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FIVE PRIME THERAPEUTICS, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2020 10-K, filed Mar 22, 2021. Its latest SEC filing is a SC 13G/A from Feb 15, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Develops immune-modulating and targeted cancer therapies for patients with solid tumors, including antibody drug candidates for gastric and other cancers.

How Did They Make Money?

Partners and licensees pay upfront and license fees, fund or reimburse research and development, and may pay milestone amounts when specified development or commercial events occur. The company also receives royalties when licensed products are sold.

revenue
SegmentShareRevenue
Collaboration revenue
62%
License revenue
38%

Who Were Their Customers?

Biotechnology and pharmaceutical companies partner with Five Prime through license and collaborative research and development agreements.

Did Revenues Turn Into Profits?

No. It lost $84.3M in FY2020.

Operating income, FY2020
−705% of revenue
▼ −35% (Loss) vs FY2019 (−$141.9M, −954%)
Net income, FY2020
−640% of revenue
▼ −39% (Loss) vs FY2019 (−$137.2M, −922%)
Free cash flow, FY2020
−491% of revenue
▼ −44% (Loss) vs FY2019 (−$115.6M, −777%)

How Were They Changing?

Since the FY2020 annual report
  • Apr 16, 2021 Amgen completed its acquisition of Five Prime Five Prime became a wholly owned subsidiary of Amgen; the transaction consideration was approximately $1.9 billion.
  • Apr 15, 2021 FDA granted bemarituzumab Breakthrough Therapy Designation The designation covers first-line treatment of certain FGFR2b-overexpressing, HER2-negative gastric and gastroesophageal cancers in combination with chemotherapy.

Shrank. Revenue fell 57% in 4 years, from $30.7M in FY2016 to $13.2M in FY2020, about 19% a year.

Narrower focus on cancer The earlier report described a focus on discovering and developing protein therapies for serious diseases, including immuno-oncology; the latest report focuses on immune-modulating and targeted therapies for solid tumor cancers.

In-house discovery capabilities ended The earlier report described an active target-discovery platform and plans to discover new candidates; the latest report says the company eliminated those in-house discovery and protein-engineering capabilities and plans to advance research programs mainly through outside contractors.

Revenue over time
Collaboration revenue License revenue
$50M$25M$0

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