Market Newsdesk

– 23
%
Year-over-Year Growth in Gross Written Premiums
to $
132
.
3
Million –

– Net Income of $69.3 Million, Diluted Earnings per Share of $1.41 –

– Adjusted Net Income
of $10.5 Million,
Adjusted Diluted Earnings per Share of $0.21 –

– Significant Year-over-Year Improvement in Loss and Combined Ratios –

WAYZATA, Minn., Nov. 12, 2020 (GLOBE NEWSWIRE) — Trean Insurance Group, Inc. (Nasdaq: TIG) (“Trean” or the “Company”), a leading provider of products and services to the specialty insurance market, today reported results for the third quarter ended September 30, 2020.

Trean completed its initial public offering (“IPO”) in July 2020 and the results detailed below reflect gains and expenses related to the IPO and the Company’s public company readiness efforts.

Third
Quarter 2020
Highlights
and Subsequent Event
s

• Gross written premiums increased 23.0% to $132.3 million, compared to $107.5 million in the third quarter of 2019
• Loss ratio of 55.9%, a 720 basis point improvement compared to 63.1% in the third quarter of 2019
• Expense ratio of 25.1%, a 90 basis point improvement compared to 26.0% in the third quarter of 2019
• Combined ratio of 81.0%, an 810 basis point improvement versus 89.1% in the prior-year period
• Net income was $69.3 million and diluted earnings per share were $1.41, primarily driven by a one-time $69.8 million gain on revaluation of the Company’s Compstar Holding Company LLC (“Compstar”) investment, and partially offset by $11.7 million in certain IPO-related bonuses, expenses and contract buyout fee
• Adjusted net income⁽¹⁾ (excluding the aforementioned IPO-related events), was $10.5 million, and adjusted diluted earnings per share were $0.21
• Return on equity of 102.5%; Adjusted return on equity⁽¹⁾ (excluding the aforementioned IPO-related events) of 15.5%; Adjusted return on tangible equity was 25.9%⁽¹⁾
• Subsequent to quarter end, completed acquisition of 7710 Insurance Company and its associated program manager and agency

_{⁽¹⁾   
Adjusted net income, adjusted return on equity
, adjusted return on tangible equity
and underwriting income are non-GAAP financial measures. See discussion of “Key Metrics” below.}

“Our proven business model and operating strategy produced an outstanding third quarter performance despite the ongoing challenging environment,” stated Andrew M. O’Brien, President and Chief Executive Officer of Trean. “We produced double-digit growth in gross written premiums, in large part due to the onboarding of new program partners that are already providing valuable contributions. Furthermore, our prudent underwriting approach and ability to quickly and fairly resolve claims led to a strong quarter of profitability. As we begin looking into 2021, we are excited about the multiple opportunities present in workers compensation and other lines. We will also continue to invest thoughtfully in our business to support our program partners and to promote sustainable long-term growth.”

Underwriting Results

Gross written premiums increased 23.0% to $132.3 million for the third quarter of 2020, compared to $107.5 million for the third quarter of 2019, primarily attributable to the addition of new program partners brought on board during the second and third quarters of 2020. Net earned premiums of $27.9 million grew 25.7% compared to the prior year’s third quarter, driven by the increase in gross written and gross earned premiums, partially offset by an increase in ceded earned premiums compared to the prior-year period.

Underwriting income⁽¹⁾ was $5.3 million, resulting in a combined ratio of 81.0% for the third quarter of 2020, compared to underwriting income of $2.4 million and a combined ratio of 89.1% for the prior-year period. Losses and loss adjustment expenses for the third quarter of 2020 were $15.6 million, which resulted in a 55.9% loss ratio, a 720 basis point improvement compared to 63.1% in the prior-year period. The improvement in the loss ratio during the third quarter was primarily attributable to the increase in net earned premiums during the period, offset by a decrease in favorable loss reserve estimate true-ups made during the third quarter of 2020 versus the third quarter of 2019.

General and administrative expenses were $7.0 million for the third quarter of 2020, compared to $5.8 million for the prior-year period. The Company’s expense ratio was 25.1% for the third quarter of 2020, a 90 basis point improvement compared to 26.0% for the prior-year period, primarily attributable to an increase in net earned premiums, partially offset by a rise in net agent commissions resulting from the increase in written premiums, higher salaries and benefits resulting from an expanded workforce and an increase in professional service expenses.

The third quarters of 2020 and 2019 included certain gains and expenses related to the IPO transaction and other consulting expenses, and management fee expenses including cash bonuses paid to unitholders and employees. Adjusted net income⁽¹⁾, which excludes those items, for the third quarter of 2020 was $10.5 million, a 61.8% increase compared to net income of $6.5 million for the prior-year period. Adjusted diluted earnings per share for the third quarter of 2020 were $0.21.

Investment Results

Net investment income was $1.9 million for the third quarter of 2020, compared to $1.7 million for the prior-year period. Cash and invested assets consist primarily of fixed maturities, equity securities and cash equivalents. The majority of the Company’s investment portfolio at September 30, 2020 was comprised of fixed maturity securities that were classified as available-for-sale of $375.3 million. Also included in investments at September 30, 2020 were $3.7 million of equity securities and $165.3 million of cash and cash equivalents. The Company’s investment portfolio had an average rating of “AA” at both September 30, 2020 and September 30, 2019.

Other

Other revenue increased $2.8 million, or 110.9%, to $5.4 million for the third quarter of 2020, compared to $2.6 million for the prior-year period, largely driven by an increase in brokerage fees earned due to the timing of effective dates of reinsurance contracts for current and new programs and increases in estimated premiums on reinsurance contracts.

Equity earnings in affiliates, net of tax were $0.4 million for the third quarter of 2020, compared to $1.0 million for the third quarter of 2019. The decrease primarily resulted from the Company acquiring the remaining 55% interest in Compstar in July 2020; following the acquisition, the Company now owns 100% of Compstar.

Shareholders
’ Equity and Returns

Total shareholders’ equity was $401.8 million at September 30, 2020, compared to $141.6 million at December 31, 2019. Return on equity was 102.5% for the third quarter of 2020, compared to 18.0% for the prior-year period, and adjusted return on equity⁽¹⁾ was 15.5% for the third quarter of 2020, compared to 20.2% for the prior-year period. The change in return on equity reflected a significant increase in the Company’s shareholders’ equity, primarily resulting from the increases in additional paid-in capital related to the IPO and retained earnings since December 2019. Return on tangible equity was 171.2% for the third quarter of 2020, compared to 18.5% for the prior-year period and adjusted return on tangible equity was 25.9% for the third quarter of 2020, compared to 20.7% for the prior-year period.

Webcast and Conference Call

A webcast and conference call to discuss the Company’s results will be held today beginning at 5:00 p.m. (Eastern Time). The audio webcast is accessible through the investor relations section of the Company’s website at https://investors.trean.com.

The dial-in number for the conference call is (877) 407-3982 (toll-free) or (201) 493-6780 (international), conference ID# 13711785. Any person interested in listening to the call should dial in or access the website at least 10 minutes before the call.

A replay of the call will be available at https://investors.trean.com for one year following the call.

Key M
etrics

The Company discusses certain key financial and operating metrics, described below, which provide useful information about its business and the operational factors underlying its financial performance.

Underwriting income is a non-GAAP financial measure defined as income before taxes excluding net investment income, investment revaluation gains, net realized capital gains or losses, IPO-related expenses, intangible asset amortization, noncash share-based compensation, other revenue, interest expense and other income. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of underwriting income to income before taxes in accordance with GAAP.

Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of various unusual events, including the consummation of the reorganization transactions in connection with our IPO, noncash intangible asset amortization and share-based compensation, or gains or losses that the Company does not believe reflect its core operating performance, which items may have a disproportionate effect in a given period, affecting comparability of the Company’s results. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of adjusted net income to net income in accordance with GAAP.

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to net earned premiums.

Expense ratio, expressed as a percentage, is the ratio of general and administrative expenses to net earned premiums.

Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending shareholders’ equity during the period.

Adjusted return on equity is a non-GAAP financial measured defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending shareholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of adjusted return on equity to return on equity in accordance with GAAP.

Tangible shareholders’ equity is defined as shareholders’ equity less goodwill and other intangible assets.

Return on tangible equity is a non-GAAP financial measure defined as net income expressed on an annualized basis as a percentage of average beginning and ending tangible shareholders’ equity during the period.

Adjusted return on tangible equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending tangible shareholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of adjusted return on tangible equity to return on equity in accordance with GAAP.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not historical or current facts. These statements may discuss the Company’s net income, cash flow, financial condition, impairments, expenditures, growth, strategies, plans, achievements, capital structure, organizational structure, market opportunities and general market and industry conditions. Such forward-looking statements can be identified by words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “predict,” “project,” “believe,” “seek,” “outlook,” “future,” “will,” “would,” “should,” “could,” “may,” “can have,” “likely” and similar terms. Forward-looking statements are based on management’s current expectations and assumptions about future events. These statements are only predictions and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements if the underlying assumptions prove to be incorrect or as a result of risks, uncertainties, and other factors, including the impact of the COVID-19 pandemic on the business and operations of the Company, our program partners and other business relations. Other factors that may cause such differences include the risks described in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. These forward-looking statements speak only as of the date on which they are made. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, changes in assumptions or otherwise. Investors are cautioned not to place undue reliance on the forward-looking statements contained in this press release or in other filings and public statements of the Company.

About
Trean
Insurance Group, Inc.

Trean Insurance Group, Inc. (Nasdaq: TIG) provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia. For more information, please visit www.trean.com.

Contacts

Investor Relations
[email protected]
(952) 974-2260

Trean Insurance Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands)
(unaudited)
	Three Months Ended September 30,											Percentage			Nine Months Ended September 30,											Percentage
	2020				2019				Change			Change			2020				2019				Change			Change
Revenues
Gross written premiums	$	132,284			$	107,534			24,750			23.0	%		$	349,755			$	313,488			36,267			11.6	%
Increase in gross unearned premiums		(22,963	)			(5,612	)		(17,351	)		309.2	%			(39,601	)			(18,099	)		(21,502	)		118.8	%
Gross earned premiums		109,321				101,922			7,399			7.3	%			310,154				295,389			14,765			5.0	%
Ceded earned premiums		(81,465	)			(79,761	)		(1,704	)		2.1	%			(238,460	)			(230,227	)		(8,233	)		3.6	%
Net earned premiums		27,856				22,161			5,695			25.7	%			71,694				65,162			6,532			10.0	%
Net investment income		1,857				1,721			136			7.9	%			6,653				4,578			2,075			45.3	%
Gain on revaluation of Compstar investment		69,846				–			69,846			100.0	%			69,846				–			69,846			100.0	%
Net realized capital gains (losses)		115				(34	)		149			(438.2	)%			3,345				689			2,656			385.5	%
Other revenue		5,401				2,561			2,840			110.9	%			11,323				8,049			3,274			40.7	%
Total revenue		105,075				26,409			78,666			297.9	%			162,861				78,478			84,383			107.5	%
Expenses
Losses and loss adjustment expenses		15,564				13,976			1,588			11.4	%			40,681				38,446			2,235			5.8	%
General and administrative expenses		6,995				5,756			1,239			21.5	%			23,437				15,894			7,543			47.5	%
IPO bonuses and contract buyout fee		11,054				–			11,054			100.0	%			11,054				–			11,054			100.0	%
Intangible asset amortization		1,120				11			1,109			10,081.8	%			1,154				35			1,119			3,197.1	%
Noncash share-based compensation		307				–			307			100.0	%			307				–			307			100.0	%
Interest expense		520				498			22			4.4	%			1,482				1,683			(201	)		(11.9	)%
Total expenses		35,560				20,241			15,319			75.7	%			78,115				56,058			22,057			39.3	%
Other income (expense)		209				(8	)		217			(2,712.5	)%			263				118			145			122.9	%
Income before taxes		69,724				6,160			63,564			1,031.9	%			85,009				22,538			62,471			277.2	%
Provision for income taxes		788				1,395			(607	)		(43.5	)%			4,679				4,404			275			6.2	%
Equity earnings in affiliates, net of tax		401				1,021			(620	)		(60.7	)%			2,333				2,494			(161	)		(6.5	)%
Net income	$	69,337			$	5,786			63,551			1,098.4	%		$	82,663			$	20,628			62,035			300.7	%
Earnings per share:
Basic	$	1.41			$	0.15									$	2.00			$	0.55
Diluted	$	1.41			$	0.15									$	2.00			$	0.55
Weighted average shares outstanding
Basic		49,054,441				37,386,394										41,304,132				37,386,394
Diluted		49,056,001				37,386,394										41,304,652				37,386,394

Key Metrics
	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except percentages)	2020				2019				2020				2019
Underwriting income (1)	$	5,297			$	2,429			$	7,576			$	10,822
Adjusted net income (1)	$	10,477			$	6,474			$	21,600			$	21,797
Loss ratio		55.9	%			63.1	%			56.7	%			59.0	%
Expense ratio		25.1	%			26.0	%			32.7	%			24.4	%
Combined ratio		81.0	%			89.1	%			89.4	%			83.4	%
Return on equity		102.5	%			18.0	%			40.6	%			23.4	%
Adjusted return on equity (1)		15.5	%			20.2	%			10.6	%			24.7	%
Return on tangible equity (1)		171.2	%			18.5	%			67.3	%			24.0	%
Adjusted return on tangible equity (1)		25.9	%			20.7	%			17.6	%			25.3	%
(1) Adjusted net income, adjusted return on equity, return on tangible equity, adjusted return on tangible equity and underwriting income are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below for a reconciliation to the applicable GAAP measure.

Trean Insurance Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share data)
	September 30, 2020			December 31, 2019
Assets	(unaudited)
Fixed maturities, available for sale	$	375,286		$	337,865
Preferred stock, available for sale		240			343
Common stock, available for sale		3,458			492
Equity method investments		232			12,173
Total investments		379,216			350,873
Cash and cash equivalents		165,255			74,268
Restricted cash		21,175			1,800
Accrued investment income		2,418			2,468
Premiums and other receivables		99,635			62,460
Income taxes refundable		797			–
Related party receivables		33			22,221
Reinsurance recoverable		350,425			307,338
Prepaid reinsurance premiums		103,929			80,088
Deferred policy acquisition cost, net		3,777			2,115
Property and equipment, net		8,439			7,937
Right of use asset		6,558			–
Deferred tax asset		–			1,367
Goodwill		139,575			2,822
Intangible assets, net		73,436			–
Other assets		9,721			3,277
Total assets	$	1,364,389		$	919,034
Liabilities
Unpaid loss and loss adjustment expenses	$	465,502		$	406,716
Unearned premiums		143,390			103,789
Funds held under reinsurance agreements		160,614			163,445
Reinsurance premiums payable		59,756			53,620
Accounts payable and accrued expenses		73,865			14,995
Lease liability		7,054			–
Income taxes payable		–			714
Deferred tax liability		12,597			–
Long-term debt		39,858			29,040
Total liabilities		962,636			772,319
Redeemable preferred stock		–			5,100
Shareholders’ Equity
Common stock		511			–
Members’ equity		–			78,438
Additional paid-in capital		287,234			17,995
Retained earnings		104,853			40,361
Accumulated other comprehensive loss		9,155			4,821
Total shareholders’ equity		401,753			141,615
Total liabilities and shareholders’ equity	$	1,364,389		$	913,934

Reconciliation of Non-GAAP Financial Measures

Underwriting income

The Company defines underwriting income as income before taxes excluding net investment income, investment revaluation gains, net realized capital gains or losses, IPO-related expenses, intangible asset amortization, noncash share-based compensation, other revenue, interest expense and other income. Underwriting income represents the pre-tax profitability of the Company’s underwriting operations and allows management to evaluate the Company’s underwriting performance without regard to investment income, IPO-related expenses, intangible asset amortization, noncash share-based compensation, interest expense and other revenue and income. The Company uses this metric because the Company believes it gives management and other users of the Company’s financial information useful insight into the Company’s underwriting business performance by adjusting for these expenses and sources of income. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

	Three Months Ended September 30,								Percentage			Nine Months Ended September 30,								Percentage
(in thousands, except percentages)	2020				2019				Change			2020				2019				Change
Net income	$	69,337			$	5,786			1,098.0	%		$	82,663			$	20,628			300.7	%
Income tax expense		788				1,395			(43.5	)%			4,679				4,404			6.2	%
Equity earnings in affiliates, net of tax		(401	)			(1,021	)		(60.7	)%			(2,333	)			(2,494	)		(6.5	)%
Income before taxes		69,724				6,160			1,031.9	%			85,009				22,538			277.2	%
Other revenue		(5,401	)			(2,561	)		110.9	%			(11,323	)			(8,049	)		40.7	%
Net investment income		(1,857	)			(1,721	)		7.9	%			(6,653	)			(4,578	)		45.3	%
Gain on revaluation of Compstar investment		(69,846	)			–			100.0	%			(69,846	)			–			100.0	%
Net realized capital gains (losses)		(115	)			34			(438.2	)%			(3,345	)			(689	)		385.5	%
Interest expense		520				498			4.4	%			1,482				1,683			(11.9	)%
IPO bonuses and contract buyout fee		11,054				–			100.0	%			11,054				–			100.0	%
Intangible asset amortization		1,120				11			10,081.8	%			1,154				35			3,197.1	%
Noncash share-based compensation		307				–			100.0	%			307				–			100.0	%
Other income (expense)		(209	)			8			(2,712.5	)%			(263	)			(118	)		122.9	%
Underwriting income	$	5,297			$	2,429			118.1	%		$	7,576			$	10,822			(30.0	)%

Adjusted net income

The Company defines adjusted net income as net income excluding the impact of certain items, including the consummation of the reorganization transactions in connection with the IPO, noncash intangible asset amortization and share-based compensation, or gains or losses that the Company believes do not reflect its core operating performance, which items may have a disproportionate effect in a given period, affecting comparability the Company’s results across periods. The Company calculates the tax impact only on adjustments that would be included in calculating the Company’s income tax expense using the effective tax rate at the end of each period. The Company uses adjusted net income as an internal performance measure in the management of its operations because the Company believes it gives its management and other users of its financial information useful insight into the Company’s results of operations and underlying business performance by eliminating the effects of these items. Adjusted net income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted net income differently.

	Three Months Ended September 30,								Percentage
(in thousands, except percentages)	2020				2019				Change
Net income	$	69,337			$	5,786			1,098.4	%
Intangible asset amortization		1,120				11			10,081.8	%
Noncash stock-based compensation		307				–			100.0	%
Expenses associated with Altaris management fee, including cash bonuses paid to unitholders		–				441			(100.0	)%
Expenses associated with IPO and other one-time legal and consulting expenses		645				387			66.7	%
Expenses related to debt issuance costs, including OID amortization		–				25			(100.0	)%
FMV adjustment of remaining investment in subsidiary		(69,846	)			–			100.0	%
IPO bonuses and contract buyout fee		11,054				–			100.0	%
Total adjustments		(56,720	)			864			(6,664.8	)%
Tax impact of adjustments		(2,140	)			(176	)		1,115.9	%
Adjusted net income	$	10,477			$	6,474			61.8	%
	Nine Months Ended September 30,								Percentage
(in thousands, except percentages)	2020				2019				Change
Net income	$	82,663			$	20,628			300.7	%
Intangible asset amortization		1,154				35			3,197.1	%
Noncash stock-based compensation		307				–			100.0	%
Expenses associated with Altaris management fee, including cash bonuses paid to unitholders		883				1,324			(33.3	)%
Expenses associated with IPO and other one-time legal and consulting expenses		1,845				829			122.6	%
Expenses related to debt issuance costs, including OID amortization		135				75			80.0	%
FMV adjustment of remaining investment in subsidiary		(71,846	)			–			100.0	%
Net loss (gain) on purchase & disposal of subsidiaries		(3,115	)			(634	)		391.3	%
IPO bonuses and contract buyout fee		11,054				–			100.0	%
Total adjustments		(59,583	)			1,629			(3,757.6	)%
Tax impact of adjustments		(1,480	)			(460	)		221.7	%
Adjusted net income	$	21,600			$	21,797			(0.9	)%

A




djusted return on equity

The Company defines adjusted return on equity as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending shareholders’ equity during the period. The Company uses adjusted return on equity as an internal performance measure in the management of its operations because the Company believes it gives management and other users of the Company’s financial information useful insight into the Company’s results of operations and underlying business performance by adjusting for items that the Company believes do not reflect its core operating performance and that may diminish comparability across periods. Adjusted return on equity should not be viewed as a substitute for return on equity calculated in accordance with GAAP, and other companies may define adjusted return on equity differently.

	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except percentages)	2020				2019				2020				2019
Adjusted return on equity calculation:
Numerator: adjusted net income	$	10,477			$	6,474			$	21,600			$	21,797
Denominator: average shareholders’ equity		270,519				128,299				271,684				117,688
Adjusted return on equity		15.5	%			20.2	%			10.6	%			24.7	%
Return on equity		102.5	%			18.0	%			40.6	%			23.4	%

Return on tangible equity and adjusted return on tangible equity

The Company defines tangible shareholders’ equity as shareholders’ equity less goodwill and other intangible assets. The Company defines return on tangible equity as net income expressed on an annualized basis as a percentage of average beginning and ending tangible shareholders’ equity during the period. The Company defines adjusted return on tangible equity as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending tangible shareholders’ equity during the period. The Company regularly evaluates acquisition opportunities and have historically made acquisitions that affect shareholders’ equity. The Company uses return on tangible equity and adjusted return on tangible equity as internal performance measures in the management of the Company’s operations because the Company believes they give management and other users of its financial information useful insight into the Company’s results of operations and underlying business performance by adjusting for the effects of acquisitions on the Company’s shareholders’ equity and, in the case of adjusted return on tangible equity, by adjusting for items that the Company believes do not reflect its core operating performance and that may diminish comparability across periods. Return on tangible equity and adjusted return on tangible equity should not be viewed as substitutes for return on equity calculated in accordance with GAAP, and other companies may define return on tangible equity and adjusted return on tangible equity differently.

	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except percentages)	2020				2019				2020				2019
Return on tangible equity calculation:
Numerator: net income	$	69,337			$	5,786			$	82,663			$	20,628
Denominator:
Average shareholders’ equity		270,519				128,299				271,684				117,688
Less: Average goodwill and other intangible assets		108,476				2,982				107,994				2,993
Average tangible shareholders’ equity		162,043				125,317				163,690				114,695
Return on tangible equity		171.2	%			18.5	%			67.3	%			24.0	%
Return on equity		102.5	%			18.0	%			40.6	%			23.4	%
	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except percentages)	2020				2019				2020				2019
Adjusted return on tangible equity calculation:
Numerator: adjusted net income	$	10,477			$	6,474			$	21,600			$	21,797
Denominator: average tangible shareholders’ equity		162,043				125,317				163,690				114,695
Adjusted return on tangible equity		25.9	%			20.7	%			17.6	%			25.3	%
Return on equity		102.5	%			18.0	%			40.6	%			23.4	%

HOUSTON, Nov. 12, 2020 (GLOBE NEWSWIRE) — Crown Castle International Corp. (NYSE: CCI) (“Crown Castle”) announced today that Jay Brown, Crown Castle’s President and Chief Executive Officer, will present at one investor conference in November and Dan Schlanger, Crown Castle’s Executive Vice President and Chief Financial Officer, will present at two investor conferences in November. The presentations will be broadcast over the Internet, and the live audio webcast links will be available on Crown Castle’s website at www.crowncastle.com, where they will also be archived for replay.

Mr. Schlanger is scheduled to present on Tuesday, November 17, 2020 at 10:20 a.m. Eastern Time at the New Street 2020 Conference: 5G. Infrastructure. Applications. Innovation. Disruption. The presentation is expected to last approximately 30 minutes.

Mr. Brown is scheduled to present on Wednesday, November 18, 2020 at 8:45 a.m. Eastern Time at the NAREIT REITworld: 2020 Annual Conference. The presentation is expected to last approximately 30 minutes.

Mr. Schlanger is scheduled to present on Wednesday, November 18, 2020 at 1:15 p.m. Eastern Time at the Morgan Stanley Virtual European Technology, Media & Telecom Conference. The presentation is expected to last approximately 40 minutes.

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

CONTACTS
Dan Schlanger, CFO
Ben Lowe, VP & Treasurer
Crown Castle International Corp.
713-570-3050

HOUSTON, Nov. 12, 2020 (GLOBE NEWSWIRE) — Recruiter.com Group, Inc. (OTCQB: RCRT), a leading hiring platform with the world’s largest network of job recruiters, today announced results of operations for the third quarter ended September 30, 2020.

“We continue to see the rapidly growing demand for our solutions from companies big and small,” stated Evan Sohn, Chairman, and CEO. “From expanding our talented team to growing relationships with both new and established customers, our third quarter was filled with major accomplishments that have placed us in a great position for rapid growth moving into 2021.”

Key Highlights:

• Surpassed 27,000 recruiters on our Job Market platform as of September 30, 2020;
• Launched our artificial intelligence (AI) powered candidate sourcing technology to create what we believe is the first platform in the world to offer recruiters access to both jobs and AI-matched candidates;
• Expanded the Company’s Board with an independent director, Deborah Leff, Global Leader and Industry CTO for Data Science and Artificial Intelligence (“AI”) at IBM.
• Received multiple major media appearances for the Recruiter Index®, Recruiter.com’s survey of recruiter sentiment on the job market, hiring, and recruiting demand. Most notably, Evan Sohn appeared on CNBC on November 5, 2020, to discuss the conditions of the job market in the US;
• Signed $13 million in revenue potential with numerous new clients in the mortgage and digital lending industry;
• Signed key agreement with a Fortune 50 company, numerous healthcare companies, and experienced strong growth in Recruiters on Demand;
• Formed a strategic partnership with Beeline, a global leader in software solutions for managing the extended workforce, to market a unique, diversity-focused network of recruiters to Beeline customers.
• Formed a partnership with DVBE Connect, an award-winning, disabled veteran-owned recruiting and staffing company, to build a curated on-demand team of veteran recruiters;
• Delivered innovative recruiting solutions for the healthcare industry by partnering with hospitals and leading healthcare recruiting companies to work to fill many registered nursing positions;

“We are at the epicenter of the Great Rehire,” continued Sohn. “Our disruptive business model, matched with our technological prowess, has made recruiting faster, cheaper, and easier than ever before. We are on track to realize our vision of becoming one of the leading on-demand professional recruiting solutions, well-positioned to provide an essential service to both Fortune 500 companies and small and medium-sized businesses, as the great re-hiring continues.”

“With a network of more than 27,000 recruiters, AI-matching technology, on-demand recruiting, video screening technology, and more, Recruiter.com is uniquely positioned to help accelerate the recruiting and hiring process during the reopening of America, and I couldn’t be more excited to help drive that positive mission forward,” concluded Sohn.

Third Quarter 2020 Financial Results

• Revenue ending nine months was $6.16 million, representing a 50.9% increase year-over-year. Revenue for the quarter was $1.99 million. This increase resulted from a rise in hiring in our Permanent Placement business line, particularly in connection with the mortgage industry, as well as an increase in our Recruiters on Demand business;
• Net income in the third quarter of 2020 was $1.44 million, or $0.28 per share, and included $4.21 million in non-cash income, primarily a result of the change in the fair value of a derivative liability;
• Adjusted EBITDA was $(0.71) million, compared to $(0.54) million in the third quarter of 2019.
• Please refer to our 11-12-20 10-Q filing at www.sec.gov for complete financial statements, footnotes and results of operations including management’s discussion and analysis of financial condition and results of operations.

“We believe we have built a strong foundation for long-term growth,” said Judy Krandel, Chief Financial Officer of Recruiter.com. “We believe our strategic investments in people and technology are primed to generate significant returns in the quarters ahead as businesses continue to move forward with reopening plans. With a dominant marketing position and increasing demand, we are well-positioned to capitalize on a wealth of opportunities.”

Recruiter.com Group, Inc.

Recruiter.com is a hiring platform for the world’s largest network of small and independent recruiters. We empower businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. Visit https://www.recruiter.com.

For investor information, visit https://www.recruiter.com/investors.html.

Please follow social media channels for additional updates:

• LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
• LinkedIn Company Page: https://www.linkedin.com/company/1240434
• Twitter Company Page: https://twitter.com/recruiterdotcom
• Facebook Company Page: https://www.facebook.com/RecruiterDotCom

Company Contact:

Recruiter.com Group, Inc.
Phone: (855) 931-1500

C
autionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but are not limited to demand for our services, revenue potential, and the economic re-opening. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.

Columbus, OH, Nov. 12, 2020 (GLOBE NEWSWIRE) — Mettler-Toledo International Inc. (NYSE:MTD) today announced the webcast of its presentation at the Wolfe Research Virtual Healthcare Conference on Wednesday, November 18, 2020, at 3:10 p.m. Eastern Time.  To hear a live webcast of the presentation, visit the investor relations page on the Company’s Web site at www.mt.com/investors.  A replay of the webcast will be available for seven days.

METTLER TOLEDO (NYSE: MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.    
   

Mary T. Finnegan
Investor Relations
+1-614-438-4748

FOSTER CITY, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Vaxcyte, Inc., formerly known as SutroVax, a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide, today announced financial results for the third quarter ended September 30, 2020 and provided a business update.

“Vaxcyte continues to make steady progress in executing on our business objectives,” said Grant Pickering, Chief Executive Officer and Co-founder of Vaxcyte. “We advanced several important manufacturing activities for VAX-24, our 24-valent investigational pneumococcal conjugate vaccine, or PCV, designed to prevent invasive pneumococcal disease, as we proceed toward our anticipated IND filing in the second half of next year. In addition, we continued to progress our pipeline vaccines, including VAX-XP, our PCV candidate with an expanded breadth of coverage of at least 30 strains, as part of our PCV franchise life cycle management strategy. We also were pleased to further strengthen our leadership team, as we approach the clinic, with the additions of Rom Colindres as Chief Medical Officer and Sue Fekete as Vice President, Regulatory Affairs.”

Recent
Highlights

• 
  Advanced
  
  
  VAX-24 Manufacturing
  
  
  Activities
  
  
  :
  Vaxcyte progressed several manufacturing initiatives for VAX-24, including for the good manufacturing practices (GMP) batches of the 24 polysaccharide antigens and the GMP batches of the 24 conjugate drug substances.

• 
  Appointed Romulo Colindres, MD, MPH as Chief Medical Officer
  
  
  :
  In November 2020, Vaxcyte appointed Romulo Colindres, MD, MPH as Chief Medical Officer. Prior to joining Vaxcyte, Dr. Colindres served in several roles at GlaxoSmithKline Vaccines and most recently served as an independent consultant and advisor to multiple biotechnology companies. From March 2007 to March 2019, Dr. Colindres served in roles of increasing responsibility at GlaxoSmithKline, including Head of Health Outcomes for GSK Vaccines Latin America, Head of Global Epidemiology for GSK Vaccines and, most recently, Vice President, Global Medical Affairs Lead, Zoster Vaccine, leading the medical team in the successful launch of Shingrix^®, a recombinant adjuvanted herpes zoster vaccine. Prior to that, Dr. Colindres worked at the Centers for Disease Control and Prevention (CDC) as an Epidemic Intelligence Service Officer. He completed his residency at Children’s National Medical Center in Washington, DC and was board certified in Pediatrics. Dr. Colindres received both his MD and MPH at The University of North Carolina, Chapel Hill, and his MBA from Duke University’s Fuqua School of Business.

• 
  Appointed Suzanna Fekete, MSc as Vice President, Regulatory Affairs
  
  
  :
  In October 2020, Vaxcyte appointed Suzanna Fekete, MSc as Vice President, Regulatory Affairs. Prior to joining Vaxcyte, Ms. Fekete served in roles of increasing responsibility at Takeda Vaccines since 2015, most recently as Vice President and Head, Global Regulatory Affairs. Ms. Fekete also served as Head, North American Regulatory Affairs at Novartis Vaccines and Diagnostics and held regulatory affairs leadership roles at multiple other pharmaceutical and biotechnology companies. Ms. Fekete received her MSc at the University of Wales.

Anticipated Milestones

Vaxcyte reaffirmed its previously issued guidance for its pipeline programs.

• 
  VAX-24:
  Vaxcyte expects to submit an Investigational New Drug (IND) application for VAX-24 to the U.S. Food and Drug Administration (FDA) and initiate its Phase 1/2 clinical proof-of-concept study in the second half of 2021. Vaxcyte expects to announce topline data from this study in 2022.

• 
  VAX-A1:
  In 2021, Vaxcyte expects to nominate a final vaccine candidate for VAX-A1, its novel conjugate vaccine designed to provide universal protection from infections caused by Group A Strep bacteria, which include pharyngitis, toxic shock syndrome and necrotizing fasciitis.

• 
  VAX-PG
  
  
  :
  In 2021, Vaxcyte expects to nominate a final vaccine candidate for VAX-PG, its novel therapeutic vaccine designed to treat periodontal disease.

Third
Quarter 2020 Financial Results

• 
  Cash Position:
  Cash and cash equivalents were $397.0 million as of September 30, 2020, compared to $59.0 million as of December 31, 2019, an increase due to Vaxcyte’s IPO in June 2020 and Series D financing in March 2020, which generated net proceeds of $264.0 million and $109.9 million, respectively.

• 
  Research & Development (R&D) Expenses:
  R&D expenses were $16.4 million for the three months ended September 30, 2020 as compared to $9.6 million for the same period in 2019. The increase was due primarily to an increase in manufacturing expenses and outsourced research services related to the Company’s VAX-24 program.

• 
  General
  
  
  & A
  
  
  dministrative
  
  
  (G&A)
  
  
  Expenses:
  G&A expenses were $4.9 million for the three months ended September 30, 2020 as compared to $2.5 million for the same period in 2019. The increase was due primarily to an increase in personnel-related and directors and officers insurance expenses.

• 
  Net Loss
  
  
  :
  For the three months ended September 30, 2020, net loss was $21.0 million, compared to $11.3 million for the three months ended September 30, 2019.

About Vaxcyte

Vaxcyte is a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide. The Company’s cell-free protein synthesis platform, comprising the XpressCF™ platform, exclusively licensed from Sutro Biopharma, Inc., together with Vaxcyte’s proprietary know-how, enables the design and production of protein carriers and antigens, the critical building blocks of vaccines, in ways that the Company believes conventional vaccine technologies currently cannot. Vaxcyte’s lead vaccine candidate, VAX-24, is a preclinical, 24-valent broad-spectrum pneumococcal conjugate vaccine (PCV) being developed for the prevention of invasive pneumococcal disease (IPD). Vaxcyte’s pipeline also includes VAX-XP, a PCV with an expanded breadth of coverage of at least 30 strains, including newly emerging strains responsible for IPD and antibiotic resistance; VAX-A1, a prophylactic vaccine candidate designed to prevent Group A Strep infections; and VAX-PG, a therapeutic vaccine candidate designed to slow or stop the progression of periodontal disease by targeting the keystone pathogen responsible for this chronic, oral inflammatory disease. For more information, visit www.vaxcyte.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to the process and timing of anticipated future development of Vaxcyte’s vaccine candidates, including the submission of an IND and initiation of a Phase 1/2 study of VAX-24 in the second half of 2021 and the announcement of topline data in 2022; the nomination of a final vaccine candidate for VAX-A1 in 2021 and the nomination of a final vaccine candidate for VAX-PG in 2021. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Vaxcyte’s current expectations and actual results and timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, including, without limitation, risks related to Vaxcyte’s product development programs, including development timelines, success and timing of chemistry, manufacturing and controls and related manufacturing activities, potential delays or inability to obtain and maintain required regulatory approvals for its vaccine candidates, and the risks and uncertainties inherent with preclinical and clinical development processes; the success, cost and timing of all development activities and clinical trials; and sufficiency of cash and other funding to support Vaxcyte’s development programs and other operating expenses. These and other risks are described more fully in Vaxcyte’s filings with the Securities and Exchange Commission (SEC), including its Quarterly Report on Form 10-Q filed with the SEC on November 12, 2020 or in other documents Vaxcyte subsequently files with or furnishes to the SEC. Vaxcyte undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations. Readers should not rely upon the information in this press release as current or accurate after its publication date.

Investor Contact:

Andrew Guggenhime, Chief Financial Officer & Chief Business Officer
Vaxcyte, Inc.
650-837-0111
[email protected]

Vaxcyte, Inc.
Condensed Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2020				2019				2020				2019
Operating expenses:
Research and development (1)	$	16,410			$	9,630			$	58,903			$	32,225
General and administrative (1)		4,898				2,510				11,225				6,089
Total operating expenses		21,308				12,140				70,128				38,314
Loss from operations		(21,308	)			(12,140	)			(70,128	)			(38,314	)
Other income (expense), net
Interest expense		—				(9	)			(7	)			(33	)
Interest income		33				120				212				537
Grant income		787				54				2,152				54
Foreign currency transaction losses		(530	)			(186	)			(709	)			(417	)
Change in fair value of the redeemable convertible preferred stock tranche liability		—				844				—				2,520
Total other income (expense), net		290				823				1,648				2,661
Net loss and comprehensive loss	$	(21,018	)		$	(11,317	)		$	(68,480	)		$	(35,653	)
Net loss per share, basic and diluted	$	(0.41	)		$	(2.93	)		$	(3.06	)		$	(9.54	)
Weighted-average shares outstanding, basic and diluted		50,895,358				3,857,298				22,354,212				3,737,779
(1) Amounts include stock-based compensation expense as follows:
Research and development	$	558			$	88			$	1,081			$	262
General and administrative		1,280				178				2,418				548
Total stock-based compensation expense	$	1,838			$	266			$	3,499			$	810
Vaxcyte, Inc.
Summary Consolidated Balance Sheet Data
(in thousands)
(unaudited)
					September 30,				December 31,
						2020				2019
Cash and cash equivalents					$	397,048			$	58,976
Total assets						403,816				65,698
Redeemable convertible preferred stock						—				160,310
Total stockholders’ equity (deficit)						364,075				(106,373	)

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Harpoon Therapeutics, Inc. (NASDAQ: HARP), a clinical-stage immunotherapy company developing novel T cell engagers, today presented preclinical data on HPN601 for the treatment of solid tumors at the 35^th Society for Immunotherapy of Cancer (SITC) virtual annual meeting. HPN601 is the first conditionally active T cell engager program from Harpoon. It targets the tumor antigen epithelial cell adhesion molecule (EpCAM) and is based on Harpoon’s proprietary ProTriTAC™ T cell engager prodrug platform designed to remain inert systemically until its activation in the tumor by tumor-associated proteases and to enable the safe targeting of broadly expressed tumor antigens.

The oral presentation today highlighted the following data:

• The successful use of a humanized rodent tumor xenograft model to assess therapeutic index by simultaneously measuring efficacy and toxicity in the same tumor-bearing animal
• A surrogate EpCAM ProTriTAC has a 10x improved therapeutic index compared to its corresponding constitutively active T cell engager control when measuring efficacy and toxicity in the same animal
• Improved tolerability of HPN601 in non-human primates and more potent anti-tumor activity in a rodent tumor model over the corresponding constitutively active T cell engager control
• Potent anti-tumor activity across multiple EpCAM-expressing tumor models, demonstrating the ability of HPN601 to be activated in multiple tumor types

“ProTriTAC represents a new and improved approach to engineer conditionally active T cell engager prodrugs that are designed to provide enhanced tumor specificity and enable an improved safety profile,” said Holger Wesche, Ph.D., chief scientific officer of Harpoon Therapeutics. “This enables T cell engagers to target tumor antigens that may otherwise be intractable due to expression on normal tissues. The data presented today for HPN601 support this therapeutic approach.”

Preclinical Results Presented for HPN601

The oral presentation at SITC, titled “HPN601 is a protease-activated EpCAM-targeting T cell engager with an improved safety profile for the treatment of solid tumors,” included the results of several preclinical investigations that support further development of this agent for the potential treatment of EpCAM-expressing solid tumors.

EpCAM is a tumor antigen that is broadly and uniformly expressed in many solid tumors; however, expression on some normal tissues has hindered its potential as a therapeutic target due to on-target, off-tumor toxicity as observed in clinical studies from past EpCAM targeted T cell engagers. Local administration of an EpCAM T cell engager was able to minimize normal tissue liability, but is not practical for the treatment of metastatic disease. The goal of developing HPN601, a conditionally active drug candidate, is to target all metastatic tumors by systemic administration and have an acceptable safety profile in line with local administration.

To assess therapeutic index, a humanized rodent tumor xenograft model was used to simultaneously measure efficacy and toxicity. A surrogate molecule of HPN601 was safely administered at a dose 10x higher than the minimal efficacious dose required for durable tumor regression. Higher doses produced clinically relevant toxicity including elevated liver transaminases and bilirubin, body weight loss, and evidence of tissue damage by histopathology. In contrast, a constitutively active EpCAM-targeting T cell engager could only be dosed safely up to its minimum efficacious dose, suggesting that the EpCAM ProTriTAC has a 10x improved therapeutic index.

The improved safely profile of HPN601 was also supported by a toxicokinetic study in non-human primates. HPN601 was better tolerated in non-human primates, with significantly attenuated cytokine production, than its constitutively active T cell engager control. Despite its better safety profile, HPN601 was also more efficacious than its constitutively active T cell engager control in a rodent tumor xenograft model. Taken together, the data indicates that HPN601, as a conditionally active T cell engager, has an expanded therapeutic index compared to a constitutively active T cell engager.

Given the breadth of EpCAM-expressing tumors, HPN601 was also assessed for its ability to be processed in different tumor types. HPN601 was tested in four different tumor xenograft models. Tumor regression was found in all four tumor models, with very good potency in three of the four models tested. This observation shows that HPN601, as a prodrug requiring proteolytic activation in the tumor, can be processed and activated in multiple tumor types.

Based on these encouraging preclinical data, as well as other preclinical and manufacturability assessments, HPN601 has been nominated as a clinical candidate and IND-enabling studies are now underway.

A copy of the presentation will be available on the company’s website at https://ir.harpoontx.com/events-and-presentations shortly after the event.

About ProTriTAC
™

Harpoon designed the ProTriTAC™ platform to expand the universe of addressable targets and indications for T cell engagers. IND enabling studies are underway for the first ProTriTAC™ clinical candidate, HPN601. ProTriTAC™ applies a prodrug concept to create a therapeutic T cell engager that remains inactive until it reaches the tumor. Upon entering a tumor, tumor-associated proteases cleave off the blocking domain of the ProTriTAC™, thereby enabling the engagement of T cells to subsequently kill tumor cells. This activation process also diminishes the half-life of the resulting T cell engager. If active molecules leave the tumor tissue, they are rapidly eliminated from the body, further limiting the potential side effects in normal tissues.

About
Harpoon
Therapeutics

Harpoon Therapeutics is a clinical-stage immunotherapy company developing a novel class of T cell engagers that harness the power of the body’s immune system to treat patients suffering from cancer and other diseases. T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells. Using its proprietary Tri-specific T cell Activating Construct (TriTAC^®) platform, Harpoon is developing a pipeline of novel TriTACs initially focused on the treatment of solid tumors and hematologic malignancies. HPN424 targets PSMA and is in a Phase 1/2a trial for metastatic castration-resistant prostate cancer. HPN536 targets mesothelin and is in a Phase 1/2a trial for cancers expressing mesothelin, initially focused on ovarian and pancreatic cancers. HPN217 targets BCMA and is in a Phase 1/2 trial for relapsed, refractory multiple myeloma. HPN328 targets DLL3 and Harpoon plans to initiate a Phase 1/2 trial in the fourth quarter of 2020. Harpoon has also developed a proprietary ProTriTAC™ platform, which applies a prodrug concept to its TriTAC platform to create a therapeutic T cell engager that remains inactive until it reaches the tumor. For additional information about Harpoon Therapeutics, please visit www.harpoontx.com.

Cautionary Note on Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “target,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Harpoon Therapeutics’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Harpoon Therapeutics’ clinical development programs, future results or performance to differ significantly from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, scope and anticipated results of clinical trials, the timing of the presentation of data, the association of data with potential treatment outcomes, the development and advancement of product candidates, the timing of development milestones for product candidates, and the anticipated potential impacts to Harpoon Therapeutics’ business from the ongoing COVID-19 pandemic. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during clinical studies, clinical trial site activation or enrollment rates that are lower than expected, unanticipated or greater than anticipated impacts or delays due to COVID-19, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, and unexpected litigation or other disputes. Other factors that may cause Harpoon Therapeutics’ actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Harpoon Therapeutics’ filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Harpoon Therapeutics assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contacts
:

Harpoon Therapeutics, Inc.
Georgia Erbez
Chief Financial Officer
650-443-7400
[email protected]

Westwicke ICR
Robert H. Uhl
Managing Director
858-356-5932
[email protected]