ASLAN Pharmaceuticals Reports Third Quarter 2018 Financial Results and Provides Corporate Update
Dr
Third quarter 2018 and recent business highlights
- Completed recruitment of 52 patients for the phase 2 part of global phase 2/3 study investigating varlitinib as first line therapy in HER1/HER2 co-expressing advanced or metastatic gastric cancer patients.
- Presented new data on varlitinib showing promising results in heavily pre-treated biliary tract cancer (BTC) and colorectal cancer patients, and a poster on ASLAN003 at the 2018
European Society for Medical Oncology (ESMO) Congress inMunich, Germany . - Presented two posters on varlitinib at
Chinese Society of Clinical Oncology Annual Meeting. - Provided update on timelines for single-arm trial of varlitinib in BTC in
China . - Granted US Orphan Drug Designation (ODD) by the US FDA for ASLAN003 as a treatment for acute myeloid leukaemia (AML).
- Dosed the first subject in a phase 1 study investigating ASLAN004 as a therapeutic antibody for atopic dermatitis.
- Appointed
Robert E. Hoffman , an experienced pharmaceutical industry leader, as an Independent Non-Executive Director.
Anticipated upcoming milestones
- Presentations of preliminary phase 2a results in AML showing early signs of activity and preclinical data for ASLAN003 at the
American Society of Hematology (ASH) Annual Meeting onDecember 2 and 3, 2018. - Topline data from pivotal global phase 2 study on varlitinib in gastric cancer in fourth quarter of 2018.
- Interim phase 1b data on varlitinib as first line treatment for biliary tract cancer in fourth quarter of 2018.
- Complete patient enrolment in global pivotal trial (TREETOPP) with varlitinib as second line treatment for biliary tract cancer in early 2019.
- Topline data from TREETOPP in 2019.
Third quarter 2018 financial highlights
- Cash used in operations for the quarter ended
30 September 2018 wasUS$9.9 million compared toUS$8.9 million in the same period in 2017. - Research and development expense was
US$8.7 million and general and administrative expense wasUS$2.7 million for the third quarter of 2018, compared toUS$5.6 million andUS$2.2 million respectively in the same period in 2017. - Net loss for the third quarter of 2018 was
US$11.2 million compared to a net loss ofUS$8.0 million for the third quarter of 2017. - Cash, cash equivalents and short-term investments totaled
US$34.8 million as of30 September 2018 compared toUS$50.6 million as of31 December 2017 .
ASLAN Pharmaceuticals Limited | ||||||||
Consolidated Balance Sheet1 | ||||||||
(in US dollars, unaudited) | ||||||||
December 31, 2017 |
September 30, 2018 |
|||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 50,573,211 | $ | 34,800,415 | ||||
Prepayments | 71,946 | 138,587 | ||||||
NON-CURRENT ASSETS | ||||||||
Financial assets at fair value through other comprehensive income | - | 187,244 | ||||||
Property, plant and equipment | 443,566 | 336,526 | ||||||
Intangible assets | 84,052 | 23,082,221 | ||||||
Refundable deposits | 160,947 | 177,225 | ||||||
Total non-current assets | 688,565 | 23,783,216 | ||||||
TOTAL ASSETS | $ | 51,333,722 | $ | 58,722,218 | ||||
EQUITY AND LIABILITIES | ||||||||
CURRENT LIABILITIES | ||||||||
Trade payables | $ | 3,898,291 | $ | 3,536,989 | ||||
Other payables | 2,080,544 | 3,190,335 | ||||||
Total current liabilities | 5,978,835 | 6,727,324 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Long-term borrowings | 9,679,451 | 9,791,037 | ||||||
Other non-current liabilities | 162,000 | 425,000 | ||||||
Total non-current liabilities | 9,841,451 | 10,216,037 | ||||||
Total liabilities | 15,820,286 | 16,943,361 | ||||||
EQUITY | ||||||||
Ordinary shares | 41,514,016 | 51,627,219 | ||||||
Capital surplus | 84,282,681 | 111,428,656 | ||||||
Accumulated deficits | (90,283,261 | ) | (121,277,018 | ) | ||||
Total equity | 35,513,436 | 41,778,857 | ||||||
TOTAL EQUITY AND LIABILITIES | $ | 51,333,722 | $ | 58,722,218 | ||||
ASLAN Pharmaceuticals Limited | ||||||||||||||||
Consolidated Statements of Comprehensive Income1 | ||||||||||||||||
(in US dollars, unaudited) | ||||||||||||||||
For the Three Months Ended September 30 |
For the Nine Months Ended September 30 |
|||||||||||||||
2018 | 2017 |
2018 |
2017 |
|||||||||||||
OPERATING EXPENSES | ||||||||||||||||
General and administrative | $ | (2,741,101 | ) | $ | (2,238,485 | ) | $ | (8,613,032 | ) | $ | (6,063,944 | ) | ||||
Research and development | (8,685,051 | ) | (5,636,591 | ) | (22,630,392 | ) | (18,636,725 | ) | ||||||||
Total operating expenses | (11,426,152 | ) | (7,875,076 | ) | (31,243,424 | ) | (24,700,669 | ) | ||||||||
LOSS FROM OPERATIONS | (11,426,152 | ) | (7,875,076 | ) | (31,243,424 | ) | (24,700,669 | ) | ||||||||
NON-OPERATING INCOME AND EXPENSES | ||||||||||||||||
Interest income | 105,844 | 172,529 | 239,694 | 277,042 | ||||||||||||
Other income | 187,244 | - | 187,244 | - | ||||||||||||
Other gains and losses | 40,098 | (160,528 | ) | 170,535 | (627,695 | ) | ||||||||||
Finance costs | (108,906 | ) | (105,573 | ) | (333,367 | ) | (310,329 | ) | ||||||||
Total non-operating income and expenses | 224,280 | (93,572 | ) | 264,106 | (660,982 | ) | ||||||||||
LOSS BEFORE INCOME TAX | (11,201,872 | ) | (7,968,648 | ) | (30,979,318 | ) | (25,361,651 | ) | ||||||||
INCOME TAX EXPENSE | (4,697 | ) | - | (14,439 | ) | - | ||||||||||
NET LOSS FOR THE PERIOD | (11,206,569 | ) | (7,968,648 | ) | (30,993,757 | ) | (25,361,651 | ) | ||||||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | $ | (11,206,569 | ) | $ | (7,968,648 | ) | $ | (30,993,757 | ) | $ | (25,361,651 | ) | ||||
LOSS PER SHARE | ||||||||||||||||
Basic | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.21 | ) | $ | (0.21 | ) | ||||
1 Financial statements in US dollars are prepared by the company
Ends
Media and IR contacts
Emma Thompson Spurwing Communications Tel: +65 6340 7287 Email: ASLAN@spurwingcomms.com |
Robert Uhl Westwicke Partners Tel: +1 858 356 5932 Email: robert.uhl@westwicke.com |
About
Forward looking statements
This release and the accompanying financial information, if any, contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of
All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement.
Source: ASLAN Pharmaceuticals Limited