Altimmune Announces Financial Results for the Year Ended December 31, 2017 and Provides Corporate Update
Conference call and webcast scheduled for tomorrow,
Corporate Highlights
- Enrolled first two cohorts of government funded Phase 1 trial of NasoShield, an intranasal vaccine against anthrax infection
- Positive data in two Phase 2 clinical programs:
- Announced positive proof-of-concept Phase 2 flu vaccine trial results with our NasoVAX™ vaccine
- Announced positive pre-clinical data from the Company’s SparVax-L trial comparing SparVax-L and BioThrax against anthrax infection
- Extended its IP protection of NasoShield in the U.S. with a Notice of Allowance from the U.S. Patent Office
- Elected
Mitchel Sayare , Ph.D., as Chairman of its Board of Directors - Raised approximately
$30 million in financing, including through a Series B preferred offering, cash acquired in connection with the reverse merger with PharmAthene and a pre-merger private placement with existing investors, providing cash into the first quarter of 2019
“We have had a very data-rich few weeks with results being reported from our NasoVAX, HepTcell, and SparVax-L programs and moving forward on enrollment in our Phase 1 trial of NasoShield,” said
Mr. Enright continued, “Operationally, we are pleased with our progress. In 2017 we closed the reverse merger with PharmAthene, allowing us to leverage our resources and create a focused immunotherapeutics company. We strengthened our scientific team with the promotion of Dr.
Financial Results for the Year Ended
Revenue for the year ended
Research and development expenses were
General and administrative expenses were
We determined that our goodwill was impaired and a non-cash goodwill impairment charge of
We recorded an income tax benefit of
Net loss attributable to common stockholders for the year ended
Net loss per share attributable to common stockholders for the year ended
At
Non-GAAP Measures
To supplement the Company's unaudited financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this press release includes a discussion of adjusted net loss attributable to common stockholders and adjusted net loss per share attributable to common stockholders, in each case adjusted for the loss due to a goodwill impairment charge. The Company believes that these non-GAAP measures, when taken into consideration with the corresponding GAAP financial measures, provide investors with meaningful comparisons of current results to prior period results by excluding items that the Company does not believe reflect its fundamental business performance. See the attached schedule for a reconciliation of net loss to adjusted net loss and loss per share to adjusted loss per share for the twelve months ended
Conference Call Details |
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Date: Time: Domestic: International: Conference ID: Webcast: |
Thursday, March 29 8:30am Eastern Time 866-548-4713 323-794-2093 6280732 http://public.viavid.com/index.php?id=128569 |
Replays will be available through April 12: | |
Domestic: International: Replay PIN: |
844-512-2921 412-317-6671 6280732 |
About
Forward-Looking Statement
Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the prospects for commercializing or selling any product or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Altimmune, Inc. (the “Company”) may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience include risks and uncertainties, including risks relating to: realizing the benefits of the merger between Altimmune, Inc. and PharmAthene, Inc.; clinical trials and the commercialization of proposed product candidates (such as marketing, regulatory, product liability, supply, competition, dependence on third parties and other risks); the regulatory approval process; dependence on intellectual property; the Company’s BARDA contract and other government programs, reimbursement and regulation; and the lack of financial resources and access to capital to fund proposed operations. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company’s filings with the U.S. Securities and Exchange Commission, included in Item 1A under the heading “Risk Factors” in the Company’s annual report on Form 10-K, which is available at www.sec.gov.
Contacts
President and CEO
Phone: 240-654-1450
Email: enright@altimmune.com
Managing Director
LifeSci Advisors
Phone: 617-766-5956
Email: arr@lifesciadvisors.com
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||
Year Ended December 31, | |||||||||
2017 | 2016 | ||||||||
Revenue | |||||||||
Research grants and contracts | $ | 10,696,819 | $ | 2,826,073 | |||||
License revenue | 41,503 | 410,102 | |||||||
Total revenue | 10,738,322 | 3,236,175 | |||||||
Operating expenses | |||||||||
Research and development | 18,406,329 | 7,221,460 | |||||||
General and administrative | 8,457,557 | 7,106,378 | |||||||
Goodwill impairment charges | 35,919,695 | --- | |||||||
Total operating expenses | 62,783,581 | 14,327,838 | |||||||
Loss from operations | (52,045,259 | ) | (11,091,663 | ) | |||||
Other expense: | |||||||||
Changes in fair value of warrant liability | 97,763 | --- | |||||||
Changes in fair value of embedded derivative | (7,379 | ) | --- | ||||||
Interest expense | (162,139 | ) | (38,499 | ) | |||||
Interest income | 47,579 | 1,047 | |||||||
Other income, net | 5,670 | 42,303 | |||||||
Total other (expense) income, net | (18,506 | ) | 4,851 | ||||||
Net loss before income tax benefit | (52,063,765 | ) | (11,086,812 | ) | |||||
Income tax benefit | 5,638,375 | --- | |||||||
Net loss | (46,425,390 | ) | (11,086,812 | ) | |||||
Other comprehensive income (loss) – foreign currency translation adjustments | 2,997,826 | (6,805,452 | ) | ||||||
Comprehensive loss | $ | (43,427,564 | ) | $ | (17,892,264 | ) | |||
Net loss | $ | (46,425,390 | ) | $ | (11,086,812 | ) | |||
Preferred stock accretion and dividends | (4,930,010 | ) | (368,548 | ) | |||||
Net loss attributable to common stockholders | $ | (51,355,400 | ) | $ | (11,455,360 | ) | |||
Weighted-average common shares outstanding, basic and diluted | 12,805,095 | 6,911,534 | |||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (4.01 | ) | $ | (1.66 | ) | |||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
December 31, | |||||||||
2017 | 2016 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 8,769,465 | $ | 2,876,113 | |||||
Restricted cash | 3,534,174 | --- | |||||||
Total cash, cash equivalents, and restricted cash | 12,303,639 | 2,876,113 | |||||||
Accounts receivable | 3,806,239 | 383,046 | |||||||
Tax refunds receivable | 6,361,657 | 807,507 | |||||||
Prepaid expenses and other current assets | 994,332 | 420,424 | |||||||
Total current assets | 23,465,867 | 4,487,090 | |||||||
Property and equipment, net | 603,146 | 177,859 | |||||||
Intangible assets, net | 38,722,270 | 14,954,717 | |||||||
Other assets | 238,917 | 22,248 | |||||||
Goodwill | --- | 18,758,421 | |||||||
Total assets | $ | 63,030,200 | $ | 38,400,335 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Notes payable | $ | 49,702 | $ | 458,629 | |||||
Accounts payable | 129,075 | 2,005,208 | |||||||
Accrued expenses | 3,625,257 | 2,972,745 | |||||||
Current portion of deferred revenue | 19,753 | 19,753 | |||||||
Current portion of deferred rent | 15,914 | 14,388 | |||||||
Total current liabilities | 3,839,701 | 5,470,723 | |||||||
Deferred income taxes | 5,938,402 | --- | |||||||
Other long-term liabilities | 4,574,507 | 722,289 | |||||||
Total liabilities | 14,352,610 | 6,193,012 | |||||||
Commitments and contingencies | |||||||||
Series B redeemable convertible preferred stock; $0.0001 par value; 16,000 shares designated; 12,177 and zero shares issued and outstanding at December 31, 2017 and 2016l respectively; aggregate liquidation and redemption value of $9,281,767 at December 31, 2017 | 9,281,767 | --- | |||||||
Stockholders’ equity: | |||||||||
Series B convertible preferred stock; $0.01 par value; zero and 599,285 shares authorized, issued and outstanding at December 31, 2017 and 2016, respectively | --- | 5,993 | |||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 18,127,119 and 6,991,749 shares issued; 18,103,691 and 6,917,204 shares outstanding at December 31, 2017 and 2016, respectively | 1,810 | 692 | |||||||
Additional paid-in capital | 121,655,838 | 71,034,899 | |||||||
Accumulated deficit | (77,684,839 | ) | (31,259,449 | ) | |||||
Accumulated other comprehensive loss – foreign currency translation adjustments | (4,576,986 | ) | (7,574,812 | ) | |||||
Total stockholders’ equity | 39,395,823 | 32,207,323 | |||||||
Total liabilities and stockholders’ equity | $ | 63,030,200 | $ | 38,400,335 | |||||
ALTIMMUNE, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||
Year Ended December 31, | |||||||||
2017 | 2016 | ||||||||
Net loss attributable to common stockholders | $ | (51,355,400 | ) | $ | (11,455,360 | ) | |||
Goodwill impairment charges | 35,919,695 | — | |||||||
Adjusted net loss attributable to common stockholders | $ | (15,435,705 | ) | $ | (11,455,360 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (4.01 | ) | $ | (1.66 | ) | |||
Goodwill impairment charges, net of $0 taxes, basic and diluted | 2.80 | — | |||||||
Net loss attributable to common stockholders, basic and diluted | $ | (1.21 | ) | $ | (1.66 | ) | |||
Source: Altimmune, Inc.