Press Release
Cash and cash equivalents and marketable securities totaled
“Our cash position remains strong and we are uniquely positioned in the immunotherapy field with a deep pipeline of assets and programs,” said
Recent
- Initiated Phase 1/2 combination clinical trial of CRS-207 and epacadostat in ovarian cancer
- Established the Immunotherapeutics and Vaccine Research Initiative with UC Berkeley
- Announced receipt of
$22.4 million in clinical development milestone payments from Janssen - Expanded patent portfolio with newly issued patents covering LADD and GVAX combination therapy
First Quarter 2016 Financial Results
Revenue was
Research and development expenses were
General and administrative expenses were
Loss from remeasurement of fair value of warrants was zero for the first quarter of 2016, compared to
Provision for income taxes was
About Aduro
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, plans, timing and the availability of results of our clinical trials and the potential for eventual regulatory approval of our product candidates. 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 dependence on our lead product candidate, CRS-207, and GVAX Pancreas, our ability to obtain and maintain regulatory approval of our product candidates, our inability 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 quarterly report on Form 10-Q for the quarter ended
| ADURO BIOTECH, INC. | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (In thousands, except share and per share amounts) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2016 | 2015 | |||||||
| Revenue: | ||||||||
| Collaboration and license revenue | $ | 3,983 | $ | 9,238 | ||||
| Grant revenue | 47 | 336 | ||||||
| Total revenue | 4,030 | 9,574 | ||||||
| Operating expenses: | ||||||||
| Research and development | 20,927 | 10,646 | ||||||
| General and administrative | 8,999 | 6,210 | ||||||
| Amortization of intangible assets | 137 | — | ||||||
| Total operating expenses | 30,063 | 16,856 | ||||||
| Loss from operations | (26,033 | ) | (7,282 | ) | ||||
| Loss from remeasurement of fair value of warrants | — | (9,342 | ) | |||||
| Interest income | 454 | — | ||||||
| Other (loss) income, net | (22 | ) | 8 | |||||
| Loss before income tax | (25,601 | ) | (16,616 | ) | ||||
| Provision for income taxes | 3,226 | — | ||||||
| Net loss | $ | (28,827 | ) | $ | (16,616 | ) | ||
| Net loss per common share, basic and diluted | $ | (0.45 | ) | $ | (39.97 | ) | ||
| Shares used in computing net loss per common share, basic and diluted | 63,802,391 | 415,746 | ||||||
| ADURO BIOTECH, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2016 | 2015 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 120,133 | $ | 150,456 | ||||
| Short-term marketable securities | 281,848 | 265,198 | ||||||
| Accounts receivable | 1,867 | 4,846 | ||||||
| Prepaid expenses and other current assets | 9,723 | 4,004 | ||||||
| Total current assets | 413,571 | 424,504 | ||||||
| Long-term marketable securities | 6,479 | 15,391 | ||||||
| Property and equipment, net | 5,548 | 3,986 | ||||||
| Goodwill | 8,766 | 8,469 | ||||||
| Intangible assets, net | 30,471 | 29,400 | ||||||
| Other assets | 3,177 | 75 | ||||||
| Total assets | $ | 468,012 | $ | 481,825 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,226 | $ | 5,086 | ||||
| Accrued clinical trial and manufacturing expenses | 10,614 | 5,522 | ||||||
| Accrued expenses and other liabilities | 10,207 | 5,412 | ||||||
| Deferred revenue | 15,046 | 15,046 | ||||||
| Total current liabilities | 41,093 | 31,066 | ||||||
| Deferred rent | 932 | — | ||||||
| Contingent consideration | 3,594 | 3,750 | ||||||
| Deferred revenue | 174,276 | 178,037 | ||||||
| Deferred tax liabilities | 7,840 | 7,350 | ||||||
| Total liabilities | 227,735 | 220,203 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 6 | 6 | ||||||
| Additional paid-in capital | 369,009 | 362,807 | ||||||
| Accumulated other comprehensive income (loss) | 941 | (339 | ) | |||||
| Accumulated deficit | (129,679 | ) | (100,852 | ) | ||||
| Total stockholders’ equity | 240,277 | 261,622 | ||||||
| Total liabilities and stockholders’ equity | $ | 468,012 | $ | 481,825 | ||||
Contact:Sylvia Wheeler SVP, Corporate Affairs 510 809 9264 Media Contact:Angela Bitting 925 202 6211 press@aduro.comMike Beyer Sam Brown, Inc. 312 961 2502
