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Idera Pharmaceuticals Reports Second Quarter 2022 Financial Results

EXTON, Pa., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Idera Pharmaceuticals, Inc. (“Idera,” the “Company,” “we,” “us,” or “our”) (Nasdaq: IDRA) today reported its financial and operational results for the second quarter ended June 30, 2022.

Second Quarter Financial Results
Our cash position as of June 30, 2022 was $24.5 million. Based on our current operating plan, we anticipate that our current cash and cash equivalents will fund our operations through the one-year period subsequent to the August 9, 2022 filing date of the Quarterly Report Form 10-Q.

Research and development expenses for the three months ended June 30, 2022 totaled $2.7 million, compared to $3.9 million for the same period in 2021. General and administrative expense for the three months ended June 30, 2022 totaled $2.7 million, compared to $2.5 million for the same period in 2021. Restructuring costs for the three months ended June 30, 2021 totaled approximately $1.2 million and relate to a reduction in force initiated in April 2021 to better align our workforce to our ongoing operational and business development activities. No such costs were incurred during the three months ended June 30, 2022.

As a result of the factors above, net loss applicable to common stockholders for the three months ended June 30, 2022 was $5.3 million or $0.10 per basic and diluted share compared to net loss applicable to common stockholders of $7.6 million or $0.15 per basic and diluted share for 2021.

About Idera Pharmaceuticals
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, 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 U.S. Food and Drug Administration or equivalent foreign regulatory agencies; whether, if the Company's products receive approval, they will be successfully distributed and marketed; whether the Company's collaborations will be successful; the volatility of the Company’s stock price; international turmoil, war, sanctions, conflict, and resultant macroeconomic conditions; and the impact of public health crises, including the ongoing coronavirus (COVID-19) pandemic. All forward-looking statements included in this press release are made as of the date hereof and are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and otherwise in the Company’s filings and reports filed with Securities and Exchange Commission. While Idera may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by law.



Idera Pharmaceuticals, Inc. 
Statements of Operations
(In thousands, except per share data)

    Three Months Ended   Six Months Ended  
    June 30   June 30,  
      2022       2021       2022       2021    
       
                  -    
Operating expenses:                  
Research and development   $ 2,706     $ 3,893       4,490       10,764    
General and administrative     2,659       2,472       5,057       5,628    
Restructuring costs     -       1,192       -       1,192    
                   
Total operating expenses     5,365       7,557       9,547       17,584    
                   
Loss from operations     (5,365 )     (7,557 )     (9,547 )     (17,584 )  
                   
Other income (expense):                  
Warrant revaluation gain     -       -       -       6,983    
Future tranche right revaluation gain     -       -       -       118,803    
Other income (expense), net     58       (6 )     62       (27 )  
                   
Net income (loss)   $ (5,307 )   $ (7,563 )   $ (9,485 )   $ 108,175    
Undistributed earnings to preferred stockholders     -       -       -       (2,725 )  
                   
Net income (loss) applicable to common stockholders   $ (5,307 )   $ (7,563 )   $ (9,485 )   $ 105,450    
                   
Net income (loss) applicable to common stockholders                  
— Basic   $ (5,307 )   $ (7,563 )   $ (9,485 )   $ 105,450    
— Diluted   $ (5,307 )   $ (7,563 )   $ (9,485 )   $ (17,611 )  
                   
Net income (loss) per share applicable to common stockholders                  
— Basic   $ (0.10 )   $ (0.15 )   $ (0.18 )   $ 2.31    
— Diluted   $ (0.10 )   $ (0.15 )   $ (0.18 )   $ (0.32 )  
                   
Weighted-average number of common shares used in computing net income (loss) per share applicable to common stockholders                  
— Basic     52,972       49,909       52,933       45,575    
— Diluted     52,972       49,909       52,933       54,937    
                   


Idera Pharmaceuticals, Inc.
Balance Sheet Data
(In thousands)

             
  June 30,   December 31,  
  2022   2021  
             
Cash and cash equivalents $ 24,480     $ 32,545    
Other assets   1,826       2,319    
Total assets $ 26,306     $ 34,864    
             
Total liabilities $ 5,174     $ 5,411    
Total stockholders' equity   21,132       29,453    
Total liabilities and stockholders' equity $ 26,306     $ 34,864    
             



Idera Pharmaceuticals Contacts:
        
Jill Conwell
Investor Relations &
Corporate Communications
Phone (484) 348-1675
JConwell@IderaPharma.com

John J. Kirby
Chief Financial Officer

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Source: Idera Pharmaceuticals, Inc.