Rubius Therapeutics reports $167.7M loss in 2020

CAMBRIDGE, Mass. – Rubius Therapeutics Inc. reported Tuesday a loss of $167.7 million in 2020, or $2.08 per diluted share.

The clinical-stage biopharmaceutical company, which has built a manufacturing facility in Smithfield, reported a $163.5 million loss in 2019, or $2.08 per diluted share. The company is genetically engineering red blood cells to create an entirely new class of cellular medicines called Red Cell Therapeutics. The company has not yet generated revenue.

The company’s cash, cash equivalents and investments totaled $176.3 million at the end of the year, compared with $283.3 million one year prior.

“Last year was one of strong execution for Rubius Therapeutics as we advanced our clinical trials in oncology and strengthened our in-house manufacturing capabilities,” said Dr. Pablo J. Cagnoni, Rubius CEO and president. “2021 is set to be an important year in which we plan to further advance our programs and report the clinical results from the Phase 1 trial of RTX-240 in advanced solid tumors early in the year.”

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The company said it incurred $40.5 million in costs in the fourth quarter, or 50 cents per diluted share, compared with $44.5 million, or 56 cents per diluted share, one year prior.

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The company was one of PBN’s honorees in the 2020 Best Places to Work program. In 2020, Rubius employed 64 people at its Smithfield plant, according to PBN’s Book of Lists.