Sunesis Pharmaceuticals Reports First Quarter 2015 Financial Results and Recent Highlights
"Sunesis is committed to improving treatment outcomes of acute myeloid leukemia patients," said
Additional First Quarter 2015 Highlights
Announced completion of Investigational New Drug (IND) application-enabling toxicology studies for SNS-062. In March, Sunesis announced that it completed preclinical toxicology studies of SNS-062, a non-covalently binding inhibitor of BTK with a distinct binding site and favorable pharmacokinetic profile. Based on results from these studies, the company plans to file an IND application for SNS-062 with the
Amended Loan and Security Agreement to defer principal for one year. In February, Sunesis executed an amendment to its loan and security agreement with
Oxford Finance LLC, Silicon Valley Bank, and Horizon Technology Finance Corporation. The amendment created an interest-only period from March 1, 2015through February 1, 2016on the remainder of Sunesis' loan balance, deferring the remaining principal payments and providing additional financial flexibility to execute the company's corporate strategy.
Cash, cash equivalents and marketable securities totaled
$39.8 millionas of March 31, 2015, as compared to $43.0 millionas of December 31, 2014. The decrease of $3.2 millionwas primarily due to $11.6 millionof net cash used in operating activities and $1.6 millionof principal payments against notes payable, partially offset by $10.0 millionraised from sales of common stock through the company's at-the-market facility with Cantor Fitzgerald & Co.A further $7.5 millionwas raised in April through this facility, resulting in a pro-forma March 31cash balance of $47.3 million. This capital is expected to be sufficient to fund the company to the middle of 2016.
Revenue for the three months ended
March 31, 2015was $0.9 million, as compared to $2.0 millionfor the same period in 2014. Revenue in each period was primarily due to deferred revenue recognized related to the royalty agreement with Royalty Pharma.
Research and development expense was
$4.5 millionfor the three months ended March 31, 2015as compared to $7.6 millionfor the same period in 2014. The decrease between the periods was primarily due to reductions of $2.1 millionin clinical trial expenses and $0.7 millionin other outside services and consulting costs.
General and administrative expense was
$5.1 millionfor the three months ended March 31, 2015as compared to $3.4 millionfor the same period in 2014. The increase between the periods was primarily due to increases of $1.2 millionin expenses related primarily to commercial planning and medical affairs and $0.5 million related to non-cash stock-based compensation.
Interest expense was
$0.2 millionfor the three months ended March 31, 2015as compared to $0.5 millionfor the same period in 2014. The decrease in 2015 was due to the reduced principal balance outstanding on notes payable.
Net other expense was
$0.1 millionfor the three months ended March 31, 2015as compared to $5.1 millionfor the same period in 2014. The amounts for each period were primarily comprised of non-cash charges for the revaluation of warrants issued in 2010.
Cash used in operations was
$11.6 millionfor the three months ended March 31, 2015as compared to $11.4 millionfor the same period in 2014. Net cash used in the 2015 period resulted primarily from the net loss of $9.1 millionand changes in operating assets and liabilities of $4.6 million, partially offset by net adjustments for non-cash items of $2.1 million.
Sunesis reported loss from operations of
$8.8 millionfor the three months ended March 31, 2015as compared to $9.0 millionfor the same period in 2014. Net loss was $9.1 millionfor the three months ended March 31, 2015as compared to $14.6 millionfor the same period in 2014.
Conference Call Information
Sunesis will host an update conference call today,
About QINPREZO™ (vosaroxin)
QINPREZO™ (vosaroxin) is an anti-cancer quinolone derivative (AQD), a class of compounds that has not been used previously for the treatment of cancer. Preclinical data demonstrate that vosaroxin both intercalates DNA and inhibits topoisomerase II, resulting in replication-dependent, site-selective DNA damage, G2 arrest and apoptosis. Both the
The trademark name QINPREZO is conditionally accepted by the
AML is a rapidly progressing cancer of the blood characterized by the uncontrolled proliferation of immature blast cells in the bone marrow.
Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the potential treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, vosaroxin, in multiple indications to improve the lives of people with cancer.
For additional information on Sunesis, please visit http://www.sunesis.com.
SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.
This press release contains forward-looking statements, including statements related to Sunesis' overall strategy, clinical development of our product candidates, planned meetings with the
|SUNESIS PHARMACEUTICALS, INC.|
|CONSOLIDATED BALANCE SHEETS|
|March 31,||December 31,|
|Cash and cash equivalents||$ 18,784||$ 22,186|
|Prepaids and other current assets||1,478||1,223|
|Total current assets||41,271||44,204|
|Property and equipment, net||31||42|
|Total assets||$ 41,302||$ 44,246|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable||$ 2,121||$ 3,177|
|Accrued clinical expense||2,225||3,112|
|Other accrued liabilities||2,781||3,087|
|Current portion of deferred revenue||3,418||3,418|
|Current portion of notes payable||713||9,257|
|Total current liabilities||15,919||27,881|
|Non-current portion of deferred revenue||1,709||2,563|
|Non-current portion of notes payable||6,881||--|
|Additional paid-in capital||548,616||536,499|
|Accumulated other comprehensive loss||(5)||(7)|
|Total stockholders' equity||16,793||13,802|
|Total liabilities and stockholders' equity||$ 41,302||$ 44,246|
|Note 1: The consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.|
|SUNESIS PHARMACEUTICALS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|AND COMPREHENSIVE LOSS|
|(In thousands, except per share amounts)|
Three months ended
|License and other revenue||$ 854||$ 1,995|
|Research and development||4,512||7,552|
|General and administrative||5,111||3,417|
|Total operating expenses||9,623||10,969|
|Loss from operations||(8,769)||(8,974)|
|Other income (expense), net||(120)||(5,052)|
|Unrealized gain (loss) on available-for-sale securities||2||7|
|Comprehensive loss||$ (9,126)||$ (14,566)|
|Basic and diluted loss per common share:|
|Net loss||$ (9,128)||$ (14,573)|
|Shares used in computing basic and diluted loss per common share||67,641||56,313|
|Basic and diluted loss per common share||$ (0.13)||$ (0.26)|
CONTACT: Investor and Media Inquiries:
David Pitts Argot Partners212-600-1902 Eric Bjerkholt Sunesis Pharmaceuticals Inc.650-266-3717