~ KEVEYIS® (dichlorphenamide)
Fourth Quarter and Full-Year 2017 Revenue of $3.0 Million and $7.0
Million, Respectively ~
Strongbridge Biopharma plc, (Nasdaq:SBBP), a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs, today reported financial results for
the full year and fourth quarter ended December 31, 2017.
“2017 was a defining year for Strongbridge,
marked by rapid transformation and growth as we became a
revenue-generating rare disease company. As a result of the early
launch uptake of KEVEYIS, the first and only FDA-approved treatment
for Primary Periodic Paralysis (PPP), we made the
decision to more than double our field-based team in the fourth
quarter to meet growing market demand and position us for success
in 2018 and beyond. This expanded investment reflects the
significant opportunity in the market, the need to raise awareness
of this ultra-rare disease and our commitment to patient
communities, such as PPP, that may otherwise go ignored,"
said Matthew Pauls, president and chief executive officer of
Strongbridge Biopharma.
“In 2017, we completed enrollment in SONICS, our
pivotal Phase 3 study of RECORLEV™ (levoketoconazole) in Cushing’s
syndrome and look forward to top-line results in mid-2018. We are
also excited to launch our second rare disease product, MACRILEN™
(macimorelin), in the middle of the year,” Pauls added.
Full-Year 2017 Corporate & Financial
Highlights
Early Launch Success with KEVEYIS
Demonstrates Significant Market Opportunity:
- Achieved net product sales of $3.0 million during the fourth
quarter of 2017, a 20% increase compared to $2.5 million in the
third quarter.
- Expanded the Company’s rare neuromuscular field-based team from
12 to 21 sales representatives, along with the addition of three
regional business directors and three patient access managers.
- Launched the no-cost Uncovering Periodic Paralysis genetic
testing program at the end of the third quarter.
- Full-year 2018 revenue guidance for KEVEYIS of $16 to $19
million.
RECORLEV Phase 3 Clinical Development
Program Continues to Progress
- Completed target enrollment in the Phase 3 SONICS study in the
second quarter of 2017. Top-line results from SONICS are
anticipated in mid-2018.
- Began activating sites for the Phase 3 LOGICS study in the
fourth quarter of 2017, with dosing of the first patients
anticipated in the first quarter of 2018 and availability of
top-line data expected in the first quarter of 2019.
- Two Data and Safety Monitoring Board (DSMB) reviews were held
in 2017. In each case, the DSMB recommended that the Phase 3 SONICS
study continue as planned with no protocol changes.
Strongbridge Financial and Marketplace Position
Strengthened by a Number of Recent Key Events:
- Acquired the U.S. and Canadian rights to MACRILEN in January
2018. In conjunction, completed a public offering of ordinary
shares raising net proceeds of $33.3 million and amended the
Company’s existing senior credit facility with CRG LP to increase
total potential borrowing from $50 million to $100 million.
- Completed a public offering of ordinary shares in October 2017,
raising net proceeds of $23.4 million.
- Company added to the Russell 3000®Index in June 2017 and the
NASDAQ Biotech Index in December 2017.
Strongbridge will host an Investor and Analyst
Day in New York City on Thursday, April 5, 2018 in which management
and external opinion leaders will discuss the Company's clinical
development progress and commercial priorities for 2018.
Fourth Quarter 2017 Financial
ResultsFor the three months ended December 31, 2017, basic
and diluted net loss attributable to ordinary shareholders on a
GAAP basis was $18.7 million, or $0.47 per share, compared to a
basic net loss attributable to ordinary shareholders of $16.0
million, or $0.71 per share, for the same period in 2016. Net
loss for the three months ended December 31, 2017 was higher than
the same period in 2016 primarily due to increased operating
expenses associated with the commercialization of KEVEYIS, which
was launched in April 2017, and an unrealized loss on the fair
value of warrants, offset in part by net revenues recorded from
KEVEYIS product sales and a non-cash impairment charge recorded in
2016 related to in-process research and development recorded for
the veldoreotide program.
For the three months ended December 31, 2017,
non-GAAP basic and diluted net loss attributable to ordinary
shareholders was $12.3 million, or $0.31 per share, compared to a
non-GAAP basic net loss attributable to ordinary shareholders of
$6.0 million, or $0.27 per share, for the same period in 2016. The
increase in non-GAAP net loss was primarily due to increased
operating expenses associated with the commercialization of
KEVEYIS, which was launched in April 2017, offset in part by net
revenues recorded from KEVEYIS product sales.
Non-GAAP net loss for the three months ended
December 31, 2017 excludes $1.3 million of non-cash intangible
asset amortization, $1.3 million of non-cash stock-based
compensation expense, $0.6 million of non-cash interest expense,
$2.0 million of non-cash unrealized losses on fair value of
warrants, and a $1.2 million non-cash income tax expense. Non-GAAP
net loss for the three months ended December 31, 2016 excludes a
$10.6 million non-cash intangible asset impairment charge, $1.1
million of non-cash stock-based compensation expense and a $1.7
million non-cash income tax benefit.
As a result of the April 2017 KEVEYIS launch,
the Company recorded net revenues of $3.0 million and cost of goods
sold of $0.5 million for the three months ended December 31, 2017.
No revenue or cost of goods sold was recognized for the same period
of 2016.
Research and development expenses were $5.1
million for the three months ended December 31, 2017, compared to
$4.1 million for the same period in the prior year. The increase
during the 2017 period was primarily due to the RECORLEV LOGICS
clinical trial.
Selling, general and administrative expenses
were $10.2 million for the three months ended December 31, 2017,
compared to $3.6 million for the same period in the prior year. The
increase during the 2017 period was primarily due to costs incurred
to establish the commercial and corporate infrastructure necessary
to support the launch and ongoing commercialization of KEVEYIS.
Full-Year 2017 Financial
ResultsFor the twelve months ended December 31, 2017,
basic and diluted net loss attributable to ordinary shareholders on
a GAAP basis was $113.5 million, or $3.11 per share, compared to a
basic net loss attributable to ordinary shareholders of $48.6
million, or $2.26 per share, for the same period in 2016. The net
loss for the twelve months ended December 31, 2017 included $54.4
million in charges consisting of a non-cash unrealized loss of
$30.2 million on the fair value of the Company’s warrant liability,
a non-cash impairment charge of $20.7 million related to in-process
research and development recorded for the veldoreotide program, and
a loss of $3.5 million on the early extinguishment of debt that was
repaid in July 2017 in connection with establishing a new credit
facility. The net loss for the twelve months ended December 31,
2016 included non-cash intangible asset impairment charges of $15.8
million. Net loss for the twelve months ended December 31, 2017 was
also higher than the same period in 2016 due to increased operating
expenses associated with the commercialization of KEVEYIS, which
was launched in April 2017, offset in part by net revenues recorded
from KEVEYIS product sales.
For the twelve months ended December 31, 2017,
non-GAAP basic and diluted net loss attributable to ordinary
shareholders was $47.9 million, or $1.31 per share, compared to a
non-GAAP basic net loss attributable to ordinary shareholders of
$31.4 million, or $1.46 per share, for the same period in 2016. The
increase in non-GAAP net loss was primarily due to increased
operating expenses associated with the commercialization of
KEVEYIS, which was launched in April 2017, offset in part by net
revenues recorded from KEVEYIS product sales and lower research and
development expenses.
Non-GAAP net loss for the twelve months ended
December 31, 2017 excludes $5.0 million of non-cash intangible
asset amortization, a $20.7 million non-cash intangible asset
impairment charge, $5.2 million of non-cash stock-based
compensation expense, $30.2 million of non-cash unrealized losses
on fair value of warrants, $2.8 million of non-cash interest and
debt extinguishment expense, and $1.6 million of non-cash income
tax expense. Non-GAAP net loss for the twelve months ended December
31, 2016 excludes $15.8 million of non-cash intangible asset
impairment charges, $4.6 million of non-cash stock-based
compensation expense, $0.6 million of non-cash unrealized gains on
fair value of warrants, and a $2.6 million non-cash income tax
benefit.
As a result of the April 2017 KEVEYIS launch,
the Company recorded net revenues of $7.0 million and cost of goods
sold of $1.5 million for the twelve months ended December 31, 2017.
No revenue or cost of goods sold was recognized for the same period
of 2016.
Research and development expenses were $17.3
million for the twelve months ended December 31, 2017, compared to
$20.0 million for the same period in the prior year. The decrease
during the 2017 period was primarily due to a planned decrease in
development activity for veldoreotide, and decreased development
spend related to programs discontinued during 2016.
Selling, general and administrative expenses
were $36.3 million for the twelve months ended December 31, 2017,
compared to $14.9 million for the same period in the prior year.
The increase during the 2017 period was primarily due to costs
incurred to establish the necessary commercial and corporate
infrastructure to support the launch and ongoing commercialization
of KEVEYIS.
Strongbridge had $57.5 million of cash and cash
equivalents and $40.0 million in outstanding debt as of December
31, 2017, compared to $66.8 million of cash and cash equivalents
and $20.0 million in outstanding debt as of December 31, 2016.
After adjusting for the net proceeds of the debt and equity
financings completed in the first quarter of 2018 and the costs to
acquire MACRILEN in January 2018, Strongbridge had pro forma cash
and cash equivalents of $110.6 million and pro forma outstanding
debt of $85.0 million as of December 31, 2017. The Company
believes the combination of existing cash resources and anticipated
additional borrowings available under its credit facility will
provide sufficient cash resources under its current operating plan,
which includes the commercial launch of MACRILEN and the potential
U.S. regulatory approval and launch of RECORLEV, to achieve
consistent positive cash flows from operating activities.
Conference Call
Information Strongbridge will host a conference call
on Monday, March 12 at 8:30 a.m. ET. To access the
live call, dial 844-285-7153 (domestic) or 478-219-0180
(international) with conference ID 6497969. The conference call
will also be audio webcast from the Company’s website
at www.strongbridgebio.com under the “Investor/Webcasts
and Presentations” section. A replay of the call will be made
available for one week following the conference call. To hear a
replay of the call, dial 855-859-2056 (domestic) or 404-537-3406
(international) with conference ID 6497969.
About Strongbridge BiopharmaStrongbridge
Biopharma is a global commercial-stage biopharmaceutical
company focused on the development and commercialization of
therapies for rare diseases with significant unmet needs.
Strongbridge's commercial portfolio within its rare neuromuscular
and rare endocrine franchises includes KEVEYIS®(dichlorphenamide),
the first and only FDA-approved treatment for hyperkalemic,
hypokalemic, and related variants of primary periodic paralysis,
and MACRILEN™ (macimorelin), the first and only FDA-approved
oral drug indicated for the diagnosis of adult growth hormone
deficiency. The Company’s rare endocrine franchise also includes a
clinical-stage pipeline of therapies:
RECORLEV™ (levoketoconazole), a cortisol
synthesis inhibitor currently being studied for the treatment of
endogenous Cushing's syndrome, and veldoreotide, a next-generation
somatostatin analog being investigated for the treatment of
acromegaly and potential additional applications in other
conditions amenable to somatostatin receptor activation.
About KEVEYIS
KEVEYIS® (dichlorphenamide) is indicated for the treatment of
primary hyperkalemic periodic paralysis, primary hypokalemic
periodic paralysis, and related variants. In clinical studies, the
most common side effects of KEVEYIS were a numbness or tingling,
difficulty thinking and paying attention, changes in taste, and
confusion. These are not all of the possible side effects that you
may experience with KEVEYIS. Talk to your doctor if you have any
symptoms that bother you or do not go away. You are encouraged to
report side effects to Strongbridge Biopharma at 1-855-324-8912, or
to the FDA at 1-800-FDA-1088 or visit www.fda.gov/medwatch/.
For additional KEVEYIS important safety information and the
full prescribing information visit www.keveyis.com.
About MACRILEN MACRILEN™
(macimorelin) is a prescription oral solution that is used to test
for adult growth hormone deficiency (AGHD). In clinical
studies, the most common side effects of MACRILEN were changed
sense of taste, dizziness, headache, fatigue, nausea, hunger,
diarrhea, upper respiratory tract infection, feeling hot, excessive
sweating, sore nose and throat, and decreased heart rate.
These are not all of the possible side effects that you may
experience with MACRILEN. Call your healthcare provider for medical
advice about side effects. You are encouraged to report side
effects to Strongbridge at 1-855-324-8912, or to the FDA at
1-800-FDA-1088 or
visit www.strongbridgebio.com/products/macrilen/. Please
see Full Prescribing Information for additional important MACRILEN
safety information.
Forward-Looking Statements This
press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, contained in this press release,
are forward-looking statements. These statements relate to future
events and involve known and unknown risks, including, without
limitation, uncertainties regarding Strongbridge's strategy, plans,
future financial position, anticipated investments, costs and
results, outcomes of product development efforts, status and
results of clinical trials, and objectives of management for future
operations. The words "anticipate," "estimate," "expect," "intend,"
"may," "plan," "potential," "project," "target," "will," "would,"
or the negative of these terms or other 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 current expectations,
estimates, forecasts and projections and are not guarantees of
future performance or development and involve known and unknown
risks, uncertainties and other factors. The forward-looking
statements contained in this press release are made as of the date
of this press release, and Strongbridge Biopharma does
not assume any obligation to update any forward-looking statements
except as required by applicable law.
Contacts:
Corporate and Media Relations Elixir Health
Public Relations Lindsay Rocco +1 862-596-1304
lrocco@elixirhealthpr.com
Investor RelationsU.S.:The Trout Group Marcy
Nanus +1 646-378-2927 mnanus@troutgroup.com
Europe:First HouseMitra Hagen Negård+47 21 04
62 19strongbridgebio@firsthouse.no
USA 900 Northbrook Drive Suite 200 Trevose,
PA 19053 Tel. +1 610-254-9200 Fax. +1 215-355-7389
|
|
STRONGBRIDGE BIOPHARMA plc |
|
Select Consolidated Balance Sheet
Information |
|
(Unaudited, in thousands, except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
2017 |
|
|
2016 |
|
|
( in thousands) |
|
Consolidated
Balance Sheet Data: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
57,510 |
|
|
$ |
66,837 |
|
Total
assets |
|
|
103,925 |
|
|
|
137,531 |
|
Long-term debt, net |
|
|
37,794 |
|
|
|
18,434 |
|
Total
liabilities |
|
|
115,839 |
|
|
|
70,559 |
|
Total
stockholders’ (deficit) equity |
|
|
(11,914 |
) |
|
|
66,972 |
|
|
|
|
|
|
|
|
|
STRONGBRIDGE BIOPHARMA plc |
|
Consolidated Statement of Operations and
Comprehensive Loss |
|
(Unaudited, in thousands, except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statement of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
product sales |
$ |
2,984 |
|
|
$ |
- |
|
|
$ |
7,046 |
|
|
$ |
- |
|
|
Total revenues |
|
2,984 |
|
|
|
- |
|
|
|
7,046 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales (excluding amortization of intangible asset) |
$ |
515 |
|
|
$ |
— |
|
|
$ |
1,483 |
|
|
$ |
— |
|
|
Selling,
general and administrative |
|
10,224 |
|
|
|
3,615 |
|
|
|
36,292 |
|
|
|
14,875 |
|
|
Research
and development |
|
5,155 |
|
|
|
4,141 |
|
|
|
17,268 |
|
|
|
20,023 |
|
|
Amortization of intangible asset |
|
1,255 |
|
|
|
— |
|
|
|
5,022 |
|
|
|
— |
|
|
Impairment of intangible assets |
|
— |
|
|
|
10,600 |
|
|
|
20,723 |
|
|
|
15,828 |
|
|
Total
cost and expenses |
|
17,149 |
|
|
|
18,356 |
|
|
|
80,788 |
|
|
|
50,726 |
|
|
Operating loss |
|
(14,165 |
) |
|
|
(18,356 |
) |
|
|
(73,742 |
) |
|
|
(50,726 |
) |
|
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on fair value of warrants |
|
(2,024 |
) |
|
|
— |
|
|
|
(30,218 |
) |
|
|
638 |
|
|
Interest
expense |
|
(1,475 |
) |
|
|
(20 |
) |
|
|
(4,313 |
) |
|
|
(20 |
) |
|
Foreign
exchange gain (loss) |
|
(5 |
) |
|
|
638 |
|
|
|
(41 |
) |
|
|
(69 |
) |
|
Loss on
early extinguishment of debt |
|
— |
|
|
|
(5 |
) |
|
|
(3,545 |
) |
|
|
— |
|
|
Other
income (expense), net |
|
41 |
|
|
|
30 |
|
|
|
147 |
|
|
|
(1,180 |
) |
|
Total
other income (expense), net |
|
(3,463 |
) |
|
|
643 |
|
|
|
(37,970 |
) |
|
|
(631 |
) |
|
Loss before income
taxes |
|
(17,628 |
) |
|
|
(17,713 |
) |
|
|
(111,712 |
) |
|
|
(51,357 |
) |
|
Income tax (expense)
benefit |
|
(1,119 |
) |
|
|
1,712 |
|
|
|
(1,771 |
) |
|
|
2,638 |
|
|
Net loss |
|
(18,747 |
) |
|
|
(16,001 |
) |
|
|
(113,483 |
) |
|
|
(48,719 |
) |
|
Net loss attributable
to non‑controlling interest |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
122 |
|
|
Net loss attributable
to Strongbridge Biopharma |
$ |
(18,747 |
) |
|
$ |
(16,001 |
) |
|
$ |
(113,483 |
) |
|
$ |
(48,597 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(18,747 |
) |
|
$ |
(16,001 |
) |
|
$ |
(113,483 |
) |
|
$ |
(48,597 |
) |
|
Diluted |
$ |
(18,747 |
) |
|
$ |
(16,639 |
) |
|
$ |
(113,483 |
) |
|
$ |
(49,236 |
) |
|
Net loss per share
attributable to ordinary shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.47 |
) |
|
$ |
(0.71 |
) |
|
$ |
(3.11 |
) |
|
$ |
(2.26 |
) |
|
Diluted |
$ |
(0.47 |
) |
|
$ |
(0.73 |
) |
|
$ |
(3.11 |
) |
|
$ |
(2.27 |
) |
|
Weighted-average shares
used in computing net loss per share attributable to ordinary
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
39,753,550 |
|
|
|
22,577,766 |
|
|
|
36,544,825 |
|
|
|
21,550,353 |
|
|
Diluted |
|
39,753,550 |
|
|
|
22,682,977 |
|
|
|
36,544,825 |
|
|
|
21,655,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRONGBRIDGE BIOPHARMA plc |
|
Reconciliation of Non-GAAP Financial
Measures |
|
(Unaudited, in thousands, except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2017 |
|
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($14,165 |
) |
|
($17,628 |
) |
|
($18,747 |
) |
|
($0.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible asset (a) |
|
$1,255 |
|
|
$1,255 |
|
|
$1,255 |
|
|
$0.03 |
|
|
|
Stock-based
compensation - Research & Development (b) |
$318 |
|
|
$318 |
|
|
$318 |
|
|
$0.01 |
|
|
|
Stock-based
compensation - Selling, General & Admin. (b) |
$986 |
|
|
$986 |
|
|
$986 |
|
|
$0.02 |
|
|
|
Unrealized
loss on fair value of warrants (c) |
|
|
— |
|
|
$2,024 |
|
|
$2,024 |
|
|
$0.05 |
|
|
|
Non-cash
interest and debt extinguishment expenses (d) |
|
— |
|
|
$599 |
|
|
$599 |
|
|
$0.02 |
|
|
|
Non-cash
income tax expense (e) |
|
|
|
— |
|
|
|
— |
|
|
$1,247 |
|
|
$0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($11,606 |
) |
|
($12,446 |
) |
|
($12,318 |
) |
|
($0.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2016 |
|
|
|
|
|
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($18,356 |
) |
|
($17,713 |
) |
|
($16,001 |
) |
|
($0.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Impairment
of intangible asset (a) |
|
|
$10,600 |
|
|
$10,600 |
|
|
$10,600 |
|
|
$0.47 |
|
|
|
Stock-based
compensation - Research & Development (b) |
$200 |
|
|
$200 |
|
|
$200 |
|
|
$0.01 |
|
|
|
Stock-based
compensation - Selling, General & Admin. (b) |
$886 |
|
|
$886 |
|
|
$886 |
|
|
$0.04 |
|
|
|
Non-cash
income tax benefit (e) |
|
|
|
— |
|
|
|
— |
|
|
($1,712 |
) |
|
($0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($6,670 |
) |
|
($6,027 |
) |
|
($6,027 |
) |
|
($0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRONGBRIDGE BIOPHARMA plc |
|
Reconciliation of Non-GAAP Financial
Measures |
|
(Unaudited, in thousands, except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
2017 |
|
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($73,742 |
) |
|
($111,712 |
) |
|
($113,483 |
) |
|
($3.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible asset (a) |
|
$5,022 |
|
|
$5,022 |
|
|
$5,022 |
|
|
$0.14 |
|
|
|
Impairment
of intangible asset (a) |
|
|
$20,723 |
|
|
$20,723 |
|
|
$20,723 |
|
|
$0.57 |
|
|
|
Stock-based
compensation - Research & Development (b) |
$1,140 |
|
|
$1,140 |
|
|
$1,140 |
|
|
$0.03 |
|
|
|
Stock-based
compensation - Selling, General & Admin. (b) |
$4,027 |
|
|
$4,027 |
|
|
$4,027 |
|
|
$0.11 |
|
|
|
Unrealized
loss on fair value of warrants (c) |
|
|
— |
|
|
$30,218 |
|
|
$30,218 |
|
|
$0.83 |
|
|
|
Non-cash
interest expense and loss on early extinguishment of debt (d) |
|
— |
|
|
$2,812 |
|
|
$2,812 |
|
|
$0.08 |
|
|
|
Non-cash
income tax expense (e) |
|
|
|
— |
|
|
|
— |
|
|
$1,644 |
|
|
$0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($42,830 |
) |
|
($47,770 |
) |
|
($47,897 |
) |
|
($1.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
2016 |
|
|
|
|
|
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($50,726 |
) |
|
($51,357 |
) |
|
($48,597 |
) |
|
($2.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Impairment
of intangible asset (a) |
|
|
$15,828 |
|
|
$15,828 |
|
|
$15,828 |
|
|
$0.73 |
|
|
|
Stock-based
compensation - Research & Development (b) |
$601 |
|
|
$601 |
|
|
$601 |
|
|
$0.03 |
|
|
|
Stock-based
compensation - Selling, General & Admin. (b) |
$4,006 |
|
|
$4,006 |
|
|
$4,006 |
|
|
$0.19 |
|
|
|
Unrealized
gain on fair value of warrants (c) |
|
|
|
($638 |
) |
|
($638 |
) |
|
($0.03 |
) |
|
|
Non-cash
income tax benefit (e) |
|
|
|
— |
|
|
|
— |
|
|
($2,638 |
) |
|
($0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($30,291 |
) |
|
($31,560 |
) |
|
($31,438 |
) |
|
($1.46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The effects of amortization of the
intangible assets and charges related to the impairment of the
intangible assets are excluded because these charges are non-cash,
and we believe such exclusion facilitates investors’ ability to
more accurately compare our operating results to those of our peer
companies.
(b) The effects of non-cash employee stock-based
compensation are excluded because of varying available valuation
methodologies and subjective assumptions. We believe this is a
useful measure for investors because such exclusion facilitates
comparison to peer companies who also provide similar non-GAAP
disclosures and is reflective of how management internally manages
the business.
(c) The unrealized gain or loss on fair value of
warrants are excluded due to the nature of this charge, which is
non-cash and related primarily to the effect of changes in the
company’s stock price at a point in time. We believe such exclusion
facilitates investors’ ability to more accurately compare our
operating results to those of our peer companies.
(d) The effects of non-cash interest and debt
extinguishment charges are excluded. We believe such exclusion
facilitates an understanding of the effects of the debt service
obligations on the Company’s liquidity and comparisons to peer
group companies, and is reflective of how management internally
manages the business.
(e) The effect of non-cash tax expense or
benefit related to valuation allowance adjustments of the deferred
income tax asset is excluded because of its non-recurring nature.
We believe such exclusion facilitates investor’s ability to more
accurately compare our operating results to those of our peer
companies.
Strongbridge Biopharma (NASDAQ:SBBP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Strongbridge Biopharma (NASDAQ:SBBP)
Historical Stock Chart
From Jul 2023 to Jul 2024