Agios Pharmaceuticals (AGIO) reported a robust Q3 2024, marked by a strong financial position and significant clinical advancements. The company's earnings call highlighted key developments, including increased revenue from Pyrukynd, a substantial cash influx from the FDA approval of vorasidenib, and progress in clinical trials for Mitapivat and Tebapivat.
Financial Highlights
Agios reported $9 million in net Pyrukynd revenue for Q3 2024, a 22% increase compared to the same period in 2023. The company's cash and investments totaled approximately $1.7 billion at the end of Q3 2024, bolstered by a $1.1 billion milestone payment following the FDA approval of vorasidenib. Research and development expenses were $72.5 million, a decrease of $9.4 million from Q3 2023, while selling, general, and administrative expenses increased to $38.5 million.
Clinical Advancements
Positive Phase 3 data for Mitapivat in Thalassemia and Pyruvate Kinase Deficiency (PKD) were a key highlight, supporting potential future launches. The company also completed enrollment for the Phase 3 rise up study for sickle cell disease. However, the Phase 3 activate study of Mitapivat in children with PKD did not meet the prespecified statistical criterion for the primary endpoint.
Sarah Gheuens, Chief Medical Officer, discussed the Phase 3 Rise Up trial for sickle cell disease, noting that it has two primary endpoints: hemoglobin response and sickle cell pain crisis reduction. "Both endpoints are powered to detect a difference with 90% or more confidence. The goal is to deliver a drug that addresses both hemolytic anemia and vaso-occlusion improvements," she stated.
Strategic Focus and Pipeline Expansion
Agios received FDA orphan drug designation for Tebapivat for the treatment of myelodysplastic syndromes (MDS), underscoring its potential in addressing unmet needs. The company is strategically focused on rare, transformative opportunities with a clear regulatory path and value creation for shareholders.
Cecilia Jones, CFO, emphasized the company's commitment to prioritizing potential launches for Mitapivat in thalassemia and sickle cell disease, advancing the pipeline, and expanding it both internally and externally. "Agios is proud of its strong balance sheet and will remain disciplined in its approach," Jones added.
Addressing Challenges and Community Engagement
Brian Goff, CEO, addressed concerns about potential mistrust in the sickle cell community following the withdrawal of Oxbryta. He emphasized the importance of maintaining high engagement with the sickle cell community, involving community members in trial design and recruitment, and ensuring their input is reflected in the process. "The company remains committed to listening and addressing the community's concerns," Goff stated.
Future Outlook
Agios is actively engaging with payers to educate them about the unmet need and clinical profile of Mitapivat for thalassemia. Tsveta Milanova, Chief Commercial Officer, expects to achieve strong access outcomes similar to those in PK deficiency. The company plans to share additional data from the Energize T readout, including an intent-to-treat analysis and details on key secondary endpoints, at an upcoming medical meeting, potentially ASH.
