Full Press Release Details
CORONADO BIOSCIENCES REPORTS FINANCIAL
RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2014
Burlington, MA - March 16, 2015 - Coronado
Biosciences, Inc. (NASDAQ: CNDO) announced its financial results for the fourth quarter and year ended December 31, 2014.
Dr. Lindsay A. Rosenwald, Coronado's Chairman, President
and CEO, said, "We have made substantial progress in 2014 and are leveraging our extensive biopharmaceutical business, financial
and drug development expertise to invest in the acquisition, development and commercialization of novel pharmaceutical and other
biomedical products with high growth potential. We now have multiple subsidiaries focused on a number of important, growing therapeutic
areas including dermatology, post-operative pain and immuno-oncology."
Financial Highlights:
Recent Corporate Events:
About Coronado Biosciences
Coronado Biosciences is a biopharmaceutical company dedicated
to acquiring, developing and commercializing novel pharmaceutical products. The Company's portfolio currently includes novel
immunotherapy agents for the treatment of autoimmune diseases and cancer. As part of its growth strategy, the Company is leveraging
its biopharmaceutical business, financial and drug development expertise to invest in the acquisition, development and commercialization
of innovative pharmaceutical and other biomedical products and technologies, using a variety of approaches including, but not
limited to, licensing, partnerships, joint ventures, and/or public and private spin-outs. For more information, visit www.coronadobiosciences.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements relating to our growth strategy and product development programs and any other
statements that are not historical facts. Forward-looking statements are based on management's current expectations and are
subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock
price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our
growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks
relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; our
dependence on third party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under
development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition;
as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes
in events, conditions or circumstances on which any such statement is based, except as required by law.
Lucy Lu, MD, Executive Vice President & Chief Financial
Coronado Biosciences, Inc.
781-652-4525; ir@coronadobio.com
| CORONADO BIOSCIENCES, INC. AND SUBSIDIARIES |
| Consolidated Balance Sheets |
| ($ in thousands) |
| December 31, | December 31, | |||||||
| 2014 | 2013 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 49,759 | $ | 99,521 | ||||
| Marketable securities | 20,002 | - | ||||||
| Prepaid expenses and other current assets | 702 | 510 | ||||||
| Total current assets | 70,463 | 100,031 | ||||||
| Property & equipment net | 52 | 447 | ||||||
| Restricted cash | 14,586 | - | ||||||
| Long-term investments, at fair value | 4,160 | - | ||||||
| Other | 70 | 104 | ||||||
| Total Assets | $ | 89,331 | $ | 100,582 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | $ | 4,077 | $ | 11,210 | ||||
| Note payable, non-current | 14,009 | 7,017 | ||||||
| Other long-term liabilities | 722 | 1,077 | ||||||
| Total Liabilities | 18,808 | 19,304 | ||||||
| Stockholders' Equity | 70,523 | 81,278 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 89,331 | $ | 100,582 |
| CORONADO BIOSCIENCES, INC. AND SUBSIDIARIES |
| Consolidated Statements of Operations |
| ($ in thousands except for share amounts) |
| For the three months ended | For the twelve months ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 1,766 | $ | 6,552 | $ | 10,239 | $ | 25,682 | ||||||||
| General and administrative | 3,195 | 2,972 | 10,413 | 10,098 | ||||||||||||
| Loss from operations | (4,961 | ) | (9,524 | ) | (20,652 | ) | (35,780 | ) | ||||||||
| Interest income | 145 | 195 | 662 | 545 | ||||||||||||
| Interest expense | (132 | ) | (469 | ) | (1,338 | ) | (1,923 | ) | ||||||||
| Change in fair value of investments | 1,235 | - | 942 | - | ||||||||||||
| Net loss attributed to Common Stockholders | $ | (3,713 | ) | $ | (9,798 | ) | $ | (20,386 | ) | $ | (37,158 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.10 | ) | $ | (0.27 | ) | $ | (0.56 | ) | $ | (1.22 | ) | ||||
| Weighted average common shares outstanding-basic and diluted | 37,351,028 | 35,666,955 | 36,323,596 | 30,429,743 |