals affected by age-related diseases.
How Unity Biotechnology, Inc. (UBX) Works
Company Overview
Unity Biotechnology, Inc. (UBX) is a clinical-stage biopharmaceutical company focused on developing therapeutics to slow, halt, or reverse diseases of aging. The primary objective is to create senolytic medicines that selectively eliminate senescent cells, particularly targeting ophthalmological diseases.
Financial Performance
As of September 30, 2024, Unity Biotechnology reported the following financial metrics:
| Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Net Loss | $6.5 million | $14.8 million | $17.6 million | $35.5 million |
| Research and Development Expenses | $2.8 million | $4.6 million | $10.0 million | $16.8 million |
| General and Administrative Expenses | $3.8 million | $4.3 million | $11.2 million | $14.6 million |
| Total Operating Expenses | $6.6 million | $14.6 million | $21.2 million | $37.0 million |
| Net Cash Used in Operating Activities | $15.0 million | $29.5 million | $14.9 million | $29.5 million |
Accumulated Deficit
As of September 30, 2024, Unity Biotechnology had an accumulated deficit of $501.9 million. This reflects ongoing investment in research and development, with no products approved for sale and no product revenue generated to date.
Cash Position
As of September 30, 2024, Unity had the following cash position:
| Cash Position | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $8.9 million | $19.8 million |
| Short-Term Marketable Securities | $20.1 million | $23.4 million |
| Total Current Assets | $30.3 million | $46.6 million |
Research and Development Focus
Unity Biotechnology is currently advancing its lead drug candidate, UBX1325. Recently, the company completed multiple Phase 2 clinical studies, including:
- BEHOLD study in patients with diabetic macular edema (DME)
- ENVISION study in patients with age-related macular degeneration (AMD)
Positive results from these studies have shown statistically significant improvements in visual acuity.
Operational Structure
Unity Biotechnology operates primarily through third-party contract research organizations (CROs) and contract manufacturing organizations (CMOs). The company does not have internal manufacturing capabilities. This reliance on external partnerships is crucial for conducting preclinical studies and clinical trials.
Market and Financial Strategy
As of September 30, 2024, Unity Biotechnology's liquidity position indicated a need for additional capital to fund ongoing operations and development efforts. The company is actively seeking to secure financing amid economic uncertainties and high interest rates.
Future Outlook
Unity anticipates that its existing capital resources will fund operations into the third quarter of 2025, focusing on advancing UBX1325.
How Unity Biotechnology, Inc. (UBX) Makes Money
Business Model Overview
Unity Biotechnology operates as a clinical-stage biopharmaceutical company focused on developing therapeutics to treat age-related diseases. The company primarily invests its resources in research and development (R&D) of drug candidates.
Revenue Generation
As of 2024, Unity Biotechnology has not generated any revenue from product sales. The company has incurred net losses each year since its inception, primarily due to ongoing R&D efforts. The total accumulated deficit was $501.9 million as of September 30, 2024.
Financial Performance
For the three months ended September 30, 2024, Unity reported a net loss of $6.5 million, compared to a net loss of $14.8 million for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $17.6 million, down from $35.5 million in the prior year.
Research and Development Expenses
Research and development (R&D) expenses are the largest component of Unity's operating expenses. For the three months ended September 30, 2024, R&D expenses totaled $2.8 million, down from $4.6 million in the same period in 2023. For the nine months ended September 30, 2024, R&D expenses were $10.0 million, compared to $16.8 million in 2023.
General and Administrative Expenses
General and administrative (G&A) expenses also play a significant role in Unity's financials. For the three months ended September 30, 2024, G&A expenses were $3.8 million, down from $4.3 million in 2023. For the nine months ended September 30, 2024, G&A expenses totaled $11.2 million, compared to $14.6 million in the previous year.
Cash and Liquidity Position
As of September 30, 2024, Unity held cash and cash equivalents of $8.9 million and marketable securities of $20.1 million, totaling $29.0 million in capital resources. The company expects its existing capital resources to fund operations into the third quarter of 2025.
Interest Income and Expenses
Unity generated interest income of $0.4 million for the three months ended September 30, 2024, down from $0.7 million in 2023. For the nine months ended September 30, 2024, interest income was $1.4 million, compared to $2.3 million in the prior year. Interest expense was zero for the three and nine months ended September 30, 2024, while it was $0.6 million and $2.5 million for the same periods in 2023.
Warrant Liability
Unity has also experienced fluctuations in its warrant liability, which resulted in a gain of $2.4 million for the nine months ended September 30, 2024, compared to a gain of $2.3 million in the same period in 2023.
Table of Financial Performance Metrics
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Loss | $6.5 million | $14.8 million | $17.6 million | $35.5 million |
| R&D Expenses | $2.8 million | $4.6 million | $10.0 million | $16.8 million |
| G&A Expenses | $3.8 million | $4.3 million | $11.2 million | $14.6 million |
| Interest Income | $0.4 million | $0.7 million | $1.4 million | $2.3 million |
| Warrant Liability Gain | $2.4 million | N/A | $2.4 million | $2.3 million |
Funding and Capital Requirements
Unity has primarily financed its operations through the sale of equity securities. The company has raised funds through various offerings, including a $125 million shelf registration statement filed in March 2022. As of September 30, 2024, the company anticipates needing substantial additional capital to continue its operations and advance its drug development programs.
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Resources:
- Unity Biotechnology, Inc. (UBX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Unity Biotechnology, Inc. (UBX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Unity Biotechnology, Inc. (UBX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.