Full Press Release Details
AlloVir Reports Second Quarter 2020 Financial Results
Cambridge, Mass. September 02, 2020 AlloVir (Nasdaq: ALVR), a late clinical-stage cell therapy company, today reported financial
results for the second quarter ended June 30, 2020.
AlloVir has achieved important scientific and operational milestones that have us well
positioned for growth, said David Hallal, Chairman and Chief Executive Officer of AlloVir. As we have advanced our portfolio of allogeneic, off -the-shelf,
virus specific T cell therapies and are bolstered by a strong cash position stemming from our recent IPO, we look forward to executing our robust plans to progress the important pivotal and proof-of-concept studies across our pipeline.
Second Quarter 2020 Financial Highlights
AlloVir is a leading late clinical-stage cell therapy company with a focus on restoring natural immunity against life-threatening viral diseases in patients
with severely weakened immune systems. The company s innovative and proprietary technology platforms leverage off-the-shelf, allogeneic, multi-virus specific T
cells targeting devastating viruses for patients with T cell deficiencies who are at risk from the life-threatening consequences of viral diseases. AlloVir s technology and manufacturing process enables the potential for the treatment and
prevention of a spectrum of devastating viruses with each single allogeneic cell therapy. The company is advancing multiple mid- and late-stage clinical trials across its product portfolio. For more
information visit www.allovir.com.
AlloVir uses its website as a means of disclosing material
non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included on the Company s website in the Investors & Media
section. Accordingly, investors should monitor such portions of the AlloVir website, in addition to following press releases, SEC filings and public conference calls and webcasts.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding AlloVir s development and regulatory status of our product candidates and its
strategy, business plans and focus. The words may, will, could, would, should, expect, plan, anticipate, intend, believe,
estimate, predict, project, potential, continue, target and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words. Any forward-looking statements in this press release are based on management s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual
events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those related to AlloVir s financial results, the timing for completion of
AlloVir s clinical trials of its product candidates, whether and when, if at all, AlloVir s product candidates will receive approval from the U.S. Food and Drug Administration, or FDA, or other foreign regulatory authorities, competition
from other biopharmaceutical companies, and other risks identified in AlloVir s SEC filings. AlloVir cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. AlloVir disclaims
any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will
differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent AlloVir s views only as of the date hereof and should not be relied upon as representing its views as of any
AlloVir, Inc. Statement of Operations (Unaudited)
Three and Six Months Ended June 30, 2019
| Three Months Ended | Six Months Ended | |||||||||||||||
| (in thousands, except share and per share data) | June 30, | June 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenue | $ | $ | $ | $ | 165 | |||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 8,885 | 2,755 | 15,724 | 3,906 | ||||||||||||
| General and administrative | 3,268 | 3,190 | 6,269 | 4,977 | ||||||||||||
| Total operating expenses ** | 12,153 | 5,945 | 21,993 | 8,883 | ||||||||||||
| Loss from operations | (12,153 | ) | (5,945 | ) | (21,993 | ) | (8,718 | ) | ||||||||
| Total other income, net: | ||||||||||||||||
| Interest income | 166 | 503 | 623 | 619 | ||||||||||||
| Other income, net | 355 | 140 | 399 | 273 | ||||||||||||
| Net loss | $ | (11,632 | ) | $ | (5,302 | ) | $ | (20,971 | ) | $ | (7,826 | ) | ||||
| Net loss per share - basic and diluted | $ | (4.43 | ) | $ | (5.05 | ) | $ | (8.66 | ) | $ | (8.49 | ) | ||||
| Weighted-average common shares outstanding -basic and diluted | 2,625,648 | 1,050,190 | 2,420,797 | 921,995 |
AlloVir, Inc. Balance Sheet
As of June 30, 2020 (Unaudited) and December 31, 2019
| (in thousands) | June 30, | December 31, | ||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and short-term investments | $ | 104,451 | $ | 126,077 | ||||
| Other current assets | 2,837 | 1,236 | ||||||
| Total current assets | 107,288 | 127,313 | ||||||
| Other assets | 10,558 | 12,109 | ||||||
| Total assets | $ | 117,846 | $ | 139,422 | ||||
| Liabilities and stockholders deficit | ||||||||
| Current liabilities | $ | 8,915 | $ | 9,106 | ||||
| Long-term liabilities | 7,098 | 8,692 | ||||||
| Total liabilities | 16,013 | 17,798 | ||||||
| Preferred Stock | 173,127 | 173,127 | ||||||
| Total stockholders deficit | (71,294 | ) | (51,503 | ) | ||||
| Total liabilities, preferred stock, and stockholders deficit | $ | 117,846 | $ | 139,422 |