Arcturus Therapeutics Announces Third Quarter Financial Results and Provides Corporate Update
Highlights
- IND application for ARCT-810, a treatment of ornithine transcarbamylase (OTC) deficiency, is on track for Q1 2020 filing
- Expanded platform with STARR technology™ to enable LUNAR® formulated RNA-based vaccines
- Raised
$23 Million from institutional investors at$11.50 per share of Common Stock - Strengthened the Board of Directors with the addition of
Edward W. Holmes , M.D.
“We continue to develop our LUNAR® delivery and mRNA technology platforms, strengthening our leadership position in mRNA medicines. Our flagship program, ARCT-810, remains on track – we have completed the in-life phase of the IND-enabling toxicology studies to support First-in-Human clinical trials, and plan to file an IND application during the first quarter of 2020,” said
Financial Results for the Third quarter Ended
Revenues in conjunction with strategic alliances and collaborations: Collaboration revenue was
Operating Expenses: Operating expenses were
Net Loss: Net loss for the quarter ended
Cash: At
Financial Results for the Nine months Ended
Revenues in conjunction with strategic alliances and collaborations: Collaboration revenue was
Operating expenses: Operating expenses were
Net Loss: Net loss for the nine-month period ended
| Conference Call | |
| Thursday, November 7th @ 4:30pm Eastern Time | |
| Domestic: International: Conference ID: Webcast: |
800-458-4121 323-794-2597 7909937 http://public.viavid.com/index.php?id=136708 |
About
Founded in 2013 and based in
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding strategy, future operations, collaborations, the likelihood of success of the Company’s technology or potential development of any products, the status of preclinical and clinical development programs, the planned initiation of clinical trials, the expected employment of key personnel, the adequacy of the Company’s funding relative to its capital requirements and the Company’s future cash and financial position, are forward-looking statements. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed under the heading “Risk Factors” in Arcturus’ Annual Report on Form 10-K for the fiscal year ended
Contact
(858) 900-2682
IR@ArcturusRx.com
Arcturus Investor Contacts
(646) 597-6983
mwood@lifesciadvisors.com
CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars in thousands, except par value information)
| September 30, 2019 |
December 31, 2018 |
||||
| (unaudited) | |||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 74,172 | $ | 36,709 | |
| Accounts receivable | 2,625 | 4,481 | |||
| Prepaid expenses and other current assets | 2,611 | 638 | |||
| Total current assets | 79,408 | 41,828 | |||
| Property and equipment, net | 2,073 | 1,975 | |||
| Operating lease right-of-use asset, net | 5,324 | — | |||
| Equity-method investment | 303 | 288 | |||
| Non-current restricted cash | 107 | 107 | |||
| Total assets | $ | 87,215 | $ | 44,198 | |
| Liabilities and shareholders’ equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 4,013 | $ | 2,398 | |
| Accrued liabilities | 6,676 | 3,907 | |||
| Deferred revenue | 10,999 | 6,272 | |||
| Total current liabilities | 21,688 | 12,577 | |||
| Deferred revenue, net of current portion | 14,551 | 7,534 | |||
| Long-term debt | 10,016 | 9,911 | |||
| Operating lease liability, net of current portion | 5,065 | — | |||
| Deferred rent | — | 534 | |||
| Total liabilities | 51,320 | 30,556 | |||
| Total stockholders’ equity | 35,895 | 13,642 | |||
| Total liabilities and stockholders’ equity | $ | 87,215 | $ | 44,198 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
U.S. dollars in thousands (except per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Collaboration revenue | $ | 3,318 | $ | 3,423 | $ | 17,821 | $ | 8,176 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development, net | 7,053 | 3,969 | 21,646 | 12,135 | |||||||||||
| General and administrative | 3,881 | 3,810 | 10,871 | 17,141 | |||||||||||
| Total operating expenses | 10,934 | 7,779 | 32,517 | 29,276 | |||||||||||
| Loss from operations | (7,616 | ) | (4,356 | ) | (14,696 | ) | (21,100 | ) | |||||||
| Gain (loss) from equity-method investment | 303 | (47 | ) | 15 | (47 | ) | |||||||||
| Finance (expense) income, net | (120 | ) | 150 | (321 | ) | 373 | |||||||||
| Net loss | $ | (7,433 | ) | $ | (4,253 | ) | $ | (15,002 | ) | $ | (20,774 | ) | |||
| Net loss per share, basic and diluted | $ | (0.56 | ) | $ | (0.42 | ) | $ | (1.18 | ) | $ | (2.07 | ) | |||
| Weighted-average shares outstanding, basic and diluted | 13,201 | 10,093 | 12,734 | 10,059 | |||||||||||
| Comprehensive loss: | |||||||||||||||
| Net loss | $ | (7,433 | ) | $ | (4,253 | ) | $ | (15,002 | ) | $ | (20,774 | ) | |||
| Unrealized gain on short-term investments | — | 2 | — | 7 | |||||||||||
| Comprehensive loss | $ | (7,433 | ) | $ | (4,251 | ) | $ | (15,002 | ) | $ | (20,767 | ) | |||
Source: Arcturus Therapeutics Holdings Inc.