ASLAN Pharmaceuticals Reports Second Quarter 2020 Financial Results and Provides Corporate Update
13 Juli 2020 - 2:06PM
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 second quarter
ended 30 June 2020 and provided an update on its clinical
activities.
Dr Carl Firth, Chief Executive Officer, ASLAN
Pharmaceuticals, said: “As COVID-19 restrictions gradually
lift in Singapore we expect to resume recruitment into our multiple
ascending dose (MAD) study of ASLAN004 in early August. With the
continuing impact of COVID-19 causing some delays in patient
recruitment, we plan to share further data from the trial during
the fourth quarter of 2020. We have been proactive in preparing to
open new study sites in Australia and the US to ensure we can
accelerate recruitment, as well as support our planned global Phase
2b study in atopic dermatitis in 2021.”
Second quarter 2020 and recent business
highlights
Clinical development
ASLAN004
- Recruitment paused into randomised, double-blind,
placebo-controlled MAD study of ASLAN004 in moderate to severe
atopic dermatitis (AD) in April 2020 in response to government
restrictions in Singapore to contain the spread of COVID-19.
- To accelerate recruitment, ASLAN has identified several
clinical sites in Australia and the US that could join the ongoing
MAD study in the third quarter.
- Clinical trial application submitted and regulatory process
underway in Australia to initiate recruitment of patients into the
ongoing MAD study.
- Preparations underway to file Investigational New Drug
application to the US Food and Drug Administration later this
month.
Varlitinib
- Two abstracts on varlitinib presented at the American Society
of Clinical Oncology (ASCO) virtual congress.
Anticipated upcoming milestones for
ASLAN004
- Interim, unblinded data from the 3 dose cohorts (up to 24
patients) expected in 4Q 2020, and initiation of the expansion
cohort (an additional 18 patients).
- Completion of MAD clinical trial in moderate-to-severe AD
patients in 1H 2021.
- Initiation of Phase 2b study of ASLAN004 for AD in 2021.
Second quarter 2020 financial highlights
- Cash used in operations for the second quarter of 2020 was
US$3.0 million compared to US$6.5 million in the same period in
2019.
- Research and development expenses were US$1.9 million in the
second quarter of 2020 compared to US$5.3 million in the second
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$1.8 million in the
second quarter of 2020 compared to US$1.9 million in the second
quarter of 2019. The decrease was primarily due to lower headcount
and staffing costs.
- Net loss for the second quarter of 2020 was US$4.0 million
compared to a net loss of US$7.9 million for the second quarter of
2019.
- Cash, cash equivalents and short-term investments totaled
US$13.8 million as of 30 June 2020 compared to US$22.2 million as
of 31 December 2019. Weighted average shares outstanding for the
second quarter of 2020 was 190.0 million compared to 160.2 million
for the second quarter of 2019. One American Depositary Share is
the equivalent of five ordinary shares.
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ASLAN Pharmaceuticals LimitedCONSOLIDATED
BALANCE SHEET1(in US dollars) |
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December 31, 2019 |
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June 30, 2020 |
(audited) |
(unaudited) |
ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
22,203,031 |
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$ |
13,827,444 |
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Prepayments |
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|
68,923 |
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|
295,203 |
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Total current assets |
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22,271,954 |
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14,122,647 |
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NON-CURRENT ASSETS |
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Financial assets at fair value through profit or loss |
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68,256 |
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59,002 |
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Financial assets at fair value through other comprehensive
income |
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132,160 |
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57,829 |
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Property, plant and equipment |
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38,333 |
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22,203 |
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Right-of-use assets |
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727,866 |
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594,952 |
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Intangible assets |
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2,845 |
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|
888 |
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Refundable deposits |
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108,076 |
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108,076 |
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Total non-current assets |
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1,077,536 |
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842,950 |
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TOTAL ASSETS |
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$ |
23,349,490 |
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$ |
14,965,597 |
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LIABILITIES AND EQUITY |
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CURRENT LIABILITIES |
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Trade payables |
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$ |
1,871,843 |
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$ |
1,410,546 |
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Other payables |
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3,246,842 |
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2,684,612 |
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Lease Liabilities - current |
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264,543 |
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274,077 |
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Total current liabilities |
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5,383,228 |
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4,369,235 |
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NON-CURRENT LIABILITIES |
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Financial liabilities at fair value through profit or loss |
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262,350 |
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262,350 |
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Long-term borrowings |
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17,065,305 |
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17,120,010 |
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Long-term borrowing from related parties |
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566,176 |
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607,661 |
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Lease Liabilities - non-current |
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490,835 |
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351,934 |
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Other non-current liabilities |
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184,870 |
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253,596 |
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Total non-current liabilities |
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18,569,536 |
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18,595,551 |
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Total liabilities |
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23,952,764 |
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22,964,786 |
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EQUITY ATTRIBUTABLE TO
STOCKHOLDERS OF THE COMPANY |
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Ordinary shares |
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61,366,844 |
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61,366,844 |
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Capital surplus |
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116,495,710 |
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116,495,710 |
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Accumulated deficits |
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(179,484,825 |
) |
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(186,490,714 |
) |
Other reserves |
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(55,084 |
) |
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(129,415 |
) |
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Total equity attributable to stockholders of the
Company |
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(1,677,355 |
) |
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(8,757,575 |
) |
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NON-CONTROLLING INTERESTS |
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1,074,081 |
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758,386 |
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Total equity |
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(603,274 |
) |
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(7,999,189 |
) |
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TOTAL LIABILITIES AND
EQUITY |
|
$ |
23,349,490 |
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$ |
14,965,597 |
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ASLAN Pharmaceuticals LimitedCONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)1(in US
dollars, unaudited) |
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For the Three Months Ended June 30 |
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For the Six Months Ended June 30 |
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2019 |
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2020 |
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2019 |
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2020 |
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NET
REVENUE |
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$ |
- |
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$ |
- |
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$ |
3,000,000 |
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$ |
- |
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COST OF
REVENUE |
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- |
|
|
|
- |
|
|
|
(425,000 |
) |
|
|
- |
|
|
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GROSS
PROFIT |
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- |
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- |
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2,575,000 |
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- |
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OPERATING EXPENSES |
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General and administrative expenses |
|
|
(1,885,444 |
) |
|
|
(1,790,880 |
) |
|
|
(4,141,805 |
) |
|
|
(2,788,423 |
) |
Research and development expenses |
|
|
(5,288,633 |
) |
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|
(1,892,559 |
) |
|
|
(9,738,165 |
) |
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|
(4,247,175 |
) |
Total operating expenses |
|
|
(7,174,077 |
) |
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|
(3,683,439 |
) |
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(13,879,970 |
) |
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(7,035,598 |
) |
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LOSS
FROM OPERATIONS |
|
|
(7,174,077 |
) |
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(3,683,439 |
) |
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(11,304,970 |
) |
|
|
(7,035,598 |
) |
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NON-OPERATING INCOME AND EXPENSES |
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Interest income |
|
|
75,187 |
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|
114 |
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|
144,211 |
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|
216 |
|
Other gains and losses |
|
|
(157,789 |
) |
|
|
(65,816 |
) |
|
|
(237,344 |
) |
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|
391,435 |
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Finance costs |
|
|
(202,206 |
) |
|
|
(338,612 |
) |
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|
(401,906 |
) |
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(677,637 |
) |
Total non-operating income and expenses |
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|
(284,808 |
) |
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(404,314 |
) |
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(495,039 |
) |
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(285,986 |
) |
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LOSS
BEFORE INCOME TAX |
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(7,458,885 |
) |
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(4,087,753 |
) |
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(11,800,009 |
) |
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(7,321,584 |
) |
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INCOME
TAX EXPENSE |
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|
(472,082 |
) |
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|
- |
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(475,000 |
) |
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- |
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NET LOSS
FOR THE PERIOD |
|
|
(7,930,967 |
) |
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|
(4,087,753 |
) |
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|
(12,275,009 |
) |
|
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(7,321,584 |
) |
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OTHER
COMPREHENSIVE LOSS |
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Items that will not be reclassified subsequently to profit or
loss: |
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Unrealized loss on investments in equity instruments at fair value
through other comprehensive income |
|
|
- |
|
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|
(39,324 |
) |
|
|
- |
|
|
|
(74,331 |
) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
|
$ |
(7,930,967 |
) |
|
$ |
(4,127,077 |
) |
|
$ |
(12,275,009 |
) |
|
$ |
(7,395,915 |
) |
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NET LOSS
ATTRIBUTABLE TO: |
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|
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Stockholders of the Company |
|
$ |
(7,930,967 |
) |
|
$ |
(3,959,184 |
) |
|
$ |
(12,275,009 |
) |
|
$ |
(7,005,889 |
) |
Non-controlling interests |
|
|
- |
|
|
|
(128,569 |
) |
|
|
- |
|
|
|
(315,695 |
) |
|
|
$ |
(7,930,967 |
) |
|
$ |
(4,087,753 |
) |
|
$ |
(12,275,009 |
) |
|
$ |
(7,321,584 |
) |
|
|
|
|
|
|
|
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|
|
|
|
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TOTAL
COMPREHENSIVE LOSS ATTRIBUTABLE TO: |
|
|
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|
|
|
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|
|
|
|
|
|
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|
Stockholders of the Company |
|
$ |
(7,930,967 |
) |
|
$ |
(3,998,508 |
) |
|
$ |
(12,275,009 |
) |
|
$ |
(7,080,220 |
) |
Non-controlling interests |
|
|
- |
|
|
|
(128,569 |
) |
|
|
- |
|
|
|
(315,695 |
) |
|
|
$ |
(7,930,967 |
) |
|
$ |
(4,127,077 |
) |
|
$ |
(12,275,009 |
) |
|
$ |
(7,395,915 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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LOSS PER
SHARE |
|
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|
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|
Basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.04 |
) |
Weighed-avg. shares outstanding (in thousands) |
|
|
160,249 |
|
|
|
189,955 |
|
|
|
160,249 |
|
|
|
189,955 |
|
|
|
|
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|
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1 Financial
Statements in US dollars are prepared by the company and are
unaudited by certified public accountant as of 30 Jun 2020. |
Media and IR contacts |
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|
Emma ThompsonSpurwing CommunicationsTel: +65 6751
2021Email: ASLAN@spurwingcomms.com |
Robert
UhlWestwicke PartnersTel: +1 858 356 5932 Email:
robert.uhl@westwicke.com |
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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 and its 20-F filed April 16,
2020.
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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