Novus Therapeutics Reports Third Quarter 2020 Financial Results
Company to host conference call and webcast at
Recent Business Highlights
-
Completed the acquisition of
Anelixis Therapeutics, Inc. , a privately held clinical stage biotechnology company developing a next generation anti-CD40 Ligand (CD40L) antibody -
Completed a private placement financing expected to result in gross proceeds to Novus of approximately
$108 million before deducting placement agent and other offering expenses -
Commenced enrollment in a phase 2 clinical trial of AT-1501 in adults with amyotrophic lateral sclerosis (ALS) in
October 2020
“During the quarter, we accomplished three key transformational objectives focused on increasing shareholder value,” said
Financial Results for the Three and Nine Months Ended
The company reported a net loss of
R&D expenses were
G&A expenses were
R&D expenses were
G&A expenses were
During the period, the company recognized
The company had
Conference Call & Webcast
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Toll Free: |
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877-407-3982 |
International: |
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201-493-6780 |
Conference ID: |
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13713171 |
Webcast: |
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About AT-1501
AT-1501 is a humanized IgG1 anti-CD40L antibody with high affinity for CD40L, a well-validated target with broad therapeutic potential. The CD40/CD40L pathway plays a central role in generating pro-inflammatory responses in autoimmune disease, allograft transplant rejection, and neuroinflammation. In a Phase 1 safety study of healthy volunteers and adults with ALS, AT-1501 was well tolerated at all doses tested. AT-1501 previously received orphan drug designation from the
About
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Forward-Looking Statements
This press release contains forward-looking statements that involves substantial risks and uncertainties. Any statements about the company’s future expectations, plans and prospects, including statements about its strategy, future operations, development of its product candidates, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, although not all forward-looking statements include such identifying words. Forward-looking statements include, but are not limited to statements regarding: risks related to market conditions; expectations regarding the timing for the commencement of future clinical trials; expectations regarding the success of clinical trials; the rate and degree of market acceptance and clinical utility of the company’s products; the company’s estimates regarding expenses and cash runway; and the impact of the ongoing coronavirus pandemic. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company’s actual results to differ significantly from the forward-looking statements contained herein, are discussed in our quarterly 10-Q, annual 10-K, and other filings with the
View source version on businesswire.com:
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands, except share data) |
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2020 |
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2019 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
114,464 |
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$ |
8,791 |
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Prepaid expenses and other current assets |
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637 |
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1,180 |
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Total current assets |
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115,101 |
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9,971 |
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Property and equipment, net |
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— |
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5 |
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Operating lease asset, net |
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183 |
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316 |
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44,466 |
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— |
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In-process research and development |
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32,386 |
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— |
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Other assets |
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449 |
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639 |
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Total assets |
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$ |
192,585 |
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$ |
10,931 |
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LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
758 |
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$ |
329 |
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Current operating lease liability |
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191 |
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180 |
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Accrued severance |
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803 |
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— |
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Accrued expenses and other liabilities |
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4,378 |
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813 |
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Total current liabilities |
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6,130 |
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1,322 |
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Non-current operating lease liability |
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— |
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144 |
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Total liabilities |
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6,130 |
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1,466 |
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Commitments and contingencies (Note 5) |
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Series X1 non-voting convertible preferred stock,
339,138 and no shares issued and outstanding at |
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164,949 |
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— |
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Stockholders’ equity: |
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Series X preferred stock,
511 and no shares issued and outstanding at |
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— |
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— |
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Common stock,
1,274,631 and 720,408 shares issued and outstanding at |
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1 |
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1 |
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Additional paid-in capital |
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95,994 |
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67,046 |
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Accumulated deficit |
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(74,489 |
) |
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(57,582 |
) |
Total stockholders’ equity |
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21,506 |
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9,465 |
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Total liabilities, convertible preferred stock and stockholders’ equity |
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$ |
192,585 |
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$ |
10,931 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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(In thousands, except share and per share data) |
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(Unaudited) |
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For the Three Months
Ended |
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For the Nine Months
Ended |
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2020 |
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2019 |
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2020 |
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2019 |
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Operating expenses |
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Research and development |
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$ |
615 |
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$ |
1,509 |
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$ |
3,095 |
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$ |
6,795 |
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General and administrative |
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3,731 |
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1,411 |
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6,730 |
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5,089 |
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Restructuring expense |
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1,802 |
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— |
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2,292 |
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— |
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Total operating expenses |
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6,148 |
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2,920 |
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12,117 |
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11,884 |
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Loss from operations |
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(6,148 |
) |
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(2,920 |
) |
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(12,117 |
) |
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(11,884 |
) |
Other income, net |
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4 |
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27 |
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39 |
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17 |
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Warrant inducement expense |
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— |
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— |
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(4,829 |
) |
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— |
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Net loss and comprehensive loss |
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$ |
(6,144 |
) |
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$ |
(2,893 |
) |
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$ |
(16,907 |
) |
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$ |
(11,867 |
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Net loss per share, basic and diluted |
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$ |
(5.51 |
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$ |
(4.01 |
) |
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$ |
(16.81 |
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$ |
(18.74 |
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Weighted-average common shares outstanding, basic and diluted |
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1,114,133 |
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720,829 |
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1,006,008 |
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633,187 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005994/en/
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301.332.5574
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929.469.3859
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