Aduro Biotech Reports First Quarter 2018 Financial Results
May 02 2018 - 4:01PM
Aduro Biotech, Inc. (NASDAQ:ADRO) today reported financial results
for the first quarter ended March 31, 2018. Net loss for the first
quarter of 2018 was $21.5 million, or $0.28 per share, compared to
net loss of $21.8 million, or $0.32 per share, for the same period
in 2017.
Recent Developments:
- Reported preclinical data on ADU-S100, BION-1301 and ADU-1604
at the American Association for Cancer Research
- Reported initial observations from the first patient treated
with our personalized neoantigen-based immunotherapy
- Received a milestone payment from Merck for initiation of a
Phase 1 trial of our anti-CD27 antibody for patients with advanced
solid tumors
Cash, cash equivalents and marketable securities
totaled $327.8 million at March 31, 2018, compared to $349.7
million at December 31, 2017.
Revenue was $6.6 million for the first quarter
of 2018 compared to $3.8 million for the same period in 2017. The
increase of $2.8 million was primarily due to a $3.0 million
milestone payment received from Merck for initiation of a Phase 1
trial for our anti-CD27 antibody.
Research and development expenses were $20.1
million for the first quarter of 2018 compared to $20.6 million for
the same period in 2017. The decrease of $0.5 million was due
to lower contract manufacturing expense of $3.1 million primarily
related to BION-1301, partially offset by increases in clinical
development and contract research expenses for our ongoing programs
including ADU-S100, BION-1301, ADU-1604 and our personalized
neoantigen-based immunotherapy, as well as increases in stock-based
compensation and personnel related expenses.
General and administrative expenses were $9.0
million for the first quarter of 2018 compared to $8.3 million for
the same period in 2017. The increase of $0.7 million was driven
primarily by legal fees associated with our patent portfolio and
higher stock-based compensation expense, partially offset by
decreased compensation expense.
Income tax benefit was approximately $21
thousand for the first quarter of 2018 compared to an income tax
benefit of $2.8 million for the same period in 2017. The income tax
benefit for 2017 related to federal income tax benefit associated
with the carryback of the 2017 losses.
About Aduro
Aduro Biotech, Inc. is an immunotherapy
company focused on the discovery, development and commercialization
of therapies that are intended to transform the treatment of
challenging diseases. Aduro's technology platforms, which are
designed to harness the body's natural immune system, are being
investigated in cancer indications and have the potential to expand
into autoimmune and infectious diseases. Aduro's STING Pathway
Activator platform is designed to activate the STING receptor in
immune cells, resulting in a potent tumor-specific immune response.
ADU-S100 is the first STING Pathway Activator compound to enter the
clinic and is currently being evaluated in both a Phase 1
monotherapy study as well as a Phase 1b combination study with an
anti-PD1 immune checkpoint inhibitor. Aduro’s B-select monoclonal
antibody platform, including BION-1301, an anti-APRIL antibody, is
comprised of a number of immune modulating assets in research and
development. Aduro's pLADD program is based on proprietary
attenuated strains of Listeria that have been engineered
to express tumor neoantigens that are specific to an individual
patient’s tumor. Other Listeria strains for lung and
prostate cancers are being advanced by a partner. Aduro is
collaborating with leading global pharmaceutical companies to
expand its products and technology platforms. For more information,
please visit www.aduro.com.
Cautionary Note on Forward-Looking
Statements
This press release contains forward-looking
statements for purposes of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding our intentions or current
expectations concerning, among other things, the potential for our
technology and our ability to advance our drug development programs
on our own or with our collaborators. In some cases you can
identify these statements by forward-looking words such as “may,”
“will,” “continue,” “anticipate,” “intend,” “could,” “project,”
“expect” or the negative or plural of these words or similar
expressions. Forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties that could cause actual results and events to differ
materially from those anticipated, including, but not limited to,
our history of net operating losses and uncertainty regarding our
ability to achieve profitability, our ability to develop and
commercialize our product candidates, our ability to use and expand
our technology platforms to build a pipeline of product candidates,
our ability to obtain and maintain regulatory approval of our
product candidates, our ability to operate in a competitive
industry and compete successfully against competitors that have
greater resources than we do, our reliance on third parties, and
our ability to obtain and adequately protect intellectual property
rights for our product candidates. We discuss many of
these risks in greater detail under the heading “Risk Factors”
contained in our annual report on Form 10-K for the year ended
December 31, 2017, filed with the Securities and Exchange
Commission on March 1, 2018, and our quarterly report on Form 10-Q
for the quarter ended March 31, 2018, to be filed with the
Securities and Exchange Commission. Forward-looking statements are
not guarantees of future performance, and our actual results of
operations, financial condition and liquidity, and the development
of the industry in which we operate, may differ materially from the
forward-looking statements contained in this press release. Any
forward-looking statements that we make in this press release speak
only as of the date of this press release. We assume no obligation
to update our forward-looking statements whether as a result of new
information, future events or otherwise, after the date of this
press release.
ADURO BIOTECH,
INC.Condensed Consolidated Statements of
Operations(In thousands, except share and per
share amounts)(Unaudited)
|
Three Months Ended March 31, |
|
|
2018 |
|
|
2017 |
|
Revenue: |
|
|
|
|
|
|
|
Collaboration and license revenue |
$ |
6,627 |
|
|
$ |
3,772 |
|
Total revenue |
|
6,627 |
|
|
|
3,772 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
20,128 |
|
|
|
20,572 |
|
General and administrative |
|
9,045 |
|
|
|
8,278 |
|
Amortization of intangible assets |
|
152 |
|
|
|
132 |
|
Total operating expenses |
|
29,325 |
|
|
|
28,982 |
|
Loss
from operations |
|
(22,698 |
) |
|
|
(25,210 |
) |
Interest income |
|
1,199 |
|
|
|
650 |
|
Other loss, net |
|
(16 |
) |
|
|
(4 |
) |
Loss
before income tax |
|
(21,515 |
) |
|
|
(24,564 |
) |
Income tax benefit |
|
21 |
|
|
|
2,752 |
|
Net
loss |
$ |
(21,494 |
) |
|
$ |
(21,812 |
) |
Net
loss per common share, basic and diluted |
$ |
(0.28 |
) |
|
$ |
(0.32 |
) |
Shares used in computing net loss per common share,
basic and diluted |
|
77,906,645 |
|
|
|
68,242,360 |
|
|
ADURO BIOTECH,
INC.Condensed Consolidated Balance
Sheets(In thousands, except share
amounts)(Unaudited)
|
March 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
100,279 |
|
$ |
157,614 |
|
Short-term marketable securities |
|
207,029 |
|
|
168,489 |
|
Accounts receivable |
|
702 |
|
|
989 |
|
Income tax receivable |
|
17,495 |
|
|
17,495 |
|
Prepaid expenses and other current assets |
|
5,309 |
|
|
5,544 |
|
Total current assets |
|
330,814 |
|
|
350,131 |
|
Long-term marketable securities |
|
20,541 |
|
|
23,614 |
|
Property and equipment, net |
|
30,168 |
|
|
31,085 |
|
Goodwill |
|
8,972 |
|
|
8,723 |
|
Intangible assets, net |
|
31,843 |
|
|
31,107 |
|
Restricted cash |
|
468 |
|
|
468 |
|
Total
assets |
$ |
422,806 |
|
$ |
445,128 |
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
1,847 |
|
$ |
1,150 |
|
Accrued clinical trial and manufacturing expenses |
|
3,876 |
|
|
5,898 |
|
Accrued expenses and other liabilities |
|
8,569 |
|
|
12,601 |
|
Contingent consideration |
|
7,172 |
|
|
6,829 |
|
Deferred revenue |
|
14,882 |
|
|
14,923 |
|
Total current liabilities |
|
36,346 |
|
|
41,401 |
|
Deferred rent |
|
11,109 |
|
|
9,991 |
|
Contingent consideration |
|
999 |
|
|
759 |
|
Deferred revenue |
|
169,857 |
|
|
148,148 |
|
Deferred tax liabilities |
|
6,704 |
|
|
6,538 |
|
Other
long-term liabilities |
|
832 |
|
|
818 |
|
Total liabilities |
|
225,847 |
|
|
207,655 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock |
|
— |
|
|
— |
|
Common stock |
|
8 |
|
|
8 |
|
Additional paid-in capital |
|
524,997 |
|
|
519,435 |
|
Accumulated other comprehensive income |
|
2,621 |
|
|
1,893 |
|
Accumulated deficit |
|
(330,667 |
) |
|
(283,863 |
) |
Total stockholders’ equity |
|
196,959 |
|
|
237,473 |
|
Total
liabilities and stockholders’ equity |
$ |
422,806 |
|
$ |
445,128 |
|
|
|
Contact: |
Media
Contact: |
Jennifer
Lew |
Aljanae
Reynolds |
Chief Financial
Officer |
510-809-2452 |
510-809-4816 |
press@aduro.com |
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