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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ChemoCentryx Inc | NASDAQ:CCXI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 51.99 | 30.00 | 51.92 | 0 | 01:00:00 |
"A major milestone was accomplished recently with the filing of the NDA for avacopan for the treatment of ANCA-associated vasculitis with the U.S. FDA,” said Thomas J. Schall, Ph.D., President and Chief Executive Officer of ChemoCentryx. “This is one more crucial step toward achieving our unwavering goal of changing the treatment paradigm for people now enduring this organ-threatening and life-endangering disease. ANCA vasculitis patients have waited too long for new therapy; it is our goal to make sure that wait is not in vain.”
“We are also ever closer to realizing avacopan’s potential as a pipeline-in-a-drug with upcoming readouts in HS and C3G expected later this year. We will not stop there. The innovation seen in such new pipeline assets as CCX559, our novel orally administered checkpoint inhibitor for next generation cancer treatment, has real potential to fuel future growth and create significant value. I believe that we are poised to achieve our ultimate mission to be a fully integrated and self-sustaining enterprise that provides better therapies for previously neglected, underserved patient needs. And the $325.7 million in net proceeds from our successful June equity follow-on offering, coupled with our already healthy cash reserves, provides the capital to get us there.”
Key Highlights
Second Quarter 2020 Financial Results
Revenue was $49.4 million for the second quarter of 2020, compared to $7.2 million for the same period in 2019. The increase in total revenue from 2019 to 2020 was primarily due to the acceleration of revenue recognition associated with the CCX140 agreement with Vifor. Following the decision to discontinue development of CCX140 in FSGS, $46.7 million of deferred revenue was recognized as contract revenue. This increase was partially offset by lower costs incurred due to the completion of the avacopan ADVOCATE Phase III pivotal trial in 2020.
Research and development expenses were $18.8 million for the second quarter of 2020, compared to $17.6 million for the same period in 2019. The increase from 2019 to 2020 was primarily attributable to the completion of patient enrollment of the avacopan AURORA Phase IIb clinical trial in patients with HS, professional fees associated with the preparation of our NDA submission for avacopan for the treatment of ANCA vasculitis and higher research and drug discovery expenses, including those tied to the advancement of CCX559, the Company’s orally administered checkpoint inhibitor. These increases were partially offset by lower expenses due to the completion of the avacopan ADVOCATE Phase III pivotal trial in 2020 and the CCX140 LUMINA-1 Phase II clinical trial in 2019.
General and administrative expenses were $10.3 million for the second quarter of 2020, compared to $5.6 million for the same period in 2019. The increase from 2019 to 2020 was primarily due to higher employee-related expenses, including those associated with our commercialization planning efforts, and higher professional fees.
Net income for the second quarter of 2020 was $20.3 million, compared to net loss of $15.2 million for the same period in 2019.
Total shares outstanding at June 30, 2020 were approximately 68.8 million shares.
Cash, cash equivalents and investments totaled $504.6 million at June 30, 2020, including the $325.7 million in net proceeds from the June 2020 equity follow-on offering of common stock.
Conference Call and Webcast
The Company will host a conference call and webcast today, August 10, 2020 at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time. To participate by telephone, please dial (877) 303-8028 (Domestic) or (760) 536-5167 (International). The conference ID number is 6246545. A live and archived audio webcast can be accessed through the Investors section of the Company's website at www.ChemoCentryx.com. The archived webcast will remain available on the Company's website for fourteen (14) days following the conference call.
About ChemoCentryx
ChemoCentryx is a biopharmaceutical company developing new medications targeted at inflammatory and autoimmune diseases and cancer. ChemoCentryx targets the chemokine and chemoattractant systems to discover, develop and commercialize orally administered therapies. ChemoCentryx’s lead drug candidate, avacopan (CCX168), successfully completed a pivotal Phase III trial in ANCA-associated vasculitis.
ChemoCentryx also has early stage drug candidates that target chemoattractant receptors in other inflammatory and autoimmune diseases and in cancer.
Forward-Looking StatementsChemoCentryx cautions that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as "may," "could," "will," "would," "should," "expect," "plan," "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "potential," "continue" or "project" or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. These statements include the Company's statements regarding the timing of the FDA’s filing decision for the Company’s NDA, the achievement of anticipated goals and milestones, whether avacopan will be approved by the FDA for the treatment of ANCA-associated vasculitis, whether avacopan will be an effective treatment in other indications such as C3G or HS, when full data analysis of LUMINA-1 and topline LUMINA-2, AURORA and ACCOLADE clinical data might become available or be released, whether CCX559 will enter clinical trials in the first half of 2021, and whether the Company's drug candidates will be shown to be effective in ongoing or future clinical trials. The inclusion of forward-looking statements should not be regarded as a representation by ChemoCentryx that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the risks and uncertainties inherent in the ChemoCentryx business and other risks described in the Company's filings with the Securities and Exchange Commission ("SEC"). Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and ChemoCentryx undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks is included under the heading "Risk Factors" in ChemoCentryx's periodic reports filed with the SEC, including ChemoCentryx's Annual Report on Form 10-K filed with the SEC on March 10, 2020 and its other reports which are available from the SEC's website (www.sec.gov) and on ChemoCentryx's website (www.chemocentryx.com) under the heading "Investors." All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Contacts:
Susan M. KanayaExecutive Vice President,Chief Financial and Administrative Officerinvestor@chemocentryx.com
Media:Stephanie Tomei408.234.1279media@chemocentryx.com
Investors:William Slattery, Jr., Burns McClellan212.213.0006bslattery@burnsmc.com
ChemoCentryx, Inc. | |||||||||||||||
Condensed Consolidated Financial Statements Data | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(unaudited) | |||||||||||||||
Condensed Consolidated Statements of Operations Data: | |||||||||||||||
Revenue: | |||||||||||||||
Collaboration and license revenue from related party | $ | 49,283 | $ | 7,173 | $ | 55,138 | $ | 15,500 | |||||||
Grant revenue | 157 | - | 310 | - | |||||||||||
Total revenue | 49,440 | 7,173 | 55,448 | 15,500 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 18,762 | 17,624 | 38,073 | 32,978 | |||||||||||
General and administrative | 10,292 | 5,570 | 19,112 | 11,071 | |||||||||||
Total operating expenses | 29,054 | 23,194 | 57,185 | 44,049 | |||||||||||
Income (loss) from operations | 20,386 | (16,021 | ) | (1,737 | ) | (28,549 | ) | ||||||||
Total other income (loss), net | (119 | ) | 871 | 317 | 1,450 | ||||||||||
Net income (loss) | $ | 20,267 | $ | (15,150 | ) | $ | (1,420 | ) | $ | (27,099 | ) | ||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | 0.32 | $ | (0.26 | ) | $ | (0.02 | ) | $ | (0.49 | ) | ||||
Diluted | $ | 0.29 | $ | (0.26 | ) | $ | (0.02 | ) | $ | (0.49 | ) | ||||
Shares used to compute net income (loss) per common share: | |||||||||||||||
Basic | 63,282 | 58,056 | 62,289 | 55,226 | |||||||||||
Diluted | 69,416 | 58,056 | 62,289 | 55,226 | |||||||||||
June 30, | December 31, | ||||||||||||||
2020 | 2019 | ||||||||||||||
(unaudited) | |||||||||||||||
Condensed Consolidated Balance Sheets Data: | |||||||||||||||
Cash, cash equivalents and investments | $ | 504,620 | $ | 202,240 | |||||||||||
Working capital | 450,868 | 115,282 | |||||||||||||
Total assets | 542,044 | 209,083 | |||||||||||||
Long-term debt, net | 24,252 | 19,786 | |||||||||||||
Accumulated deficit | (431,406 | ) | (429,986 | ) | |||||||||||
Total stockholders’ equity | 421,141 | 66,000 | |||||||||||||
1 Year ChemoCentryx Chart |
1 Month ChemoCentryx Chart |
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