Allakos Reports First Quarter 2020 Financial Results
First Quarter 2020 Financial Results
Research and development expenses were
General and administrative expenses were
About Allakos
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, Allakos’ progress and business plans. 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 antolimab (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:
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share data)
(unaudited)
| Three Months Ended | ||||||||
| 2020 | 2019 | |||||||
| Operating expenses | ||||||||
| Research and development | $ | 18,285 | $ | 15,098 | ||||
| General and administrative | 11,588 | 5,829 | ||||||
| Total operating expenses | 29,873 | 20,927 | ||||||
| Loss from operations | (29,873 | ) | (20,927 | ) | ||||
| Interest income, net | 1,989 | 1,030 | ||||||
| Other income (expense), net | 60 | (56 | ) | |||||
| Net loss | (27,824 | ) | (19,953 | ) | ||||
| Unrealized gain on marketable securities, net of tax |
1,869 | 45 | ||||||
| Comprehensive loss | $ | (25,955 | ) | $ | (19,908 | ) | ||
| Net loss per common share: | ||||||||
| Basic and diluted | $ | (0.57 | ) | $ | (0.47 | ) | ||
| Weighted-average number of common shares outstanding: |
||||||||
| Basic and diluted | 48,691 | 42,620 | ||||||
CONDENSED BALANCE SHEETS
(in thousands)
| 2020 | 2019 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 135,942 | $ | 38,367 | ||||
| Investments in marketable securities | 343,863 | 457,534 | ||||||
| Prepaid expenses and other current assets | 3,953 | 3,969 | ||||||
| Total current assets | 483,758 | 499,870 | ||||||
| Property and equipment, net | 8,072 | 8,410 | ||||||
| Operating lease right-of-use assets | 5,705 | 5,775 | ||||||
| Other long-term assets | 2,839 | 2,839 | ||||||
| Total assets | $ | 500,374 | $ | 516,894 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,062 | $ | 5,963 | ||||
| Accrued expenses and other current liabilities | 5,273 | 7,098 | ||||||
| Total current liabilities | 14,335 | 13,061 | ||||||
| Other long-term liabilities | 7,995 | 8,112 | ||||||
| Total liabilities | 22,330 | 21,173 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 48 | 48 | ||||||
| Additional paid-in capital | 693,298 | 685,020 | ||||||
| Accumulated other comprehensive gain | 2,006 | 137 | ||||||
| Accumulated deficit | (217,308 | ) | (189,484 | ) | ||||
| Total stockholders’ equity | 478,044 | 495,721 | ||||||
| Total liabilities and stockholders’ equity | $ | 500,374 | $ | 516,894 | ||||
Investor Contact:Adam Tomasi , President and COO ir@allakos.com Media Contact:Denise Powell denise@redhousecomms.com
Source: Allakos Inc.