Chimerix Announces Second Quarter 2014 Financial Results
Recent Company Highlights
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Follow-on Offering of Common Stock
InMay 2014 , the company completed a common stock offering with gross proceeds of$119.4 million . These proceeds are expected to be used primarily to fund the company's research and development programs and general corporate purposes.
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Addition of New Directors
InJune 2014 , five new directors were added to the company's Board of Directors. Elected as a new class I director wasM. Michelle Berrey , M.D., M.P.H., who was named President and CEO ofChimerix inApril 2014 . Appointed by the Board of Directors to fill vacancies in class II and class III of the Board of Directors wereJames M. Daly ,Catherine L. Gilliss , Ph.D., R.N., FAAN,John M. Leonard , M.D., andC. Patrick Machado . These directors provideChimerix with extensive experience in the areas of biotechnology and healthcare and a broad range of expertise, which includes research and development, commercial operations and global marketing.
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Brincidofovir Phase 3 SUPPRESS Trial
Enrollment continues in the Phase 3 SUPPRESS trial of brincidofovir for the prevention of cytomegalovirus (CMV) in adult recipients of hematopoietic cell transplants (HCT), also known as bone marrow transplantation. CMV remains the most common cause of fatal infections in HCT recipients. The company expects to provide pivotal data in the second half of 2015.
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Brincidofovir Pilot Study for Life-Threatening Adenovirus Infection
The company is enrolling patients in the pilot portion of a Phase 3 AdVise trial to evaluate brincidofovir for the treatment of adenovirus infections in pediatric and adult patients. Data from the pilot portion will guide the design of the pivotal study, which is anticipated to be finalized with theFDA in the second half of 2014. Preliminary data from this pilot study have been accepted as a late breaker oral presentation at theInfectious Diseases Society of America (IDSA) scientific conference on October 11th inPhiladelphia .
Second Quarter 2014 Financial Results
Revenues for the second quarter of 2014 increased to
Research and development expenses were
Loss from operations was
Net interest expense was
For the second quarter of 2014, there were no fair value of warrant charges as all of the company's outstanding warrants to purchase preferred stock had converted to warrants to purchase common stock upon the completion of the company's initial public offering in April 2013. For the second quarter of 2013, the company recorded a
Today's Conference Call and Webcast
A live audio webcast of the call will also be available on the Investors section of
About
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks are described more fully in
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| BALANCE SHEETS | ||
| (in thousands) | ||
| (unaudited) | ||
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2014 |
2013 |
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| Assets | ||
| Current assets: | ||
| Cash and cash equivalents |
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| Short-term investments, available-for-sale | 80,996 | -- |
| Accounts receivable | 288 | 248 |
| Prepaid and other current assets | 3,246 | 2,765 |
| Deferred financing costs, current portion | 20 | 20 |
| Total current assets | 204,151 | 113,009 |
| Property and equipment, net of accumulated depreciation | 469 | 338 |
| Deposits | 32 | 30 |
| Deferred financing costs, less current portion | 6 | 10 |
| Total assets |
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| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable |
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| Accrued liabilities | 3,553 | 2,420 |
| Loan payable, current portion | 5,610 | 5,573 |
| Total current liabilities | 12,218 | 10,207 |
| Other long-term liabilities | 285 | 347 |
| Loan payable, less current portion | 1,480 | 4,294 |
| Total liabilities | 13,983 | 14,848 |
| Commitments and Contingencies | -- | -- |
| Stockholders' equity: | ||
| Preferred stock | -- | -- |
| Common stock | 35 | 26 |
| Additional paid-in capital | 375,504 | 261,243 |
| Accumulated other comprehensive loss | (20) | -- |
| Accumulated deficit | (184,844) | (162,730) |
| Total stockholders' equity | 190,675 | 98,539 |
| Total liabilities and stockholders' equity |
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| STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||
| (in thousands, except share and per share data) | ||||
| (unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2014 | 2013 | 2014 | 2013 | |
| Revenues: | ||||
| Contract revenue |
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| Total revenues | 919 | 808 | 1,699 | 2,579 |
| Operating expenses: | ||||
| Research and development | 8,092 | 6,276 | 16,384 | 13,059 |
| General and administrative | 4,423 | 2,188 | 7,095 | 3,725 |
| Loss from operations | (11,596) | (7,656) | (21,780) | (14,205) |
| Other expense: | ||||
| Interest expense, net | (138) | (415) | (334) | (771) |
| Fair value adjustments to warrant liability | -- | (4,388) | -- | (6,590) |
| Net loss | (11,734) | (12,459) | (22,114) | (21,566) |
| Other comprehensive loss: | ||||
| Unrealized gain (loss) on securities available-for-sale | 12 | 1 | (20) | 1 |
| Comprehensive loss | $ (11,722) | $ (12,458) |
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$ (21,565) |
| Net loss | (11,734) | (12,459) | (22,114) | (21,566) |
| Accretion of redeemable convertible preferred stock | -- | (8,582) | -- | (34,108) |
| Net loss attributable to common shareholders | $ (11,734) | $ (21,041) | $ (22,114) | $ (55,674) |
| Per share information: | ||||
| Net loss per common share, basic & diluted | $ (0.39) | $ (0.91) |
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$ (4.50) |
| Weighted-average shares outstanding, basic & diluted | 30,111,380 | 23,067,201 | 28,446,074 | 12,360,125 |
CONTACT: CHIMERIX CONTACT:
Joseph T. Schepers
Executive Director, Investor Relations
and Corporate Communications
ir@chimerix.com
919-287-412
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