Aduro Biotech Reports Third Quarter 2018 Financial Results

From Startup Aduro Biotech

Link to Full Article: http://investors.aduro.com/phoenix.zhtml?c=242043&p=irol-newsArticle&ID=2374236

BERKELEY, Calif., Oct. 30, 2018 (GLOBE NEWSWIRE) — Aduro Biotech, Inc. (NASDAQ: ADRO) today reported financial results for the third quarter ended September 30, 2018. Net loss for the third quarter of 2018 was $23.1 million, or $0.29 per share, and for the nine months ended September 30, 2018 net loss was $69.0 million, or $0.88 per share, compared to net loss of $24.5 million, or $0.33 per share, and net loss of $65.7 million, or $0.92 per share, respectively, for the same periods in 2017.
Cash, cash equivalents and marketable securities totaled $278.6 million at September 30, 2018, compared to $349.7 million at December 31, 2017. 
“Our strong cash position enables us to advance our lead STING agonist, ADU-S100, and novel anti-APRIL antibody, BION-1301, toward maturing data from ongoing clinical studies. We look forward to presenting preliminary data on ADU-S100 at the upcoming Society for Immunotherapy of Cancer 33rd Annual Meeting in Washington, D.C.,” said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro.
Revenue was $3.1 million for the third quarter of 2018 and $12.3 million for the nine months ended September 30, 2018, compared to $3.8 million and $13.5 million, respectively, for the same periods in 2017. The decrease in revenue for both periods 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 $18.7 million for the third quarter of 2018 and $58.2 million for the nine months ended September 30, 2018, compared to $24.5 million and $66.5 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.  
General and administrative expenses were $9.1 million for the third quarter of 2018 and $27.0 million for the nine months ended September 30, 2018, compared to $8.5 million and $25.0 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 and consulting costs as well as 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 technologies, which are designed to harness the body’s natural immune system, are being investigated in cancer indications, autoimmune diseases and have the potential to expand into infectious diseases. Aduro’s STING pathway activator technology is designed to activate the STING receptor in immune cells, which may result in a potent tumor-specific immune response. ADU-S100 (MIW815) is the first STING compound to enter the clinic and is currently being evaluated in a Phase 1 clinical trial as a single agent and in combination with ipilimumab and in a Phase 1b combination trial with spartalizumab (PDR001), an investigational anti-PD1 immune checkpoint inhibitor. Aduro’s B-select monoclonal antibody technology, including BION-1301, an anti-APRIL antibody, is comprised of a number of immune modulating assets in research and development. Aduro is collaborating with leading global pharmaceutical companies to expand its products and technologies. 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, the timing of clinical data presentations 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 September 30, 2018, to be filed with the Securities and Exchange Commission. 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 September 30,
 
 
Nine Months Ended September 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collaboration and license revenue
 
$
3,063
 
 
$
3,704
 
 
$
12,329
 
 
$
13,352
 
Grant revenue
 
 

 
 
 
90
 
 
 

 
 
 
131
 
Total revenue
 
 
3,063
 
 
 
3,794
 
 
 
12,329
 
 
 
13,483
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
18,675
 
 
 
24,454
 
 
 
58,223
 
 
 
66,464
 
General and administrative
 
 
9,149
 
 
 
8,458
 
 
 
27,021
 
 
 
24,982
 
Amortization of intangible assets
 
 
144
 
 
 
145
 
 
 
443
 
 
 
413
 
Total operating expenses
 
 
27,968
 
 
 
33,057
 
 
 
85,687
 
 
 
91,859
 
Loss from operations
 
 
(24,905
)
 
 
(29,263
)
 
 
(73,358
)
 
 
(78,376
)
Interest income
 
 
1,353
 
 
 
998
 
 
 
3,892
 
 
 
2,428
 
Other income (loss), net
 
 
21
 
 
 
(129
)
 
 
(15
)
 
 
(197
)
Loss before income tax
 
 
(23,531
)
 
 
(28,394
)
 
 
(69,481
)
 
 
(76,145
)
Income tax benefit
 
 
385
 
 
 
3,874
 
 
 
444
 
 
 
10,414
 
Net loss
 
$
(23,146
)
 
$
(24,520
)
 
$
(69,037
)
 
$
(65,731
)
Net loss per common share, basic and diluted
 
$
(0.29
)
 
$
(0.33
)
 
$
(0.88
)
 
$
(0.92
)
Shares used in computing net loss per common share, basic  and diluted
 
 
79,086,841
 
 
 
75,167,334
 
 
 
78,607,180
 
 
 
71,529,043
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ADURO BIOTECH, INC.Condensed Consolidated Balance Sheets(In thousands, except share amounts)(Unaudited)
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
Assets
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
120,751
 
 
$
157,614
 
Short-term marketable securities
 
 
145,043
 
 
 
168,489
 
Accounts receivable
 
 

 
 
 
989
 
Income tax receivable
 
 
17,841
 
 
 
17,495
 
Prepaid expenses and other current assets
 
 
4,128
 
 
 
5,544
 
Total current assets
 
 
287,763
 
 
 
350,131
 
Long-term marketable securities
 
 
12,840
 
 
 
23,614
 
Property and equipment, net
 
 
29,806
 
 
 
31,085
 
Goodwill
 
 
8,449
 
 
 
8,723
 
Intangible assets, net
 
 
29,698
 
 
 
31,107
 
Restricted cash
 
 
468
 
 
 
468
 
Total assets
 
$
369,024
 
 
$
445,128
 
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
$
780
 
 
$
1,150
 
Accrued clinical trial and manufacturing expenses
 
 
3,760
 
 
 
5,898
 
Accrued expenses and other liabilities
 
 
8,601
 
 
 
12,601
 
Contingent consideration
 
 

 
 
 
6,829
 
Deferred revenue
 
 
17,744
 
 
 
14,923
 
Total current liabilities
 
 
30,885
 
 
 
41,401
 
Deferred rent
 
 
10,843
 
 
 
9,991
 
Contingent consideration
 
 
941
 
 
 
759
 
Deferred revenue
 
 
161,591
 
 
 
148,148
 
Deferred tax liabilities
 
 
6,237
 
 
 
6,538
 
Other long-term liabilities
 
 
832
 
 
 
818
 
Total liabilities
 
 
211,329
 
 
 
207,655
 
Commitments and contingencies
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
Preferred stock
 
 

 
 
 

 
Common stock
 
 
8
 
 
 
8
 
Additional paid-in capital
 
 
534,632
 
 
 
519,435
 
Accumulated other comprehensive income
 
 
1,267
 
 
 
1,893
 
Accumulated deficit
 
 
(378,212
)
 
 
(283,863
)
Total stockholders’ equity
 
 
157,695
 
 
 
237,473
 
Total liabilities and stockholders’ equity
 
$
369,024
 
 
$
445,128
 

 
 
 
Contact:
 
Media Contact:
Noopur Liffick
 
Aljanae Reynolds
Investor Relations & Corporate Affairs
 
510-809-2452
510-809-2465
 
press@aduro.com
 
 
 

Aduro Biotech, Inc.

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

All,Biotechnology,Healthcare News,Startup News
2018-10-31 17:37:47