Idera Pharmaceuticals Reports Second Quarter 2021 Financial Results and Provides Corporate Update
“Our goal is to add new development or commercial-stage assets to Idera’s portfolio, and our team is very encouraged by the high quality and quantity of opportunities we have been presented with,” stated
Added
Second Quarter Financial Results
Research and development expenses for 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 loss 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 statements regarding the Company's strategy, financial position, funding for continued operations, cash reserves, projected costs, prospects clinical trials and related endpoints, plans, 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 be materially different 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’s cash resources will be sufficient to fund the Company’s continuing operations and the further development of the Company’s programs; whether topline results from a clinical trial will be predictive of the final results of the trial; whether results obtained in preclinical studies and clinical trials will be indicative of the results that will be generated in future clinical trials, including in clinical trials in different disease indications; 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 |
Six Months Ended |
||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 3,893 | 5,379 | 10,764 | 14,889 | |||||||||||
| General and administrative | 2,472 | 2,632 | 5,628 | 6,274 | |||||||||||
| Restructuring costs | 1,192 | - | 1,192 | - | |||||||||||
| Total operating expenses | 7,557 | 8,011 | 17,584 | 21,163 | |||||||||||
| Loss from operations | (7,557 | ) | (8,011 | ) | (17,584 | ) | (21,163 | ) | |||||||
| Other income (expense) | |||||||||||||||
| Warrant revaluation gain (loss) | - | (913 | ) | 6,983 | 188 | ||||||||||
| Future tranche right revaluation gain (loss) | - | (15,349 | ) | 118,803 | 5,362 | ||||||||||
| Other income (expense), net | (6 | ) | 47 | (27 | ) | 204 | |||||||||
| Net gain (loss) | $ | (7,563 | ) | $ | (24,226 | ) | $ | 108,175 | $ | (15,409 | ) | ||||
| Net gain (loss) per common share applicable to common stockholders |
|||||||||||||||
| — basic | $ | (0.15 | ) | $ | (0.72 | ) | $ | 2.31 | $ | (0.48 | ) | ||||
| — diluted | $ | (0.15 | ) | $ | (0.72 | ) | $ | (0.32 | ) | $ | (0.52 | ) | |||
| Weighted-average number of common shares used in computing net loss per share applicable to common stockholders |
|||||||||||||||
| — basic | 49,909 | 33,583 | 45,575 | 31,941 | |||||||||||
| — diluted | 49,909 | 33,583 | 54,937 | 34,123 | |||||||||||
Balance Sheet Data
(In thousands)
| 2021 | 2020 | |||||
| Cash, cash equivalents, and short-term investments | $ | 40,590 | $ | 37,728 | ||
| Other assets | 3,821 | 4,671 | ||||
| Total assets | $ | 44,411 | $ | 42,399 | ||
| Total liabilities | $ | 6,685 | $ | 133,571 | ||
| Total stockholders' deficit | 37,726 | (91,172 | ) | |||
| Total liabilities and stockholders' deficit | $ | 44,411 | $ | 42,399 | ||
Idera Pharmaceuticals Contacts:Jill Conwell Investor Relations & Corporate Communications Phone (484) 348-1675 JConwell@IderaPharma.comJohn J. Kirby Chief Financial Officer Phone (484) 348-1627 JKirby@IderaPharma.com
Source: Idera Pharmaceuticals, Inc.