Dimension Therapeutics S-1 Analysis (NASDAQ: DMTX)

Exchange: NASDAQ

Proposed Symbol: DMTX

CEO: Annalisa Jenkins

Offer Amount: $115 mm

No. of Shares to be sold in IPO: TBA

Price Range: TBA

Mkt Cap at Latest Round of Funding: $219 mm

Expected IPO Date: TBA

Shares Outstanding: 11.3 mm

Overview from S-1: “We are a leading gene therapy platform company focused on discovering and developing new therapeutic products for people living with rare diseases associated with the liver and caused by genetic mutations. Our initial programs address hemophilia B, hemophilia A, ornithine transcarbamylase, or OTC, deficiency, and glycogen storage disease type Ia, or GSDIa. In August 2015, we submitted an Investigational New Drug application, or IND, with the U.S. Food and Drug Administration, or FDA, for our lead product candidate, DTX101 for the treatment of hemophilia B. In September 2015, we received notification allowing us to proceed with our Phase I/II clinical trial of DTX101. DTX101 was also granted Orphan Drug Designation in the United States in August 2015 and Fast Track Designation in September 2015 for the treatment of hemophilia B. We plan to initiate clinical trials for DTX101 by the end of 2015. We retain the global rights to all of our programs, with the exception of our hemophilia A program, which is partnered with Bayer HealthCare LLC, or Bayer. We have developed a robust scientific platform that brings together deep expertise in rare genetic diseases, liver biology, adeno-associated virus, or AAV, gene therapy and vector manufacturing. We believe that by leveraging the expertise created by our platform we will be able to accelerate the research and development of our pipeline of programs while continuing to discover and develop the next generation of products in this field. We have made and continue to make significant investments in order to develop manufacturing processes designed to reliably produce high quality AAV vectors at commercial scale. We believe that our manufacturing processes, methods and expertise will ultimately give us the most comprehensive manufacturing platform developed to date for AAV-based gene therapy product candidates. ”

Underwriters:

  • Lead Underwriter:Goldman, Sachs & Co., Citigroup, Wells Fargo Securities
  • Co Managers: Canaccord Genuity, Cantor Fitzgerald

Competitors: Spark Therapeutics, Inc., Applied Genetic Technologies Corporation, Asklepios BioPharmaceutical, Inc., Audentes Therapeutics, Inc., Avalanche Biotechnologies, Inc., Voyager Therapeutics, Inc., GenSight Biologies SA, NightstaRx Limited, ReGenX, bluebird bio, Inc., uniQure, Arcturus Therapeutics Inc., Ultragenyx Pharmaceuticals, Bioblast Pharma Ltd., PhaseRx, Inc., Synlogic, Inc., Baxalta Incorporated, Novo Nordisk S/A, BioMarin Pharmaceutical Inc., Pfizer, Inc., Sangamo Biosciences, Inc., Biogen Inc., Alnylam Incorporated

R & D Expenses:   

  • 2013 = $2.806 mm
  • 2014 = $12.974 mm
  • 2015 (6 mo. ended 06/30)= $14.866 mm

Administrative Expenses:   

  • 2013 = $364K
  • 2014 = $2.727 mm
  • 2015 (60 mo. ended 06/30)= $3.782 mm

Net Loss: 

  • 2013 = $3.170 mm
  • 2014 = $12.968 mm
  • 2015 (6 mo. ended 06/30) = $15.361 mm

Cash as of 06/30/15: $80.653 mm

Total Assets as of 06/30/15: $88.121 mm

Working Capital $73.342 mm

Other Notes

  • Based in Cambridge, MA
  • Founded in 2013
  • Dimension Therapeutics is a gene therapy company focused on developing novel treatments for rare diseases.
    • Most similar public companies are Spark Therapeutics, bluebird bio, and Ultragenyx.
    • The firms above held IPOs in 2015, 2013, and 2014, respectively.
    • Spark Therapeutics (ONCE) returned 117.4% on the first day, and immediately following its IPO this past January it climbed to a high of $78 in March. It now sits at around $48-50.
    • bluebird bio returned 58.3% on its first day of trading, and stayed in the $20-30 range for the next year. OVer the course of the past year, BLUE has gone from approximately $30 to a high of $195.
    • Ultragenyx Pharma gained 101.2% on its first day, and since its IPO RARE has climbed 210% (an astronomical 526% from its IPO price)
    • the past performance of companies in DMTX’s sector bodes well for its IPO and post-IPO performance; the big variable will be to see how the IPO market fares over the course of the next 3-4 weeks.
  • Funding Rounds:
    • Series A — $30 mm
      • Jun 23, 2014
      • Investors: Fidelity Biosciences, OrbiMed Advisors
    • Series B — $65 mm
      • Apr 21, 2015
      • Investors: New Leaf Venture Partners, Fidelity Biosciences ,Jennison Associates, OrbiMed, Partner Fund Management, RA Capital Management, Rock Springs Capital,Tourbillon Global Ventures
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