TNGX - RAPT Therapeutics Repare Therapeutics GlycoMimetics among biotechs to disclose exposure to Silicon Valley Bank

2023-03-13 04:02:42 ET

In wake of the bank's collapse with turmoil surrounding Silicon Valley Bank, several smaller pharma, biotech companies and health care equipment have come out and said they have exposure to FDIC-shuttered Silicon Valley Bank ( SIVB ).

Among the biotech companies RAPT Therapeutics ( RAPT ) said that it has ~$2 million of cash at Silicon Valley Bank, according to an SEC filing .

Repare Therapeutics ( RPTX ) disclosed that as of March 9, 2023, the firm had less than 2% of its cash, cash equivalents and marketable securities at Silicon Valley Bank ( SIVB ), according to an SEC filing.

Tango Therapeutics ( TNGX ) is currently assessing the potential impacts associated with SVB’s closure, and does not expect its exposure to SVB will require any change to its previously provided guidance that it has sufficient cash, cash equivalents and marketable securities to fund operations into 2025.

GlycoMimetics ( GLYC ) currently holds cash deposits of ~$2 million at Silicon Valley Bank ( SIVB ), which the company considers to be immaterial to its liquidity, according to an SEC filing .

Syros Pharmaceuticals ( SYRS ) discloses that it has two deposit accounts at Silicon Valley Bank . One of these accounts has a balance of less than $250,000, and the other has a balance of ~$3.1 million pursuant to a letter of credit, which amount is classified as restricted cash on the Company’s consolidated balance sheet as of December 31, 2022, according to an SEC filing.

SYRS reaffirms its estimate that its cash, cash equivalents and marketable securities will be sufficient to fund its planned operating expense and capital expenditure requirements into the second quarter of 2025.

Aptose Biosciences ( APTO ) held a deposit account at SVB with ~$0.3 million in excess of the $250,000 FDIC-insured limit.

Aptose does not believe these amounts represent a material portion of its cash and cash equivalents. The company does not expect any material impact on operations, payroll, or ongoing clinical trials.

Among pharma, Wave Life Sciences ( WVE ) considers its direct exposure to SVB’s receivership as immaterial , given that the aggregate amount of the company’s cash and restricted cash held at SVB is ~$1.5 million, which is below the FDIC-insured amount of $250,000, according to an SEC filing.

Though not a biotech or pharma, Accuray Incorporated ( ARAY ) said that cash held at SVB is below the FDIC-insured limit of $250,000 and that Accuray holds no securities at SVB.

Also read about, Roblox, Quotient Technology disclose their exposure to SVB in SEC filings ; Sangamo, Protagonist, and Eiger among biotechs with exposure to Silicon Valley Bank .

Also read about tech, banking and other sectors exposure to SVB, Payoneer, Unity Software, BILL among others to disclose exposure to Silicon Valley Bank .

Relevant read: PNC, RBC not to bid for Silicon Valley Bank - report ; HSBC acquires Silicon Valley Bank UK.

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