Full Press Release Details
Avalanche Biotechnologies, Inc. Reports First Quarter 2015 Financial Results
MENLO PARK, Calif., May 13, 2015 Avalanche Biotechnologies, Inc. (Nasdaq: AAVL), a clinical-stage biopharmaceutical company committed to improving
or preserving the sight of people suffering from blinding eye diseases with an unmet medical need, today reported financial results for the first quarter ended March 31, 2015.
The start of 2015 marked important milestones for Avalanche as we continue to advance our pipeline and innovate in next-generation vector
technology, said Thomas W. Chalberg, Jr., Ph.D., founder and chief executive officer. We re proud to collaborate with the University of Washington and vision scientists Drs. Jay and Maureen Neitz as we develop AVA-322 and AVA-323,
our gene therapy product candidates for red-green color blindness. Combined with our anticipated mid-year announcement of 12 month topline data from the Phase 2a trial and 36-month follow-up from the Phase 1 trial of AVA-101 our lead product
candidate and initiation of a Phase 2b trial, we re looking forward to continued progress in our work to transform the treatment landscape for patients with sight-threatening eye diseases.
Recent Business Highlights
First Quarter 2015 Financial Results
About Avalanche Biotechnologies, Inc.
Avalanche is a biopharmaceutical company committed to improving or preserving the sight of people suffering from blinding eye diseases with an unmet medical
need. Avalanche s proprietary Ocular BioFactory is a platform for discovering and developing novel medicines with the potential to offer life-changing therapeutic benefit. Avalanche s lead product candidate, AVA-101, is in mid-stage
clinical development for patients with wet age-related macular degeneration. For more information, please visit www.avalanchebiotech.com.
Forward-Looking Statements
Except for the historical
information contained herein, the matters set forth in this press release, including statements regarding Avalanche s plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline,
clinical studies, collaborations, product development and the potential benefits of its products under development, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including Avalanche s expectations regarding its ability to advance its AVA-101, AVA-322 and AVA-323 product candidates, initiate its Phase 2b and Phase 3 clinical trials with respect to AVA-101, and improve outcomes for
patients suffering from blinding eye diseases. Such forward-looking statements involve substantial risks and uncertainties that could cause our product development program, clinical development programs, future results, performance or achievements
to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical development process, including the regulatory approval process,
the timing of our regulatory filings and other matters that could affect the availability or commercial potential of our product candidates. Avalanche undertakes no obligation to update or revise any forward-looking statements. For a further
description of the risks and uncertainties relating to the business of Avalanche, see our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on March 5, 2015, and
our subsequent periodic reports filed with the Securities and Exchange Commission.
AVALANCHE BIOTECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |||||||
| 2015 | 2014 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and marketable securities | $ | 290,125 | $ | 159,404 | ||||
| Prepaid expenses and other current assets | 1,007 | 874 | ||||||
| Total current assets | 291,132 | 160,278 | ||||||
| Property and equipment, net | 1,421 | 1,085 | ||||||
| Deposits and other long-term assets | 138 | 543 | ||||||
| Total assets | $ | 292,691 | $ | 161,906 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 5,315 | $ | 4,658 | ||||
| Current portion of deferred revenue | 2,313 | 813 | ||||||
| Total current liabilities | 7,628 | 5,471 | ||||||
| Deferred revenue, less current portion | 4,943 | 6,646 | ||||||
| Other liabilities | 440 | 306 | ||||||
| Total liabilities | 13,011 | 12,423 | ||||||
| Stockholders equity | 279,680 | 149,483 | ||||||
| Total liabilities and stockholders equity | $ | 292,691 | $ | 161,906 |
AVALANCHE BIOTECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | ||||||||
| Collaboration and license revenue | $ | 203 | $ | 30 | ||||
| Operating expenses: | ||||||||
| Research and development | 5,621 | 910 | ||||||
| General and administrative | 4,143 | 726 | ||||||
| Total operating expenses | 9,764 | 1,636 | ||||||
| Operating loss | (9,561 | ) | (1,606 | ) | ||||
| Other income (expense), net | 52 | (57 | ) | |||||
| Net loss | $ | (9,509 | ) | $ | (1,663 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.38 | ) | $ | (0.45 | ) | ||
| Weighted-average common shares outstanding, outstanding, basic and diluted | 24,887 | 3,673 |