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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 11, 2023

(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)

 

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 second quarter 2023 financial results and corporate update

 

On August 11, 2023, ASLAN Pharmaceuticals Limited (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2023 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 11, 2023, the Company issued its condensed consolidated financial statements for the six months ended June 30, 2023 (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. 333-252575), Registration Statement on Form F-3 (File No. 333-254768), Registration Statement on Form F-3 (File No. 333-270835), Registration Statement on Form F-3 (File No. 333-270837), Registration Statement on Form S-8 (File No. 333-252118), Registration Statement on Form S-8 (File No. 333-263843) and Registration Statement on Form S-8 (File No. 333-270832).


Exhibits

 

 

 

Exhibit Number

Exhibit Description

 

99.1

Press release dated August 11, 2023 regarding announcement of second quarter 2023 financial results and corporate update.

99.2

 

ASLAN Pharmaceuticals Limited Financial Statements for the six months ended June 30, 2023

101.INS

 

XBRL Instance Document

101.SCH

 

XBRL Taxonomy Extension Schema Document

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEL

 

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 11, 2023

 


EX-99.1

Exhibit 99.1

https://cdn.kscope.io/712b82d48d393c5ca3f40c4a2a4ac95f-img183322545_0.jpg 

PRESS RELEASE

 

ASLAN PHARMACEUTICALS REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

-
Positive topline data reported in July from TREK-AD, a Phase 2b study of eblasakimab that met the primary endpoint across three dose arms with statistical significance. The data established eblasakimab, a potential first-in-class antibody, as the first biologic in moderate-to-severe atopic dermatitis to demonstrate a competitive efficacy profile with once-monthly dosing from initiation
-
Data supports advancement of eblasakimab into Phase 3 clinical development program in 2024
-
Readouts from TREK-DX (TRials in EblasaKimab in Dupilumab eXperienced AD patients) Phase 2 study of eblasakimab and FAST-AA (FArudodstat STudy in Alopecia Areata) Phase 2a study of farudodstat both expected in the first quarter of 2024
-
Company maintains healthy operating position with $40.9 million in cash and cash equivalents as of June 30, 2023; $12.0 million upfront strategic license payment received in July, expected cash runway extended into the second half of 2024

San Mateo, California, and Singapore, August 11, 2023 – 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, 2023, and provided an update on recent corporate activities.

“The positive topline data from the TREK-AD Phase 2b study that we announced in July positions eblasakimab as a potential leading therapy in treating atopic dermatitis and other allergic disease. Eblasakimab is the first biologic to demonstrate a monthly dosing regimen from the start of treatment without compromising on efficacy,” said Dr Carl Firth, CEO, ASLAN Pharmaceuticals. “The topline data, in addition to the further analysis still ongoing and the supportive findings from our patient and physician surveys, support our planning of a pivotal Phase 3 study of eblasakimab, which we would expect to initiate in 2024 alongside a global commercial partner. Also this quarter, we presented translational data demonstrating that blockade of the IL-13 receptor with eblasakimab resulted in lower levels of allergy-related Th2 cytokines and pro-inflammatory Th1 cytokines when compared to blockade of the IL-4 receptor, the target of dupilumab, supporting the differentiated clinical profile demonstrated in TREK-AD.

“Additional significant accomplishments achieved during the second quarter include the initiation of the Phase 2 trial for farudodstat in alopecia areata and signing our first licensing agreement for eblasakimab in Japan with leading pharmaceutical company Zenyaku Kogyo, who will conduct additional clinical trials in this important commercial territory. With a catalyst-rich pipeline, including our upcoming data readouts in early 2024 from TREK-DX and FAST-AA, we look forward to providing updates on these important milestones,” he continued.

 


 

https://cdn.kscope.io/712b82d48d393c5ca3f40c4a2a4ac95f-img183322545_0.jpg 

Second quarter 2023 and recent business highlights

Q2 and recent clinical developments

In May, two abstracts showcasing new data on eblasakimab and farudodstat were presented at the first International Societies for Investigative Dermatology (ISID) Meeting in Tokyo, Japan. The late-breaker abstract on eblasakimab revealed that selective targeting of IL-13Rα1 with eblasakimab may lead to more efficient reduction of Th2 inflammation without increasing levels of Th1 cytokines, compared to IL-4Rα blockade, in patients with moderate-to-severe atopic dermatitis (AD). The second late-breaker abstract showcased farudodstat’s potential to protect against immune privilege (IP) collapse in alopecia areata (AA). The posters can be accessed in the “Publications” section of ASLAN’s website.
In May, the first patient was dosed in the FAST-AA study, a Phase 2a proof-of-concept study of farudodstat in patients with severe AA. ASLAN expects to report interim topline data from the study, which investigates farudodstat’s efficacy and safety in patients with at least 50% scalp hair loss over a 12-week treatment period, in the first quarter of 2024.
In June, ASLAN and Zenyaku Kogyo Co., Ltd (Zenyaku), a leading Japanese pharmaceutical company, announced a strategic licensing agreement to develop and commercialize eblasakimab in AD and all other indications in Japan. ASLAN received an upfront payment of $12.0 million and is eligible to receive up to an additional $123.5 million in development and commercial milestones, plus tiered royalties on sales in double digit percentages ranging up to low twenties. Zenyaku plans to initiate a Phase 1 study of eblasakimab in Japan in the first half of 2024. ASLAN retains an option that can be exercised at any time to reacquire the rights to eblasakimab in Japan in the future.
In June, data from the Phase 1a single-ascending-dose study of eblasakimab was published in Clinical Immunology, a bimonthly, peer-reviewed journal, supporting eblasakimab’s potential as a novel, differentiated treatment for AD. The publication can be accessed here.
In June, preclinical data on farudodstat from ASLAN’s research collaboration with Monasterium Laboratories, a leader in the field of skin and hair research, was presented in an oral symposium at the 20th European Hair Research Society Meeting in Sheffield, UK. The presentation, titled “Exploring the potential of farudodstat, a DHODH inhibitor, as an alopecia areata therapeutic in a novel ex vivo model of human hair follicle immune privilege collapse”, showed that farudodstat has the potential to protect against IP collapse in a new translational human model of AA.
In July, ASLAN published a perspective article in Annals of Allergy, Asthma and Immunology, in collaboration with Emma Guttmann-Yassky MD, PhD, titled “Targeting type 2 immune activation beyond atopic dermatitis”. The article discusses the potential of a therapeutic like eblasakimab to treat a range of Type 2 driven comorbidities beyond AD. The open access article can be read here.
In July, ASLAN announced positive topline data from the Phase 2b dose-ranging TREK-AD (TRials with EblasaKimab in Atopic Dermatitis) study of eblasakimab that met the primary endpoint across three dose arms with statistical significance. Eblasakimab is the first biologic in moderate-to-severe AD to demonstrate a competitive efficacy profile with once-monthly dosing from initiation comparable to once every two weeks. ASLAN’s management team hosted a webcast to discuss the topline data, a recording of the webcast and presentation materials are available on ASLAN’s website.

 


 

https://cdn.kscope.io/712b82d48d393c5ca3f40c4a2a4ac95f-img183322545_0.jpg 

Anticipated upcoming milestones

Additional data from TREK-AD on biomarkers and patient reported outcomes to be submitted for publication at a scientific congress in the fourth quarter of 2023.
Topline data from the TREK-DX trial of eblasakimab in dupilumab experienced patients is expected in the first quarter of 2024.
Topline interim data from the FAST-AA study of farudodstat is expected in the first quarter of 2024.
Phase 1 trial of eblasakimab in Japan is expected to be initiated by Zenyaku in the first half of 2024.
Meeting with the US Food and Drug Administration and subsequent initiation of the Phase 3 clinical program for eblasakimab is expected to occur in 2024.

Second quarter 2023 financial highlights

As of June 30, 2023, the Company had cash and cash equivalents of $40.9 million. $12.0 million upfront strategic license payment from Zenyaku received in July, extending the Company’s expected cash runway into the second half of 2024.
Cash used in operations for the second quarter of 2023 was $17.8 million compared to $9.7 million in the same period in 2022. The increased cash burn in the second quarter of 2023 included the settlement of $8.9 million of outstanding payables from the previous quarter.
Research and development expenses were $11.6 million in the second quarter of 2023 compared to $10.0 million in the second quarter of 2022. The increase was due to higher clinical development and manufacturing costs for the eblasakimab studies.
General and administrative expenses were $2.8 million in the second quarter of 2023 compared to $2.3 million in the second quarter of 2022.
Net loss attributable to stockholders for the second quarter of 2023 was $1.9 million compared to a net loss of $13.0 million for the second quarter of 2022. The decrease was due to licensing revenues of $12.0 million recognized in the second quarter of 2023.
The weighted average number of American Depositary Shares (ADS) outstanding in the computation of basic loss per share for the second quarter of 2023 was 16.4 million (representing 411.1 million ordinary shares) compared to 13.9 million (representing 348.7 million ordinary shares) for the second quarter of 2022. One ADS is the equivalent of twenty-five ordinary shares.

 


 

https://cdn.kscope.io/712b82d48d393c5ca3f40c4a2a4ac95f-img183322545_0.jpg 

ASLAN Pharmaceuticals Limited

CONSOLIDATED BALANCE SHEETS

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

 

 

December 31, 2022
(audited)

 

 

June 30, 2023
(unaudited)

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,902,077

 

 

$

40,943,949

 

Trade receivable

 

 

 

 

 

12,000,000

 

Other assets

 

 

3,976,350

 

 

 

2,135,067

 

Total current assets

 

$

60,878,427

 

 

$

55,079,016

 

NON-CURRENT ASSETS

 

 

 

 

 

 

Investment in associate company

 

 

8,587

 

 

 

 

Property, plant and equipment

 

 

43,140

 

 

 

39,868

 

Right-of-use assets

 

 

249,601

 

 

 

83,197

 

Intangible assets

 

 

5,836

 

 

 

3,776

 

Total non-current assets

 

 

307,164

 

 

 

126,841

 

TOTAL ASSETS

 

$

61,185,591

 

 

$

55,205,857

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Trade payables

 

$

12,784,485

 

 

$

6,304,936

 

Other payables

 

 

2,325,038

 

 

 

2,413,569

 

Lease liabilities - current

 

 

215,671

 

 

 

68,214

 

Current borrowings

 

 

7,748,831

 

 

 

13,382,359

 

Financial liabilities at fair value through profit or loss

 

 

90,213

 

 

 

2,189,409

 

Total current liabilities

 

 

23,164,238

 

 

 

24,358,487

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

Long-term borrowings

 

 

29,656,133

 

 

 

24,476,535

 

Total non-current liabilities

 

 

29,656,133

 

 

 

24,476,535

 

Total liabilities

 

 

52,820,371

 

 

 

48,835,022

 

EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

 

 

 

 

 

 

Ordinary shares

 

 

63,019,962

 

 

 

63,700,842

 

Capital surplus

 

 

223,910,955

 

 

 

242,233,536

 

Accumulated deficits

 

 

(278,386,749

)

 

 

(299,384,595

)

Other reserves

 

 

(178,948

)

 

 

(178,948

)

Total equity attributable to stockholders of the Company

 

 

8,365,220

 

 

 

6,370,835

 

Total equity

 

 

8,365,220

 

 

 

6,370,835

 

TOTAL LIABILITIES AND EQUITY

 

$

61,185,591

 

 

$

55,205,857

 

 

 


 

https://cdn.kscope.io/712b82d48d393c5ca3f40c4a2a4ac95f-img183322545_0.jpg 

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

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

NET REVENUE

 

$

 

 

$

12,000,000

 

 

$

 

 

$

12,000,000

 

COST OF REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

 

 

 

12,000,000

 

 

 

 

 

 

12,000,000

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

(2,319,516

)

 

 

(2,767,264

)

 

 

(4,855,049

)

 

 

(6,814,831

)

Research and development expenses

 

 

(9,980,936

)

 

 

(11,597,088

)

 

 

(19,339,046

)

 

 

(25,652,648

)

Total operating expenses

 

 

(12,300,453

)

 

 

(14,364,352

)

 

 

(24,194,095

)

 

 

(32,467,479

)

LOSS FROM OPERATIONS

 

 

(12,300,453

)

 

 

(2,364,352

)

 

 

(24,194,095

)

 

 

(20,467,479

)

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

37,420

 

 

 

 

 

 

156,749

 

 

 

134

 

Interest income

 

 

41,373

 

 

 

68,911

 

 

 

43,797

 

 

 

393,458

 

Impairment loss of associate accounted for using equity method

 

 

(50,109

)

 

 

 

 

 

(50,109

)

 

 

 

Other gains

 

 

268,059

 

 

 

1,592,595

 

 

 

344,683

 

 

 

1,351,720

 

Finance costs

 

 

(877,300

)

 

 

(1,127,491

)

 

 

(1,960,321

)

 

 

(2,202,341

)

Total non-operating income and expenses

 

 

(580,557

)

 

 

534,015

 

 

 

(1,465,201

)

 

 

(457,029

)

Share in (losses)/gain of associated company, accounted for using equity method

 

 

(153,871

)

 

 

2,946

 

 

 

(312,372

)

 

 

(8,587

)

LOSS BEFORE INCOME TAX

 

 

(13,034,881

)

 

 

(1,827,391

)

 

 

(25,971,668

)

 

 

(20,933,095

)

INCOME TAX EXPENSE

 

 

 

 

 

(58,158

)

 

 

 

 

 

(64,751

)

NET LOSS FOR THE PERIOD

 

 

(13,034,881

)

 

 

(1,885,549

)

 

 

(25,971,668

)

 

 

(20,997,846

)

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

 

$

(13,034,881

)

 

$

(1,885,549

)

 

$

(25,971,668

)

 

$

(20,997,846

)

NET LOSS ATTRIBUTABLE TO:

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of the Company

 

$

(13,034,881

)

 

$

(1,885,549

)

 

$

(25,971,668

)

 

$

(20,997,846

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(13,034,881

)

 

$

(1,885,549

)

 

$

(25,971,668

)

 

$

(20,997,846

)

TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of the Company

 

$

(13,034,881

)

 

$

(1,885,549

)

 

$

(25,971,668

)

 

$

(20,997,846

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(13,034,881

)

 

$

(1,885,549

)

 

$

(25,971,668

)

 

$

(20,997,846

)

LOSS PER ORDINARY SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.04

)

 

$

(0.00

)

 

$

(0.07

)

 

$

(0.05

)

LOSS PER EQUIVALENT ADS

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.93

)

 

$

(0.11

)

 

$

(1.86

)

 

$

(1.34

)

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

 

 

348,723,365

 

 

 

411,071,936

 

 

 

348,723,365

 

 

 

391,014,637

 

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

 

 

13,948,935

 

 

 

16,442,877

 

 

 

13,948,935

 

 

 

15,640,585

 

 

 


 

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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 developing eblasakimab, a potential first-in-class antibody targeting the IL-13 receptor in moderate-to-severe atopic dermatitis (AD) with the potential to improve upon current biologics used to treat allergic disease, and has recently reported positive topline data from a Phase 2b dose ranging study in moderate-to-severe AD. ASLAN is also developing farudodstat, a potent oral inhibitor of the enzyme dihydroorotate dehydrogenase (DHODH) as a potential first-in-class treatment for alopecia areata (AA) in a Phase 2a proof-of-concept trial with an interim readout expected in 1Q 2024. ASLAN has teams in San Mateo, California, and in Singapore. For additional information please visit the website 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 potential fees, milestone and royalty payments and development activities under the strategic license agreement; 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 manufacturing activities, clinical trials, clinical trial enrolment 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 first-in-class treatment for alopecia areata; the potential benefits, capabilities and results of the Company’s collaboration efforts; 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; the fact that results of earlier studies and trials may not be predictive of future trial results; the fact that the Company will have limited control over the efforts and resources that Zenyaku devotes to advancing development programs under the strategic license agreement; the Company may not receive the potential fees and payments under the strategic license agreement or fully realize the benefits of the strategic license agreement; the Company may never exercise its option to reacquire rights to eblasakimab in Japan in the future; clinical site activation rates or clinical trial enrolment rates that are lower than expected; the impact of the COVID-19 pandemic, the ongoing conflict between Ukraine and Russia and bank failures 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 24, 2023. 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

 


 

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ASLAN 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
000000000000December 31, 2015March 31, 2018

 

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,
2022

 

 

June 30,
2023

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents (Note 6)

 

$

56,902,077

 

 

$

40,943,949

 

Trade receivable (Note 7)

 

 

 

 

 

12,000,000

 

Other assets (Note 8)

 

 

3,976,350

 

 

 

2,135,067

 

Total current assets

 

 

60,878,427

 

 

 

55,079,016

 

NON-CURRENT ASSETS

 

 

 

 

 

 

Investment in associate company (Notes 9 and 10)

 

 

8,587

 

 

 

 

Property, plant and equipment

 

 

43,140

 

 

 

39,868

 

Right-of-use assets

 

 

249,601

 

 

 

83,197

 

Intangible assets

 

 

5,836

 

 

 

3,776

 

Total non-current assets

 

 

307,164

 

 

 

126,841

 

TOTAL ASSETS

 

$

61,185,591

 

 

$

55,205,857

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Trade payables (Note 11)

 

$

12,784,485

 

 

$

6,304,936

 

Other payables (Note 11)

 

 

2,325,038

 

 

 

2,413,569

 

Lease liabilities – current

 

 

215,671

 

 

 

68,214

 

Current borrowings (Note 12)

 

 

7,748,831

 

 

 

13,382,359

 

Financial liabilities at fair value through profit or loss (Note 20)

 

 

90,213

 

 

 

2,189,409

 

Total current liabilities

 

 

23,164,238

 

 

 

24,358,487

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

Long-term borrowings (Note 12)

 

 

29,656,133

 

 

 

24,476,535

 

Total non-current liabilities

 

 

29,656,133

 

 

 

24,476,535

 

TOTAL LIABILITIES

 

 

52,820,371

 

 

 

48,835,022

 

EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

 

 

 

 

 

 

Ordinary shares (Note 13)

 

 

63,019,962

 

 

 

63,700,842

 

Capital surplus

 

 

223,910,955

 

 

 

242,233,536

 

Accumulated deficits

 

 

(278,386,749

)

 

 

(299,384,595

)

Other reserves

 

 

(178,948

)

 

 

(178,948

)

Total equity attributable to stockholders of the Company

 

 

8,365,220

 

 

 

6,370,835

 

Total equity

 

 

8,365,220

 

 

 

6,370,835

 

TOTAL LIABILITIES AND EQUITY

 

$

61,185,591

 

 

$

55,205,857

 

 

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

 

 

2022

 

 

2023

 

NET REVENUE (Note 23)

 

$

 

 

$

12,000,000

 

COST OF REVENUE

 

 

 

 

 

 

GROSS PROFIT

 

 

 

 

 

12,000,000

 

OPERATING EXPENSES (Notes 14)

 

 

 

 

 

 

General and administrative expenses

 

 

(4,855,050

)

 

 

(6,814,831

)

Research and development expenses

 

 

(19,339,045

)

 

 

(25,652,648

)

Total operating expenses

 

 

(24,194,095

)

 

 

(32,467,479

)

LOSS FROM OPERATIONS

 

 

(24,194,095

)

 

 

(20,467,479

)

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

Other income

 

 

156,749

 

 

 

134

 

Interest income

 

 

43,797

 

 

 

393,458

 

Impairment loss of associate accounted for using equity method

 

 

(50,109

)

 

 

 

Other gains and losses

 

 

344,683

 

 

 

1,351,720

 

Finance costs

 

 

(1,960,321

)

 

 

(2,202,341

)

Total non-operating expenses

 

 

(1,465,201

)

 

 

(457,029

)

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

 

 

(312,372

)

 

 

(8,587

)

LOSS BEFORE INCOME TAX (Note 14)

 

 

(25,971,668

)

 

 

(20,933,095

)

INCOME TAX EXPENSE (Note 15)

 

 

 

 

 

(64,751

)

NET LOSS FOR THE PERIOD

 

 

(25,971,668

)

 

 

(20,997,846

)

OTHER COMPREHENSIVE LOSS

 

 

 

 

 

 

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

 

 

 

 

 

 

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

 

$

(25,971,668

)

 

$

(20,997,846

)

NET LOSS ATTRIBUTABLE TO

 

 

 

 

 

 

Stockholders of the Company

 

$

(25,971,668

)

 

$

(20,997,846

)

Non-controlling interests

 

 

 

 

 

 

 

$

(25,971,668

)

 

$

(20,997,846

)

TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO

 

 

 

 

 

 

Stockholders of the Company

 

$

(25,971,668

)

 

$

(20,997,846

)

Non-controlling interests

 

 

 

 

 

 

 

$

(25,971,668

)

 

$

(20,997,846

)

LOSS PER ORDINARY SHARE (Note 16)

 

 

 

 

 

 

Basic and diluted

 

$

(0.07

)

 

$

(0.05

)

LOSS PER EQUIVALENT ADS (Note 16)

 

 

 

 

 

 

Basic and diluted

 

$

(1.86

)

 

$

(1.34

)

 

Each American Depository Shares (“ADS”) represented five ordinary shares before the Company completed a ratio change on March 13, 2023 (“the ADS Ratio Change”) and after the completion of the ADS Ratio Change, each ADS represents twenty-five ordinary shares. The loss per equivalent ADS had been retrospectively adjusted.

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 others

 

 

 

 

 

Unrealized Valuation Loss on Financial Assets at Fair Value Through Other

 

 

 

 

 

Number of Ordinary shares

 

 

Amount Par

 

 

Ordinary Surplus

 

 

Share Options Reserve

 

 

Equity Instruments

 

 

Other

 

 

Total

 

 

Accumulated Deficits

 

 

Comprehensive Income

 

 

Total Equity