Strongbridge Biopharma plc Reports First Quarter 2016 Financial Results
"Strongbridge remains focused on accelerating development of its rare endocrine disease portfolio. Patient enrollment in the global Phase 3 SONICS clinical trial evaluating COR-003 for the treatment of endogenous Cushing's syndrome continues to progress, and we are pleased that a recent pre-planned Data and Safety Monitoring Board (DSMB) review was consistent with prior reviews and again resulted in the recommendation that the SONICS clinical trial continue as planned. We are also making progress toward finalizing the technology to be utilized for a long-acting formulation of COR-005 for the treatment of acromegaly. The cost savings resulting from our recently announced portfolio prioritization will be fully realized within the next few quarters and we continue to believe that the Company’s current cash resources are sufficient to fund planned operations into the fourth quarter of 2017,” said Matthew Pauls, president and chief executive officer of Strongbridge Biopharma.
First Quarter 2016 Results
For the three months ended
Research and development expenses were
General and administrative expenses were
The Company recorded a loss of
Strongbridge had cash and cash equivalents of
About
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, are forward-looking statements. These statements relate to future events and involve known and unknown risks, including, without limitation, uncertainties regarding Strongbridge's strategy, plans, outcomes of product development efforts, costs and results, future financial position and objectives of management for future operations. The words "anticipate," "estimate," "expect," "intend," "may," "plan," "potential," "project," "target," "will," "would," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations, estimates, forecasts and projections and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors. The forward-looking statements contained in this press release are made as of the date of this press release, and
STRONGBRIDGE BIOPHARMA plc | ||||||||||
Consolidated Statement of Operations and Comprehensive Loss | ||||||||||
(In thousands, except share and per share data) | ||||||||||
Three Months Ended March 31, | ||||||||||
2016 | 2015 | |||||||||
Consolidated Statement of Operations Data: | ||||||||||
Operating expenses: | ||||||||||
Research and development | $ | 6,794 | $ | 2,500 | ||||||
General and administrative | 4,129 | 3,108 | ||||||||
Total operating expenses | 10,923 | 5,608 | ||||||||
Operating loss | (10,923 | ) | (5,608 | ) | ||||||
Other income (expense), net: | ||||||||||
Foreign exchange loss | (47 | ) | (780 | ) | ||||||
Other income (expense), net | (1,290 | ) | (41 | ) | ||||||
Total other income (expense), net | (1,337 | ) | (821 | ) | ||||||
Loss before income taxes | (12,260 | ) | (6,429 | ) | ||||||
Income tax benefit | 55 | 55 | ||||||||
Net loss | (12,205 | ) | (6,374 | ) | ||||||
Net loss attributable to non‑controlling interest | 51 | — | ||||||||
Net loss attributable to Strongbridge Biopharma | $ | (12,154 | ) | $ | (6,374 | ) | ||||
Net loss attributable to common shareholders, basic and diluted | $ | (12,154 | ) | $ | (6,374 | ) | ||||
Net loss per share attributable to common shareholders, basic and diluted | $ | (0.57 | ) | $ | (0.52 | ) | ||||
Weighted‑average shares used in computing net loss per share attributable to common shareholders, basic and diluted | 21,205,382 | 12,292,931 | ||||||||
STRONGBRIDGE BIOPHARMA plc | |||||||
Select Consolidated Balance Sheet Information | |||||||
(In thousands, except share and per share data) | |||||||
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
(In Thousands) | |||||||
Consolidated Balance Sheet Data: | |||||||
Cash and cash equivalents | $ | 42,307 | $ | 51,623 | |||
Total assets | 87,014 | 97,330 | |||||
Total liabilities | 6,964 | 6,403 | |||||
Total shareholders’ equity | 80,050 | 90,927 | |||||
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