Zosano Pharma Reports First Quarter 2019 Financial Results
- Multiple catalysts, including QtryptaTM NDA submission, anticipated in 2019
- Company bolstered balance sheet to advance proprietary programs and expand applicability of ADAM microneedle technology
- Conference call scheduled for
1:30 pm PT today
"With a number of key catalysts planned in 2019, including submission of a New Drug Application (NDA) for Qtrypta, we are pleased with our recent equity financing to support our continued progress,” said
Recent Business Highlights
- Completed public offering of common stock, raising
$18.4 million in net proceeds - Research coverage initiated by
Cantor Fitzgerald and Maxim Group - Announced a publication in Headache, which highlights the performance of Qtrypta in successfully addressing the important clinical endpoints of pain freedom and freedom from most bothersome symptom (MBS) at 2 hours.
Financial Results for the First Quarter Ended
Zosano reported a net loss for the first quarter of 2019 of
Research and development expenses for the first quarter of 2019 were
General and administrative expenses for the first quarter of 2019 were
As of
Conference Call Information
Zosano will host a conference call and live audio webcast this afternoon at
The live call may be accessed by dialing (844) 379-5311 for domestic callers or (209) 905-5963 for international callers. The conference ID is 8096035. A live webcast of the call can be accessed online from the investor relations section of the Zosano website at http://ir.zosanopharma.com/events.cfm and will be archived there for 30 days.
About
Forward-Looking Statements
This press release contains forward-looking statements regarding the expected timing of a New Drug Application for Qtrypta (M207) and other future events and expectations. Readers are urged to consider statements that include the words "may," "will," "would," "could," "should," "might," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," "unaudited," "approximately" or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict, and actual outcomes may differ materially. These include risks and uncertainties, without limitation, associated with the process of discovering, developing and commercializing products that are safe and effective for use as human therapeutics, risks inherent in the effort to build a business around such products and other risks and uncertainties described under the heading "Risk Factors" in the Company's most recent quarterly report on Form 10-Q. Although Zosano believes that the expectations reflected in these forward-looking statements are reasonable, we cannot in any way guarantee that the future results, level of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. All forward-looking statements are based on information currently available to Zosano and Zosano assumes no obligation to update any such forward-looking statements.
Zosano Contact:
Chief Financial Officer
510-745-1200
PR Contacts:
swheeler@wheelhouselsa.com or asantos@wheelhouselsa.com
ZOSANO PHARMA CORPORATION CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) (unaudited) |
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Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | — | $ | — | |||
Operating expenses: | |||||||
Research and development | 6,616 | 5,806 | |||||
General and administrative | 2,871 | 2,260 | |||||
Total operating expenses | 9,487 | 8,066 | |||||
Loss from operations | (9,487 | ) | (8,066 | ) | |||
Other income (expense): | |||||||
Interest income | 80 | 15 | |||||
Interest expense | (41 | ) | (156 | ) | |||
Other income, net | 22 | 1 | |||||
Loss before provision for income taxes | (9,426 | ) | (8,206 | ) | |||
Provision for income taxes | — | — | |||||
Net loss | $ | (9,426 | ) | $ | (8,206 | ) | |
Unrealized gain on marketable securities, net of tax | 6 | — | |||||
Comprehensive loss | $ | (9,420 | ) | $ | (8,206 | ) | |
Net loss per common share – basic and diluted | $ | (0.79 | ) | $ | (4.16 | ) | |
Weighted-average shares used in computing net loss per common share – basic and diluted | 11,973,039 | 1,973,039 | |||||
ZOSANO PHARMA CORPORATION CONDENSED BALANCE SHEETS (in thousands, except par value and share amounts) |
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March 31, 2019 |
December 31, 2018 |
||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 6,142 | $ | 9,140 | |||
Marketable securities at fair value | 4,896 | 13,862 | |||||
Prepaid expenses and other current assets | 921 | 358 | |||||
Total current assets | 11,959 | 23,360 | |||||
Restricted cash | 455 | 455 | |||||
Property and equipment, net | 16,869 | 11,916 | |||||
Operating lease right-of-use assets | 6,219 | — | |||||
Other long-term assets | 21 | 49 | |||||
Total assets | $ | 35,523 | $ | 35,780 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,678 | $ | 4,450 | |||
Accrued compensation | 2,742 | 2,092 | |||||
Build-to-suit obligation, current portion | 2,451 | 2,326 | |||||
Operating lease liabilities, current portion | 985 | — | |||||
Other accrued liabilities | 5,304 | 2,419 | |||||
Total current liabilities | 15,160 | 11,287 | |||||
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount | 4,044 | 4,478 | |||||
Operating lease liabilities, long-term portion | 6,638 | — | |||||
Other liabilities | 30 | 18 | |||||
Deferred rent | — | 1,287 | |||||
Total liabilities | 25,872 | 17,070 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; none issued and outstanding as of March 31, 2019 and December 31, 2018 | — | — | |||||
Common stock, $0.0001 par value; 250,000,000 shares authorized; 11,973,039 shares issued and outstanding as of March 31, 2019 and December 31, 2018 | 1 | 1 | |||||
Additional paid-in capital | 280,307 | 279,946 | |||||
Accumulated deficit | (270,658 | ) | (261,232 | ) | |||
Accumulated other comprehensive income (loss) | 1 | (5 | ) | ||||
Total stockholders’ equity | 9,651 | 18,710 | |||||
Total liabilities and stockholders’ equity | $ | 35,523 | $ | 35,780 | |||
Source: Zosano Pharma Corporation