Orchard Therapeutics sees Q4 Libmeldy sales $5.8M

Preliminary estimated revenue from product sales of Libmeldy was $5.8 million for the three months ended December 31, 2022, and $18.8 million for the full year ended December 31, 2022. The company ended 2022 with approximately $144 million of cash and investments. The burn rate was $2.9 million for the fourth quarter of 2022. Excluding offsets from one-time receipts of tax credits and real estate escrow funds, the burn rate would have been $23.4 million for the quarter. Moving forward, the company expects its burn rate in 2023 to continue declining as compared to 2022 due to an anticipated increase in revenue from Libmeldy product sales, continued savings realized by the March 2022 corporate restructuring, and ongoing management of operating expenses. The company expects that its cash, cash equivalents and investments as of December 31, 2022 will support its currently anticipated operating and capital expenditure requirements into the second quarter of 2024. "Orchard’s accomplishments in 2022 showcase the depth and strength of our neurometabolic portfolio," said Bobby Gaspar, M.D., Ph.D., chief executive officer. "We right sized our workforce and narrowed the focus of our HSC gene therapy portfolio to concentrate on severe neurometabolic diseases and research programs where alternative treatment options are limited or do not exist. At the same time, we continued to advance our commercialization and access strategy for Libmeldy. From securing reimbursement and treating the first eligible MLD patients commercially in Europe, to constructive engagement with the FDA to finalize the design of our OTL-203 global registrational trial for MPS-IH and presenting the first neurocognitive results from the OTL-201 program in MPS-IIIA, we are well-positioned to end the devastation caused by genetic and other severe diseases for patients and their families."