Aduro Biotech Reports Second Quarter 2018 Financial Results

From Startup Aduro Biotech

Link to Full Article: http://investors.aduro.com/phoenix.zhtml?c=242043&p=irol-newsArticle&ID=2361412

BERKELEY, Calif., Aug. 01, 2018 (GLOBE NEWSWIRE) — Aduro Biotech, Inc. (NASDAQ: ADRO) today reported financial results for the second quarter ended June 30, 2018. Net loss for the second quarter of 2018 was $24.4 million, or $0.31 per share, and for the six months ended June 30, 2018 net loss was $45.9 million, or $0.59 per share, compared to net loss of $19.4 million, or $0.27 per share, and net loss of $41.2 million, or $0.59 per share, respectively, for the same periods in 2017.
Recent Developments:
Presented updated preclinical data for ADU-S100, a first-in-class small molecule therapeutic in Phase 1 studies targeting the STING pathway at the American Association for Cancer Research Annual Meeting (AACR) held on April 14-18, 2018
Presented at AACR preclinical data for BION-1301, an anti-APRIL antibody currently in a Phase 1/2 study for the treatment of patients with multiple myeloma
Presented at AACR preclinical data for ADU-1604, an anti-CTLA-4 antibody scheduled to enter clinical development in the second half of 2018
Presented preliminary observations from case study of a patient with metastatic colorectal cancer treated in ongoing proof-of-concept Phase 1 trial of personalized neoantigen-based immunotherapy (pLADD) program at the European Neoantigen Summit held on April 24-26, 2018
Announced initiation of Phase 1b study of ADU- 214 in combination with nivolumab for the treatment of advanced lung cancer under strategic partnership with Janssen
Cash, cash equivalents and marketable securities totaled $305.9 million at June 30, 2018, compared to $349.7 million at December 31, 2017. 
Revenue was $2.6 million for the second quarter of 2018 and $9.3 million for the six months ended June 30, 2018, compared to $5.9 million and $9.7 million, respectively, for the same periods in 2017. The variation in collaboration and license revenue for the quarter was primarily due to the timing of milestone payments earned from Merck for advancement of its anti-CD27 antibody, which entered clinical development in early 2018. The decrease in revenue for the first half of 2018 was primarily due to the adoption of the ASC 606 accounting standard on January 1, 2018, which resulted in a change in revenue recognition methodology for our Novartis collaboration revenue.
Research and development expenses were $19.4 million for the second quarter of 2018 and $39.5 million for the six months ended June 30, 2018, compared to $21.4 million and $42.0 million, respectively, for the same periods in 2017. The decrease in research and development expenses for both periods was primarily due to lower expenses for our antibody programs, including contingent consideration and contract manufacturing related to ADU-1604 and BION-1301, respectively. In addition, clinical development expenses declined in 2018 following the wind down of CRS-207 development activities, partially offset by increased expenses for our ongoing clinical programs including ADU-S100, BION-1301, ADU-1604 and our personalized neoantigen-based immunotherapy.
General and administrative expenses were $8.8 million for the second quarter of 2018 and $17.9 million for the six months ended June 30, 2018, compared to $8.2 million and $16.5 million, respectively, for the same periods in 2017. The increase in general and administrative expenses for both periods was primarily due to outside professional services, legal fees associated with our patent portfolio and higher stock-based compensation expense.
About Aduro
Aduro Biotech, Inc. is an immunotherapy company focused on the discovery, development and commercialization of therapies that are intended to transform the treatment of challenging diseases. Aduro’s technology platforms, which are designed to harness the body’s natural immune system, are being investigated in cancer indications and have the potential to expand into autoimmune and infectious diseases. Aduro’s STING Pathway Activator platform is designed to activate the STING receptor in immune cells, resulting in a potent tumor-specific immune response. ADU-S100 is the first STING Pathway Activator compound to enter the clinic and is currently being evaluated in both a Phase 1 monotherapy study as well as a Phase 1b combination study with an anti-PD1 immune checkpoint inhibitor. Aduro’s B-select monoclonal antibody platform, including BION-1301, an anti-APRIL antibody, is comprised of a number of immune modulating assets in research and development. Aduro’s pLADD program is based on proprietary attenuated strains of Listeria that have been engineered to express tumor neoantigens that are specific to an individual patient’s tumor. Other Listeria strains for lung and prostate cancers are being advanced by a partner. Aduro is collaborating with leading global pharmaceutical companies to expand its products and technology platforms. 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 intentions or current expectations concerning, among other things, the potential for our technology and our ability to advance our drug development programs on our own or with our collaborators. 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, 2018, to be filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this press release. 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.Condensed Consolidated Statements of Operations(In thousands, except share and per share amounts)(Unaudited)
 
 
 
 
Three Months Ended June 30,
 
 
Six Months Ended June 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collaboration and license revenue
 
$
2,639
 
 
$
5,876
 
 
$
9,266
 
 
$
9,648
 
Grant revenue
 
 

 
 
 
41
 
 
 

 
 
 
41
 
Total revenue
 
 
2,639
 
 
 
5,917
 
 
 
9,266
 
 
 
9,689
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
19,420
 
 
 
21,440
 
 
 
39,547
 
 
 
42,011
 
General and administrative
 
 
8,827
 
 
 
8,245
 
 
 
17,872
 
 
 
16,523
 
Amortization of intangible assets
 
 
147
 
 
 
136
 
 
 
299
 
 
 
268
 
Total operating expenses
 
 
28,394
 
 
 
29,821
 
 
 
57,718
 
 
 
58,802
 
Loss from operations
 
 
(25,755
)
 
 
(23,904
)
 
 
(48,452
)
 
 
(49,113
)
Interest income
 
 
1,340
 
 
 
780
 
 
 
2,539
 
 
 
1,430
 
Other loss, net
 
 
(20
)
 
 
(64
)
 
 
(36
)
 
 
(68
)
Loss before income tax
 
 
(24,435
)
 
 
(23,188
)
 
 
(45,949
)
 
 
(47,751
)
Income tax benefit
 
 
38
 
 
 
3,788
 
 
 
59
 
 
 
6,540
 
Net loss
 
$
(24,397
)
 
$
(19,400
)
 
$
(45,890
)
 
$
(41,211
)
Net loss per common share, basic and diluted
 
$
(0.31
)
 
$
(0.27
)
 
$
(0.59
)
 
$
(0.59
)
Shares used in computing net loss per common share,basic and diluted
 
 
78,817,840
 
 
 
71,101,336
 
 
 
78,364,914
 
 
 
69,679,746
 
 
 
ADURO BIOTECH, INC.Condensed Consolidated Balance Sheets(In thousands, except share amounts)|(Unaudited)
 
 
 
 
 
 
 
 
 
June 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
Assets
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
114,401
 
 
$
157,614
 
Short-term marketable securities
 
 
174,711
 
 
 
168,489
 
Accounts receivable
 
 
1,042
 
 
 
989
 
Income tax receivable
 
 
17,495
 
 
 
17,495
 
Prepaid expenses and other current assets
 
 
4,606
 
 
 
5,544
 
Total current assets
 
 
312,255
 
 
 
350,131
 
Long-term marketable securities
 
 
16,783
 
 
 
23,614
 
Property and equipment, net
 
 
30,331
 
 
 
31,085
 
Goodwill
 
 
8,506
 
 
 
8,723
 
Intangible assets, net
 
 
30,044
 
 
 
31,107
 
Restricted cash
 
 
468
 
 
 
468
 
Total assets
 
$
398,387
 
 
$
445,128
 
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
$
992
 
 
$
1,150
 
Accrued clinical trial and manufacturing expenses
 
 
4,110
 
 
 
5,898
 
Accrued expenses and other liabilities
 
 
8,801
 
 
 
12,601
 
Contingent consideration
 
 
6,799
 
 
 
6,829
 
Deferred revenue
 
 
17,613
 
 
 
14,923
 
Total current liabilities
 
 
38,315
 
 
 
41,401
 
Deferred rent
 
 
10,955
 
 
 
9,991
 
Contingent consideration
 
 
947
 
 
 
759
 
Deferred revenue
 
 
164,586
 
 
 
148,148
 
Deferred tax liabilities
 
 
6,319
 
 
 
6,538
 
Other long-term liabilities
 
 
831
 
 
 
818
 
Total liabilities
 
 
221,953
 
 
 
207,655
 
Commitments and contingencies
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
Preferred stock
 
 

 
 
 

 
Common stock
 
 
8
 
 
 
8
 
Additional paid-in capital
 
 
530,312
 
 
 
519,435
 
Accumulated other comprehensive income
 
 
1,179
 
 
 
1,893
 
Accumulated deficit
 
 
(355,065
)
 
 
(283,863
)
Total stockholders’ equity
 
 
176,434
 
 
 
237,473
 
Total liabilities and stockholders’ equity
 
$
398,387
 
 
$
445,128
 
 
 

 
 
 
Contact:
 
Media Contact:
Jennifer Lew
 
Aljanae Reynolds
Chief Financial Officer
 
510-809-2452
510-809-4816
 
press@aduro.com
 

Aduro Biotech, Inc.

Please visit their site for more information: Aduro Biotech.com

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2018-08-01 20:32:50