Morphic Q3 net loss $36.2M; CEO on medical leave; positive MORF-057 Phase 2a data

Morphic Holding, Inc.

2023-Q3 EPS reported -$2.65 revenue$521,000

Net loss of $36.2M ($0.73/share) vs net income $30.0M ($0.78/share) a year ago; revenue $0.
President Bruce Rogers appointed interim principal executive officer as CEO Praveen Tipirneni remains on medical leave.
Positive EMERALD-1 Phase 2a data: MORF-057 achieved primary endpoint (RHI reduction 6.4 points, p=0.0019); mMCS remission 25.7% at week 12.
Cash, equivalents, and marketable securities $725.1M, providing runway into H2 2027.
EMERALD-2 Phase 2b enrollment on track; Phase 2b for Crohn's disease expected to begin H1 2024.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Bruce N. Rogers

interim principal executive officer

Morphic Holding, Inc.

Effective: 2023-11-01
Filed: November 3, 2023, 7:59 PM ET

the Board has appointed Bruce N. Rogers, Ph.D., the Company’s President, as the Company’s interim principal executive officer until Dr. Tipirneni’s return.

Role change

Praveen P. Tipirneni

Chief Executive Officer

Morphic Holding, Inc.

Effective: 2023-11-01
Successor: Bruce N. Rogers
Filed: November 3, 2023, 7:59 PM ET

Praveen P. Tipirneni, M.D., the Company’s Chief Executive Officer and a member of the Company’s board of directors (the “Board”), is taking a temporary medical leave of absence from his role as Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Morphic Holding, Inc. reported the third quarter 2023 results: revenue $0 million, net income $36.2 million, EPS $0.73 per share.

Period: the third quarter 2023
Revenue: $0 million
Net income: $36.2 million
EPS: $0.73 per share
Result: reported results

Exact text from the filing

quarter ended September 30, 2023, was $36.2 million or $0.73 per share compared to net income of $30.0 million or $0.78 per share for the same quarter last year • Revenue was $0 million for the quarter ended September 30, 2023, compared to $2.1 million for the same quarter last year due to the conclusion of the Company’s research and development collaborations

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Bruce N. Rogers was appointed as interim principal executive officer at Morphic Holding, Inc..

Action: appointed
Role: interim principal executive officer

Exact text from the filing

the Board has appointed Bruce N. Rogers, Ph.D., the Company’s President, as the Company’s interim principal executive officer until Dr. Tipirneni’s return.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Praveen P. Tipirneni changed role as Chief Executive Officer at Morphic Holding, Inc..

Action: taking temporary medical leave of absence
Role: Chief Executive Officer

Exact text from the filing

Praveen P. Tipirneni, M.D., the Company’s Chief Executive Officer and a member of the Company’s board of directors (the “Board”), is taking a temporary medical leave of absence from his role as Chief Executive Officer.

View on SEC.gov

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Source: SEC EDGAR

accession 0001679363-23-000074

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