ASLN ASLAN Pharmaceuticals Ltd

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

May 9, 2024

(Commission File No. 001-38475)

ASLAN PHARMACEUTICALS LIMITED

(REG. NO. 289175)

(Translation of registrant’s name into English)

CAYMAN ISLANDS

(Jurisdiction of incorporation or organization)

 

3 Temasek Avenue

Level 18 Centennial Tower

Singapore 039190

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  Form 40-F 

 

 

 

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Announcement of first quarter 2024 financial results and corporate update

On May 9, 2024, ASLAN Pharmaceuticals Limited (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2024, and provided an update on recent corporate activities.

 

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section.

 

The information contained in this Form 6-K, excluding Exhibit 99.1, is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-254768), Registration Statement on Form F-3 (File No. 333-270835), Registration Statement on Form F-3 (File No. 333-270837), Registration Statement on Form F-3 (File No. 333-278217), Registration Statement on Form S-8 (File No. 333-252118), Registration Statement on Form S-8 (File No. 333-263843), Registration Statement on Form S-8 (File No. 333-270832) and Registration Statement on Form S-8 (File No. 333-278634).

 

Exhibits

Exhibit Number		Exhibit Description
99.1		Press release dated May 9, 2024.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

ASLAN PHARMACEUTICALS LIMITED
(Registrant)
By:	/s/ Kiran Kumar Asarpota
Name:	Kiran Kumar Asarpota
Title:	Chief Operating Officer

Date: May 9, 2024

 

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Exhibit 99.1

PRESS RELEASE

ASLAN PHARMACEUTICALS REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

 

San Mateo, California, and Singapore, May 9, 2024 – ASLAN Pharmaceuticals (Nasdaq: ASLN), a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced financial results for the first quarter ended March 31, 2024, and provided an update on recent corporate activities.

 

“The unprecedented positive efficacy data we announced from the interim analysis of the TREK-DX study of eblasakimab in dupilumab-experienced AD patients in April was a fantastic achievement for ASLAN. Most of the 22 patients on eblasakimab achieved EASI-90 and vIGA of 0 or 1 after just 16 weeks of treatment - numbers that have not been seen in other biologics AD studies. These data give us strong confidence in eblasakimab’s potential to be a best-in-class treatment for AD patients even after they have had an inadequate response to dupilumab, a significant and underserved patient population with limited safe and long-term treatment options,” said Dr Carl Firth, Chief Executive Officer of ASLAN Pharmaceuticals. “Discussions with potential partners on eblasakimab are progressing well and we look forward to the upcoming topline clinical readouts from FAST-AA, the Phase 2a, proof-of-concept study of farudodstat in alopecia areata, and TREK-DX in the second half of 2024.”

First quarter 2024 and recent clinical developments

 

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First quarter and recent corporate updates

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Anticipated upcoming milestones

First quarter 2024 financial highlights

 

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ASLAN Pharmaceuticals Limited

CONSOLIDATED BALANCE SHEETS

(In US Dollars, other than shares or share data)

 

		December 31, 2023 (audited)				March 31, 2024 (unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	21,252,058			$	18,396,364
Other assets			2,877,934				2,179,230
Total current assets		$	24,129,992			$	20,575,594
NON-CURRENT ASSETS
Investments in equity instrument at financial asset at fair value through other comprehensive income			235,567				235,567
Property, plant and equipment			29,268				23,074
Right-of-use assets			229,982				153,320
Intangible assets			1,716				686
Total non-current assets			496,533				412,647
TOTAL ASSETS		$	24,626,525			$	20,988,241
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables		$	7,918,607			$	9,656,228
Other payables			3,081,329				2,350,857
Lease liabilities - current			226,187				150,243
Current borrowings			1,800,387				7,165,572
Financial liabilities at fair value through profit or loss			88,394				280,646
Total current liabilities			13,114,904				19,603,546
NON-CURRENT LIABILITY
Long-term borrowings			24,798,552				19,349,656
Total non-current liability			24,798,552				19,349,656
Total liabilities			37,913,456				38,953,202
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY
Ordinary shares			63,931,993				65,189,432
Capital surplus			243,791,693				247,775,683
Accumulated deficits			(321,067,236	)			(330,986,695	)
Other reserves			56,619				56,619
Total equity attributable to stockholders of the Company			(13,286,931	)			(17,964,961	)
Total equity/(capital deficiency)			(13,286,931	)			(17,964,961	)
TOTAL LIABILITIES AND EQUITY/(CAPITAL DEFICIENCY)		$	24,626,525			$	20,988,241

 

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ASLAN Pharmaceuticals Limited

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In US Dollars, other than shares or share data)

 

		For the Three Months Ended March 31 (unaudited)
		2023				2024
OPERATING EXPENSES
General and administrative expenses		$	(4,047,567	)		$	(3,396,080	)
Research and development expenses			(14,055,560	)			(5,895,078	)
Total operating expenses			(18,103,127	)			(9,291,158	)
LOSS FROM OPERATIONS			(18,103,127	)			(9,291,158	)
NON-OPERATING INCOME AND EXPENSES
Interest income			324,547				1,740
Other income			134				69
Other gains and losses			(240,875	)			35,957
Finance costs			(1,074,850	)			(666,066	)
Total non-operating income and expenses			(991,044	)			(628,300	)
Share in losses of associated company, accounted for using equity method			(11,533	)			—
LOSS BEFORE INCOME TAX			(19,105,704	)			(9,919,458	)
INCOME TAX EXPENSE			(6,593	)			—
NET LOSS FOR THE PERIOD			(19,112,297	)			(9,919,458	)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD		$	(19,112,297	)		$	(9,919,458	)
NET LOSS ATTRIBUTABLE TO:
Stockholders of the Company		$	(19,112,297	)		$	(9,919,458	)
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:
Stockholders of the Company		$	(19,112,297	)		$	(9,919,458	)
LOSS PER ORDINARY SHARE
Basic and diluted		$	(0.05	)		$	(0.02	)
LOSS PER EQUIVALENT ADS
Basic and diluted		$	(1.29	)		$	(0.53	)
Weighted-average number of ordinary shares in the computation of basic loss per ordinary share			370,707,916				466,761,105
Weighted-average number of ADS in the computation of basic loss per ADS			14,828,317				18,670,444

Each ADS represents twenty-five ordinary shares

 

 

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About ASLAN Pharmaceuticals

ASLAN Pharmaceuticals (Nasdaq: ASLN) is a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients. ASLAN is developing eblasakimab, a potential first-in-class antibody targeting the IL-13 receptor in moderate-to-severe atopic dermatitis (AD) with the potential to improve upon current biologics used to treat allergic disease, and has reported positive topline data from a Phase 2b dose-ranging study in moderate-to-severe AD patients. ASLAN is currently investigating eblasakimab in dupilumab-experienced, moderate-to-severe AD patients in the TREK-DX Phase 2 trial, with topline data expected at the end of 2024. ASLAN is also developing farudodstat, a potent oral inhibitor of the enzyme dihydroorotate dehydrogenase (DHODH) as a potential first-in-class treatment for alopecia areata (AA) in a Phase 2a, proof-of-concept trial with an interim readout expected in Q3 2024. ASLAN has teams in San Mateo, California, and in Singapore. For additional information please visit the ASLAN website or follow ASLAN on LinkedIn.

Forward looking statements

This release contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of the Company. These forward-looking statements may include, but are not limited to statements regarding the Company’s business strategy and clinical development plans; statements related to the safety and efficacy of eblasakimab and farudodstat, including interim results; the Company’s plans and expected timing with respect to clinical trials, clinical trial enrollment and clinical trial results for eblasakimab and farudodstat; the potential of eblasakimab as a first-in-class treatment for atopic dermatitis and of farudodstat as a first-in-class treatment for alopecia areata; the Company’s cash runway; and expectations regarding the terms of patents and ability to obtain and maintain intellectual property protection for 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 many risks and uncertainties, which include, unexpected safety or efficacy data observed during preclinical or clinical studies; risks that future clinical trial results may not be consistent with interim, initial or preliminary results or results from prior preclinical studies or clinical trials; clinical site activation rates or clinical trial enrollment rates that are lower than expected; the impact of health epidemics or pandemics, or geopolitical conflicts on the Company’s operations, research and development and clinical trials and potential disruption in the operations and business of third-party manufacturers, contract research organizations, other service providers and collaborators with whom the Company conducts business; general market conditions; changes in the competitive landscape; and the Company’s ability to obtain sufficient financing to fund its strategic and clinical development plans. Other factors that may cause actual results to differ from those expressed or implied in such forward-looking statements are described in the Company’s US Securities and Exchange Commission filings and reports (Commission File No. 001- 38475), including the Company’s Annual Report on Form 20-F filed with the US Securities and Exchange Commission on April 12, 2024. 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.

Ends

 

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ASLAN Media and IR contacts

Emma Thompson Spurwing Communications Tel: +65 6206 7350 Email: ASLAN@spurwingcomms.com	Ashley R. Robinson LifeSci Advisors, LLC Tel: +1 (617) 430-7577 Email: arr@lifesciadvisors.com

 

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