Chimerix Announces Third Quarter 2017 Financial Results
“We have made important progress throughout 2017 and continue to prepare for value-creating events in 2018 and beyond. Recently, we strengthened our executive team with the addition of Dr.
“Our financial position remains strong, providing the capital to advance our clinical programs. We are preparing to launch the AdAPT trial of short-course oral brincidofovir for the treatment of adenovirus infection, which will be enrolling in the US and Europe. In early 2018 we will be reporting data from our multiple ascending dose study of IV brincidofovir, and plan to be progressing IV brincidofovir in patient studies. We are also looking forward to our first-in-human study of CMX521, a nucleoside analog identified from our proprietary chemical library, for the prevention and treatment of norovirus,” continued Dr. Berrey. “We are confident that the learnings from 2017 will serve as a strong foundation for a data-rich 2018.”
Recent Highlights and Program Updates:
Appointed
In September,
Program Updates
The Company continues to work towards the initiation in the US and
Development of BCV as a potential countermeasure for smallpox continues in collaboration with the
Later this year, Chimerix intends to initiate a first-time-in-human study (FTIH) of CMX521, a nucleoside analog identified from the Chimerix Chemical Library. Development is intended to include both the prevention and treatment of norovirus. CMX521 targets the norovirus polymerase, a part of the virus that is common to all strains and is required for viral replication. As such, CMX521 is expected to be active against the multiple genetically diverse norovirus strains that are resulting in outbreaks and missed workdays, and which cause chronic infection in the growing number of immunocompromised patients.
Third Quarter 2017 Financial Results
Chimerix reported a net loss of $17.3 million, or $0.37 per basic and diluted share, for the third quarter of 2017. During the same period in 2016, Chimerix recorded a net loss of
Revenues for the third quarter of 2017 increased to
Research and development expenses remained unchanged at
General and administrative expenses increased to $6.7 million for the third quarter of 2017, compared to $5.8 million for the same period in 2016.
Loss from operations was $17.9 million for the third quarter of 2017, compared to a loss from operations of $17.4 million for the same period in 2016.
Today's Conference Call and Webcast
Chimerix will host a conference call and live audio webcast to discuss third quarter 2017 financial results and provide a business update today at 8:30 a.m. ET. To access the live conference call, please dial 877-354-4056 (domestic) or 678-809-1043 (international) at least five minutes prior to the start time and refer to conference ID 6298948.
A live audio webcast of the call will also be available on the Investors’ section of
About
About Brincidofovir
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including the possibility that there may not be a viable continued development path for brincidofovir, that FDA and other regulatory authorities may not approve brincidofovir or brincidofovir-based regimens, and that marketing approvals, if granted, may have significant limitations on their use. As a result, brincidofovir may never be successfully commercialized. In addition, Chimerix may be unable to file for regulatory approval for brincidofovir with other regulatory authorities. These risks, uncertainties and other factors could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Risks are described more fully in the Company's filings with the Securities and Exchange Commission, including without limitation the Company's most recent Quarterly Report on Form 10-Q and other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
CONTACT:
Investor Relations:
ir@chimerix.com
or
Will O’Connor
Stern Investor Relations
Will@sternir.com
212-362-1200
Media:
W2O Group
mmullane@w2ogroup.com
617-337-4159
| CHIMERIX, INC. | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands, except share and per share data) | |||||||||||
| (unaudited) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2017 | 2016 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 18,173 | $ | 51,463 | |||||||
| Short-term investments, available-for-sale | 131,547 | 180,558 | |||||||||
| Accounts receivable | 270 | 1,599 | |||||||||
| Prepaid expenses and other current assets | 2,600 | 2,845 | |||||||||
| Total current assets | 152,590 | 236,465 | |||||||||
| Long-term investments | 91,419 | 47,407 | |||||||||
| Property and equipment, net of accumulated depreciation | 2,044 | 2,843 | |||||||||
| Other long-term assets | 32 | 55 | |||||||||
| Total assets | $ | 246,085 | $ | 286,770 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,571 | $ | 3,890 | |||||||
| Accrued liabilities | 7,416 | 6,215 | |||||||||
| Total current liabilities | 8,987 | 10,105 | |||||||||
| Lease-related obligations | 199 | 441 | |||||||||
| Total liabilities | 9,186 | 10,546 | |||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock, $0.001 par value, 10,000,000 shares authorized at September 30, 2017 and | |||||||||||
| December 31, 2016; no shares issued and outstanding as of September 30, 2017 and | |||||||||||
| December 31, 2016 | — | — | |||||||||
| Common stock, $0.001 par value, 200,000,000 shares authorized at September 30, 2017 and | |||||||||||
| December 31, 2016; 47,127,732 and 46,522,475 shares issued and outstanding as of | |||||||||||
| September 30, 2017 and December 31, 2016, respectively | 47 | 46 | |||||||||
| Additional paid-in capital | 705,883 | 692,422 | |||||||||
| Accumulated other comprehensive loss, net | (1,481 | ) | (440 | ) | |||||||
| Accumulated deficit | (467,550 | ) | (415,804 | ) | |||||||
| Total stockholders’ equity | 236,899 | 276,224 | |||||||||
| Total liabilities and stockholders’ equity | $ | 246,085 | $ | 286,770 | |||||||
| CHIMERIX, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
| Contract revenue | $ | 897 | $ | 653 | $ | 2,650 | $ | 3,722 | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 12,157 | 12,247 | 36,535 | 46,942 | ||||||||||||||||
| General and administrative | 6,650 | 5,827 | 19,530 | 19,359 | ||||||||||||||||
| Total operating expenses | 18,807 | 18,074 | 56,065 | 66,301 | ||||||||||||||||
| Loss from operations | (17,910 | ) | (17,421 | ) | (53,415 | ) | (62,579 | ) | ||||||||||||
| Interest Income | 598 | 396 | 1,669 | 1,146 | ||||||||||||||||
| Net loss | (17,312 | ) | (17,025 | ) | (51,746 | ) | (61,433 | ) | ||||||||||||
| Other comprehensive loss: | ||||||||||||||||||||
| Unrealized (loss) gain on investments, net | (6 | ) | (98 | ) | (1,041 | ) | 398 | |||||||||||||
| Comprehensive loss | $ | (17,318 | ) | $ | (17,123 | ) | $ | (52,787 | ) | $ | (61,035 | ) | ||||||||
| Per share information: | ||||||||||||||||||||
| Net loss, basic and diluted | $ | (0.37 | ) | $ | (0.37 | ) | $ | (1.10 | ) | $ | (1.33 | ) | ||||||||
| Weighted-average shares outstanding, basic and diluted | 47,065,756 | 46,236,749 | 46,836,099 | 46,211,748 | ||||||||||||||||
Source: Chimerix, Inc.