Item 2.02 – Results of Operations and Financial Condition.
Cash Update
As of March 31, 2021, Sesen Bio, Inc. (the “Company”) had cash and cash equivalents of approximately $110 million. This amount is preliminary, has not been audited and is subject to change upon completion of the Company’s financial statements for the quarterly period ended March 31, 2021.
With a strong balance sheet, the Company believes it is well positioned to continue to build for a successful launch ahead of the potential approval of Vicineum™ for the treatment of BCG-unresponsive non-muscle invasive bladder cancer (“NMIBC”) by the U.S. Food and Drug Administration (“FDA”) in August 2021. As a result, the Company will be shutting down the ATM facility for April and May 2021, and has no plans to execute any other form of equity financing during this time.
The ATM facility will be reactivated no sooner than June 2021 and will be operated on a periodic basis consistent with the Company’s historical practice and the goal of minimizing dilution and decreasing the need to do a large, dilutive financing event.
The information under this Item 2.02 shall be deemed to be “filed” for the purposes of the Securities Exchange Act of 1934, as amended.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements related to expectations regarding the timing of the FDA’s potential approval of Vicineum, statements related to the Company plans to shut down the ATM facility for April and May 2021, and statements related to the Company plans not to execute any other form of equity financing for April and May 2021. These forward-looking statements are based on the Company's current expectations and inherently involve significant risks and uncertainties. The Company's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. A further description of the risks and uncertainties relating to the business of the Company is contained in the Company's most recent annual report on Form 10-K and the Company's quarterly reports on Form 10-Q, as well as any amendments thereto reflected in subsequent filings with the SEC. The Company undertakes no duty or obligation to update any forward-looking statements contained in this report as a result of new information, future events or changes in its expectations.