Allakos Reports First Quarter 2019 Financial Results
First Quarter 2019 Financial Results
Research and development expenses were
General and administrative expenses were
About Allakos
Allakos is a clinical stage biotechnology company developing antibodies that target immunomodulatory receptors present on immune effector cells involved in allergic, inflammatory, and proliferative diseases. The Company’s lead antibody, AK002, targets Siglec-8, an inhibitory receptor selectively expressed on human mast cells and eosinophils. AK002 has been shown to inhibit mast cells and deplete eosinophils. Inappropriately activated eosinophils and mast cells have been identified as key drivers in a number of severe diseases affecting the gastrointestinal tract, eyes, skin, lungs and other organs. AK002 has been tested in four clinical studies. In these studies, AK002 eliminated blood eosinophils and improved disease symptoms in patients with chronic urticaria, severe allergic conjunctivitis, and indolent systemic mastocytosis. AK002 is currently being tested in a double-blind, placebo-controlled Phase 2 trial for the treatment of eosinophilic gastritis and eosinophilic gastroenteritis. For more information, please visit the Company's website at www.allakos.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, the timing of top-line results from Allakos’ ongoing clinical trials. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to: Allakos’ early stages of clinical drug development; Allakos’ ability to timely complete clinical trials for, and if approved, commercialize AK002, its lead compound; Allakos’ ability to obtain required regulatory approvals for its product candidates; uncertainties related to the enrollment of patients in its clinical trials; Allakos’ ability to demonstrate sufficient safety and efficacy of its product candidates in its clinical trials; uncertainties related to the success of later-stage clinical trials, regardless of the outcomes of preclinical testing and early-stage trials; market acceptance of Allakos’ product candidates; uncertainties related to the projections of the size of patient populations suffering from the diseases
Source:
ALLAKOS INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share data)
(unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2019 | 2018 | |||||||
| Operating expenses | ||||||||
| Research and development | $ | 15,098 | $ | 6,401 | ||||
| General and administrative | 5,829 | 2,308 | ||||||
| Total operating expenses | 20,927 | 8,709 | ||||||
| Loss from operations | (20,927 | ) | (8,709 | ) | ||||
| Interest income, net | 1,030 | 224 | ||||||
| Other expense, net | (56 | ) | — | |||||
| Net loss | (19,953 | ) | (8,485 | ) | ||||
| Unrealized gain on marketable securities, net of | 45 | — | ||||||
| tax | ||||||||
| Comprehensive loss | $ | (19,908 | ) | $ | (8,485 | ) | ||
| Net loss per common share: | ||||||||
| Basic and diluted | $ | (0.47 | ) | $ | (4.19 | ) | ||
| Weighted-average number of common shares | ||||||||
| outstanding: | ||||||||
| Basic and diluted | 42,620 | 2,024 | ||||||
CONDENSED BALANCE SHEETS
(in thousands)
| March 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 31,464 | $ | 33,660 | ||||
| Investments in marketable securities | 135,724 | 145,246 | ||||||
| Prepaid expenses and other current assets | 1,511 | 2,703 | ||||||
| Total current assets | 168,699 | 181,609 | ||||||
| Property and equipment, net | 9,031 | 8,848 | ||||||
| Operating lease right-of-use assets | 5,977 | — | ||||||
| Other long-term assets | 802 | 802 | ||||||
| Total assets | $ | 184,509 | $ | 191,259 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,789 | $ | 2,092 | ||||
| Accrued expenses and other current liabilities | 4,443 | 3,164 | ||||||
| Total current liabilities | 8,232 | 5,256 | ||||||
| Other long-term liabilities | 8,388 | 2,009 | ||||||
| Total liabilities | 16,620 | 7,265 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 43 | 42 | ||||||
| Additional paid-in capital | 291,881 | 288,079 | ||||||
| Accumulated other comprehensive income (loss) | 30 | (15 | ) | |||||
| Accumulated deficit | (124,065 | ) | (104,112 | ) | ||||
| Total stockholders’ equity | 167,889 | 183,994 | ||||||
| Total liabilities and stockholders’ equity | $ | 184,509 | $ | 191,259 | ||||
Investor Contact:Adam Tomasi , COO, CFO ir@allakos.com Media Contact:Denise Powell denise@redhousecomms.com
Source: Allakos Inc.