Idera Pharmaceuticals Reports First Quarter 2022 Financial Results and Provides Corporate Update
“We continue to preserve cash while actively pursuing new development or commercial-stage assets for Idera’s portfolio,” stated
First Quarter Financial Results
Our cash position as of
Research and development expenses for the three months ended
Additionally, during the three months ended
As a result of the factors above, net loss applicable to common stockholders for the three months ended
Excluding the non-cash gain of approximately
About
Idera is focused on the acquisition, development, and ultimate commercialization of drug candidates for rare disease indications characterized by small, well-defined patient populations with serious unmet needs. To learn more about Idera, visit IderaPharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including, without limitation, statements regarding the Company's strategic alternatives, new development opportunities, financial position, funding for continued operations, cash reserves, projected costs, prospects, clinical trials and the, plans, expectations, strategies, projections and objectives of management, are forward-looking statements. The words "believes," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "potential," "likely," "projects," "continue," "will," “schedule,” and "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on the Company’s current expectations and projections about future events and various assumptions. Idera cannot guarantee that it will achieve the plans, intentions, or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may be beyond Idera’s control, and which may cause the actual results, performance, or achievements of the Company to differ materially from future results, performance, or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Idera's actual results to differ materially from those indicated or implied by its forward-looking statements including, without limitation: whether the Company will be successful in identifying any strategic alternatives; whether the Company will be able to comply with the continued listing requirements of the Nasdaq Capital Market; whether the Company’s cash resources will be sufficient to fund the Company’s continuing operations; whether products based on Idera's technology will advance into or through the clinical trial process when anticipated or at all or warrant submission for regulatory approval; whether such products will receive approval from the
Statements of Operations
(In thousands, except per share data)
| Three Months Ended | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 1,784 | $ | 6,871 | ||||
| General and administrative | 2,398 | 3,156 | ||||||
| Total operating expenses | 4,182 | 10,027 | ||||||
| Loss from operations | (4,182 | ) | (10,027 | ) | ||||
| Other income (expense) | ||||||||
| Warrant revaluation gain | - | 6,983 | ||||||
| Future tranche right revaluation gain | - | 118,803 | ||||||
| Other income (expense), net | 4 | (21 | ) | |||||
| Net income (loss) | $ | (4,178 | ) | $ | 115,738 | |||
| Undistributed earnings to preferred stockholders | - | (6,132 | ) | |||||
| Net income (loss) applicable to common stockholders | $ | (4,178 | ) | $ | 109,606 | |||
| Net income (loss) applicable to common stockholders | ||||||||
| — Basic | $ | (4,178 | ) | $ | 109,606 | |||
| — Diluted | $ | (4,178 | ) | $ | (10,048 | ) | ||
| Net income (loss) per share applicable to common stockholders | ||||||||
| — Basic | $ | (0.08 | ) | $ | 2.66 | |||
| — Diluted | $ | (0.08 | ) | $ | (0.14 | ) | ||
| Weighted-average number of common shares used in computing net income (loss) per share applicable to common stockholders | ||||||||
| — Basic | 52,893 | 41,193 | ||||||
| — Diluted | 52,893 | 70,980 | ||||||
Balance Sheet Data
(In thousands)
| 2022 | 2021 | ||||||
| Cash and cash equivalents | $ | 27,993 | $ | 32,545 | |||
| Other assets | 2,140 | 2,319 | |||||
| Total assets | $ | 30,133 | $ | 34,864 | |||
| Total liabilities | $ | 4,290 | $ | 5,411 | |||
| Total stockholders' equity (deficit) | 25,843 | 29,453 | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 30,133 | $ | 34,864 | |||
Idera Pharmaceuticals Contacts:Jill Conwell Investor Relations & Corporate Communications JConwell@IderaPharma.comJohn J. Kirby Chief Financial Officer JKirby@IderaPharma.com
Source: Idera Pharmaceuticals, Inc.