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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 09, 2022

 

 

Design Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-40288	82-3929248
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
6005 Hidden Valley Road Suite 110
Carlsbad, California				92011
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (858) 293-4900

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		DSGN		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

 

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Item 2.02	Results of Operations and Financial Condition.

 

On May 9, 2022, Design Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information in this Item and the exhibit attached hereto are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, whether filed before or after the date hereof and regardless of any general incorporation language in such filing.

 

 

Item 9.01	Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release of Design Therapeutics, Inc. dated May 9, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Design Therapeutics, Inc.
Date:	May 9, 2022	By:	/s/ João Siffert, M.D.
			João Siffert, M.D. President and Chief Executive Officer

 

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Exhibit 99.1

 

 

 

 

Design Therapeutics Highlights Clinical and Research Progress and Reports First Quarter 2022 Financial Results

Clinical Execution of Lead GeneTACTM Molecule, DT-216, with Initiation of Phase 1 Trial for the Treatment of Friedreich Ataxia

Robust Research Pipeline of GeneTACTM Candidates, with Promising New Data for Fuchs Endothelial Corneal Dystrophy

Strong Cash Position with $371.2 Million to Support Multi-Year Operating Runway

 

Carlsbad, Calif., May 9, 2022 – Design Therapeutics, Inc. (Nasdaq: DSGN), a biotechnology company developing treatments for serious degenerative genetic diseases, today highlighted progress across its clinical and research-stage pipeline of novel GeneTACTM small molecules and reported first quarter 2022 financial results.

"Design’s vision is to become a fully integrated biotech company that is designing, developing, and delivering transformative treatments for patients with debilitating inherited degenerative diseases,” said João Siffert, M.D., president and chief executive officer of Design Therapeutics. “So far in 2022, we’ve made meaningful progress toward that vision with the initiation of clinical development with DT-216, our lead GeneTAC™ molecule, as a potential disease-modifying treatment for patients with Friedreich ataxia (FA). In our interactions with the FA community, they express tremendous interest in the development of DT-216, underscoring the urgent need among FA patients. We’ve continued to deliver on our milestones for this program, recently completing dosing in the first single-ascending dose cohort of our Phase 1 study, and we look forward to reporting topline data in the second half of this year. Other significant advancements in our GeneTACTM platform are exemplified by the exciting preclinical data we presented at ARVO. We showed that our GeneTAC™ molecules can correct the pathological hallmarks of the most common genetic cause of Fuchs endothelial corneal dystrophy – a disease that affects millions of people, leads to visual impairment and is the number one cause of corneal transplantation. Driven by our expert team, we believe we have developed an efficient operating model that supports a multi-year operating runway and enables us to execute our clinical and research milestones."

Recent Pipeline Progress

 

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Additionally, DT-216 was recently granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for the treatment of patients with FA. The Fast Track process is designed to facilitate the development and expedite the review of investigational treatments that demonstrate the potential to address unmet medical needs in serious or life-threatening conditions. With Fast Track designation, DT-216 is eligible for early and frequent communication with the FDA throughout the entire drug development and review process. In addition, it is now eligible for Accelerated Approval and Priority Review, if relevant criteria are met, and a Rolling Review for its New Drug Application.

Upcoming Investor Conference Presentations

First Quarter 2022 Financial Results

 

About Design Therapeutics

Design Therapeutics is a clinical-stage biotechnology company developing a new class of therapies based on its platform of GeneTAC™ gene targeted chimera small molecules. The company’s GeneTAC™ molecules are designed to either dial up or dial down the expression of a specific disease-causing gene to address the underlying cause of disease. Design’s lead program is focused on the treatment of Friedreich ataxia, followed by a program in myotonic dystrophy type-1 and discovery efforts for multiple other serious degenerative disorders caused by nucleotide repeat expansions. For more information, please visit designtx.com.

 

Forward Looking Statements

Statements in this press release that are not purely historical in nature are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not

 

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limited to, statements related to: Design's vision to become a fully integrated biotech company; projections from preclinical data; the expected timing for reporting topline data; Design's ability to meet its stated milestones; Design's anticipated cash runway; the potential benefits of FXN restoration; the potential benefits of Fast Track designation; Design's FECD GeneTACTM program and its design and potential therapeutic benefits and advantages, including that Design's FECD GeneTACTM molecules may be able to correct the pathological hallmarks of the underlying genetic cause of FECD; Design’s ability to bring forward a new class of treatments for patients living with devastating genetic diseases; and the capabilities and potential advantages of GeneTAC™ molecules. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "believes," "vision," "designed to," "anticipates," "planned," "expects," "estimate," "intends," "will," "goal," "potential", "project" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Design’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with conducting a clinical trial and patient enrollment, which is affected by many factors, and any difficulties or delays encountered with such clinical trial or patient enrollment may delay or otherwise adversely affect Design’s ongoing Phase 1 clinical trial for DT-216; the process of discovering and developing therapies that are safe and effective for use as human therapeutics and operating as a development stage company; Design’s ability to develop, initiate or complete preclinical studies and clinical trials for its product candidates; the risk that promising early research or clinical trials do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials; changes in Design’s plans to develop its product candidates; uncertainties associated with performing clinical trials, regulatory filings and applications; risks associated with reliance on third parties to successfully conduct clinical trials and preclinical studies; Design’s ability to raise any additional funding it will need to continue to pursue its business and product development plans; regulatory developments in the United States and foreign countries; Design’s reliance on key third parties, including contract manufacturers and contract research organizations; Design’s ability to obtain and maintain intellectual property protection for its product candidates; Design’s ability to recruit and retain key scientific or management personnel; competition in the industry in which Design operates, which may result in others discovering, developing or commercializing competitive products before or more successfully than Design; and market conditions. For a more detailed discussion of these and other factors, please refer to Design’s filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of Design’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 10, 2022, and under the "Risk Factors" heading of Design's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, being filed with the SEC on May 9, 2022. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Design undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.

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Contact:
Investors:

Chelcie Lister

THRUST Strategic Communications

chelcie@thrustsc.com

 

Media:

Rachel Ford Hutman

Ford Hutman Media

rachel@fordhutmanmedia.com

 

 

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DESIGN THERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

		Three Months Ended March 31,
		2022				2021
Operating expenses:
Research and development			8,759				3,875
General and administrative			4,611				1,805
Total operating expenses			13,370				5,680
Loss from operations			(13,370	)			(5,680	)
Other income, net			105				166
Net loss		$	(13,265	)		$	(5,514	)
Net loss per share, basic and diluted		$	(0.24	)		$	(0.31	)
Weighted-average shares of common stock outstanding, basic and diluted			55,507,338				17,630,178

 

 

 

 

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DESIGN THERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(in thousands)

 

		March 31,				December 31,
		2022				2021
		(unaudited)
Assets
Current assets:
Cash, cash equivalents and investment securities		$	371,220			$	384,064
Prepaid expense and other current assets			2,651				1,371
Total current assets			373,871				385,435
Property and equipment, net			1,448				1,508
Right-of-use asset, related party			3,482				3,614
Total assets		$	378,801			$	390,557
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	1,901			$	1,620
Accrued expenses and other current liabilities			3,579				3,663
Total current liabilities			5,480				5,283
Operating lease liability, net, related party			3,012				3,144
Total liabilities			8,492				8,427
Convertible preferred stock			—				—
Total stockholders’ equity			370,309				382,130
Total liabilities and stockholders’ equity		$	378,801			$	390,557

 

 

 

 

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