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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Halozyme Therapeutics Incorporated | NASDAQ:HALO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.09 | 0.23% | 39.91 | 37.13 | 41.05 | 40.74 | 39.79 | 40.67 | 902,802 | 01:00:00 |
SAN DIEGO, May 11, 2015 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO), a biotechnology company developing novel oncology and drug-delivery therapies, today reported financial results for the first quarter ended March 31, 2015. Financial highlights include revenues of $18.7 million and a net loss of $15.1 million, or $0.12 per share, compared to revenues of $12.0 million and a net loss of $26.5 million, or $0.22 per share, for the first quarter of 2014.
"We continued to execute well in the first quarter against a focused strategy in oncology, ramping investments in our core program and achieving significant milestones toward the initiation of a Phase 3 study in pancreatic cancer patients early next year," said Dr. Helen Torley, president and chief executive officer. "In addition to this strategic progress, we exited the quarter in a much stronger financial position than last year due to a steady increase in royalty revenues from our rHuPH20 platform."
First Quarter 2015 Highlights and Subsequent Events
The company plans to use a companion diagnostic test to prospectively identify and select patients with high levels of HA for its Phase 3 trial. The FDA provided feedback supporting the selection of high-HA patients and confirmed that an Investigational Device Exemption – or IDE – will be required prior to initiating the Phase 3 study. An IDE is a regulatory application that summarizes the methodology, validation and proposed cut-point for patient selection. The company plans to submit the IDE to support the late Q1 2016 Study 301 start.
First Quarter 2015 Financial Highlights
Financial Outlook for 2015
For the full year 2015, the company reiterated its previously disclosed guidance of:
Webcast and Conference Call
Halozyme will webcast its quarterly update conference call today, May 11, 2015 at 4:30 p.m. ET/1:30 p.m. PT. During the call, management will discuss financial results and provide a business update. To listen to the live webcast and view additional documents related to the call, please visit the "Investors" section of Halozyme's corporate website at www.halozyme.com. A webcast replay will be available shortly after the call at the same address. To participate by phone, please dial (866) 710-0179 (domestic callers) or (334) 323-7224 (international callers) using passcode 769890. A telephone replay will be available shortly after the call by dialing (877) 919-4059 (domestic callers) or (334) 323-0140 (international callers) using replay passcode 48722220.
About Halozyme
Halozyme Therapeutics is a biotechnology company focused on developing and commercializing novel oncology therapies that target the tumor microenvironment. Halozyme's lead proprietary program, our investigational drug PEGPH20, applies a unique approach to targeting solid tumors, allowing increased access of co-administered cancer drug therapies to the tumor. PEGPH20 is currently in development for metastatic pancreatic cancer and non-small cell lung cancer and has potential across additional cancers in combination with different types of cancer therapies. In addition to its proprietary product portfolio, Halozyme has established value-driving partnerships with leading pharmaceutical companies including Roche, Pfizer, Janssen and Baxter for its drug delivery platform, ENHANZE™, which enables biologics and small molecule compounds that are currently administered intravenously to be delivered subcutaneously. Halozyme is headquartered in San Diego. For more information visit halozyme.com.
Safe Harbor Statement
In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, statements concerning the Company's future expectations and plans for growth in 2015, the development and commercialization of product candidates and the potential benefits and attributes of such product candidates and expected financial outlook for 2015) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements are typically, but not always, identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected fluctuations or changes in revenues from collaborators, unexpected results or delays in development and regulatory review, regulatory approval requirements, unexpected adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 11, 2015.
Contacts:
Schond Greenway
Halozyme Therapeutics
858-704-8352
ir@halozyme.com
Jim Mazzola
Halozyme Therapeutics
858-704-8122
ir@halozyme.com
Halozyme Therapeutics, Inc | |||||
Condensed Consolidated Statements of Operations | |||||
(Unaudited) | |||||
(in thousands, except per share data) | |||||
Three Months Ended | |||||
March 31, | |||||
2015 |
2014 | ||||
Revenues: |
|||||
Product sales, net |
$ 9,860 |
$ 8,568 | |||
Royalties |
6,775 |
799 | |||
Revenues under collaborative agreements |
2,031 |
2,599 | |||
Total revenues |
18,666 |
11,966 | |||
Operating Expenses: |
|||||
Cost of product sales |
6,494 |
5,520 | |||
Research and development |
16,684 |
21,415 | |||
Selling, general and administrative |
9,399 |
10,250 | |||
Total operating expenses |
32,577 |
37,185 | |||
Operating loss |
(13,911) |
(25,219) | |||
Other income (expense): |
|||||
Investment and other income, net |
102 |
47 | |||
Interest expense |
(1,299) |
(1,376) | |||
Net loss |
$ (15,108) |
$ (26,548) | |||
Basic and diluted net loss per share |
$ (0.12) |
$ (0.22) | |||
Shares used in computing basic and diluted |
|||||
net loss per share |
125,299 |
118,943 |
Halozyme Therapeutics, Inc | |||||
Condensed Consolidated Balance Sheets | |||||
(Unaudited) | |||||
(in thousands) | |||||
March 31, |
December 31, | ||||
2015 |
2014 | ||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 44,287 |
$ 61,389 | |||
Marketable securities, available-for-sale |
84,212 |
74,234 | |||
Accounts receivable, net |
7,725 |
9,149 | |||
Inventories |
7,482 |
6,406 | |||
Prepaid expenses and other assets |
9,623 |
10,143 | |||
Total current assets |
153,329 |
161,321 | |||
Property and equipment, net |
2,732 |
2,951 | |||
Prepaid expenses and other assets |
2,564 |
1,205 | |||
Restricted cash |
500 |
500 | |||
Total assets |
$ 159,125 |
$ 165,977 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Accounts payable |
$ 3,299 |
$ 3,003 | |||
Accrued expenses |
12,813 |
13,961 | |||
Deferred revenue, current portion |
6,367 |
7,367 | |||
Current portion of long-term debt, net |
3,730 |
- | |||
Total current liabilities |
26,209 |
24,331 | |||
Deferred revenue, net of current portion |
46,259 |
47,267 | |||
Long-term debt, net |
45,985 |
49,860 | |||
Other long-term liabilities |
3,127 |
3,167 | |||
Stockholders' equity: |
|||||
Common stock |
127 |
126 | |||
Additional paid-in capital |
502,980 |
491,694 | |||
Accumulated other comprehensive loss |
(27) |
(41) | |||
Accumulated deficit |
(465,535) |
(450,427) | |||
Total stockholders' equity |
37,545 |
41,352 | |||
Total liabilities and stockholders' equity |
$ 159,125 |
$ 165,977 |
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/halozyme-reports-first-quarter-2015-financial-results-300081081.html
SOURCE Halozyme Therapeutics, Inc.
Copyright 2015 PR Newswire
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