Legend Biotech Corporation (NASDAQ: LEGN) has released its financial results for the second quarter and the first half of 2023. For the three months ended June 30, 2023, the company reported license revenue of USD 15.1 million, attributed to the achievement of a milestone during the quarter. Collaboration revenue reached USD 58.2 million, bringing the total revenues to USD 73.33 million.
Research and Development (R&D) Costs and Net Losses
R&D costs for the three months reached USD 95.8 million, compared to USD 68.8 million for the same period last year. The net losses for the period were USD 311.2 million, compared to USD 225.5 million during the same period last year.
Capital Raising and Investment Holdings
In April and May 2023, Legend Biotech entered into subscription agreements with certain institutional investors, selling an aggregate of 8,834,742 ordinary shares for aggregate gross proceeds of approximately USD 235 million. In May 2023, the company sold 5,468,750 American Depositary Shares (ADSs), each representing two ordinary shares, to certain investors in a registered direct offering at a price of USD 64.00 per ADS, yielding aggregate gross proceeds of USD 350 million. Additionally, an institutional investor fully exercised a warrant to purchase 10,000,000 ordinary shares of Legend Biotech at an exercise price of USD 20.00 per ordinary share, resulting in an aggregate exercise price of USD 200 million. As of June 30, 2023, after accounting for the registered direct offering, private placements, or warrant exercise mentioned above, Legend Biotech had approximately USD 1.5 billion of cash and cash equivalents, time deposits, and short-term investments.
Submissions to US FDA and EMA for Carvykti (ciltacabtagene autoleucel; cilta-cel)
A supplemental Biologics License Application (sBLA) was submitted to the US FDA and a Type II Variation Application was submitted to the European Medicines Agency (EMA) by Janssen, seeking approval for Carvykti for the earlier treatment of patients with relapsed or refractory multiple myeloma. The FDA set the Prescription Drug User Fee Act target date for the Carvykti sBLA to April 5, 2024. On August 3, 2023, Legend Biotech received a payment of USD 15 million for the EMA’s acceptance of the Type II Variation Application for Carvykti. On August 4, 2023, Legend Biotech earned a milestone payment of USD 20 million in connection with the FDA’s acceptance of the sBLA.-Fineline Info & Tech
