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·
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SOLUTION clinical study of oral Sollpura™ enrollment to begin soon in Europe
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·
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Data from BRIGHT-SC study in IgA nephropathy planned for Q2 2016
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·
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Addition of Craig Thompson as President and Chief Operating Officer
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Appointment of Dr. James Pennington to Interim Chief Medical Officer
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·
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Sollpura™ (liprotamase)
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o
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SOLUTION Phase 3 Clinical Study to Expand into Europe
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o
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SIMPLICITY Pediatric Clinical Study expected to begin in Q2 2016
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o
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Phase 3 CHABLIS-SC1 Clinical Study Enrollment Completed
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o
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Phase 3 CHABLIS 7.5 Clinical Study deployment continues on track
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·
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Blisibimod – IgA Nephropathy
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o
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Phase 2 BRIGHT-SC Data Planned for Q2 2016
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·
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On January 7, 2016, we expanded our executive management team through the appointment of Craig Thompson as our President and Chief Operating Officer. In this role, Mr. Thompson will oversee both our late stage development programs and launch readiness efforts.
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On March 7, 2016, our Board appointed Dr. James Pennington as our Interim Chief Medical Officer, effective April 1, 2016, following the departure of our current Chief Medical officer, Dr. Colin Hislop. Dr. Pennington joined Anthera in 2007 and has over 40 years of successful clinical development and commercialization experience including 14 drug approvals and 10 registration ex-US approvals including both small and large molecule therapeutics.
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Cash Position. Cash and cash equivalents totaled $47 million as of December 31, 2015, compared to $2.6 million as of December 31, 2014. The increase in cash was mainly attributable to our March and July public offerings of common stock, sale of common stock through an at-the-market program, equity investment and cost reimbursement from Zenyaku, and a research grant from Cystic Fibrosis Foundation Therapeutics (“CFFT”), offset by cash used in operations.
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·
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Revenues. License and collaborative revenues for the fourth quarter and year ended December 31, 2015 totaled $1.9 million and $3.2 million, respectively. Following the receipt of a termination notice from Zenyaku to terminate a collaborative arrangement, we began to accelerate the amortization of our deferred revenue in the third quarter of 2015 to correspond with the shortened collaboration period and the amount was fully amortized by January 7, 2016. As a result we expect no significant revenues associated with the terminated Zenyaku collaboration in 2016.
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R&D Expense. Research and development expenses for the fourth quarter and year ended December 31, 2015 totaled $8.6 million and $33.5 million, respectively, compared to $5.5 million and $21.8 million in the same periods in 2014. Research and development expenses increased in 2015 from 2014 primarily due to higher non-cash stock-based compensation recognized in 2015 as a result of option grants issued in 2015 and higher expense for manufacturing and clinical operations to support the ongoing CHABLIS-SC1 and BRIGHT-SC studies, as well as the initiation our Phase 3 SOLUTION study with Sollpura™. The increase was partially offset by $1.5 million in expense reimbursements from Zenyaku for certain development costs associated with blisibimod.
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·
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G&A Expense. General and administrative expenses for the fourth quarter and year ended December 31, 2015 totaled $1.9 million and $7.6 million, respectively, compared to $1.8 million and $6.6 million in the same periods in 2014. The increase in 2015 from 2014 is primarily due to higher non-cash stock-based compensation expense recognized in 2015 as a result of option grants issued in 2015 and higher expense related to professional services to support the growth of the Company.
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·
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Research Award. A Research award, granted to the Company in March of 2015 by CFFT and recorded as an offset to operating expense, totaled $1.2 million and $2.6 million for the fourth quarter and year ended December 31, 2015. The amount of research award we recognized represents the value prescribed to the milestones we achieved under the award agreement during 2015.
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·
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Net Loss. Net loss for the fourth quarter and year ended December 31, 2015 was $7.3 million, or $0.18 per basic and diluted share, and $35.2 million, or $0.99 per basic and diluted share, respectively, compared to $7.4 million, or $0.32 per basic and diluted share, and $29.6 million, or $1.36 per basic and diluted share, in the same periods in 2014. The increase in net loss was primarily related to the advancement of our blisibimod program and the initiation of Sollpura™ in a Phase 3 clinical study. The decrease in our loss per share both in the fourth quarter and fiscal year 2015 was attributable to increase in our common shares outstanding in 2015 due to two public offerings, takedown from our at-the-market offering and equity investment by Zenyaku.
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Three Months Ended
December 31,
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Year Ended
December 31,
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|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
License revenue
|
$ | 1,819 | $ | — | $ | 2,562 | $ | — | ||||||||
|
Collaboration revenue
|
99 | — | 623 | — | ||||||||||||
|
Total revenues
|
1,918 | — | 3,185 | — | ||||||||||||
|
Operating Expenses:
|
||||||||||||||||
|
Research and development
|
$ | 8,605 | $ | 5,527 | $ | 33,498 | $ | 21,839 | ||||||||
|
General and administrative
|
1,874 | 1,771 | 7,568 | 6,620 | ||||||||||||
|
Research award
|
(1,171 | ) | — | (2,638 | ) | — | ||||||||||
|
Total operating expenses
|
9,308 | 7,298 | 38,428 | 28,459 | ||||||||||||
|
Loss from operations
|
(7,390 | ) | (7,298 | ) | (35,243 | ) | (28,459 | ) | ||||||||
|
Other Expenses:
|
||||||||||||||||
|
Interest expense
|
— | (144 | ) | — | (1,049 | ) | ||||||||||
|
Other income (expense)
|
51 | (3 | ) | 23 | (96 | ) | ||||||||||
|
Total other income (expense)
|
51 | (147 | ) | 23 | (1,145 | ) | ||||||||||
|
Net loss
|
$ | (7,339 | ) | $ | (7,445 | ) | $ | (35,220 | ) | $ | (29,604 | ) | ||||
|
Net loss per share attributable to common
stockholders:
|
||||||||||||||||
|
Basic and diluted
|
$ | (0.18 | ) | $ | (0.32 | ) | $ | (0.99 | ) | $ | (1.36 | ) | ||||
|
Weighted-average number of shares used in
per share calculation: basic and diluted
|
39,947,036 | 22,926,664 | 35,631,237 | 21,776,269 | ||||||||||||
|
December 31,
2015
|
December 31, 2014
|
|||||||||||||||
|
Cash and cash equivalents
|
$ | 46,951 | $ | 2,639 | ||||||||||||
|
Accounts receivable
|
$ | 326 | $ | — | ||||||||||||
|
Total assets
|
$ | 48,125 | $ | 3,490 | ||||||||||||
|
Total deferred revenue
|
$ | 138 | $ | — | ||||||||||||
|
Total liabilities, excludes deferred revenue
|
$ | 8,330 | $ | 5,751 | ||||||||||||
|
Accumulated deficit
|
$ | (352,031 | ) | $ | (316,811 | ) | ||||||||||
|
Total shareholders' equity (deficit)
|
$ | 39,657 | $ | (2,261 | ) | |||||||||||
|
Common shares outstanding
|
40,004,037 | 23,005,209 | ||||||||||||||