08/01/2019 | Press release | Distributed by Public on 08/01/2019 14:20
BERKELEY, Calif., Aug. 01, 2019 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ: ADRO), a clinical-stage biopharmaceutical company focused on developing therapies targeting the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways for the treatment of cancer, autoimmune and inflammatory diseases, today provided a business update and reported financial results for the second quarter ended June 30, 2019.
'Several important clinical study results have helped inform the development of our STING and APRIL programs thus far in 2019. We look forward to initiating the study of ADU-S100 and pembrolizumab in head and neck cancer as we continue to explore the synergies of STING agonists with checkpoint inhibitors,' said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. 'We continue to focus our development efforts for BION-1301 on IgA nephropathy, the most common type of glomerulonephritis worldwide for which there is no approved drug treatment option. We look forward to advancing the development of our STING and APRIL programs to provide the greatest potential benefit to patients.' Isaacs continued, 'Our cash position remains strong with $251.6 million at the end of the second quarter, and we will continue investing in our lead assets to generate additional meaningful data read-outs over the next 12 to 24 months.'
Aduro Biotech, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies that are designed to harness the body's natural immune system for the treatment of patients with challenging diseases. Aduro's product candidates in the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways are being investigated in cancer, autoimmune and inflammatory diseases. ADU-S100 (MIW815), which potentially activates the intracellular STING receptor for a potent tumor-specific immune response, is being evaluated in patients with cutaneously accessible metastatic solid tumors or lymphomas. BION-1301, a first-in-class humanized IgG4 monoclonal antibody that fully blocks APRIL binding to both the BCMA and TACI receptors, is being evaluated in IgA nephropathy. Aduro is collaborating with a number of leading global pharmaceutical companies to help expand and drive its product pipeline. 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 current intentions or expectations concerning, among other things, the potential for our technology, continued advancement of our programs, continued investment in our lead assets to generate clinical data read-outs over the next 12 to 24 months and collaborations with leading global pharmaceutical companies to help expand and drive our product pipeline. 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 quarterly report on Form 10-Q for the quarter ended June 30, 2019, to be filed with the Securities and Exchange Commission (SEC), and our other filings with the SEC. 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.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
|Collaboration and license revenue||$||4,888||$||2,639||$||8,826||$||9,266|
|Research and development||16,876||19,420||36,406||39,547|
|General and administrative||7,980||8,827||17,162||17,872|
|Amortization of intangible assets||139||147||279||299|
|Total operating expenses||24,995||28,394||53,847||57,718|
|Loss from operations||(20,107||)||(25,755||)||(45,021||)||(48,452||)|
|Other loss, net||(3||)||(20||)||(22||)||(36||)|
|Loss before income tax||(18,613||)||(24,435||)||(42,075||)||(45,949||)|
|Income tax benefit||35||38||70||59|
|Net loss per common share, basic and diluted||$||(0.23||)||$||(0.31||)||$||(0.53||)||$||(0.59||)|
|Shares used in computing net loss per common share, basic and diluted||80,032,022||78,817,840||79,847,960||78,364,914|
ADURO BIOTECH, INC.
Consolidated Balance Sheets
|June 30,||December 31,|
|Cash and cash equivalents||$||79,561||$||126,310|
|Short-term marketable securities||172,072||140,129|
|Prepaid expenses and other current assets||3,779||4,500|
|Total current assets||256,775||282,976|
|Long-term marketable securities||-||11,434|
|Property and equipment, net||26,177||29,157|
|Operating lease right-of-use assets||21,609||-|
|Intangible assets, net||24,684||25,135|
|Liabilities and Stockholders' Equity|
|Accrued clinical trial and manufacturing expenses||3,894||2,542|
|Accrued expenses and other liabilities||7,881||10,518|
|Operating lease liabilities||1,630||-|
|Total current liabilities||30,405||30,517|
|Deferred tax liabilities||5,992||6,104|
|Operating lease liabilities||32,599||-|
|Other long-term liabilities||1,021||840|
|Commitments and contingencies|
|Additional paid-in capital||546,537||538,895|
|Accumulated other comprehensive income||1,042||940|
|Total stockholders' equity||101,050||135,311|
|Total liabilities and stockholders' equity||$||337,990||$||357,504|
|Noopur Liffick||Aljanae Reynolds|
|Investor Relations & Corporate Affairs||510-809-2452|
Source: Aduro Biotech, Inc.