ASLAN Pharmaceuticals Reports First Quarter 2020 Financial Results and Provides Corporate Update
11 Mai 2020 - 11:34AM
ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497), a clinical-stage
immunology and oncology focused biopharmaceutical company
developing innovative treatments to transform the lives of
patients, today reported financial results for the first quarter
ended 31 March 2020 and provided an update on its clinical
activities.
Dr Carl Firth, Chief Executive Officer, ASLAN
Pharmaceuticals, said: “The COVID-19 pandemic has brought
about unprecedented changes and affected many worldwide. We have
been putting strategies in place to mitigate risks to our
development programs, including opening sites in different
geographies where restrictions are easing. We are also taking steps
to ensure that we emerge from this situation stronger and ready to
initiate our planned phase 2b study of ASLAN004 for atopic
dermatitis in 1H 2021, building our US presence as we grow a team
there and prepare to file an Investigational New Drug application
with the US FDA.”
First quarter 2020 and recent business
highlights
Clinical development
ASLAN004
- As announced on 13 April, recruitment for the second dose
cohort of the multiple ascending dose (MAD) study in atopic
dermatitis (AD) has been paused in light of government restrictions
in Singapore to contain the spread of COVID-19. ASLAN is closely
monitoring government guidance around the restrictions, which were
extended until 1 June 2020 on 21 April.
- ASLAN still expects to announce unblinded, interim data from
the study later this year but will review the timelines when the
tightened restrictions are lifted in Singapore and recruitment into
the study recommences.
- To accelerate recruitment, ASLAN has identified several
clinical sites in Australia that could join the ongoing MAD
study.
Varlitinib
- Two abstracts on varlitinib have been accepted for presentation
at the American Society of Clinical Oncology (ASCO) virtual
congress on 29 May. An abstract on the results from the TreeTopp
study was accepted for poster presentation and the second abstract,
on the comparison of therapeutic responses by using CT imaging,
will be available in the virtual library.
Anticipated upcoming milestones for
ASLAN004
- Interim, unblinded data from the 3 dose cohorts (up to 24
patients) expected in 2H 2020, and initiation of the expansion
cohort (an additional 18 patients).
- Opening of clinical trial sites in Australia and filing of IND
application with the US FDA in the middle of 2020.
- Completion of MAD clinical trial in moderate-to-severe AD
patients in 1H 2021.
- Initiation of Phase 2b study of ASLAN004 for AD in 1H
2021.
First quarter 2020 financial highlights
- Cash used in operations for the first quarter of 2020 was
US$5.2 million compared to US$7.2 million in the same period in
2019.
- Research and development expenses were US$2.4 million in the
first quarter of 2020 compared to US$4.4 million in the first
quarter of 2019. The decrease was driven by the completion of
clinical studies related to varlitinib and lower manufacturing
expenses.
- General and administrative expenses were US$1.0 million in the
first quarter of 2020 compared to US$2.3 million in the first
quarter of 2019. The decrease was primarily due to earlier
restructuring efforts which resulted in a decrease in headcount and
staffing costs.
- Net loss for the first quarter of 2020 was US$3.0 million
compared to a net loss of US$4.3 million for the first quarter of
2019.
- Cash, cash equivalents and short-term investments totaled
US$16.9 million as of 31 March 2020 compared to US$22.2 million as
of 31 December 2019. Weighted average shares outstanding for the
first quarter of 2020 was 190.0 million compared to 160.2 million
for the first quarter of 2019. One American Depositary Share is the
equivalent of five ordinary shares.
ASLAN Pharmaceuticals LimitedCONSOLIDATED
BALANCE SHEET1(in US dollars) |
|
|
|
|
|
|
|
December 31,
2019(audited) |
|
March 31,
2020(unaudited) |
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
22,203,031 |
|
|
$ |
16,894,299 |
|
Accounts receivable |
|
|
- |
|
|
|
- |
|
Prepayments |
|
|
68,923 |
|
|
|
185,430 |
|
Total current assets |
|
|
22,271,954 |
|
|
|
17,079,729 |
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
68,256 |
|
|
|
73,928 |
|
Financial assets at fair value through other comprehensive
income |
|
|
132,160 |
|
|
|
97,153 |
|
Property, plant and equipment |
|
|
38,333 |
|
|
|
29,718 |
|
Right-of-use assets |
|
|
727,866 |
|
|
|
661,153 |
|
Intangible assets |
|
|
2,845 |
|
|
|
1,867 |
|
Refundable deposits |
|
|
108,076 |
|
|
|
108,076 |
|
Total non-current assets |
|
|
1,077,536 |
|
|
|
971,895 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
23,349,490 |
|
|
$ |
18,051,624 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Trade payables |
|
$ |
1,871,843 |
|
|
$ |
1,363,914 |
|
Other payables |
|
|
3,246,842 |
|
|
|
2,188,744 |
|
Lease Liabilities - current |
|
|
264,543 |
|
|
|
268,170 |
|
Total current liabilities |
|
|
5,383,228 |
|
|
|
3,820,828 |
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
Financial liabilities at fair value through profit or loss |
|
|
262,350 |
|
|
|
262,350 |
|
Long-term borrowings |
|
|
17,065,305 |
|
|
|
16,706,400 |
|
Long-term borrowing from related parties |
|
|
566,176 |
|
|
|
586,749 |
|
Lease Liabilities - non-current |
|
|
490,835 |
|
|
|
421,895 |
|
Other non-current liabilities |
|
|
184,870 |
|
|
|
125,514 |
|
Total non-current liabilities |
|
|
18,569,536 |
|
|
|
18,102,908 |
|
|
|
|
|
|
Total liabilities |
|
|
23,952,764 |
|
|
|
21,923,736 |
|
|
|
|
|
|
EQUITY ATTRIBUTABLE TO
STOCKHOLDERS OF THE COMPANY |
|
|
|
|
Ordinary shares |
|
|
61,366,844 |
|
|
|
61,366,844 |
|
Capital surplus |
|
|
116,495,710 |
|
|
|
116,495,710 |
|
Accumulated deficits |
|
|
(179,484,825 |
) |
|
|
(182,531,530 |
) |
Other reserves |
|
|
(55,084 |
) |
|
|
(90,091 |
) |
Total equity attributable to stockholders of the Company |
|
|
(1,677,355 |
) |
|
|
(4,759,067 |
) |
|
|
|
|
|
NON-CONTROLLING INTERESTS |
|
|
1,074,081 |
|
|
|
886,955 |
|
Total equity |
|
|
(603,274 |
) |
|
|
(3,872,112 |
) |
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
|
$ |
23,349,490 |
|
|
$ |
18,051,624 |
|
|
|
|
|
|
|
|
|
|
ASLAN Pharmaceuticals LimitedCONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)1(in US dollars,
unaudited) |
|
|
|
|
|
For the Three Months Ended March 31 |
|
|
|
2019 |
|
|
|
2020 |
|
NET REVENUE |
|
$ |
3,000,000 |
|
|
$ |
- |
|
|
|
|
|
|
COST OF REVENUE |
|
|
(100,000 |
) |
|
|
- |
|
|
|
|
|
|
GROSS PROFIT |
|
|
2,900,000 |
|
|
|
- |
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
General and administrative expenses |
|
|
(2,256,361 |
) |
|
|
(997,543 |
) |
Research and development expenses |
|
|
(4,449,532 |
) |
|
|
(2,354,616 |
) |
Total operating expenses |
|
|
(6,705,893 |
) |
|
|
(3,352,159 |
) |
|
|
|
|
|
LOSS FROM OPERATIONS |
|
|
(3,805,893 |
) |
|
|
(3,352,159 |
) |
|
|
|
|
|
NON-OPERATING INCOME AND
EXPENSES |
|
|
|
|
Interest income |
|
|
69,024 |
|
|
|
102 |
|
Other gains and losses |
|
|
(404,555 |
) |
|
|
457,251 |
|
Finance costs |
|
|
(199,700 |
) |
|
|
(339,025 |
) |
Total non-operating income and expenses |
|
|
(535,231 |
) |
|
|
118,328 |
|
|
|
|
|
|
LOSS BEFORE INCOME TAX |
|
|
(4,341,124 |
) |
|
|
(3,233,831 |
) |
|
|
|
|
|
INCOME TAX EXPENSE |
|
|
(2,918 |
) |
|
|
- |
|
|
|
|
|
|
NET LOSS FOR THE PERIOD |
|
|
(4,344,042 |
) |
|
|
(3,233,831 |
) |
|
|
|
|
|
OTHER COMPREHENSIVE LOSS |
|
|
|
|
Items that will not be reclassified subsequently to profit or
loss: |
|
|
|
|
Unrealized loss on investments in equity instruments at fair value
through other comprehensive income |
|
|
- |
|
|
|
(35,007 |
) |
TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD |
|
$ |
(4,344,042 |
) |
|
$ |
(3,268,838 |
) |
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO: |
|
|
|
|
Stockholders of the Company |
|
$ |
(4,344,042 |
) |
|
$ |
(3,046,705 |
) |
Non-controlling interests |
|
|
- |
|
|
|
(187,126 |
) |
|
|
$ |
(4,344,042 |
) |
|
$ |
(3,233,831 |
) |
|
|
|
|
|
TOTAL COMPREHENSIVE LOSS
ATTRIBUTABLE TO: |
|
|
|
|
Stockholders of the Company |
|
$ |
(4,344,042 |
) |
|
$ |
(3,081,712 |
) |
Non-controlling interests |
|
|
- |
|
|
|
(187,126 |
) |
|
|
$ |
(4,344,042 |
) |
|
$ |
(3,268,838 |
) |
|
|
|
|
|
LOSS PER SHARE |
|
|
|
|
Basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
Weighed-avg. shares outstanding (in thousand) |
|
|
160,249 |
|
|
|
189,955 |
|
1 Financial Statements in US dollars are prepared by the company
and are unaudited by certified public accountant as of 31 Mar
2020.
Media and IR contacts
Emma
ThompsonSpurwing CommunicationsTel: +65 6751 2021Email:
ASLAN@spurwingcomms.com |
Robert
UhlWestwicke PartnersTel: +1 858 356 5932 Email:
robert.uhl@westwicke.com |
About ASLAN Pharmaceuticals ASLAN
Pharmaceuticals (Nasdaq:ASLN, TPEx:6497) is a clinical-stage
immunology and oncology focused biopharmaceutical company
developing innovative treatments to transform the lives of
patients. Led by a senior management team with extensive experience
in global development and commercialisation, ASLAN has a clinical
portfolio comprised of a first in class monoclonal therapy,
ASLAN004, that is being developed in atopic dermatitis and other
immunology indications, and a small molecule inhibitor targeting
oncology. ASLAN’s partners include Almirall, Array BioPharma,
Bristol-Myers Squibb, and CSL. For additional information please
visit www.aslanpharma.com.
Forward looking statements
This release and the accompanying financial information, if any,
contains forward-looking statements. These statements are based on
the current beliefs and expectations of the management of ASLAN
Pharmaceuticals Limited and/or its affiliates (the "Company").
These forward-looking statements may include, but are not limited
to, statements regarding the Company’s business strategy, the
Company’s plans to develop and commercialise its product
candidates, the safety and efficacy of the Company’s product
candidates, the Company’s plans and expected timing with respect to
regulatory filings and approvals, and the size and growth potential
of the markets for the Company’s product candidates. The Company’s
estimates, projections and other forward-looking statements are
based on management's current assumptions and expectations of
future events and trends, which affect or may affect the Company’s
business, strategy, operations or financial performance, and
inherently involve significant known and unknown risks and
uncertainties. Actual results and the timing of events could
differ materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation the risk factors described in the
Company’s US Securities and Exchange Commission filings and reports
(Commission File No. 001-38475), including the Company’s prospectus
dated May 8, 2018 filed with the US Securities and Exchange
Commission on such date.
All statements other than statements of historical fact are
forward-looking statements. The words “believe,” “may,” “might,”
“could,” “will,” “aim,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “plan,” or the negative of those terms, and
similar expressions that convey uncertainty of future events or
outcomes are intended to identify estimates, projections and other
forward-looking statements. Estimates, projections and other
forward-looking statements speak only as of the date they were
made, and, except to the extent required by law, the Company
undertakes no obligation to update or review any estimate,
projection or forward-looking statement.
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