Full Press Release Details
SAN DIEGO , Aug. 11, 2014 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ) today reported financial results for the second quarter ended June 30, 2014 . Financial highlights for the second quarter include revenues of $18.4 million and a net loss of $16.3 million , or $0.13 per share. This compares to revenues of $14.5 million and a net loss of $22.9 million , or $0.20 per share, for the second quarter of 2013.
"This was a quarter of strong progress across our proprietary and partner programs," stated Dr. Helen Torley , President and Chief Executive Officer. "We are pleased to have resolved the clinical hold and to resume patient enrollment and dosing in our Phase 2 clinical trial for PEGPH20 in patients with pancreatic cancer. The launch of MabThera ® SC, the continued sales ramp of Herceptin ® SC in Europe , and the recent vote by the Blood Products Advisory Committee (BPAC) of the U.S. Food and Drug Administration (FDA) that Baxter's HyQvia has a favorable benefit to risk profile, continue to validate our proprietary Enhanze™ platform."
Second Quarter Highlights
Second Quarter and Six Months 2014 Financial Highlights
Webcast and Conference Call
Halozyme will webcast its quarterly update conference call today, August 11, 2014 at 4:30 p.m. EDT / 1:30 p.m. PDT . During the call, management will discuss the financial results for the second quarter of 2014 and provide a business update. To listen to the live webcast please visit the "Investors" section of Halozyme's corporate website at www.halozyme.com . A webcast replay will be available shortly after the call at the same address. To participate, dial (866) 710-0179 (domestic callers) or (334) 323-7224 (international callers) using passcode 769890. A telephone replay will be available shortly after the call by dialing (877) 919-4059 (domestic callers) or (334) 323-0140 (international callers) using replay ID number 71625396.
Halozyme Therapeutics is a biopharmaceutical company dedicated to developing and commercializing innovative products that advance patient care. With a diversified portfolio of enzymes that target the extracellular matrix, the Company's research focuses primarily on a family of human enzymes, known as hyaluronidases, which increase the dispersion and absorption of biologics, drugs and fluids. Halozyme's pipeline addresses therapeutic areas, including oncology, diabetes and dermatology that have significant unmet medical need today. The Company markets Hylenex ® recombinant (hyaluronidase human injection) and has partnerships with Roche, Pfizer and Baxter . Halozyme is headquartered in San Diego, CA. For more information on how we are innovating, please visit our corporate website at www.halozyme.com .
Safe Harbor Statement
In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, statements concerning the Company's future expectations and plans for enrollment of patients in Study 202 for PEGPH20, the development and commercialization of product candidates and the potential benefits and attributes of such product candidates) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements are typically, but not always, identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected fluctuations or changes in revenues from collaborators, unexpected results or delays in development and regulatory review, regulatory approval requirements, unexpected adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2014 .
Investor Contact: Schond Greenway Halozyme Therapeutics 858-704-8352 [email protected]
Media Contact: Susan Neath Francis 212-301-7182 [email protected]
| Halozyme Therapeutics, Inc. | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (Unaudited) | |||||||||
| (in thousands, except per share data) | |||||||||
| Three Months Ended | Six Months Ended | ||||||||
| June 30, | June 30, | ||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||
| Revenues: | |||||||||
| Product sales, net | $ 9,494 | $ 3,100 | $ 18,062 | $ 4,608 | |||||
| Royalties | 1,688 | - | 2,487 | - | |||||
| Revenues under collaborative agreements | 7,203 | 11,354 | 9,802 | 21,679 | |||||
| Total revenues | 18,385 | 14,454 | 30,351 | 26,287 | |||||
| Operating Expenses: | |||||||||
| Cost of product sales | 5,924 | 1,284 | 11,444 | 2,023 | |||||
| Research and development | 18,649 | 27,991 | 40,064 | 50,025 | |||||
| Selling, general and administrative | 8,752 | 7,300 | 19,002 | 14,856 | |||||
| Total operating expenses | 33,325 | 36,575 | 70,510 | 66,904 | |||||
| Operating loss | (14,940) | (22,121) | (40,159) | (40,617) | |||||
| Investment and other income | 118 | 58 | 165 | 113 | |||||
| Interest expense | (1,451) | (849) | (2,827) | (1,696) | |||||
| Net Loss | $ (16,273) | $ (22,912) | $ (42,821) | $ (42,200) | |||||
| Basic and diluted net loss per share | $ (0.13) | $ (0.20) | $ (0.35) | $ (0.38) | |||||
| Shares used in computing basic and diluted net loss per share | |||||||||
| 123,710 | 112,486 | 121,200 | 112,452 |
| Halozyme Therapeutics, Inc. | |||||
| Condensed Consolidated Balance Sheets | |||||
| (Unaudited) | |||||
| (in thousands) | |||||
| June 30, | December 31, | ||||
| 2014 | 2013 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ 56,135 | $ 27,357 | |||
| Marketable securities, available-for-sale | 91,513 | 44,146 | |||
| Accounts receivable, net | 12,895 | 9,097 | |||
| Inventories | 7,114 | 6,170 | |||
| Prepaid expenses and other assets | 7,966 | 8,425 | |||
| Total current assets | 175,623 | 95,195 | |||
| Property and equipment, net | 3,343 | 3,422 | |||
| Prepaid expenses and other assets | 2,586 | 2,676 | |||
| Restricted cash | 500 | 500 | |||
| Total Assets | $ 182,052 | $ 101,793 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||
| Current liabilities: | |||||
| Accounts payable | $ 3,910 | $ 3,135 | |||
| Accrued expenses | 16,455 | 14,369 | |||
| Deferred revenue, current portion | 5,153 | 7,398 | |||
| Current portion of long-term debt, net | 6,203 | - | |||
| Total current liabilities | 31,721 | 24,902 | |||
| Deferred revenue, net of current portion | 48,565 | 45,745 | |||
| Long-term debt, net | 43,613 | 49,772 | |||
| Other long-term liabilities | 2,854 | 1,364 | |||
| Stockholders' equity (deficit): | |||||
| Common stock | 125 | 115 | |||
| Additional paid-in capital | 480,044 | 361,930 | |||
| Accumulated other comprehensive income | 3 | 17 | |||
| Accumulated deficit | (424,873) | (382,052) | |||
| Total stockholders' equity (deficit) | 55,299 | (19,990) | |||
| Total Liabilities and Stockholders' Equity (Deficit) | $ 182,052 | $ 101,793 |
SOURCE Halozyme Therapeutics, Inc.