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
October 28, 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 organisation)
3 Temasek Avenue
Level 18 Centennial Tower
Singapore 039190
(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 Third Quarter 2022 Financial Results and Corporate Update
On October 28 2022, ASLAN Pharmaceuticals Limited (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 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.
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).
Exhibits
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Exhibit |
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Exhibit Description |
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99.1 |
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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.
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ASLAN PHARMACEUTICALS LIMITED |
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(Registrant) |
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By: |
/s/ Kiran Kumar Asarpota
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Name: |
Kiran Kumar Asarpota |
Title: |
Chief Operating Officer |
Date: October 28, 2022
Exhibit 99.1
PRESS RELEASE
ASLAN PHARMACEUTICALS REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
San Mateo, California, and Singapore, October 28, 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 third quarter ended September 30, 2022, and provided an update on recent corporate activities.
“In the third quarter we presented a number of new and important insights on eblasakimab’s differentiated mechanism of action in neuronal itch and inflammatory pathways, and the potential improvements for AD patients related to itch and sleep loss, which are often the most burdensome symptoms reported by these patients,” shared Dr Carl Firth, CEO, ASLAN Pharmaceuticals. “We look forward to the topline readout of Phase 2b data evaluating eblasakimab in biologic naïve moderate-to-severe AD patients in Q2 2023. In the lead up to the new data that we will generate from both TREK-AD and TREK-DX, we are building a robust set of insights from ongoing research collaborations that will be presented early next year, to support eblasakimab's potential as a differentiated treatment for moderate-to-severe AD with broad therapeutic potential in Type 2-driven inflammatory diseases.”
Third quarter 2022 and recent business highlights
Eblasakimab
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Farudodstat (ASLAN003)
Anticipated upcoming milestones
Third quarter 2022 financial highlights
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ASLAN Pharmaceuticals Limited
CONSOLIDATED BALANCE SHEETS
(In US Dollars)
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December 31, 2021 |
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September 30, 2022 |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
90,167,967 |
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$ |
57,752,827 |
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Short-term investments |
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— |
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11,196,343 |
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Total cash, cash equivalents, and short-term investments |
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90,167,967 |
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68,949,170 |
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Other assets |
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3,612,846 |
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3,225,270 |
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Total current assets |
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$ |
93,780,813 |
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$ |
72,174,440 |
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NON-CURRENT ASSETS |
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Investment in associate company |
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494,728 |
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54,102 |
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Property, plant and equipment |
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34,979 |
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44,064 |
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Right-of-use assets |
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197,746 |
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332,803 |
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Intangible assets |
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9,956 |
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6,866 |
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Total non-current assets |
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737,409 |
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437,835 |
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TOTAL ASSETS |
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$ |
94,518,222 |
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$ |
72,612,275 |
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LIABILITIES AND EQUITY |
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CURRENT LIABILITIES |
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Trade payables |
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$ |
3,116,786 |
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$ |
11,043,988 |
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Other payables |
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2,817,909 |
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2,724,539 |
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Lease liabilities - current |
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199,124 |
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282,737 |
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Financial liabilities at fair value through profit or loss |
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223,352 |
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143,712 |
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Total current liabilities |
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6,357,171 |
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14,194,976 |
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NON-CURRENT LIABILITIES |
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Long-term borrowings |
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30,857,308 |
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36,352,304 |
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Total non-current liabilities |
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30,857,308 |
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36,352,304 |
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Total liabilities |
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37,214,479 |
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50,547,280 |
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EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY |
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Ordinary shares |
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63,019,962 |
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63,019,962 |
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Capital surplus |
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221,467,061 |
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223,129,687 |
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Accumulated deficits |
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(227,004,332 |
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(263,905,706 |
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Other reserves |
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(178,948 |
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(178,948 |
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Total equity attributable to stockholders of the Company |
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57,303,743 |
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22,064,995 |
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Total equity |
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57,303,743 |
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22,064,995 |
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TOTAL LIABILITIES AND EQUITY |
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$ |
94,518,222 |
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$ |
72,612,275 |
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ASLAN Pharmaceuticals Limited
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In US Dollars, other than shares or share data)
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For the Three Months Ended |
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For the Nine Months Ended |
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2021 |
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2022 |
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2021 |
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2022 |
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OPERATING EXPENSES |
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General and administrative expenses |
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(2,768,498 |
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(2,318,889 |
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(9,653,235 |
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(7,173,938 |
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Research and development expenses |
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(5,261,740 |
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(7,975,962 |
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(13,057,003 |
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(27,315,008 |
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Total operating expenses |
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(8,030,238 |
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(10,294,851 |
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(22,710,238 |
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(34,488,946 |
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LOSS FROM OPERATIONS |
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(8,030,238 |
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(10,294,851 |
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(22,710,238 |
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(34,488,946 |
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NON-OPERATING INCOME AND EXPENSES |
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Other income |
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4,271 |
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66,677 |
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335,959 |
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223,427 |
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Interest income |
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20 |
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86,642 |
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177 |
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130,439 |
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Other gains and losses |
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103,130 |
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246,923 |
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1,250,241 |
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541,496 |
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Finance costs |
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(498,150 |
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(937,111 |
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(1,113,052 |
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(2,897,432 |
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Total non-operating income and expenses |
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(390,729 |
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(536,869 |
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473,325 |
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(2,002,070 |
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Share in losses of associated company, accounted for using equity |
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(133,523 |
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(78,144 |
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(215,403 |
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(390,516 |
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LOSS BEFORE INCOME TAX |
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(8,554,490 |
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(10,909,864 |
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(22,452,316 |
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(36,881,532 |
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INCOME TAX EXPENSE |
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— |
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(19,842 |
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— |
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(19,842 |
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NET LOSS FOR THE PERIOD |
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(8,554,490 |
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(10,929,706 |
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(22,452,316 |
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(36,901,374 |
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TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
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$ |
(8,554,490 |
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$ |
(10,929,706 |
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$ |
(22,452,316 |
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$ |
(36,901,374 |
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NET LOSS ATTRIBUTABLE TO: |
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Stockholders of the Company |
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$ |
(8,554,490 |
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$ |
(10,929,706 |
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$ |
(22,452,316 |
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$ |
(36,901,374 |
) |
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$ |
(8,554,490 |
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$ |
(10,929,706 |
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$ |
(22,452,316 |
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$ |
(36,901,374 |
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TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO: |
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Stockholders of the Company |
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$ |
(8,554,490 |
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$ |
(10,929,706 |
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$ |
(22,452,316 |
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$ |
(36,901,374 |
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$ |
(8,554,490 |
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$ |
(10,929,706 |
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$ |
(22,452,316 |
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$ |
(36,901,374 |
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LOSS PER ORDINARY SHARE |
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Basic and diluted |
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$ |
(0.02 |
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$ |
(0.03 |
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$ |
(0.07 |
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$ |
(0.11 |
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LOSS PER EQUIVALENT ADS |
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Basic and diluted |
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$ |
(0.12 |
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$ |
(0.16 |
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$ |
(0.35 |
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$ |
(0.53 |
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Weighted-average number of ordinary shares in the computation of |
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348,317,020 |
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348,723,365 |
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318,318,133 |
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348,723,365 |
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Weighted-average number of ADS in the computation of basic loss |
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69,663,404 |
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69,744,673 |
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63,663,627 |
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69,744,673 |
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Each ADS represents five ordinary shares
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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, a potential first-in-class antibody targeting the IL-13 receptor, in atopic dermatitis, and farudodstat, 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 andfarudodstat; the potential of eblasakimabas a first-in-class treatment for atopic dermatitis and of farudodstatas 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
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Ashley R. Robinson LifeSci Advisors, LLC Tel: +1 (617) 430-7577 Email: arr@lifesciadvisors.com |
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