Alpine Immune Sciences Reports Third Quarter 2020 Financial Results and Provides Corporate Update
- Conference call and webcast today at
"Over the last quarter, we built upon the strong momentum created from our option and license agreement with AbbVie for worldwide rights to ALPN-101, by completing an additional private financing with top-tier biotech investors led by Omega Funds, among others," said
Third Quarter 2020 and Subsequent Updates
-
Raised
$60 Million in a Private Placement. In July, Alpine raised$60 million in gross proceeds through a private placement led by Omega Funds with participation fromAvidity Partners ,EcoR1 Capital, LLC ,Invus Public Equities, L.P. , and Samsara BioCapital, among others. Alpine intends to use the net proceeds to fund the development of its clinical and preclinical pipeline as well as for general corporate purposes. - Preparation for a Phase 2 study of ALPN-101 in systemic lupus erythematosus (SLE). Alpine and AbbVie have agreed on the design of an international Phase 2 study of ALPN-101 in adults with active lupus, anticipated to commence enrollment in the first half of 2021. SLE is a potentially life-threatening, multi-system, chronic autoimmune disease with few approved treatment options. As previously announced, ALPN-101 is the subject of an option and licensing agreement with AbbVie.
- Continued enrollment in NEON-1, a Phase 1 study of ALPN-202 in advanced malignancies. Enrollment is ongoing in the dose escalation portion of NEON-1, a Phase 1, first-in-human monotherapy study of ALPN-202, a first-in-class conditional CD28 costimulator and dual checkpoint inhibitor.
Financial Highlights
-
As of
September 30, 2020 , Alpine had cash, cash equivalents, restricted cash, and short-term investments totaling$141.3 million . -
Revenue was
$1.9 million for the quarter endedSeptember 30, 2020 compared to$0.3 million in the quarter endedSeptember 30, 2019 . -
Research and development expenses for the third quarter ended
September 30, 2020 were$6.2 million compared to$9.5 million for the third quarter endedSeptember 30, 2019 . -
General and administrative expenses for the third quarter ended
September 30, 2020 were$2.7 million compared to$2.5 million for the third quarter endedSeptember 30, 2019 . -
Alpine recorded a net loss of
$6.1 million and$11.5 million for the third quarters endedSeptember 30, 2020 and 2019, respectively.
As of
For additional information regarding Alpine’s planned operations, please refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation - Liquidity and Capital Resources” in Alpine’s Quarterly Report on Form 10-Q for the quarter ended
Conference Call
Individuals interested in listening to the conference call may do so by dialing (800) 816-3005 for domestic callers, or (857) 770-0069 for international callers, and using the conference ID: 4382628; or from the webcast link in the investor relations section of the company’s website at: www.alpineimmunesciences.com. The recorded webcast will be available for replay for approximately 30 days following the call.
About
“Secreted Immunomodulatory Proteins”, “SIP”, “Transmembrane Immunomodulatory Protein,” “TIP,” “Variant Ig Domain,” “vIgD” and the Alpine logo are registered trademarks or trademarks of
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical fact and include statements regarding our platform technology and potential therapies, the timing of and results from clinical trials and preclinical development activities, clinical and regulatory objectives and the timing thereof, expectations regarding the sufficiency of cash combined with the potential
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Selected Consolidated Balance Sheet Data |
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(In thousands) |
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(unaudited) |
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Cash and cash equivalents |
|
$ |
141,075 |
|
|
$ |
16,123 |
|
Short-term investments |
|
— |
|
|
24,397 |
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||
Total current assets |
|
142,550 |
|
|
42,302 |
|
||
Total assets |
|
154,033 |
|
|
54,093 |
|
||
Total current liabilities |
|
35,849 |
|
|
8,681 |
|
||
Total stockholders’ equity |
|
67,468 |
|
|
29,474 |
|
||
Total liabilities and stockholders’ equity |
|
154,033 |
|
|
54,093 |
|
Consolidated Statement of Operations and
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(In thousands, except share and per share amounts) |
Three Months Ended |
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Nine Months Ended |
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2020 |
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2019 |
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2020 |
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2019 |
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(unaudited) |
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Collaboration revenue |
$ |
1,913 |
|
|
|
$ |
289 |
|
|
|
$ |
3,692 |
|
|
|
$ |
856 |
|
|
Operating expenses: |
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|
|
|
|
|
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Research and development |
6,156 |
|
|
|
9,532 |
|
|
|
18,130 |
|
|
|
30,048 |
|
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General and administrative |
2,728 |
|
|
|
2,467 |
|
|
|
7,850 |
|
|
|
7,365 |
|
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Total operating expenses |
8,884 |
|
|
|
11,999 |
|
|
|
25,980 |
|
|
|
37,413 |
|
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Loss from operations |
(6,971 |
) |
|
|
(11,710 |
) |
|
|
(22,288 |
) |
|
|
(36,557 |
) |
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Other income (expense): |
|
|
|
|
|
|
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Interest expense |
(214 |
) |
|
|
(66 |
) |
|
|
(560 |
) |
|
|
(197 |
) |
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Interest income |
11 |
|
|
|
301 |
|
|
|
202 |
|
|
|
1,042 |
|
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||||
Other income |
1,037 |
|
|
|
— |
|
|
|
1,042 |
|
|
|
— |
|
|
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Loss before taxes |
(6,137 |
) |
|
|
(11,475 |
) |
|
|
(21,604 |
) |
|
|
(35,712 |
) |
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Income tax benefit |
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
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Net loss |
$ |
(6,137 |
) |
|
|
$ |
(11,475 |
) |
|
|
$ |
(21,598 |
) |
|
|
$ |
(35,712 |
) |
|
Comprehensive income (loss): |
|
|
|
|
|
|
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Unrealized gain (loss) on investments |
— |
|
|
|
5 |
|
|
|
(16 |
) |
|
|
37 |
|
|
||||
Unrealized gain (loss) on foreign currency translation |
14 |
|
|
|
(7 |
) |
|
|
(35 |
) |
|
|
(17 |
) |
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Comprehensive loss |
$ |
(6,123 |
) |
|
|
$ |
(11,477 |
) |
|
|
$ |
(21,649 |
) |
|
|
$ |
(35,692 |
) |
|
Weighted-average shares used to compute basic and diluted net loss per share |
22,277,146 |
|
|
|
18,586,950 |
|
|
|
19,826,985 |
|
|
|
18,281,707 |
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Basic and diluted net loss per share |
$ |
(0.28 |
) |
|
|
$ |
(0.62 |
) |
|
|
$ |
(1.09 |
) |
|
|
$ |
(1.95 |
) |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005954/en/
Contact:
206-788-4545
[email protected]
619-916-7620
[email protected]
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