Exhibits

Exhibit
Number

Exhibit Description

99.1

Press release dated March 25, 2022 regarding 4Q21 and full year 2021 financial release and corporate update.

ASLAN PHARMACEUTICALS LIMITED

(Registrant)

By:

/s/ Kiran Kumar Asarpota

Name:

Kiran Kumar Asarpota

Title:

Chief Operating Officer

-

Global Phase 2b trial for eblasakimab in moderate-to-severe atopic dermatitis (AD) underway with topline data expected in the first half of 2023

-

New CMO appointed, adding senior global pharma experience to the leadership team

-

Company maintains strong operating position with US$90.2 million in cash and cash equivalents as of December 31, 2021, runway through late 2023

-

Replays available for company-hosted A4 KOL series on AD landscape; next event to be held in the second quarter

•

In October 2021, the Company announced a collaboration with renowned inflammatory skin disease expert Dr Emma Guttman-Yassky, MD, PhD, to conduct research that will continue throughout the Company’s Phase 2b program to identify and characterize the effects of eblasakimab on disease-associated skin and serum-biomarkers in adults with moderate-to-severe AD.

•

In October 2021, the Company hosted the first in its series of Key Opinion Leader (KOL) webinars, the “A⁴ Series: Aspects of Atopic Dermatitis and ASLAN004”. In the first webinar, Associate Professor Jonathan Silverberg, MD, PhD, MPH discussed the heterogeneity in AD. The second webinar was hosted in January 2022, during which Dr April Armstrong, MD, MPH discussed the key clinical study parameters likely to impact patient responses and clinical trial outcomes in AD. Replay for the first webinar is available here, and replay for the second webinar is available here.  The replays can also be found on the “Events and Presentations” section in ASLAN’s Investor Relations website at http://ir.aslanpharma.com/. Replays will be archived until the end of March.

•

In January 2022, the TRials with EblasaKimab in Atopic Dermatitis (TREK-AD) Phase 2b trial was initiated to evaluate the efficacy and safety of eblasakimab, a potential first-in-class antibody targeting the IL-13 receptor, in patients with moderate-to-severe AD, and the first patient was screened. The randomized,

double-blind, placebo-controlled, multi-center, dose-ranging clinical trial is evaluating five treatment arms (four active treatment arms and one placebo arm) and is expected to enroll approximately 300 patients across sites in North America, Europe and Asia Pacific. Topline data from the study is expected in the first half of 2023.

•

In January 2022, results of an interim analysis of the completed Phase 1b proof-of-concept study of eblasakimab in AD were accepted for poster presentation at the 2022 Winter Clinical Dermatology Conference – Hawaii®.

•

In March 2022, an abstract highlighting key efficacy and safety data from the completed Phase 1b proof-of-concept study for eblasakimab in AD was accepted for late-breaking oral presentation at the 2022 American Academy of Dermatology Annual Meeting, to be held March 25-29, 2022.

•

In October 2021, the Company opened a new office in the US in Menlo Park, California.

•

In December 2021, the Company announced a strategic collaboration with IQVIA Biotech, a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. As part of this collaboration, IQVIA Biotech is supporting the Phase 2b TREK-AD trial of eblasakiumab and will work closely with management to oversee clinical operations and the recruitment of patients across sites in the United States, Canada, Europe and Asia Pacific.

•

In March 2022, Alex Kaoukhov, MD, was appointed as Chief Medical Officer based in the Company’s US office. Alex has more than 20 years of global drug development experience in the US and Europe, and was most recently Head of Clinical Development, Senior Vice President at Bioniz Therapeutics where he established and managed a team responsible for the development of therapeutic assets for the treatment of skin and gastrointestinal autoimmune diseases. Prior to this, Alex served as Head of Global Development at Almirall where he oversaw global clinical and non-clinical development programs. He also was responsible for business development activities including the in-licensing of lebrikizumab for Europe. Prior to Almirall, Alex was Associate Vice President of Clinical Development at Allergan and has served in clinical development leadership roles at Novartis and Galderma. 

•

Initiation of Phase 2 study of farudodstat, also known as ASLAN003, in inflammatory bowel disease is planned for the first half of 2022.

•

Topline data from the Phase 2b TREK-AD study of eblasakimab is expected in the first half of 2023.

•

Cash used in operations for the fourth quarter of 2021 was US$11.9 million compared to US$5.1 million in the same period in 2020.

•

Research and development expenses were US$9.0 million in the fourth quarter of 2021 compared to US$2.9 million in the fourth quarter of 2020. The increase was driven primarily by the increase of clinical development expenses and manufacturing costs related to eblasakimab and the initiation of the TREK-AD Phase 2b trial.

•

General and administrative expenses were US$2.2 million in the fourth quarter of 2021 compared to US$3.0 million in the fourth quarter of 2020.

•

Net loss attributable to stockholders for the fourth quarter of 2021 was US$8.9 million compared to a net loss of US$5.7 million for the fourth quarter of 2020.

•

The weighted average number of American Depositary Shares (ADS) outstanding in the computation of basic loss per share for the fourth quarter of 2021 was 69.6 million (representing 348 million ordinary shares) compared to 39.8 million (representing 199 million ordinary shares) for the fourth quarter of 2020. One ADS is the equivalent of five ordinary shares.

•

Cash used in operations for the year ended December 31, 2021, was US$34.0 million compared to US$15.1 million in 2020.

•

Research and development expenses were US$22.0 million for the year ended December 31, 2021, compared to US$9.3 million in 2020. The increase was driven primarily by the clinical trials development expenses and manufacturing costs related to eblasakimab and the TREK-AD trial.

•

General and administrative expenses were US$11.8 million for the year ended December 31, 2021 compared to US$7.2 million in 2020. The increase in general and administrative expenses was due to the offering costs related to various fundraising activities in 2021, the increase in headcount in the US and related office administration costs.

•

Net loss attributable to stockholders for the year ended December 31, 2021, was US$31.3 million compared to a loss of US$16.2 million in 2020.

•

Cash and cash equivalents totaled US$90.2 million as of December 31, 2021, compared to US$14.3 million as of December 31, 2020. Total proceeds of approximately $117.0 million was raised in the year ended December 31, 2021. Management believes that the Company’s cash and cash equivalents will be sufficient to fund operations through late 2023.

•

The weighted average number of ADSs outstanding in the computation of basic loss per share for the year ended December 31, 2021, was 65.1 million compared to 38.4 million for 2020.

December 31, 2020

(audited)

December 31, 2021

(audited)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

14,324,371

$

90,167,967

Other assets

1,040,049

3,612,846

Financial assets at fair value through profit or loss

137,926

—

Total current assets

$

15,502,346

$

93,780,813

NON-CURRENT ASSETS

Investment in associate company

—

494,728

Property, plant and equipment

13,387

34,979

Right-of-use assets

462,550

197,746

Intangible assets

160

9,956

Other assets

103,307

—

Total non-current assets

579,404

737,409

TOTAL ASSETS

$

16,081,750

$

94,518,222

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Trade payables

$

2,319,558

$

3,116,786

Other payables

4,280,409

2,817,909

Lease liabilities - current

271,624

199,124

Current borrowings

2,900,971

—

Current borrowings from related parties

617,912

—

Financial liabilities at fair value through profit or loss

267,000

223,352

Total current liabilities

10,657,474

6,357,171

NON-CURRENT LIABILITIES

Long-term borrowings

15,183,421

30,857,308

Lease liabilities - non-current

281,149

—

Other non-current liabilities

111,990

—

Total non-current liabilities

15,576,560

30,857,308

Total liabilities

26,234,034

37,214,479

EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

Ordinary shares

61,826,237

63,019,962

Capital surplus

123,582,460

221,467,061

Accumulated deficits

(195,682,714

)

(227,004,332

)

Other reserves

(178,948

)

(178,948

)

Total equity attributable to stockholders of the Company

(10,452,965

)

57,303,743

NON-CONTROLLING INTERESTS

300,681

—

Total equity

(10,152,284

)

57,303,743

TOTAL LIABILITIES AND EQUITY

$

16,081,750

$

94,518,222

For the Three Months

Ended December 31

(unaudited)

For the Twelve Months

Ended December 31

(audited)

2020

2021

2020

2021

NET REVENUE

$

—

$

—

$

—

$

—

COST OF REVENUE

—

—

—

—

GROSS PROFIT

—

—

—

—

OPERATING EXPENSES

General and administrative expenses

(3,033,267

)

(2,171,896

)

(7,169,177

)

(11,825,131

)

Research and development expenses

(2,881,623

)

(8,964,318

)

(9,314,120

)

(22,021,321

)

Total operating expenses

(5,914,890

)

(11,136,214

)

(16,483,297

)

(33,846,452

)

LOSS FROM OPERATIONS

(5,914,890

)

(11,136,214

)

(16,483,297

)

(33,846,452

)

NON-OPERATING INCOME AND EXPENSES

Interest income

154

42

592

219

Other income

888,046

772,113

888,046

1,108,072

Gain on dilution of subsidiary and recognition of associate

—

2,307,735

—

2,307,735

Other gains and losses

(321,729

)

(143,731

)

(129,299

)

1,106,510

Finance costs

(326,178

)

(747,902

)

(1,247,331

)

(1,860,954

)

Total non-operating income and expenses

240,293

2,188,257

(487,992)

2,661,582

Share in losses of associated company, accounted for using equity

   method

—

(190,309

)

—

(405,712

)

LOSS BEFORE INCOME TAX

(5,674,597

)

(9,138,266

)

(16,971,289

)

(31,590,582

)

INCOME TAX EXPENSE

(230,853

)

—

—

—

NET LOSS FOR THE PERIOD

(5,905,450

)

(9,138,266

)

(16,971,289

)

(31,590,582

)

OTHER COMPREHENSIVE LOSS

Unrealized loss on investments

(49,533

)

—

(123,864

)

—

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

$

(5,954,983

)

$

(9,138,266

)

$

(17,095,153

)

$

(31,590,582

)

NET LOSS ATTRIBUTABLE TO:

Stockholders of the Company

$

(5,715,998

)

$

(9,138,266

)

$

(16,197,889

)

$

(31,321,618

)

Non-controlling interests

(189,452

)

—

(773,400

)

(268,964

)

$

(5,905,450

)

$

(9,138,266

)

$

(16,971,289

)

$

(31,590,582

)

TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:

Stockholders of the Company

$

(5,765,531

)

$

(9,138,266

)

$

(16,321,753

)

$

(31,321,618

)

Non-controlling interests

(189,452

)

—

(773,400

)

(268,964

)

$

(5,945,983

)

$

(9,138,266

)

$

(17,095,153

)

$

(31,590,582

)

LOSS PER ORDINARY SHARE

Basic and diluted

$

(0.03

)

$

(0.03

)

$

(0.08

)

$

(0.10

)

LOSS PER EQUIVALENT ADS

Basic and diluted

$

(0.15

)

$

(0.16

)

$

(0.40

)

$

(0.48

)

Weighted-average number of ordinary shares in the computation of

   basic loss per ordinary share

199,066,161

348,028,867

192,226,528

325,684,272

Weighted-average number of ADS in the computation of basic loss

   per ADS

39,813,232

69,605,773

38,445,306

65,136,854

Emma Thompson

Spurwing Communications

Tel: +65 6206 7350

Email: ASLAN@spurwingcomms.com

Ashley R. Robinson

LifeSci Advisors, LLC

Tel: +1 (617) 430-7577

Email: arr@lifesciadvisors.com