Third Quarter Financial Results

   -- Cash Position: As of September 30, 2024, cash and cash equivalents were 
      $157.0 million, which Lexeo believes will be sufficient to fund 
      operations into 2027. 
 
   -- R&D Expenses: R&D expenses were $23.4 million for the three months ended 
      September 30, 2024, compared to $17.2 million for the three months ended 
      September 30, 2023. 
 
   -- G&A Expenses: G&A expenses were $8.1 million for the three months ended 
      September 30, 2024, compared to $3.0 million for the three months ended 
      September 30, 2023. 
 
   -- Net Loss: Net loss was $29.5 million or $0.89 per share (basic and 
      diluted) for the three months ended September 30, 2024, compared to $20.1 
      million or $12.36 per share (basic and diluted) for the three months 
      ended September 30, 2023. 

About Lexeo Therapeutics

Lexeo Therapeutics is a New York City-based, clinical stage genetic medicine company dedicated to transforming healthcare by applying pioneering science to fundamentally change how genetically defined cardiovascular diseases and APOE4-associated Alzheimer's disease are treated. Using a stepwise development approach, Lexeo is leveraging early proof-of-concept functional and biomarker data to advance a pipeline of cardiovascular and APOE4-associated Alzheimer's disease programs.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, Lexeo's expectations and plans regarding its current product candidates and programs and the timing for receipt and announcement of data from its clinical trials, the timing and likelihood of potential regulatory approval, and expectations regarding the time period over which Lexeo's capital resources will be sufficient to fund its anticipated operations and estimates regarding Lexeo's financial condition. Words such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "develop," "plan" or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Lexeo believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements. These forward-looking statements are based upon current information available to the company as well as certain estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Lexeo's filings with the U.S. Securities and Exchange Commission $(SEC.UK)$), many of which are beyond the company's control and subject to change. Actual results could be materially different from those indicated by such forward-looking statements as a result of many factors, including but not limited to: risks and uncertainties related to global macroeconomic conditions and related volatility; expectations regarding the initiation, progress, and expected results of Lexeo's preclinical studies, clinical trials and research and development programs; the unpredictable relationship between preclinical study results and clinical study results; delays in submission of regulatory filings or failure to receive regulatory approval; liquidity and capital resources; and other risks and uncertainties identified in Lexeo's Annual Report on Form 10-K for the annual period ended December 31, 2023, filed with the SEC on March 11, 2024, Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, filed with the SEC on August 12, 2024, and subsequent future filings Lexeo may make with the SEC. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Lexeo claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Lexeo expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

Media Response:

Media@lexeotx.com

Investor Response:

Carlo Tanzi, Ph.D.

ctanzi@kendallir.com

 
                          Lexeo Therapeutics, Inc. 
                  Selected Condensed Financial Information 
            (unaudited, in thousands, except share and per share 
                                  amounts) 
Condensed Statements of Operations and Comprehensive 
 Loss 
                         Three Months Ended        For the Nine Months 
                            September 30,           Ended September 30, 
                      ------------------------   ------------------------ 
                         2024          2023         2024          2023 
                      -----------   ----------   -----------   ---------- 
Operating expenses 
    Research and 
     development      $    23,423   $   17,246   $    55,725   $   44,920 
    General and 
     administrative         8,120        3,027        22,659        8,619 
                       ----------    ---------    ----------    --------- 
      Total 
       operating 
       expenses            31,543       20,273        78,384       53,539 
                       ----------    ---------    ----------    --------- 
Operating loss            (31,543)     (20,273)      (78,384)     (53,539) 
                       ----------    ---------    ----------    --------- 
Other income and 
expense 
    Loss on fair 
     value 
     adjustment to 
     convertible 
     SAFE Note                  -         (272)            -         (272) 
    Other income 
     (expense), net            (3)           1            (9)          (6) 
    Interest expense          (35)         (52)         (107)        (155) 
    Interest income         2,092          488         6,091        1,765 
                       ----------    ---------    ----------    --------- 
      Total other 
       income and 
       expense              2,054          165         5,975        1,332 
                       ----------    ---------    ----------    --------- 
Loss from operations 
 before income 
 taxes                    (29,489)     (20,108)      (72,409)     (52,207) 
   Income taxes                 -            -             -            - 
                       ----------    ---------    ----------    --------- 
Net loss and 
 comprehensive loss   $   (29,489)  $  (20,108)  $   (72,409)  $  (52,207) 
                       ==========    =========    ==========    ========= 
Net loss per common 
 share, basic and 
 diluted              $     (0.89)  $   (12.36)  $     (2.31)  $   (32.24) 
Weighted average 
 number of shares 
 outstanding used in 
 computation of net 
 loss per common 
 share, basic and 
 diluted               33,063,153    1,626,734    31,354,821    1,619,152 
 
 
Condensed Balance Sheet Data 
                               September 30,    December 31, 
                                   2024             2023 
                              ---------------  -------------- 
Cash and cash equivalents      $      157,020   $     121,466 
Total assets                          173,865         139,807 
Total liabilities                      34,539          26,272 
Total stockholders' equity            139,326         113,535 
 

(END) Dow Jones Newswires

November 13, 2024 07:30 ET (12:30 GMT)