Full Press Release Details
Anchiano Therapeutics Reports Second
Quarter 2019 Financial Results
CAMBRIDGE, Mass., Aug. 5, 2019 -
Anchiano Therapeutics Ltd. (Nasdaq: 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 second quarter and six months ended
and Recent Highlights
Second Quarter 2019 Financial Results:
On June 30, 2019, Anchiano had total cash
and cash equivalents of approximately $27 million, compared to approximately $7.5 million on December 31, 2018.
Research and development expenses for the
second quarter of 2019 were approximately $2.6 million, compared to approximately $1.9 million for the second quarter of 2018.
This increase was mainly due to an increase in clinical trial expenses and an increase in clinical manpower expenses.
General and administrative expenses for
the second quarter of 2019 were approximately $1.9 million, compared to approximately $2.3 million for the second quarter of 2018.
This decrease was mainly due to a decrease in share-based payment and issuance expenses, offset by increases in professional, consulting,
rental, insurance and manpower expenses.
Financing income (expenses), net, for the
second quarter of 2019 were approximately $2.8 million, compared to approximately $(0.8) million for the second quarter of 2018.
This change was mainly due to changes in the fair value of derivative financial instruments.
Net loss for the second quarter of 2019
was approximately $1.8 million, or $0.05 per share, compared to approximately $5.3 million, or $0.55 per share in the second quarter
Six Months Ended June 30, 2019 Financial Results:
Research and development expenses for the
six months ended June 30, 2019 were approximately $6.7 million, compared to approximately $4.4 million for the same period in 2018.
This increase was mainly due to an increase in clinical trial expenses, manufacturing expenses and an increase in clinical manpower
General and administrative expenses for
the six months ended June 30, 2019 were approximately $3.1 million, similar to expenses of approximately $3.2 million for the same
period in 2018. The decrease was mainly due to a decrease in share-based payment and issuance expenses, offset by increases in
professional, consulting, rental, insurance and manpower expenses.
Financing expenses, net, in the six months
ended June 30, 2019 were approximately $10.1 million, compared to approximately $0.9 million for the same period in 2018. This
change was mainly due to changes in the fair value of derivative financial instruments.
Net loss for the six months ended June
30, 2019 was approximately $20.3 million, or $0.64 per share, compared to approximately $8.8 million, or $0.92 per share for the
same period in 2018.
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.
Forward-Looking Statements
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 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 law.
Chief Executive Officer
RESULTS OF OPERATIONS (unaudited)
U.S. dollars in thousands
| Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development expenses | 6,730 | 4,350 | 2,589 | 1,875 | ||||||||||||
| General and administrative expenses | 3,147 | 3,213 | 1,854 | 2,287 | ||||||||||||
| Operating loss | 9,877 | 7,563 | 4,443 | 4,162 | ||||||||||||
| Financing expenses (income), net | 10,101 | 881 | (2,772 | ) | 806 | |||||||||||
| Loss before income tax | 19,978 | 8,444 | 1,671 | 4,968 | ||||||||||||
| Income tax | 279 | 393 | 139 | 330 | ||||||||||||
| Net loss for the period | 20,257 | 8,837 | 1,810 | 5,298 |
STATEMENTS OF FINANCIAL POSITION (unaudited)
U.S. dollars in thousands
| June 30, 2019 | December 31, 2018 | |||||||
| Assets | ||||||||
| Current Assets | 27,895 | 10,920 | ||||||
| Non-Current Assets | 3,161 | 1,654 | ||||||
| Total Assets | 31,056 | 12,574 | ||||||
| Liabilities | ||||||||
| Current Liabilities | 3,239 | 10,036 | ||||||
| Non-Current Liabilities | 2,934 | 3,628 | ||||||
| Total Liabilities | 6,173 | 13,664 | ||||||
| Equity | ||||||||
| Total equity (deficiency) | 24,883 | (1,090 | ) | |||||
| Total Liabilities and Equity | 31,056 | 12,574 |
CASH FLOWS (unaudited)
U.S. dollars in thousands
| Six Months Ended June 30, | ||||||||
| 2019 | 2018 | |||||||
| Net cash used in operating activities | (6,781 | ) | (4,596 | ) | ||||
| Net cash used in investing activities | (91 | ) | (158 | ) | ||||
| Net cash provided by financing activities | 26,377 | 22,901 | ||||||
| Effect of exchange rate differences on cash and cash equivalents | (12 | ) | (69 | ) | ||||
| Net increase in cash and cash equivalents | 19,493 | 18,078 |