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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 | 38.00 | 40.74 | 40.74 | 39.79 | 40.67 | 902,802 | 22:30:00 |
SAN DIEGO, Aug. 8, 2017 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO), a biotechnology company developing novel oncology and drug-delivery therapies, today reported financial results and recent highlights for the second quarter ended June 30.
"A clear highlight of the second quarter was approval of Genentech's RITUXAN HYCELATM in the U.S., and the resulting strong interest from new potential partners who seek to coformulate with our ENHANZE® technology," said Dr. Helen Torley, president and chief executive officer. "We have strong momentum in the ENHANZE® business with continued growth in royalties and a number of catalysts in the second half of 2017, including Lilly's recent start of their Phase 1 study, Janssen's upcoming start of their Phase 3 study of subcutaneous daratumumab and our expectation for a new collaboration agreement.
"At the same time, we are executing well in our HALO-301 study of PEGPH20 with screening and enrollment tracking to our expectations and investigator enthusiasm continuing to be strong. I also remain encouraged by recent progress screening and enrolling patients in the dose expansion portion of our Phase 1b study of PEGPH20 in combination with KEYTRUDA® and the recent initiation of Genentech's study of PEGPH20 with TECENTRIQ®.
"With strategic and operational progress across both pillars, we look forward to the potential for additional value inflecting events in the coming months."
Second Quarter 2017 and Recent Highlights include:
Second Quarter 2017 Financial Highlights
Financial Outlook for 2017
Halozyme increased year-end cash guidance and reiterated all other components of its financial guidance, now expecting:
Webcast and Conference Call
Halozyme will webcast its Quarterly Update Conference Call for the second quarter of 2017 today, Tuesday, August 8 at 4:30 p.m. ET/1:30 p.m. PT. Dr. Helen Torley, president and chief executive officer, will lead the call. The call will be webcast live through the "Investors" section of Halozyme's corporate website and a recording will be made available following the close of the call. To access the webcast and additional documents related to the call, please visit http://www.halozyme.com approximately fifteen minutes prior to the call to register, download and install any necessary audio software. The call may also be accessed at (877) 410-5657 (domestic callers) (334) 323-7224 (international callers) using passcode 769890. A telephone replay will be available after the call by dialing (877) 919-4059 (domestic callers) or (334) 323-0140 (international callers) using replay ID number 33950544.
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, investigational drug PEGPH20, applies a unique approach to targeting solid tumors, allowing increased access of co-administered cancer drug therapies to the tumor in animal models. PEGPH20 is currently in development for metastatic pancreatic cancer, non-small cell lung cancer, gastric cancer, metastatic breast 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, Baxalta, Pfizer, Janssen, AbbVie and Lilly for its ENHANZE® drug delivery technology. Halozyme is headquartered in San Diego. For more information visit www.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 2017, entering into new collaboration agreements, the development and commercialization of product candidates, including timing of clinical trial results announcements and future development and commercial activities of our collaboration partners, the potential benefits and attributes of such product candidates and expected financial outlook for 2017) 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, including revenues from collaborators, unexpected delays in entering into new collaboration agreements, unexpected results or delays in development of product candidates, including delays in clinical trial patient enrollment and development activities of our collaboration partners, 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 August 8, 2017.
Halozyme Therapeutics, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2017 |
2016 |
2017 |
2016 | |||||||||||||
Revenues: |
||||||||||||||||
Product sales, net |
$ |
12,780 |
$ |
13,699 |
$ |
24,214 |
$ |
26,639 |
||||||||
Royalties |
14,738 |
12,272 |
28,720 |
23,659 |
||||||||||||
Revenues under collaborative agreements |
6,232 |
7,365 |
10,384 |
25,537 |
||||||||||||
Total revenues |
33,750 |
33,336 |
63,318 |
75,835 |
||||||||||||
Operating expenses: |
||||||||||||||||
Cost of product sales |
7,788 |
8,308 |
15,332 |
16,070 |
||||||||||||
Research and development |
38,339 |
35,530 |
75,274 |
75,630 |
||||||||||||
Selling, general and administrative |
13,101 |
11,221 |
25,716 |
22,027 |
||||||||||||
Total operating expenses |
59,228 |
55,059 |
116,322 |
113,727 |
||||||||||||
Operating loss |
(25,478) |
(21,723) |
(53,004) |
(37,892) |
||||||||||||
Other income (expense): |
||||||||||||||||
Investment and other income, net |
435 |
397 |
722 |
626 |
||||||||||||
Interest expense |
(5,540) |
(5,249) |
(10,988) |
(9,125) |
||||||||||||
Net loss before income taxes |
(30,583) |
(26,575) |
(63,270) |
(46,391) |
||||||||||||
Income tax expense |
180 |
300 |
390 |
300 |
||||||||||||
Net loss |
$ |
(30,763) |
$ |
(26,875) |
$ |
(63,660) |
$ |
(46,691) |
||||||||
Net loss per share: |
||||||||||||||||
Basic and diluted |
$ |
(0.23) |
$ |
(0.21) |
$ |
(0.48) |
$ |
(0.37) |
||||||||
Shares used in computing net loss per share: |
||||||||||||||||
Basic and diluted |
134,013 |
127,958 |
131,300 |
127,787 |
Halozyme Therapeutics, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
June 30, |
December 31, | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
114,745 |
$ |
66,764 |
||||
Marketable securities, available-for-sale |
182,788 |
138,217 |
||||||
Accounts receivable, net |
14,473 |
15,680 |
||||||
Inventories |
15,172 |
14,623 |
||||||
Prepaid expenses and other assets |
13,656 |
21,248 |
||||||
Total current assets |
340,834 |
256,532 |
||||||
Property and equipment, net |
3,330 |
4,264 |
||||||
Prepaid expenses and other assets |
122 |
219 |
||||||
Restricted cash |
500 |
500 |
||||||
Total assets |
$ |
344,786 |
$ |
261,515 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
5,650 |
$ |
3,578 |
||||
Accrued expenses |
26,934 |
28,821 |
||||||
Deferred revenue, current portion |
4,516 |
4,793 |
||||||
Current portion of long-term debt, net |
45,515 |
17,393 |
||||||
Total current liabilities |
82,615 |
54,585 |
||||||
Deferred revenue, net of current portion |
37,779 |
39,825 |
||||||
Long-term debt, net |
165,517 |
199,228 |
||||||
Other long-term liabilities |
710 |
358 |
||||||
Stockholders' equity (deficit): |
||||||||
Common stock |
142 |
130 |
||||||
Additional paid-in capital |
707,086 |
552,737 |
||||||
Accumulated other comprehensive loss |
(61) |
(6) |
||||||
Accumulated deficit |
(649,002) |
(585,342) |
||||||
Total stockholders' equity (deficit) |
58,165 |
(32,481) |
||||||
Total liabilities and stockholders' equity (deficit) |
$ |
344,786 |
$ |
261,515 |
Contacts:
Jim Mazzola
858-704-8122
ir@halozyme.com
Chris Burton
858-704-8352
ir@halozyme.com
View original content with multimedia:http://www.prnewswire.com/news-releases/halozyme-reports-second-quarter-2017-results-300500763.html
SOURCE Halozyme Therapeutics, Inc.
Copyright 2017 PR Newswire
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