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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
6-K
 
 
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
August 12, 2022
(Commission File
No. 001-38475)
 
 
ASLAN PHARMACEUTICALS LIMITED
(REG. NO. 289175)
(Translation of registrant’s name into English)
 
 
CAYMAN ISLANDS
(Jurisdiction of incorporation or organization)
83 CLEMENCEAU AVENUE
#12-03
UE SQUARE
SINGAPORE 239920
(Address of registrant’s principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F
or Form
40-F.
Form
20-F
☒        Form
40-F
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101 (b) (1):
Yes ☐        No ☒
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101 (b) (7):
Yes ☐        No ☒
 
 
 

Announcement of Second Quarter 2022 Financial Results and Corporate Update
On August 12, 2022, ASLAN Pharmaceuticals Limited (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2022 and providing an update on recent corporate activities.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Financial Statements
On August 12, 2022, the Company issued its condensed consolidated financial statements for the six months ended June 30, 2022 (the “Financial Statements”).
A copy of the Financial Statements is attached hereto as Exhibit 99.2 and is incorporated by reference herein.
The information contained in this Form
6-K
is hereby incorporated by reference into the Company’s Registration Statement on
Form F-3
(File
No. 333-234405),
Registration Statement on
Form F-3
(File
No. 333-252575),
Registration Statement on
Form F-3
(File
No. 333-254768),
Registration Statement on Form
S-8
(File
No. 333-252118)
and Registration Statement on
Form S-8
(File
No. 333-263843).
Forward Looking Statements
This Form
6-K
contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of the Company. These forward-looking statements may include, but are not limited to, statements regarding the Company’s business strategy and clinical development plans; the Company’s plans to develop and commercialize
eblasakimab
and
farudodsta
; the safety and efficacy of
eblasakimab
and
farudodstat
; the potential of
eblasakimab
as a
first-in-class
treatment for atopic dermatitis and of
farudodstat
as a treatment for autoimmune disease; and the Company’s cash runway. The Company’s estimates, projections and other forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation the risk factors described in the Company’s U.S. Securities and Exchange Commission (the “SEC”) filings and reports (Commission File
No. 001-38475),
including the Company’s Annual Report on Form
20-F
filed with the SEC on March 25, 2022.
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.
Exhibits
 
Exhibit
Number
  
Exhibit Description
99.1
  
99.2
  
101.INS
  
XBRL Instance Document
101.SCH
  
XBRL Taxonomy Extension Schema Document
101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
  
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
  
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase Document
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
 
 
 
ASLAN PHARMACEUTICALS LIMITED
(Registrant)
 
 
By:
 
/s/ Kiran Kumar Asarpota
 
 
Name:
 
Kiran Kumar Asarpota
 
 
Title:
 
Chief Operating Officer
Date: August 12, 2022
EX-99.1

Exhibit 99.1

 

LOGO

PRESS RELEASE

 

 

ASLAN PHARMACEUTICALS REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

 

  -

Company maintains healthy operating position with US$78.1 million in cash, cash equivalents and short-term investments as of June 30, 2022, runway through late 2023

 

  -

Three abstracts showcasing new findings related to eblasakimab have been accepted as e-posters at the 31st European Academy of Dermatology and Venereology (EADV) Annual Congress, from September 7 to 10, 2022, in Milan, Italy

 

  -

The Phase 2b TREK-AD trial for eblasakimab in moderate-to-severe AD is on track to generate topline data in the first half of 2023

 

  -

Company to host R&D Day; details will follow closer to the date of September 15, 2022

California and Singapore, August 12, 2022 – ASLAN Pharmaceuticals (Nasdaq: ASLN), a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced financial results for the second quarter ended June 30, 2022, and provided an update on recent corporate activities.

“This quarter, we advanced our understanding of eblasakimab’s differentiated profile and its role in reducing pruritic neuronal responses – which remains one of the most burdensome symptoms for AD patients – with late-breaking data presented at the Society for Investigative Dermatology meeting,” stated Dr Carl Firth, CEO, ASLAN Pharmaceuticals. “These insights, and those that we are building with the initiation of new research collaborations related to eblasakimab’s unique mechanism of action, contribute key data on the distinct biological effects of eblasakimab’s selective targeting of the Type 2 receptor and its differentiation from current standard-of-care therapies. We look forward to sharing new insights on eblasakimab at the upcoming EADV Annual Congress in September as we continue to progress the TREK-AD trial of eblasakimab in moderate-severe AD and remain on track for a topline data readout from the trial in the first half of 2023.”

Second quarter 2022 and recent business highlights

Eblasakimab

 

   

In May, the Company presented new, late-breaking data on insights related to neuronal itch mechanisms through eblasakimab’s targeting of IL-13Ra1 at the Society for Investigative Dermatology (SID) Annual Meeting. The findings demonstrated that eblasakimab significantly reduced cytokine-enhanced neuronal responses to IL-4 and IL-13-driven itch by more than 40% versus control conditions (p=0.0001), and suggest eblasakimab’s unique mechanism of blocking IL-13Ra1 could provide a molecular basis for the significant reduction of pruritis scores observed in eblasakimab-treated moderate-to-severe AD patients in the Phase 1b clinical trial. Further data from the translational studies will be shared in the second half of 2022.

 

   

In June, the Company initiated a scientific collaboration with Dr Shawn Kwatra from Johns Hopkins University School of Medicine and Dr Madan Kwatra from Duke University Medical Center to explore the distinct role of IL-13 receptor signaling in AD. The collaboration is evaluating how IL-13Ra1-mediated allergic, inflammatory and regulatory pathways are affected by eblasakimab’s selective targeting of the Type 2 receptor. Research findings will be disclosed for presentation during the second half of 2022.


LOGO

 

   

In June, the Company hosted the third episode in its series of Key Opinion Leader (KOL) webinars, the “A4 (Aspects of Atopic Dermatitis and ASLAN004/eblasakimab) Series: ‘Dialogues with International Thought Leaders in Dermatology’”. Peter Lio MD, Clinical Assistant Professor of Dermatology and Pediatrics at Northwestern University, discussed the limitations of the current treatment landscape in AD and the resulting unmet medical needs in patients who do not respond optimally to current standards of care. All three webinar episodes from the A4 series are available for replay here.

Farudodstat (ASLAN003)

 

   

In June, based on emerging clinical data for DHODH inhibitors in inflammatory bowel disease, the Company decided to prioritize the further development of farudodstat in autoimmune skin diseases. A clinical development plan is being finalized and a Phase 2 trial is expected to commence in the first half of 2023.

Anticipated upcoming milestones

 

   

Three abstracts with new data on biomarkers and patient reported outcome measures from the Phase 1b proof-of-concept trial of eblasakimab have been accepted for e-poster presentation at the 31st EADV Annual Congress held in person and virtually, from September 7 to 10, 2022, in Milan, Italy.

 

   

The Company will host a Research and Development (R&D) Day on September 15, 2022, with a hybrid in-person and virtual format. More information will be announced in the weeks ahead.

 

   

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

Second quarter 2022 financial highlights

 

   

Cash used in operating activities for the second quarter of 2022 was US$9.7 million compared to US$6.9 million in the same period in 2021.

 

   

Cash, cash equivalents and short-term investments as of June 30, 2022, were US$78.1 million.

 

   

Research and development expenses were US$10.0 million in the second quarter of 2022 compared to US$4.0 million in the second quarter of 2021. The increase was due to clinical development expenses and manufacturing costs related to eblasakimab TREK-AD Phase 2b trial.

 

   

General and administrative expenses were US$2.3 million in the second quarter of 2022 compared to US$3.8 million in the second quarter of 2021.

 

   

Net loss attributable to stockholders for the second quarter of 2022 was US$13.0 million compared to a net loss of US$5.4 million for the second quarter of 2021.

 

   

The weighted average number of American Depositary Shares (ADS) outstanding in the computation of basic loss per share for the second quarter of 2022 was 69.7 million (representing 348.7 million ordinary shares) compared to 69.6 million (representing 347.8 million ordinary shares) for the second quarter of 2021. One ADS is the equivalent of five ordinary shares.


LOGO

ASLAN Pharmaceuticals Limited

CONSOLIDATED BALANCE SHEETS

(In US Dollars)

 

    

December 31, 2021

(audited)

   

June 30, 2022

(audit reviewed)

 

ASSETS

    

CURRENT ASSETS

    

Cash and cash equivalents

   $ 90,167,967     $ 61,576,463  

Short-term investments

     —         16,543,352  
  

 

 

   

 

 

 

Total cash, cash equivalents, and short-term investments

     90,167,967       78,119,815  
  

 

 

   

 

 

 

Other assets

     3,612,846       2,244,246  
  

 

 

   

 

 

 

Total current assets

   $ 93,780,813     $ 80,364,061  
  

 

 

   

 

 

 

NON-CURRENT ASSETS

    

Investment in associate company

     494,728       132,247  

Property, plant and equipment

     34,979       44,596  

Right-of-use assets

     197,746       65,344  

Intangible assets

     9,956       7,896  
  

 

 

   

 

 

 

Total non-current assets

     737,409       250,083  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 94,518,222     $ 80,614,144  
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

CURRENT LIABILITIES

    

Trade payables

   $ 3,116,786     $ 9,442,905  

Other payables

     2,817,909       1,913,020  

Lease liabilities - current

     199,124       50,117  

Financial liabilities at fair value through profit or loss

     223,352       119,351  
  

 

 

   

 

 

 

Total current liabilities

     6,357,171       11,525,393  
  

 

 

   

 

 

 

NON-CURRENT LIABILITIES

    

Long-term borrowings

     30,857,308       36,420,039  
  

 

 

   

 

 

 

Total non-current liabilities

     30,857,308       36,420,039  
  

 

 

   

 

 

 

Total liabilities

     37,214,479       47,945,432  
  

 

 

   

 

 

 

EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

    

Ordinary shares

     63,019,962       63,019,962  

Capital surplus

     221,467,061       222,803,698  

Accumulated deficits

     (227,004,332     (252,976,000

Other reserves

     (178,948     (178,948
  

 

 

   

 

 

 

Total equity attributable to stockholders of the Company

     57,303,743       32,668,712  
  

 

 

   

 

 

 

Total equity

     57,303,743       32,668,712  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 94,518,222     $ 80,614,144  
  

 

 

   

 

 

 


LOGO

ASLAN Pharmaceuticals Limited

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In US Dollars, other than shares or share data)

 

     For the Three Months Ended June 30     For the Six Months Ended June 30  
     2021     2022     2021     2022  

OPERATING EXPENSES

        

General and administrative expenses

   $ (3,788,772   $ (2,319,516   $ (6,893,836   $ (4,855,050

Research and development expenses

     (4,044,521     (9,980,936     (7,795,493     (19,339,046
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (7,833,293     (12,300,453     (14,689,329     (24,194,095
  

 

 

   

 

 

   

 

 

   

 

 

 

LOSS FROM OPERATIONS

     (7,833,293     (12,300,453     (14,689,329     (24,194,095
  

 

 

   

 

 

   

 

 

   

 

 

 

NON-OPERATING INCOME AND EXPENSES

        

Other income

     340,076       37,420       340,076       156,749  

Interest income

     20       41,373       157       43,797  

Gain on dilution of subsidiary and recognition of associate

     2,307,735       —         2,307,735       —    

Impairment loss of associate accounted for using equity method

     —         (50,109     —         (50,109

Other gains and losses

     22,451       268,059       319,636       344,683  

Finance costs

     (203,428     (877,300     (614,902     (1,960,321
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating income and expenses

     2,466,854       (580,557     2,352,702       (1,465,201
  

 

 

   

 

 

   

 

 

   

 

 

 

Share in losses of associated company, accounted for using equity method

     (81,880     (153,871     (81,880     (312,372

LOSS BEFORE INCOME TAX

     (5,448,319     (13,034,881     (12,418,507     (25,971,668

INCOME TAX EXPENSE

     —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 

NET LOSS FOR THE PERIOD

     (5,448,319     (13,034,881     (12,418,507     (25,971,668
  

 

 

   

 

 

   

 

 

   

 

 

 

OTHER COMPREHENSIVE LOSS

        

Items that will not be reclassified subsequently to profit or loss:

        

Unrealized loss on investments in equity instruments at fair value through other comprehensive income

     —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

   $ (5,448,319   $ (13,034,881   $ (12,418,507   $ (25,971,668
  

 

 

   

 

 

   

 

 

   

 

 

 

NET LOSS ATTRIBUTABLE TO:

        

Stockholders of the Company

   $ (5,429,026   $ (13,034,881   $ (12,149,543   $ (25,971,668

Non-controlling interests

     (19,293     —         (268,964     —    
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (5,448,319   $ (13,034,881   $ (12,418,507   $ (25,971,668
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:

        

Stockholders of the Company

   $ (5,429,026   $ (13,034,881   $ (12,149,543   $ (25,971,668

Non-controlling interests

     (19,293     —         (268,964     —    
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (5,448,319   $ (13,034,881   $ (12,418,507   $ (25,971,668
  

 

 

   

 

 

   

 

 

   

 

 

 

LOSS PER ORDINARY SHARE

        

Basic and diluted

   $ (0.02   $ (0.04   $ (0.04   $ (0.07
  

 

 

   

 

 

   

 

 

   

 

 

 

LOSS PER EQUIVALENT ADS

        

Basic and diluted

   $ (0.08   $ (0.19   $ (0.20   $ (0.35
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average number of ordinary shares in the computation of basic loss per ordinary share

     347,799,933       348,723,365       302,985,377       348,723,365  

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

     69,559,987       69,744,673       60,597,075       69,744,673  

Each ADS represents five ordinary shares


LOGO

About ASLAN Pharmaceuticals

ASLAN Pharmaceuticals (Nasdaq: ASLN) is a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients. ASLAN is currently evaluating eblasakimab (also known as ASLAN004), a potential first-in-class antibody targeting the IL-13 receptor, in atopic dermatitis, and farudodstat (also known as ASLAN003), a potent oral inhibitor of the enzyme DHODH, in autoimmune disease. ASLAN has a team in California, and in Singapore. For additional information please visit www.aslanpharma.com or follow ASLAN on LinkedIn.

Forward looking statements

This release contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of ASLAN Pharmaceuticals Limited and/or its affiliates (the “Company”). These forward-looking statements may include, but are not limited to, statements regarding the Company’s business strategy and clinical development plans; the Company’s plans to develop and commercialize eblasakimab and farudodstat; the safety and efficacy of eblasakimab and farudodstat; the Company’s plans and expected timing with respect to clinical trials, clinical trial enrollment and clinical trial results for eblasakimab and farudodstat; the potential of eblasakimab as a first-in-class treatment for atopic dermatitis and of farudodstat as a treatment for autoimmune disease; and the Company’s cash runway. The Company’s estimates, projections and other forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations, or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of many risks and uncertainties, which include, unexpected safety or efficacy data observed during preclinical or clinical studies; clinical site activation rates or clinical trial enrollment rates that are lower than expected; the impact of the COVID-19 pandemic or the ongoing conflict between Ukraine and Russia on the Company’s business and the global economy; general market conditions; changes in the competitive landscape; and the Company’s ability to obtain sufficient financing to fund its strategic and clinical development plans. Other factors that may cause actual results to differ from those expressed or implied in such forward-looking statements are described in the Company’s US Securities and Exchange Commission filings and reports (Commission File No. 001- 38475), including the Company’s Annual Report on Form 20-F filed with the US Securities and Exchange Commission on March 25, 2022. 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.

Ends

Media and IR contacts

 

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

EX-99.2
0.01000.01000.01002015-12-312018-03-31
Exhibit 99.2
ASLAN PHARMACEUTICALS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. Dollars, other than shares or share data, or otherwise noted)
(Unaudited)
 
    
December 31, 2021
   
June 30, 2022
 
ASSETS
                
     
CURRENT ASSETS
                
Cash and cash equivalents (Note 6)
  
$
90,167,967
 
 
$
61,576,463
 
Short-term investments (
Notes
7
 and 12
)
  
 
  
 
 
 
16,543,352
 
    
 
 
   
 
 
 
Total cash, cash equivalents, and short-term investments
  
 
90,167,967
 
 
 
78,119,815
 
    
 
 
   
 
 
 
Other assets (Note 8)
  
 
3,612,846
 
 
 
2,244,246
 
    
 
 
   
 
 
 
Total current assets
  
 
93,780,813
 
 
 
80,364,061
 
    
 
 
   
 
 
 
     
NON-CURRENT
ASSETS
                
Investment in associate company (Notes 9 and 10)
  
 
494,728
 
 
 
132,247
 
Property, plant and equipment, net
  
 
34,979
 
 
 
44,596
 
Right-of-use
assets
  
 
197,746
 
 
 
65,344
 
Intangible assets
  
 
9,956
 
 
 
7,896
 
    
 
 
   
 
 
 
Total
non-current
assets
  
 
737,409
 
 
 
250,083
 
    
 
 
   
 
 
 
TOTAL ASSETS
  
$
94,518,222
 
 
$
80,614,144
 
    
 
 
   
 
 
 
LIABILITIES AND EQUITY
                
     
CURRENT LIABILITIES
                
Trade payables
  
$
3,116,786
 
 
$
9,442,905
 
Other payables (
Note 
11)
  
 
2,817,909
 
 
 
1,913,020
 
Lease liabilities – current
  
 
199,124
 
 
 
50,117
 
Financial liabilities at fair value through profit or loss (Note 20)
  
 
223,352
 
 
 
119,351
 
    
 
 
   
 
 
 
Total current liabilities
  
 
6,357,171
 
 
 
11,525,393
 
    
 
 
   
 
 
 
NON-CURRENT
LIABILITIES
                
Long-term borrowings (Note 12)
  
 
30,857,308
 
 
 
36,420,039
 
    
 
 
   
 
 
 
Total
non-current
liabilities
  
 
30,857,308
 
 
 
36,420,039
 
    
 
 
   
 
 
 
TOTAL LIABILITIES
  
 
37,214,479
 
 
 
47,945,432
 
    
 
 
   
 
 
 
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY
                
Ordinary shares (Note 13)
  
 
63,019,962
 
 
 
63,019,962
 
Capital, share options and other reserves
  
 
221,467,061
 
 
 
222,803,698
 
Accumulated deficits
  
 
(227,004,332
 
 
(252,976,000
Other reserves
  
 
(178,948
 
 
(178,948
    
 
 
   
 
 
 
Total equity attributable to stockholders of the Company
  
 
57,303,743
 
 
 
32,668,712
 
    
 
 
   
 
 
 
Total equity
  
 
57,303,743
 
 
 
32,668,712
 
    
 
 
   
 
 
 
     
TOTAL LIABILITIES AND EQUITY
  
$
94,518,222
 
 
$
80,614,144
 
    
 
 
   
 
 
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F-1

ASLAN PHARMACEUTICALS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In U.S. Dollars, other than shares or share data, or otherwise noted)
(Unaudited)
 
    
For the six months ended June 30
 
    
            2021            
   
            2022            
 
NET REVENUE
  
$
  
 
 
$
 
 
     
COST OF REVENUE
  
 
—  
 
       
    
 
 
   
 
 
 
     
GROSS PROFIT
  
 
—  
 
       
    
 
 
   
 
 
 
     
OPERATING EXPENSES (Notes 14 and 17)
                
General and administrative expenses
  
 
(6,893,836
 
 
(4,855,050
Research and development expenses
  
 
(7,795,493
 
 
(19,339,045
    
 
 
   
 
 
 
Total operating expenses
  
 
(14,689,329
 
 
(24,194,095
    
 
 
   
 
 
 
LOSS FROM OPERATIONS
  
 
(14,689,329
 
 
(24,194,095
    
 
 
   
 
 
 
     
NON-OPERATING
INCOME AND EXPENSES
                
Other income (Note 14)
  
 
340,076
 
 
 
156,749
 
Interest income
  
 
157
 
 
 
43,797
 
Gain on dilution of subsidiary and recognition of associate (Note 10)
  
 
2,307,735
 
 
 
  
 
Impairment loss of associate accounted for using equity method
  
 
  
 
 
 
(50,109
Other gains
  
 
319,636
 
 
 
344,683
 
Finance costs (Note 14)
  
 
(614,902
 
 
(1,960,321
    
 
 
   
 
 
 
Total
non-operating
income and expenses
  
 
2,352,702
 
 
 
(1,465,201
    
 
 
   
 
 
 
Share in losses of associated company, accounted for using equity method
  
 
(81,880
 
 
(312,372
    
 
 
   
 
 
 
LOSS BEFORE INCOME TAX
  
 
(12,418,507
 
 
(25,971,668
     
INCOME TAX EXPENSE (Note 15)
  
 
  
 
 
 
  
 
    
 
 
   
 
 
 
     
NET LOSS FOR THE PERIOD
  
 
(12,418,507
 
 
(25,971,668
    
 
 
   
 
 
 
     
OTHER COMPREHENSIVE LOSS
                
Items that will not be reclassified subsequently to profit or loss:
    
—  
     
—  
 
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
  
$
(12,418,507
 
$
(25,971,668
    
 
 
   
 
 
 
     
NET LOSS ATTRIBUTABLE TO
                
Stockholders of the Company
  
$
(12,149,543
 
$
(25,971,668
Non-controlling
interests
  
 
(268,964
 
 
  
 
    
 
 
   
 
 
 
    
$
(12,418,507
 
$
(25,971,668
    
 
 
   
 
 
 
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO
                
Stockholders of the Company
  
$
(12,149,543
 
$
(25,971,668
Non-controlling
interests
  
 
(268,964
 
 
  
 
    
 
 
   
 
 
 
    
$
(12,418,507
 
$
(25,971,668
    
 
 
   
 
 
 
LOSS PER ORDINARY SHARE (Note 16)
                
Basic and diluted
  
$
(0.04
 
$
(0.07
LOSS PER EQUIVALENT ADS (Note 16)
                
Basic and diluted
  
$
(0.20
 
$
(0.35
Each ADS represents five ordinary shares.
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F-2

ASLAN PHARMACEUTICALS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In U.S. Dollars, other than shares or share data, or otherwise noted)
(Unaudited)
 
 
 
Ordinary Shares
(Note 13)
 
 
Capital Surplus, share options and other reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
shares
 
 
Amount
 
 
Ordinary

Shares
 
 
Share
Options

Reserve
 
 
Other
 
 
Total
 
 
Accumulated

Deficits
 
 
Unrealized

Valuation Loss

on Financial

Assets at Fair

Value Through

Other

Comprehensive

Income
 
 
Non-

controlling

Interests

(Note 8)
 
 
Total Equity
 
BALANCE AT JANUARY 1, 2021
 
 
209,675,470
 
 
$
61,826,237
 
 
$
115,754,741
 
 
$
6,406,791
 
 
$
1,420,928
 
 
$
123,582,460
 
 
$
(195,682,714
 
$
(178,948
 
$
300,681
 
 
$
(10,152,284
Issuance of new share capital (Note 13)
 
 
136,412,540
 
 
$
1,167,371
 
 
$
100,388,337
 
 
$
—  
 
 
$
—  
 
 
$
100,388,337
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
101,555,708
 
Transaction cost attributable to the issuance
 
of
 
ordinary
shares
 
 
—  
 
 
$
—  
 
 
$
(4,576,671
 
$
—  
 
 
$
—  
 
 
$
(4,576,671
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(4,576,671
Issuance of ordinary shares under employee share option plan
 
 
572,500
 
 
$
5,725
 
 
$
714,275
 
 
$
(505,500
 
$
—  
 
 
$
208,775
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
214,500
 
Recognition of employee share options by the company
 (Note 13)
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
1,564,673
 
 
$
—  
 
 
$
1,564,673
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
1,564,673
 
Warrants exercised
 
 
1,425,550
 
 
$
14,256
 
 
$
561,143
 
 
$
—  
 
 
$
—  
 
 
$
561,143
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
575,399
 
Non-controlling
interests derecognized
 
due
 
to
dilution of subsidiary
(Note
 10
)
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(31,717
 
$
(31,717
Other comprehensive income due to dilution of subsidiary
(Note 10)
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(1,376,349
 
$
(1,376,349
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(1,376,349
Net loss for the six months ended June 30, 2021
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(12,149,543
 
$
—  
 
 
$
(268,964
 
$
(12,418,507
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive loss for the six months ended June 30, 2021
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(12,149,543
 
$
—  
 
 
$
(268,964
 
$
(12,418,507
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
BALANCE AT JUNE 30, 2021
 
 
348,086,060
 
 
$
63,013,589
 
 
$
212,841,825
 
 
$
7,465,964
 
 
$
44,579
 
 
$
220,352,368
 
 
$
(207,832,257
 
$
(178,948
 
$
  
 
 
$
75,354,752
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
BALANCE AT JANUARY 1, 2022
 
 
348,723,365
 
 
$
63,019,962
 
 
$
213,098,729
 
 
$
8,323,753
 
 
$
44,579
 
 
$
221,467,061
 
 
$
(227,004,332
 
$
(178,948
 
$
  
 
 
$
57,303,743
 
Recognition of employee share options by the company
 (Note
 
13)
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
1,336,637
 
 
$
—  
 
 
$
1,336,637
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
1,336,637
 
Net loss for the six months ended June 30, 2022
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(25,971,668
 
$
—  
 
 
$
—  
 
 
$
(25,971,668
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive loss for the six months ended June 30, 2022
 
 
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(25,971,668
 
$
—  
 
 
$
—  
 
 
$
(25,971,668
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
BALANCE AT JUNE 30, 2022
 
 
348,723,365
 
 
$
63,019,962
 
 
$
213,098,729
 
 
$
9,660,390
 
 
$
44,579
 
 
$
222,803,698
 
 
$
(252,976,000
 
$
(178,948
 
$
  
 
 
$
32,668,712
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F-3

ASLAN PHARMACEUTICALS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. Dollars, other than shares or share data, or otherwise noted)
(Unaudited)
 
 
  
For the six months ended June 30
 
 
  
2021
 
 
2022
 
CASH FLOWS FROM OPERATING ACTIVITIES
  
 
Loss before income tax
  
$
(12,418,507
 
$
(25,971,668
Adjustments for:
                
Depreciation expenses
  
 
141,321
 
 
 
140,492
 
Amortization expenses
  
 
504
 
 
 
2,060
 
Net gain on fair value changes of financial assets
measured 
at fair value through profit or loss
  
 
(129,075
 
 
(104,001
Finance costs
  
 
614,902
 
 
 
1,960,321
 
Interest income
  
 
(157
 
 
(43,797
Compensation costs recognized of share-based payment transactions
  
 
2,329,874
 
 
 
955,673
 
Gain on dilution of subsidiary and recognition of associate
  
 
(2,307,735
 
 
  
 
Share of results of associate accounted for using equity method
  
 
81,880
 
 
 
312,372
 
Impairment loss of associate accounted for using equity method
  
 
—  
 
 
 
50,109
 
Net
gain on
fair value changes of 
short-term investments
 measured at fair value through profit or loss
  
 
—  
 
 
 
(30,846
Unrealized gain on foreign exchange, net
  
 
(192,176
 
 
(344,266
Changes in operating assets and liabilities
                
Decrease in other assets
  
 
424,837
 
 
 
1,368,600
 
(Decrease) Increase in trade payables
  
 
(272,771
 
 
6,326,120
 
Decrease in other payables
  
 
(1,531,218
 
 
(577,153
    
 
 
   
 
 
 
Cash used in operations
  
 
(13,258,321
 
 
(15,955,984
Interest received
  
 
157
 
 
 
43,797
 
Interest paid
  
 
(1,223,529
 
 
(1,000,096
Income tax paid
  
 
  
 
 
 
  
 
    
 
 
   
 
 
 
Net cash used in operating activities
  
 
(14,481,693
 
 
(16,912,283
    
 
 
   
 
 
 
     
CASH FLOWS FROM INVESTING ACTIVITIES
                
Payments for property, plant and equipment
  
 
(4,211
 
 
(17,707
Acquisition of intangible assets
  
 
(12,360
 
 
  
 
Purchase of
short
-term investments
  
 
—  
 
 
 
(16,537,462
Proceeds from disposal or redemption of short-term investments
  
 
—  
 
 
 
24,955
 
Increase in refundable deposits
  
 
(16,743
 
 
—  
 
    
 
 
   
 
 
 
Net cash used in investing activities
  
 
(33,314
 
 
(16,530,214
    
 
 
   
 
 
 
     
CASH FLOWS FROM FINANCING ACTIVITIES
                
Proceeds from long term borrowings
  
 
  
 
 
 
5,000,000
 
Repayment on long term borrowings
  
 
(3,250,000
 
 
  
 
Repayment of the principal portion of lease liabilities
  
 
(208,142
 
 
(149,007
Proceeds with new share capital
  
 
101,555,708
 
 
 
  
 
Proceeds from exercise of loan warrants
  
 
575,399
 
 
 
  
 
Proceeds from exercise of share options
  
 
214,500
 
 
 
  
 
Payments for transaction costs attributable to the issuance of ordinary shares
  
 
(4,576,671
 
 
  
 
    
 
 
   
 
 
 
Net cash generated from financing activities
  
 
94,310,794
 
 
 
4,850,993
 
    
 
 
   
 
 
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
  
 
79,795,787
 
 
 
(28,591,504
     
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
  
 
14,324,371
 
 
 
90,167,967
 
    
 
 
   
 
 
 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
  
$
94,120,158
 
 
$
61,576,463
 
    
 
 
   
 
 
 
Non-cash transactions
As disclosed in Note 9, the Company’s shareholding in Jaguahr Therapeutics Pte. Ltd in April 2021 was diluted as a result of which, the Company’s majority controlling interest was lost. However, the Company retains significant influence and thus the former subsidiary is recognised as an associated company. The foregoing is accounted for as a
non-cash
equity transaction, using the equity method.
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F-4

ASLAN PHARMACEUTICALS LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(In U.S. Dollars, other than shares or share data, or otherwise noted)
(Unaudited)
 
1.
GENERAL INFORMATION
ASLAN Pharmaceuticals Limited (“ASLAN Cayman”) was incorporated in the Cayman Islands in June 2014 and is the listing vehicle for the listing on the Nasdaq Global Market sponsored with its issuance of American Depositary Shares (“ADS”) in the United States. ASLAN Cayman and its subsidiaries (collectively referred to as the “Company”) is a clinical-stage immunology focused biopharmaceutical company developing innovative treatments to transform the lives of patients.
The Company’s portfolio is led by
eblasakimab
(also known as ASLAN004), a potential
first-in-class
human monoclonal antibody that binds to the
IL-13
receptor, blocking signaling of two
pro-inflammatory
cytokines,
IL-4
and
IL-13
which are central to triggering symptoms of atopic dermatitis, such as redness and itching of the skin.
ASLAN Pharmaceuticals Pte. Ltd. was incorporated in Singapore in April 2010 and ASLAN Pharmaceuticals Limited was incorporated in Cayman Islands in June 2014 as the listing vehicle. The Company’s ADS have been listed on the Nasdaq Global Market since May 2018.
The Company has financed its operations to date primarily through the issuance of common shares. The Company has incurred net losses since inception. Please refer to Note 18 for details of the Company’s current fund raising activities.
Both the reporting and functional currency of the Company is the U.S. dollar.
 
2.
APPROVAL OF FINANCIAL STATEMENTS
The accompanying condensed consolidated financial statements were approved by the Company’s Audit Committee on August 12, 2022.
 
3.
APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS
 
 
a.
Amendments to the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) mandatorily effective for the current
reporting period
.
The Company has applied the amendments to IFRSs including
Amendments to IFRS 3 “
Reference to the Conceptual Framework
”, Annual Improvements to IFRS Standards 2018 – 2020 including IFRS 9 “
Fees in ‘10 Percent Test
’”, IFRS 16 “
Lease Incentives
”, and IAS 41 “
Taxation in fair value measurement
” which were issued by the IASB on or before April 30, 2022 effective for annual periods that began on or 
after January 1, 2022. The
 application of these amendments has had no significant impact on the disclosures or amounts recognized in the Company’s condensed consolidated financial statements. 
 
F-5

 
b.
New and revised IFRSs issued but not yet effective
Of the new, amended and revised standards and interpretations (collectively the “New IFRSs”) that have been issued but are not yet effective, the Company has not applied the following.
 
New IFRSs
 
Effective Date
Announced by IASB (Note 1)
Amendments to IAS 1 “Classification of Liabilities as Current or Non-current”
 
January 1, 2023 (Note 2)
IFRS 17 “Insurance Contracts”
 
January 1, 2023
Amendments to IFRS 17
 
January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2 “Disclosure of
Accounting Policies”
 
To be determined by IASB
Amendments to IAS 8 “Definition of Accounting Estimates”
 
January 1, 2023
Amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a
Single Transaction”
 
January 1, 2023
 
Note 1:
  
Unless stated otherwise, the above New IFRSs are effective for annual reporting periods beginning on or after their respective effective dates.
Note 2:
  
The effective date of Amendments to IAS 1 was deferred to January 1, 2023 from originally January 1, 2022. In November 2021, the IASB published the Exposure Draft: Non-current liabilities with Covenants (Proposed amendments to IAS 1) to propose further changes to requirements for classifying as current or non-current and to defer the effective date to no earlier than January 1, 2024.
As of the date the condensed consolidated financial statements were authorized for issue, the Company is continuously assessing the possible impact that the application of other standards and interpretations will have on the Company’s financial position and financial performance and will disclose the relevant impact when the assessment is completed.
 
F-6

4.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
 
a.
Statement of compliance
The condensed consolidated financial statements have been prepared in accordance with IAS 34 “
Interim Financial Reporting
”.
 
 
b.
Basis of preparation
The condensed consolidated financial statements have been prepared on the historical cost basis except for financial instruments and other payable arising from cash-settled share-based payment arrangements which are measured at fair value.
 
 
c.
Basis of consolidation
The condensed consolidated financial statements include the financial statements of the ASLAN Cayman and entities controlled by ASLAN Cayman (its subsidiaries). When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Company.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Company are eliminated on consolidation.
 
 
d.
Other significant accounting policies
The accounting policies applied in these condensed consolidated financial statements are the same as those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2021.
 
5.
CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In applying the Company’s accounting policies, which are described in Note 4, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognized and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revisions affect only that period or in the period of the revisions and future periods if the revisions affect both current and future periods.
For the critical accounting judgments and key sources of estimation uncertainty and assumption applied in the condensed consolidated financial statements, refer to the consolidated financial statements for the year ended December 31, 2021.
 
F-7

6.
CASH AND CASH EQUIVALENTS
 
    
December 31,
2021
    
June 30,
2022
 
Cash in
bank
  
$
90,167,967
 
  
$
48,056,304
 
Money market fund
  
 
  
 
  
 
10,120,088
 
Commercial paper
  
 
—  
 
  
 
2,795,199
 
Corporate fixed income
  
 
—  
 
  
 
604,872
 
    
 
 
    
 
 
 
    
$
90,167,967
 
  
$
61,576,463
 
    
 
 
    
 
 
 
As disclosed in Note 13, the Company has raised $97.0 million (net proceeds) from the issuance of
ADS
in the 6 months period ended June 30, 2021.
In
 
February 2022
,
 the Company engaged an asset management bank to obtain better returns on the Company’s cash with an initial portfolio size of $
30.0
 million pursuant to Company’s Investment Policy. The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents
 
as they were subject to an insignificant risk of changes in value.
The average coupon rate for the cash equivalents products ranged from
1.28
% to
2.15
% as of June 
30
,
2022
.
 
7.
SHORT-TERM INVESTMENTS
 
    
December 31,
    
June 30,
 
    
2021
    
2022
 
Short-term investments
  
$
  
 
  
$
16,543,352
 
    
 
 
    
 
 
 
Following the asset management portfolio described in Note 6, the Company also purchased short-term investments pursuant to the Company’s Investment Policy during the six-months ended June 30, 2022. The short-term investments of the Company are primarily intended to facilitate liquidity and capital preservation. They consist predominantly of highly liquid investment-grade fixed-income securities with credit rating A- or higher, US Government securities, and financial money market fund, with maturities of less than six months. Thus, these short-term investments have been classified as financial assets at Fair Value Through Profit or Loss (“FVTPL”). The average coupon rate for the short-term investment products ranged 
from 0.35% to 2% as of June 30, 2022.
 
8.
OTHER ASSETS
 
    
December 31,
    
June 30,
 
    
2021
    
2022
 
Current
                 
Prepayments
  
$
2,733,753
 
  
$
2,160,016
 
Refundable deposits
  
 
879,093
 
  
 
84,230
 
    
 
 
    
 
 
 
    
$
3,612,846
 
  
$
2,244,246
 
    
 
 
    
 
 
 
The prepayments are the advanced funds paid to the Company’s contract research organizations (“CROs”) for commencement of the Company’s clinical trials and related preparation work.
The refundable deposits are the receivables due from the Company’s CRO after the final reconciliation upon the project completion and office deposits refundable in normal business course. All refundable deposits are current as of December 31, 2021
,
and June 30, 2022.
 
F-8

9.
DETAILS OF SUBSIDIARIES THAT HAVE MATERIAL
NON-CONTROLLING
INTERESTS
On October 15, 2019, the Company established a joint venture with Bukwang Pharmaceutical Co., Ltd., a leading research and development focused Korean pharmaceutical company, to develop antagonists of the aryl hydrocarbon receptor (AhR). The Company at that time owned a controlling stake 55% of the joint venture entity, which is called Jaguahr Therapeutics Pte. Ltd.
On April 28, 2021
,
the Company’s shareholding was diluted from 55% to 35% resulting in a loss of control
.
 The Company did not consolidate Jaguahr Therapeutics Pte. Ltd. as a subsidiary post dilution.
For the six months ended June 30, 2021, the Company recognized a loss of $268,964 from Jaguahr Therapeutics Pte. Ltd. representing the amount allocated to non-controlling interests
 
prior to the dilution. For the six months ended June 30, 2021, the company recognized a share of losses of $81,880 from Jaguahr Therapeutics Pte. Ltd. after the dilution.
 
Please refer to Note 10 for details.
 
10.
INVESTMENT IN ASSOCIATE COMPANY
Details of the material associate:
 
 
  
 
  
 
  
Proportion of

Ownership and Voting

Rights Held by the
Company
Name
  
Principal Activity
  
Principal Place of Business
  
December 31,
2021
 
June 30,
2022
Jaguahr Therapeutics Pte. Ltd.
 
New drug research and development    Singapore   
35%
 
35%
 
 
*
On April 28, 2021
,
the Company’s shareholding was diluted from 55% to 35% resulting in a loss of control as further detailed above.
 
A gain on dilution of subsidiary of $2,307,735 represent
s 1
)
the classification of the capital reserve of $1,376,349,
2)
 non-controlling interest derecognised of $31,717 at the date of dilution and
 3)
35% of the fair value of net identifiable assets of Jaguahr Therapeutics Pte. Ltd. at the date of the dilution being recognised for the year ended December 31, 2021. 
Summarized financial information of
 Jaguahr Therapeutics Pte. Ltd.
is set out below. The summarized 
financial information below represents amounts
in associate company financial statements prepared in accordance with IFRS
.
 
    
December 31,
    
June 30,
 
    
2021
    
2022
 
Current assets
  
$
1,384,013
 
  
$
720,107
 
Current liabilities
  
 
(113,674
  
 
(342,258
    
 
 
    
 
 
 
Equity
  
$
1,270,339
 
  
$
377,849
 
    
 
 
    
 
 
 
 
F-9

    
For the Period Ended
June 30
 
    
2021
    
2022
 
Revenue
  
$
  
 
  
$
  
 
    
 
 
    
 
 
 
     
Loss for the
period
, representing total comprehensive loss for the
period
  
$
(1,897,844
  
$
(892,490
    
 
 
    
 
 
 
Attributable to:
                 
Stockholders of the Company
  
$
(1,628,880
  
$
(580,118
Non-controlling
interests
  
 
(268,964
  
 
(
312,372
    
 
 
    
 
 
 
    
$
(1,897,844
  
$
(892,490
    
 
 
    
 
 
 
Movements in investment in associate company are as follows:
 
    
December 31,
    
June 30,
 
    
2021
    
2022
 
Net assets of associate
  
$
1,270,339
 
  
$
377,849
 
Beginning balance
  
$
  
 
  
$
494,728
 
Share of results of associate accounted for using equity method
  
 
444,619
 
  
 
(312,372
Loss of interest at the date of dilution of shares in the associate
  
 
50,109
 
  
 
  
 
Impairment loss of associate accounted for using equity method
  
 
  
 
  
 
(50,109
    
 
 
    
 
 
 
Ending balance
  
$
494,728
 
  
$
132,247
 
    
 
 
    
 
 
 
 
11.
OTHER PAYABLES
 
    
December 31,
    
June 30,
 
    
2021
    
2022
 
Payables for cash-settled share-based payment transactions (Note 17)
  
$
701,582
 
  
$
320,618
 
Payables for salaries and bonuses
  
 
1,387,416
 
  
 
818,090
 
Interest payables
  
 
142,083
 
  
 
195,313
 
Payables for professional fees
  
 
507,340
 
  
 
470,570
 
Others
  
 
79,488
 
  
 
108,429
 
    
 
 
    
 
 
 
    
$
2,817,909
 
  
$
1,913,020
 
    
 
 
    
 
 
 
 
F-10

12.
BORROWINGS
 
    
December 31,
    
June 30,
 
    
2021
    
2022
 
Long-term borrowings – Unsecured
                 
Loans from government (a)
  
$
7,341,127
 
  
$
7,121,220
 
Other long-term borrowings (b)
  
 
19,521,647
 
  
 
25,210,306
 
Interest payables (a)
  
 
3,994,534
 
  
 
4,088,513
 
    
 
 
    
 
 
 
    
$
30,857,308
 
  
$
36,420,039
 
    
 
 
    
 
 
 
 
 
a.
Loans from government
On April 27, 2011, the Singapore Economic Development Board (EDB) awarded the Company a repayable grant (the “Grant”) not exceeding SGD10 million to support the Company’s drug development activities over a five-year qualifying period commencing February 24, 2011 (the “Project”). The Project was successfully implemented, resulting in substantially the full amount of the Grant being disbursed to the Company.
In the event any of the Company’s clinical product candidates achieve commercial approval after Phase 3 clinical trials, the Company will be required to repay the funds disbursed to the Company under the Grant plus interest of 6%.
Until the Company has fulfilled its repayment obligations under the Grant, the Company has ongoing update and reporting obligations to the EDB. In the event the Company breaches any of its ongoing obligations under the Grant, EDB can revoke the Grant and demand that the Company repay the funds disbursed to the Company under the Grant. There were no breaches as of December 31, 2021, and June 30, 2022.
As of December 31, 2021, and June 30, 2022, the ending balance of the EDB loan post valuation plus accrued interest we
re $11,335,661 and $11,209,733, respectively.
 
 
b.
Other long-term borrowings
Loan and Security Agreement with K2 HealthVentures LLC
On July 12, 2021, ASLAN Pharmaceuticals Limited (the “Company”) and ASLAN Pharmaceuticals (USA) Inc. as borrowers entered into a Loan, Guaranty, and Security Agreement (the “K2HV Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) as administrative agent, Ankura Trust Company, LLC as collateral agent. The borrowers’ obligations under the Loan Agreement are guaranteed by ASLAN Pharmaceuticals Pte. Ltd (“ASLAN Singapore”) and any future material subsidiaries and secured by substantially all of borrowers’, ASLAN Singapore’s and any future subsidiary guarantors’ assets, other than intellectual property.
The K2HV Loan Agreement provides for up to $45.0 million of delayed draw term loans, consisting of (i) the first tranche of $20.0 million available at closing, (ii) the second and third tranches in the aggregate amount of $10.0 million subject to the Company’s achievement of certain clinical milestones related to
 farudodstat
 (also known as ASLAN003) and
 eblasakimab
 (also known as ASLAN004) and (iii) an uncommitted fourth tranche of up to $15.0 million.
The term loans bear interest at a floating rate equal to the greater of (i) the prime rate published by Wall Street Journal plus
5.00
%
 and (ii) 8.25% per annum. The monthly payments are interest-only until August 1, 2023, which may be extended to August 1, 2024, upon the Company’s achievement of certain clinical milestones. Subsequent to the interest-only period, the term loans will be payable in equal monthly installments of principal plus accrued and unpaid interest, through the maturity date which is July 1, 2025. The Company paid the lenders a
one-time
$255,000 facility fee at closing and will be obligated to pay for an additional facility fee equal to 0.85% of any term loans borrowed under the fourth tranche. In addition, the Company is obligated to pay a final payment fee of 6.25% of the original principal amount of the term loans at the maturity date. The Company may elect to prepay all, but not less than all, of the term loans prior to the term loan maturity date, subject to a prepayment fee of up to 3.0% of the then outstanding principal balance. After repayment, no term loans may be borrowed again.
 
F-11

On July 12, 2021, the full first tranche of $20.0 
million available at closing was drawn down. Due to the K2 Warrant described below, the fair value of the first tranche loan on July 12, 2021, wa
s $19,311,676. Subsequent to the interest-only period from July 1, 2021, to July 31, 2023, the term loans will be payable in equal monthly instalments of principal plus accrued and unpaid interest, through the maturity date which is July 1, 2025. However, the interest-only period can be extended up to 36 months from the loan closing upon announcement of the achievement of positive data for the Company’s Phase 2b clinical study of
 eblasakimab
 in atopic dermatitis which is supportive of continued clinical advancement with a commercially viable product profile, as determined by K2HV in its reasonable discretion.
Borrowings under the K2HV Facility are secured with a pledge of the borrowers’ equity interests in subsidiaries and collateral over all of the Company’s cash, goods, and other personal property, with the exception of (i) the Company’s registered intellectual property assets, (ii) personal property to the extent that granting of security over any such personal property would constitute a breach of or result in the termination of, or require any consent not obtained under, any license, agreement, instrument or other document evidencing or giving rise to such property, or is otherwise prohibited by any requirement of law, and (iii) the Company’s equity interests in JAGUAHR. Such pledge and collateral may be enforced only if there has been an event of default as stipulated in the loan agreement. As of June 30, 2022, the Company is in full compliance with the loan agreement and there have been no events of default.
In connection with the closing of the loan facility, the Company issued a warrant to purchase ordinary shares (the “K2 Warrant”) to K2HV. The number of ordinary shares exercisable under the K2 Warrant equals (i) 2.95% of the aggregate term loan advances made to the Company from time to time divided by (ii) the warrant price of $0.5257 per ordinary share (equivalent to $2.6285 per ADS). The K2 Warrant also includes a cashless exercise feature allowing the holder to receive shares underlying the warrant in an amount reduced by the aggregate exercise price that would have been payable upon exercise of the warrant for such shares. The K2 Warrant is exercisable until its expiration on July 12, 2031. The total proceeds attributed to the K2 Warrant was approximately $688,324 
based on the relative fair value as of the date of the drawdown. As the number of ADS to be issued under the cashless method will continue to vary dependent to the share price of the Company, the K2 Warrants do not meet the equity classification and are classified as liability and fair valued though profit and loss. As of December 31, 2021 and June 30 2022, the fair value of the K2 Warrant was revalued t
o $223,352 and $119,351 respectively, with the difference of $104,001 
being recorded as profit in other gains. See Note 20 for more detail on assumptions used in the valuation of the K2 warrant.
On January 5, 2022, the Company drew down the second tranche $5 million in full of the loan facility provided by K2HV pursuant to the Loan Agreement. The second tranche milestone was completed, and the full funds were received on February 4, 2022. As a result of the drawdown of the second tranche of the loan facility, the number of ordinary shares exercisable under the K2 Warrant increased to 1,402,891 (representing 280,578 ADS), based on the 2.95% coverage of the total drawdown facility $25 million, being the aggregate term loan advances at that date, divided by the warrant price of $0.5257 per ordinary share (equivalent to $2.6285 per ADS). As of June 30, 2022, K2HV did not exercise any warrants.
 
F-12

13.
EQUITY
Ordinary shares
 
    
December 31,
    
June 30,
 
    
2021
    
2022
 
Number of ordinary shares authorized
  
 
500,000,000
 
  
 
500,000,000
 
Authorized par value of per share
  
$
0.01
 
  
$
0.01
 
Number of ordinary shares issued and fully paid
  
 
348,723,365
 
  
 
348,723,365
 
Number of equivalent ADS issued and fully paid
  
 
69,744,673
 
  
 
69,744,673
 
Amount of ordinary shares authorized
  
$
5,000,000
 
  
$
5,000,000
 
Amount of share capital par value issued and fully paid
  
$
63,019,962
 
  
$
63,019,962
 
Amount of share capital surplus issued and fully paid
  
$
213,098,729
 
  
$
213,098,729
 
Issuance of new ADS
As of December 31, 2021, the Company had raised total net proceeds $21.5 million by issuing 44,314,860 ordinary shares (representing 8,862,972 ADS) under the ATM Sales Agreement of which 19,720,500 ordinary shares (representing 3,944,100 ADS) were issued from October 9, 2020 through December 31, 2020 for net proceeds of $7.4 million and 24,594,360 ordinary shares (representing 4,918,872 ADS) were issued during the year ended December 31, 2021, for net proceeds of $14.1 million. As of December 31, 2021, the Company had $62.8 million in proceeds available for sale under this ATM Sales Agreement.
During the period ended June 30, 2022, there were no issuance of ordinary shares/ADS.
 
14.
LOSS BEFORE INCOME TAX
 
 
a.
General and administrative expenses
 
    
June 30,
    
June 30,
 
    
2021
    
2022
 
General and administrative expenses
  
$
 6,893,836
 
  
$
4,855,050
 
    
 
 
    
 
 
 
General and administrative expenses primarily related to employee expenses of employees other than those involved in research and development and professional fees. There were no changes in the nature of general and administrative expenses.
 
 
b.
Research and development expenses
 
    
June 30,
    
June 30,
 
    
2021
    
2022
 
Research and development expenses
  
$
 7,795,493
 
  
$
19,339,045
 
    
 
 
    
 
 
 
Research and development expenses related to preclinical and clinical development work, manufacturing and employee expenses of employees involved in research and development. There were no changes in the nature of research and development expense. The increase was driven by clinical development expenses and manufacturing costs related to
eblasakimab
and the
TREK-AD
Phase 2b trial, and higher headcount required in research and development work.
 
 
c.
Other income
 
    
June 30,
    
June 30,
 
    
2021
    
2022
 
ADS issuance contribution
  
$
309,527
 
  
$
—  
 
Short-term investment valuation gain