Name: INFINITY PHARMACEUTICALS, INC. Q2 2022 Earnings Call
Start: 2025-11-20 10:14:21.574894+00

Executive Summary

Infinity reported Q2 2022 royalty revenue of $0.686M and a net loss of $12.0M ($0.13 EPS); revenue beat third‑party posted S&P Global consensus of $0.512M, while EPS consensus was not available. The company increased year‑end cash guidance and extended runway into 2024.
Positive MARIO‑275 two‑year landmark survival data (45% alive vs 24% control; PD‑L1‑negative 38% vs 17%) and no new safety signals were disclosed, reinforcing clinical durability.
Management stage‑gated new efficacy studies pending partnerships, focusing resources on ongoing trials and business development, with cash runway extended; this narrative is a key catalyst alongside survival data.
2022 guidance improved vs Q1: net loss range lowered to $40–$50M (from $45–$55M) and year‑end cash raised to $35–$45M (from $25–$35M), framing near‑term liquidity.

What Went Well and What Went Wrong

Two‑year MARIO‑275 survival benefit roughly doubled vs nivolumab monotherapy; PD‑L1‑negative subgroup also saw over a doubling of survival, with no new safety signals. Quote: “approximately a doubling of patient survival at the two‑year landmark analysis...” — Robert Ilaria, Jr., MD, CMO.
Cash runway extended into 2024, supported by updated year‑end cash guidance of $35–$45M, improving visibility on funding plans.
Revenue outperformed posted S&P Global consensus ($0.686M actual vs $0.512M est.), aided by higher royalty receipts.

Net loss remained significant at $12.0M, with R&D expenses rising to $8.8M on higher compensation and consulting, while clinical development expenses decreased only partially.
Total stockholders’ equity turned negative (‑$1.1M) at June 30, 2022, reflecting cumulative losses and royalty monetization liabilities.
New efficacy studies (MARIO‑4, MARIO‑P) were deferred pending partnerships, potentially delaying pivotal timelines and raising execution risk.

Metric	Q1 2022	Q2 2022	Q3 2022	Consensus (Q2 2022)
Royalty Revenue ($USD Millions)	$0.652	$0.686	$0.712	$0.512
Loss from Operations ($USD Millions)	$(12.407)	$(12.018)	$(10.881)	n/a
Net Loss ($USD Millions)	$(12.436)	$(11.986)	$(10.717)	n/a
Diluted EPS ($USD)	$(0.14)	$(0.13)	$(0.12)	Unavailable (S&P Global consensus retrieval failed; see Estimates Context)

Metric	Q1 2022	Q2 2022	Q3 2022
R&D Expense ($USD Millions)	$8.990	$8.795	$7.663
G&A Expense ($USD Millions)	$3.676	$3.495	$3.501
Royalty Expense ($USD Millions)	$0.393	$0.414	$0.429
Cash & Equivalents ($USD Millions)	$67.140	$56.575	$47.182
Weighted Avg Diluted Shares (Millions)	89.155	89.162	89.392

Segment	Q1 2022 Revenue ($USD Millions)	Q2 2022 Revenue ($USD Millions)	Q3 2022 Revenue ($USD Millions)
Royalty Revenue	$0.652	$0.686	$0.712

Metric	Period	Previous Guidance	Current Guidance	Change
Net Loss ($USD Millions)	FY 2022	$45–$55	$40–$50	Lowered
Year‑End Cash & Investments ($USD Millions)	FY 2022	$25–$35	$35–$45	Raised
Cash Runway	FY 2022	At least 12 months from 10‑K filing	Into 2024	Extended
Inclusion of Funding/BD in Guidance	FY 2022	Not included	Not included	Maintained

Topic	Previous Mentions (Q4’21 and Q1’22)	Current Period (Q2’22)	Trend
Strategic Partnerships	Plan to initiate MARIO‑4 and MARIO‑P; building team and resources	Prioritize establishing partnerships before new efficacy studies; focus resources on ongoing trials	Increased emphasis on BD gating
Clinical Data – TNBC	MARIO‑3 positive PFS vs IMpassion130 benchmark	MARIO‑3 TNBC data update on track by year end	Steady, maturing data
Clinical Data – UC (MARIO‑275)	Positive OS signals; PD‑L1(‑) HR improvement	Two‑year landmark: 45% vs 24% alive; PD‑L1(‑): 38% vs 17%; no new safety signals	Strengthening durability
Cash Runway & Guidance	YE cash $25–$35M; net loss $45–$55M	YE cash $35–$45M; net loss $40–$50M; runway into 2024	Improved liquidity outlook
R&D Execution	MARIO‑4 registrational trial to initiate by YE 2022; MARIO‑P to start 3Q22	Stage‑gating new efficacy studies pending partnership	More cautious pacing

“Today, we are pleased to announce positive survival data that shows approximately a doubling of patient survival at the two‑year landmark analysis… This impressive magnitude of benefit is particularly meaningful given this is a second line patient population...” — Robert Ilaria, Jr., MD, Chief Medical Officer.
“We remain in discussions with multiple parties regarding potential partnerships… we have decided to prioritize establishing potential partnerships before beginning new efficacy studies… allows us to focus our current resources… extend our cash runway into 2024…” — Adelene Perkins, CEO & Chair.

A full Q2 2022 earnings call transcript is available publicly (MarketScreener and Seeking Alpha); our internal document catalog did not provide the transcript. Themes reflected in public transcripts include partnership timing and prioritization, MARIO‑275 durability, and cash runway/guidance framing.
Conference call logistics and webcast were outlined by the company (Aug 9, 2022, 4:30 PM EDT).

S&P Global consensus retrieval was unavailable for INFIQ via our estimates tool (missing mapping); as a result, EPS consensus and broader estimate context could not be anchored to S&P. Values retrieved from S&P Global.*
Third‑party posted S&P revenue estimate for Q2 2022 was $0.512M vs actual $0.686M (beat); similar postings show Q1 2022 $0.262M est. vs actual $0.652M and Q3 2022 $0.677M est. vs actual $0.712M.
Crowd estimates (Estimize) show EPS actual of $(0.13) for FQ2’22 and minor beat vs Estimize EPS, but Estimize is not S&P Global and should be treated as supplementary only.

Clinical durability signal in UC (MARIO‑275 two‑year landmark) is compelling and differentiates eganelisib in checkpoint inhibitor combinations; continued data maturation is a potential catalyst.
Management’s partnership‑first strategy defers new efficacy studies, reducing near‑term cash burn and aligning design prioritization with potential partner preferences; watch for BD updates.
Liquidity improved with raised year‑end cash guidance and extended runway into 2024, mitigating financing overhang in the near term.
Royalty revenue trend is positive sequentially; while small in absolute dollars, it contributed to revenue beats versus posted consensus in recent quarters.
Execution risk rises with delays to MARIO‑4/MARIO‑P starts; partnership timing is central to the medium‑term thesis and stock narrative.
Equity turned negative in Q2, highlighting balance sheet sensitivity to royalty monetization accounting; monitor liabilities related to sale of future royalties.
Near‑term trading could be driven by BD headlines and additional MARIO‑275/MARIO‑3 data updates; absence of S&P EPS consensus limits traditional beat/miss trading setups.