BULL THESIS
GBT overall corporate and executive summary
Cash of $735M in Q4 ‘21, almost doubled in last quarter
A little over 2 years of cash on hand
Fairly cheap commercial company with EV ~10X trailing 12 month revenue
~$2.2B Market cap and EV
$190M 2021 revenue
Possible acquisition target with $200M revenue with valuable pipeline assets
Oxbryta
Approved 1st in class sickle cell disease therapeutic
$190M ‘21 revenue
Impressive hemoglobin level increases shown in clinical trials
Additional benefits shown in post-hoc and real-world studies
RW studies published Feb ‘22
Leg ulcer resolution
Less transfusions, VOCs, hospital admissions, and iron chelation
Pipeline
Phase 3 SCD therapeutic anti-P selectin Ab candidate for VOCs
Same SCD market as Oxbryta
Oxbryta (Voxelotor) (sickle hemoglobin polymerization inhibitor)
Approved to treat SCD in Nov 2019
Expanded approval for patients 4 and up in December 2021
Approved in November 2019 and first full quarter of launch (Q1 2020) sales of $14.1M
Fourth quarter 2021 sales of $56.1M and full year 2021 of $194.6M
57% increase year over year for full year sales
36% increase year over year for quarterly sales
Oxbryta continues to have broad payer coverage for ages 12 years and older
More than 90% of covered lives having access
European Commission approval in February 2022
Phase 3 HOPE study announced positive results throughout 2018
Primary endpoint achieved in June 2018
Statistically significant increase in hemoglobin was seen
Post-hoc analysis of HOPE study showed improvement in leg ulcers
Recent real world experience trials show additional benefits
Less transfusions, VOCs, hospital admissions, and iron chelation
Inclacumab (p-selectin inhibitor)
Reduce freq of vaso-occlusive crises (VOCs) & hospital readmissions
Addresses major immediate health issue in SCD
Established mechanism of action for treating VOCs
Phase 3 trials in Sickle Cell Disease (THRIVE)
Two ongoing phase 3 trials provide upcoming catalysts
Phase 1 data presented at ASH 2021
Binds more natural binding site than competitive Novartis drug (crizanlizumab)
Potential for longer duration of exposure and near complete inhibition of platelet-leukocyte aggregation over 12 week period
Best-in-class potential as a quarterly-dosed P-selectin inhibitor
Are side effects better than crizanilizumab
Criz has >=10% nausea, back pain, and pyrexia
GBT21601 (sickle hemoglobin polymerization inhibitor)
GBT021601 Phase 2 to initiate by mid 2022 in SCD
Next gen hemoglobin polymerization inhibitor
Phase 1 results proved 601 has a favorable safety and tolerability profile while lowering the pill burden of patients
FS and MV 4/5/22
See our updated bull, bear, Amp View forum post HERE after becoming a subscriber. Learn more here.