Press Release

Aduro Biotech Reports First Quarter 2018 Financial ResultsMay 02, 2018 4:02 p.m. ET

BERKELEY, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ:ADRO) today reported financial results for the first quarter ended March 31, 2018. Net loss for the first quarter of 2018 was $21.5 million, or $0.28 per share, compared to net loss of $21.8 million, or $0.32 per share, for the same period in 2017.

Recent Developments:

  • Reported preclinical data on ADU-S100, BION-1301 and ADU-1604 at the American Association for Cancer Research

  • Reported initial observations from the first patient treated with our personalized neoantigen-based immunotherapy

  • Received a milestone payment from Merck for initiation of a Phase 1 trial of our anti-CD27 antibody for patients with advanced solid tumors

Cash, cash equivalents and marketable securities totaled $327.8 million at March 31, 2018, compared to $349.7 million at December 31, 2017. 

Revenue was $6.6 million for the first quarter of 2018 compared to $3.8 million for the same period in 2017. The increase of $2.8 million was primarily due to a $3.0 million milestone payment received from Merck for initiation of a Phase 1 trial for our anti-CD27 antibody.

Research and development expenses were $20.1 million for the first quarter of 2018 compared to $20.6 million for the same period in 2017. The decrease of $0.5 million was due to lower contract manufacturing expense of $3.1 million primarily related to BION-1301, partially offset by increases in clinical development and contract research expenses for our ongoing programs including ADU-S100, BION-1301, ADU-1604 and our personalized neoantigen-based immunotherapy, as well as increases in stock-based compensation and personnel related expenses.

General and administrative expenses were $9.0 million for the first quarter of 2018 compared to $8.3 million for the same period in 2017. The increase of $0.7 million was driven primarily by legal fees associated with our patent portfolio and higher stock-based compensation expense, partially offset by decreased compensation expense.

Income tax benefit was approximately $21 thousand for the first quarter of 2018 compared to an income tax benefit of $2.8 million for the same period in 2017. The income tax benefit for 2017 related to federal income tax benefit associated with the carryback of the 2017 losses.

About Aduro

Aduro Biotech, Inc. is an immunotherapy company focused on the discovery, development and commercialization of therapies that are intended to transform the treatment of challenging diseases. Aduro's technology platforms, which are designed to harness the body's natural immune system, are being investigated in cancer indications and have the potential to expand into autoimmune and infectious diseases. Aduro's STING Pathway Activator platform is designed to activate the STING receptor in immune cells, resulting in a potent tumor-specific immune response. ADU-S100 is the first STING Pathway Activator compound to enter the clinic and is currently being evaluated in both a Phase 1 monotherapy study as well as a Phase 1b combination study with an anti-PD1 immune checkpoint inhibitor. Aduro’s B-select monoclonal antibody platform, including BION-1301, an anti-APRIL antibody, is comprised of a number of immune modulating assets in research and development. Aduro's pLADD program is based on proprietary attenuated strains of Listeria that have been engineered to express tumor neoantigens that are specific to an individual patient’s tumor. Other Listeria strains for lung and prostate cancers are being advanced by a partner. Aduro is collaborating with leading global pharmaceutical companies to expand its products and technology platforms. For more information, please visit www.aduro.com.

Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our intentions or current expectations concerning, among other things, the potential for our technology and our ability to advance our drug development programs on our own or with our collaborators. In some cases you can identify these statements by forward-looking words such as “may,” “will,” “continue,” “anticipate,” “intend,” “could,” “project,” “expect” or the negative or plural of these words or similar expressions.  Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our history of net operating losses and uncertainty regarding our ability to achieve profitability, our ability to develop and commercialize our product candidates, our ability to use and expand our technology platforms to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, our reliance on third parties, and our ability to obtain and adequately protect intellectual property rights for our product candidates.  We discuss many of these risks in greater detail under the heading “Risk Factors” contained in our annual report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 1, 2018, and our quarterly report on Form 10-Q for the quarter ended March 31, 2018, to be filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

ADURO BIOTECH, INC.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)

  Three Months Ended March 31,  
  2018     2017  
Revenue:              
Collaboration and license revenue $ 6,627     $ 3,772  
Total revenue   6,627       3,772  
Operating expenses:              
Research and development   20,128       20,572  
General and administrative   9,045       8,278  
Amortization of intangible assets   152       132  
Total operating expenses   29,325       28,982  
Loss from operations   (22,698 )     (25,210 )
Interest income   1,199       650  
Other loss, net   (16 )     (4 )
Loss before income tax   (21,515 )     (24,564 )
Income tax benefit   21       2,752  
Net loss $ (21,494 )   $ (21,812 )
Net loss per common share, basic and diluted $ (0.28   $ (0.32 )
Shares used in computing net loss per common share, basic and  diluted   77,906,645       68,242,360  
 

  

ADURO BIOTECH, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
(Unaudited)

  March 31,   December 31,  
  2018   2017  
Assets            
Current assets:            
Cash and cash equivalents $ 100,279   $ 157,614  
Short-term marketable securities   207,029     168,489  
Accounts receivable   702     989  
Income tax receivable   17,495     17,495  
Prepaid expenses and other current assets   5,309     5,544  
Total current assets   330,814     350,131  
Long-term marketable securities   20,541     23,614  
Property and equipment, net   30,168     31,085  
Goodwill   8,972     8,723  
Intangible assets, net   31,843     31,107  
Restricted cash   468     468  
Total assets $ 422,806   $ 445,128  
Liabilities and Stockholders Equity            
Current liabilities:            
Accounts payable $ 1,847   $ 1,150  
Accrued clinical trial and manufacturing expenses   3,876     5,898  
Accrued expenses and other liabilities   8,569     12,601  
Contingent consideration   7,172     6,829  
Deferred revenue   14,882     14,923  
Total current liabilities   36,346     41,401  
Deferred rent   11,109     9,991  
Contingent consideration   999     759  
Deferred revenue   169,857     148,148  
Deferred tax liabilities   6,704     6,538  
Other long-term liabilities   832     818  
Total liabilities   225,847     207,655  
Commitments and contingencies            
Stockholders’ equity:            
Preferred stock        
Common stock   8     8  
Additional paid-in capital   524,997     519,435  
Accumulated other comprehensive income   2,621     1,893  
Accumulated deficit   (330,667 )   (283,863 )
Total stockholders’ equity   196,959     237,473  
Total liabilities and stockholders’ equity $ 422,806   $ 445,128  
 


 


Contact:  Media Contact:
Jennifer Lew Aljanae Reynolds
Chief Financial Officer 510-809-2452
510-809-4816 press@aduro.com 

Primary Logo

Aduro Biotech, Inc.