Chimerix Announces Second Quarter 2017 Financial Results
"Throughout the second quarter, we continued to make steady progress as we advance brincidofovir for the benefit of immunocompromised patients," said
"Our efforts in the first half of 2017 position us to achieve important milestones throughout the remainder of the year. We look forward to data from AdVance, our study of the natural history and outcomes of AdV infection in HCT recipients in
Recent Highlights and Program Updates:
Initiated Multiple Ascending Dose Study of IV Brincidofovir
Additional Pipeline Updates
Study start-up activities are on-track for AdAPT, or Adenovirus after Allogeneic Pediatric Transplantation, previously referred to as Study 999. The Company is in active discussions with regulators on the final study design and intends to initiate AdAPT with short-course oral BCV later this year as previously communicated.
Development of BCV as a potential countermeasure for smallpox continues in collaboration with the
Chimerix anticipates initiation of a first-time-in-human (FTIH) study for CMX521
later this year. Identified from the
Second Quarter 2017 Financial Results
Chimerix reported a net loss of $16.7 million, or $0.36 per basic and diluted share, for the second quarter of 2017. During the same period in 2016, Chimerix recorded a net loss of
Revenues for the second quarter of 2017 decreased to
Research and development expenses decreased to $11.6 million for the second quarter of 2017, compared to $13.8 million for the same period in 2016.
General and administrative expenses decreased to $6.3 million for the second quarter of 2017, compared to $6.6 million for the same period in 2016.
Loss from operations was $17.2 million for the second quarter of 2017, compared to a loss from operations of $18.5 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 second 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 54730100.
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, that CMX521 may not demonstrate expected activity against norovirus, 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.
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands, except share and per share data) | |||||||||||
| (unaudited) | |||||||||||
| 2017 | 2016 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 23,891 | $ | 51,463 | |||||||
| Short-term investments, available-for-sale | 124,637 | 180,558 | |||||||||
| Accounts receivable | - | 1,599 | |||||||||
| Prepaid expenses and other current assets | 3,148 | 2,845 | |||||||||
| Total current assets | 151,676 | 236,465 | |||||||||
| Long-term investments | 103,643 | 47,407 | |||||||||
| Property and equipment, net of accumulated depreciation | 2,306 | 2,843 | |||||||||
| Other long-term assets | 51 | 55 | |||||||||
| Total assets | $ | 257,676 | $ | 286,770 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,609 | $ | 3,890 | |||||||
| Accrued liabilities | 6,159 | 6,215 | |||||||||
| Total current liabilities | 7,768 | 10,105 | |||||||||
| Lease-related obligations | 246 | 441 | |||||||||
| Total liabilities | 8,014 | 10,546 | |||||||||
| Stockholders' equity: | |||||||||||
| Preferred stock, | |||||||||||
| — | — | ||||||||||
| Common stock, | |||||||||||
| 47 | 46 | ||||||||||
| Additional paid-in capital | 701,329 | 692,442 | |||||||||
| Accumulated other comprehensive loss, net | (1,475 | ) | (440 | ) | |||||||
| Accumulated deficit | (450,239 | ) | (415,804 | ) | |||||||
| Total stockholders' equity | 249,662 | 276,244 | |||||||||
| Total liabilities and stockholders' equity | $ | 257,676 | $ | 286,790 | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
| Contract revenue | $ | 675 | $ | 1,841 | $ | 1,753 | $ | 3,069 | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 11,636 | 13,759 | 24,378 | 34,695 | ||||||||||||||||
| General and administrative | 6,284 | 6,607 | 12,880 | 13,531 | ||||||||||||||||
| Total operating expenses | 17,920 | 20,366 | 37,258 | 48,226 | ||||||||||||||||
| Loss from operations | (17,245 | ) | (18,525 | ) | (35,505 | ) | (45,157 | ) | ||||||||||||
| Interest Income | 565 | 377 | 1,071 | 749 | ||||||||||||||||
| Net loss | (16,680 | ) | (18,148 | ) | (34,434 | ) | (44,408 | ) | ||||||||||||
| Other comprehensive loss: | ||||||||||||||||||||
| Unrealized (loss) gain on investments, net | (1,366 | ) | 75 | (1,035 | ) | 496 | ||||||||||||||
| Comprehensive loss | $ | (18,046 | ) | $ | (18,073 | ) | $ | (35,469 | ) | $ | (43,912 | ) | ||||||||
| Per share information: | ||||||||||||||||||||
| Net loss, basic and diluted | $ | (0.36 | ) | $ | (0.39 | ) | $ | (0.74 | ) | $ | (0.96 | ) | ||||||||
| Weighted-average shares outstanding, basic and diluted | 46,863,753 | 46,214,086 | 46,719,367 | 46,199,110 | ||||||||||||||||
CONTACT: Investor Relations: ir@chimerix.com or Will O'Connor Stern Investor Relations Will@sternir.com 212-362-1200 Media: Becky VonsiatskyW2O Group bvonsiatsky@w2ogroup.com 413-478-2003
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