Infinity Pharmaceuticals, Inc.

Infinity did not report revenue. Third-quarter 2022 net loss was $10.7 million, or $0.12 per basic and diluted share, flat versus a net loss of $10.7 million, or $0.12 per share, in the same period of 2021. R&D expense was $7.7 million versus $7.1 million a year ago, and G&A expense was $3.5 million versus $3.8 million. Total cash at September 30, 2022 was $47.2 million, down from $80.7 million at December 31, 2021. For 2022, the company still expects net loss of $40 million to $50 million and year-end cash of $35 million to $45 million, excluding additional financing or business development activities; management said it still targets a partnership announcement in the first quarter of 2023.

Adelene Perkins framed the quarter around two priorities: presenting more mature MARIO-3 data and advancing a strategic partnership for eganelisib. She said the updated TNBC results continue to show durable long-term clinical benefit, and she repeatedly stressed that the next development step should be a randomized controlled trial in a high-unmet-need setting. Her tone was optimistic but practical, emphasizing that the partnership will determine which indication or tumor population moves first.

Larry Bloch said the company continued a “disciplined prudent approach to capital allocation.” He cited quarter-end cash of $47.2 million, R&D expense of $7.7 million, G&A expense of $3.5 million, and net loss of $10.7 million, or $0.12 per share. He also reiterated unchanged 2022 guidance for a $40 million to $50 million net loss and $35 million to $45 million in year-end cash, noting that this guidance excludes additional financing or business development activities.

Analysts asked why the newer MARIO-3 data caused the median PFS to move and whether any patient characteristics changed; management said the key point was greater data maturity and that median PFS can be volatile in smaller groups, especially in the PD-L1 positive cohort. They also fielded questions about whether SAN Antonio Breast presentation would happen, with management saying this call was the chosen data update instead. On partnership strategy and registrational design, management said they could not disclose specifics yet, but future studies are expected to be randomized, partner-driven, and focused on indications with high unmet need; for TNBC, they noted PD-L1 negative disease is attractive because checkpoint inhibitors have not been successful there, while PD-L1 positive and negative cohorts could both be considered but would likely require different control arms.