NEW YORK – Lexeo Therapeutics, Inc. (NASDAQ:LXEO), a biotechnology company specializing in biological products, announced the results from its 2024 Annual Meeting of Stockholders held on Monday. The virtual meeting led to the election of a Class I Director and the ratification of the company's independent auditor.
In the voting process, Mette Kirstine Agger was elected as a Class I Director with 14,499,254 votes in favor and 7,450,057 withheld; there were 1,249,160 broker non-votes. Agger will serve on the board until the 2027 Annual Meeting of Stockholders, subject to earlier death, resignation, or removal.
Additionally, stockholders ratified the appointment of KPMG LLP as Lexeo's independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal received overwhelming support with 23,194,982 votes for, 3,088 against, and 401 abstentions.
The annual meeting was conducted exclusively online via live webcast, reflecting a growing trend among companies to host virtual shareholder gatherings. Detailed information about the proposals can be found in the Proxy Statement filed with the Securities and Exchange Commission on April 26, 2024.
This announcement is based on a press release statement.
In other recent news, Lexeo Therapeutics has been making significant strides in the biotechnology sector.
The company's leading product candidate, LX2006, is under development to treat Friedreich's ataxia cardiomyopathy, with Baird considering it a central element to Lexeo's valuation. Anticipation for Phase 1/2 data from the second dose cohort is expected in mid-2024. Additionally, Lexeo's LX2006 has received Fast Track designation from the U.S. Food and Drug Administration (FDA), a status designed to expedite the development and review of drugs that treat severe conditions and fulfill an unmet medical need.
Baird has initiated coverage on Lexeo, assigning the stock an Outperform rating and setting a price target of $28.00. The firm highlighted Lexeo's strategic approach to addressing rare cardiac diseases and Alzheimer's through its advanced gene therapies. Furthermore, the biotech firm has secured an in-license agreement with Cornell University, enhancing the development of its gene therapy candidate, LX2006.
The agreement includes rights to both existing and future clinical data from a Phase 1A trial of AAVrh.10hFXN, conducted by Weill Cornell Medicine. The SUNRISE-FA Phase 1/2 trial and the Weill Cornell Medicine study treated 11 participants without any serious adverse events related to the treatment.
These are the latest developments in Lexeo's efforts to address a significant unmet medical need, as there are currently no approved treatments for FA cardiomyopathy.
InvestingPro Insights
Following the results of Lexeo Therapeutics' (NASDAQ:LXEO) Annual Meeting, investors may be interested in the company's current financial standing and market performance. According to InvestingPro data, Lexeo Therapeutics has a market capitalization of approximately $489.57 million. Despite the challenges highlighted by a negative P/E ratio of -2.79 and a significant decline in gross profit of $52.43 million over the last twelve months as of Q1 2024, the company holds an advantage with liquid assets that exceed short-term obligations, suggesting a solid liquidity position. Additionally, while the stock has seen a notable decline of 8.27% in the past week, its year-to-date price total return has increased by 10.73%, indicating some positive investor sentiment.
InvestingPro Tips suggest that while Lexeo Therapeutics holds more cash than debt, indicating a strong balance sheet, analysts are not expecting the company to be profitable this year. Moreover, the company's gross profit margins are weak, and it does not pay a dividend to shareholders. For investors seeking a deeper analysis, InvestingPro offers additional insights, including more InvestingPro Tips for Lexeo Therapeutics at https://www.investing.com/pro/LXEO. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 7 InvestingPro Tips that could guide investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.