Press Release
Cash and cash equivalents totaled
"We are making significant progress in our existing oncology programs driven by our in-house research and development teams and in collaboration with our academic and corporate partners, including
Recent
- Follow up of the seven long-term survivors in Phase 2a pancreatic cancer trial continues, with two patients continuing to receive the combination regimen of CRS-207 and GVAX Pancreas for almost three years
- Completed patient enrollment in the Phase 1b mesothelioma trial evaluating the combination of CRS-207 and standard chemotherapy
-
Presented updated data from Phase 1b mesothelioma trial at the 2015
American Society of Clinical Oncology (ASCO) Meeting demonstrating 94% disease control following treatment with CRS-207 and standard chemotherapy -
Conducted meetings with the U.S.
FDA and Paul-Ehrlich-Institut to discuss Phase 3 plans for mesothelioma program - Published notable preclinical results for the STING-targeted CDN immuno-oncology platform in Science and Translational Medicine and Cell Reports
Key Upcoming Milestones
- Complete enrollment in Phase 2b ECLIPSE trial in pancreatic cancer in the third quarter of 2015 and report top line results in the first half of 2016
- Report top line results from the Phase 1b trial in mesothelioma in the first half of 2016
- Complete enrollment in Phase 2 STELLAR trial in pancreatic cancer in the first quarter of 2016 and report interim results in the second half of 2016
- Initiate randomized Phase 3 trial in mesothelioma in the first half of 2016
- Initiate Phase 1 trials in lung and prostate cancer with novel LADD agents in collaboration with Janssen in the first quarter of 2016
-
Initiate Phase 1 trial in cutaneously accessible tumors with novel CDNs in collaboration with
Novartis in the first half of 2016
Revenues were
Research and development expenses were
General and administrative expenses were
Loss from remeasurement of fair value of warrants 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 and timing 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 "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "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 June 30, |
Six Months Ended June 30, |
|||
| 2015 | 2014 | 2015 | 2014 | |
| Revenue: | ||||
| Collaboration and license revenue | $9,623 | $883 | $18,861 | $883 |
| Grant revenue | 260 | 102 | 596 | 127 |
| Total revenue | 9,883 | 985 | 19,457 | 1,010 |
| Operating expenses: | ||||
| Research and development | 13,533 | 5,403 | 24,179 | 10,132 |
| General and administrative | 5,882 | 2,134 | 12,092 | 3,518 |
| Total operating expenses | 19,415 | 7,537 | 36,271 | 13,650 |
| Loss from operations | (9,532) | (6,552) | (16,814) | (12,640) |
| (Loss) Gain from remeasurement of fair value of warrants | (16,735) | 25 | (26,077) | (125) |
| Gain on extinguishment of convertible promissory notes | — | 3,553 | — | 3,553 |
| Interest expense | — | (996) | — | (2,350) |
| Other income, net | 7 | 344 | 15 | 152 |
| Net loss | $(26,260) | $(3,626) | $(42,876) | $(11,410) |
| Net loss per common share, basic and diluted | $(0.50) | $(12.27) | ($1.61) | $(38.61) |
| Weighted average common shares outstanding, basic and diluted | 52,653,344 | 295,498 | 26,678,848 | 295,498 |
| ADURO BIOTECH, INC. | ||
| Condensed Consolidated Balance Sheets | ||
| (In thousands) | ||
| (Unaudited) | ||
|
June 30, 2015 |
December 31, 2014 |
|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $465,867 | $119,456 |
| Other current assets | 3,729 | 5,765 |
| Total current assets | 469,596 | 125,221 |
| Other assets | 2,955 | 1,241 |
| Total assets | $472,551 | $126,462 |
| Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $14,109 | $10,788 |
| Deferred revenue | 17,754 | 33,427 |
| Total current liabilities | 31,863 | 44,215 |
| Deferred consideration from Novartis collaboration | 200,000 | — |
| Deferred revenue | — | 2,592 |
| Other non-current liabilities | — | 989 |
| Total liabilities | 231,863 | 47,796 |
| Convertible preferred stock | — | 139,963 |
| Total stockholders' equity (deficit) | 240,688 | (61,297) |
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $472,551 | $126,462 |
CONTACT:Sylvia Wheeler SVP, Corporate Affairs 510 809 9264 Media Contact:Angela Bitting 925 202 6211 press@aduro.com
