Full Press Release Details
Anchiano Therapeutics Reports Fourth
Quarter and Full Year 2018 Financial Results
- Successfully Completed $30.5
million U.S. Initial Public Offering in February 2019 -
- Interim Analysis of the Codex
Clinical Trial Expected in Fourth Quarter 2019 -
CAMBRIDGE, Mass., March 12, 2019
- Anchiano Therapeutics Ltd. (Nasdaq and TASE: ANCN) ("Anchiano"), a pivotal-stage biopharmaceutical company focused
on the discovery and development of novel therapies to treat cancer, today reported financial results for its fourth quarter and
year ended December 31, 2018.
and Recent Highlights
Fourth Quarter and Full Year 2018 Financial Results:
is a pivotal-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer, with
offices in Cambridge, MA, and Jerusalem, Israel. Anchiano's most advanced product candidate, inodiftagene, is in development
as a treatment for non-muscle-invasive bladder cancer. For more information on Anchiano, please visit www.anchiano.com.
contains "forward-looking statements" that are subject to risks and uncertainties. Words such as "believes,"
"intends," "expects," "projects," "anticipates" and "future" or similar
expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties
in predicting future results and conditions, many of which are beyond the control of Anchiano, including, without limitation, the
risk factors and other matters set forth in its filings with the Securities and Exchange Commission, including, when filed, its
Annual Report on Form 20-F for the year ended December 31, 2018. Anchiano undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by
Chief Executive Officer
QUARTERLY RESULTS OF OPERATIONS
U.S. dollars in thousands
| Fiscal Quarter Ended December 31, | ||||||||
| 2018 | 2017 | |||||||
| Operating expenses: | ||||||||
| Research and development expenses | 1,837 | 1,007 | ||||||
| General and administrative expenses | 1,139 | 875 | ||||||
| Operating loss | 2,976 | 1,882 | ||||||
| Financing income, net | (1,327 | ) | (47 | ) | ||||
| Loss before taxes on income | 1,649 | 1,835 | ||||||
| Income tax | 160 | 113 | ||||||
| Net loss | 1,809 | 1,948 |
U.S. dollars in thousands
| Fiscal Quarter Ended December 31, | ||||||||
| 2018 | 2017 | |||||||
| Net cash used in operating activities | (3,521 | ) | (1,889 | ) | ||||
| Net cash used in investing activities | (26 | ) | (8 | ) | ||||
| Net cash provided by financing activities | - | 7 | ||||||
| Net increase (decrease) in cash and cash equivalents | (3,547 | ) | (1,890 | ) |
CONSOLIDATED FINANCIAL DATA
U.S. dollars in thousands, except for per share data
| Fiscal Year Ended December 31, | ||||||||
| 2018 | 2017 | |||||||
| Consolidated Statements of Operations: | ||||||||
| Operating expenses: | ||||||||
| Research and development expenses | 7,559 | 6,229 | ||||||
| General and administrative expenses | 5,485 | 3,163 | ||||||
| Operating loss | 13,044 | 9,392 | ||||||
| Financing expense (income), net | (386 | ) | 91 | |||||
| Loss before taxes on income | 12,658 | 9,483 | ||||||
| Income tax | 621 | 323 | ||||||
| Net loss | 13,279 | 9,806 | ||||||
| Net loss per ordinary share | 1.05 | 1.09 |
| Fiscal Year Ended December 31, | ||||||||
| 2018 | 2017 | |||||||
| Consolidated Statements of Financial Position Data: | ||||||||
| Cash and cash equivalents | 7,517 | 1,454 | ||||||
| Working capital | 884 | (842 | ) | |||||
| Total assets | 12,574 | 2,087 | ||||||
| Total liabilities | 13,664 | 2,696 | ||||||
| Total shareholders' equity (deficiency) | (1,090 | ) | (609 | ) |
U.S. dollars in thousands
| Fiscal Year Ended December 31, | ||||||||
| 2018 | 2017 | |||||||
| Net cash used in operating activities | (14,744 | ) | (8,515 | ) | ||||
| Net cash used in by investing activities | (338 | ) | (34 | ) | ||||
| Net cash provided by financing activities | 21,162 | 5,242 | ||||||
| Net increase (decrease) in cash and cash equivalents | 6,080 | (3,307 | ) |