Homology Medicines reports Q2 EPS (61c), consensus (47c)

Reports Q2 revenue $354,000, consensus $840,000. As of June 30, Homology had approximately $127.1M in cash, cash equivalents and short-term investments. Based on current projections, which include implementation of our plan to discontinue further development of all programs and conduct a comprehensive review of strategic alternatives while reducing the company’s current workforce by approximately 80 employees, Homology believes it has sufficient cash resources to fund operations into 2026. “We recently shared the encouraging initial data from the first dose level of the pheEDIT trial evaluating gene editing candidate HMI-103 for PKU, which showed a one-time administration was generally well-tolerated in all three participants, and two participants achieved meaningful reductions in plasma Phe as of the cut-off date of July 26, 2023,” said Albert Seymour, president and CEO of Homology Medicines. “Despite these data, we are evaluating strategic options for the Company and our genetic medicines pipeline due to the current financing environment and the expected clinical development timeline for HMI-103.”