Item 2.02 Results of Operations and Financial Condition.
Although it has not finalized its full financial results for the fourth quarter
and fiscal year ended December 31, 2021, EQRx, Inc. ("EQRx") announced on
January 10, 2022, that it expects to report that it had approximately $1.7
billion of cash, cash equivalents and marketable securities as of December 31,
2021.
The information contained in this Item 2.02 of this Current Report on Form 8-K
is unaudited and preliminary and does not present all information necessary for
an understanding of EQRx's financial condition as of December 31, 2021. The
audit of EQRx's consolidated financial statements for the year ended December
31, 2021 is ongoing and could result in changes to the information set forth
above.
The information in this Item 2.02 of this Current Report on Form 8-K is being
furnished and shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as expressly set forth by specific reference in such a
filing.
Item 7.01 Regulation FD Disclosure.
EQRx will virtually present a business update at the 40th Annual J.P. Morgan
Healthcare on January 10, 2022. A copy of EQRx's presentation slides, which will
be referenced during the virtual presentation, is furnished herewith as Exhibit
99.1.
The information in this Item 7.01 of this Current Report on Form 8-K, including
Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed"
for purposes of Section 18 of the Exchange Act or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933, as amended, or the Exchange Act,
except as expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
On January 10, 2022, EQRx announced that it currently expects to incur between
$350 million and $500 million of total operating expense for the fiscal year
ending December 31, 2022. It also announced its plans to initiate direct
comparison trials for each of aumolertinib and sugemalimab, its two
pre-registrational assets, in 2022. The planned trial for aumolertinib will be a
randomized, mulit-center, US-led trial comparing aumolertinib to aumolertinib
plus chemotherapy to osimertinib. The planned trial for sugemalimab will be a
randomized, multi-center, US-led trial and include comparisons against approved
PD-1/PD-L1 agents.
The disclosure under this Item 8.01 of this Current Report on Form 8-K contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, as amended, including, without limitation,
express or implied statements regarding estimates of EQRx's operating expenses
and its related needs for additional financing; EQRx's ability to advance its
current and future drug candidates into, and successfully complete, preclinical
studies and clinical trials; and the relationship of EQRx with the U.S. Food and
Drug Administration ("FDA") and other regulators, including with respect to such
regulators' acceptance of clinical data generated by third parties. In some
cases, you can identify forward-looking statements by terminology such as (but
not limited to) "may", "should", "expect", "intend", "will", "estimate",
"anticipate", "believe", "predict", "potential", "could", "project", "budget",
"forecast", "anticipate", "plan", "design" or "continue", or the negatives of
these terms or variations of them or similar terminology. Such forward-looking
statements are subject to risks, uncertainties, and other factors that could
cause actual results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements are based upon
estimates and assumptions that, while considered reasonable by EQRx and its
management, are inherently uncertain. New risks and uncertainties may emerge
from time to time, and it is not possible to predict all risks and
uncertainties. Factors that may cause actual results to differ materially from
current expectations include, but are not limited to, various factors beyond
EQRx's control, including general economic conditions and other risks,
uncertainties and factors set forth in the section entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in the prospectus dated
December 23, 2021 and filed with the SEC, and other documents filed by EQRx from
time to time with the SEC, as well as factors associated with companies, such as
EQRx, that operate in the biopharma industry, including uncertainty in the
timing or results of preclinical studies and clinical trials, product acceptance
and/or receipt of regulatory approvals for product candidates, including any
delays and other impacts from the COVID-19 pandemic. Nothing in this Current
Report on Form 8-K should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements in this Current
Report on Form 8-K, which speak only as of the date they are made and are
qualified in their entirety by reference to the cautionary statements herein.
EQRx does not undertake or accept any duty to release publicly any updates or
revisions to any forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances on which any
such statement is based. This Current Report on Form 8-K does not purport to
summarize all of the conditions, risks and other attributes of an investment in
EQRx.
(c) Exhibits.
Exhibit
Number Description
99.1 Copy of EQRx, Inc.'s presentation slides (furnished herewith)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
1
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