Full Press Release Details
SAN DIEGO , Nov. 8, 2013 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO ) today reported financial results for the third quarter and nine months ended September 30, 2013 . Financial highlights for the third quarter include revenues of $16.0 million and a net loss of $19.3 million , or $0.17 per share. This compares to revenues of $5.3 million and a net loss of $20.0 million , or $0.18 per share, for the third quarter of 2012.
"This past quarter was remarkable for the European commercial launches of Herceptin ® SC and HyQvia, each leveraging Halozyme's proprietary rHuPH20 technology to deliver more efficient treatment options," said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme Therapeutics. "Furthermore, our development programs are advancing with recent maturing data from our Phase 1b PEGPH20 clinical trial supporting the hypothesis that patients with high hyaluronan tumor levels may benefit most from PEGPH20 therapy in the treatment of pancreatic cancer."
Third Quarter and Recent Business Updates
Third Quarter and Nine Months 2013 Financial Highlights
Webcast and Conference Call Halozyme will webcast its quarterly update conference call today, November 8, 2013 at 8:30 a.m. EST / 5:30 a.m. PST . During the call, management will discuss the financial results for the third quarter of 2013 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 by phone, please dial (877) 407-8037 (domestic callers) or (201) 689-8037 (international callers). A telephone replay will be available by dialing (877) 660-6853 (domestic callers) or (201) 612-7415 (international callers) using replay ID number 423197.
Safe Harbor Statement In addition to historical information, the statements set forth above include forward-looking statements (including, without limitation, statements concerning the potential patients that may benefit from PEGPH20 therapy, the Company's future expectations and plans for 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 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 7, 2013 .
References: ________ 1 Gustavo Ismael , et al. Subcutaneous versus intravenous administration of (neo) adjuvant trastuzumab in patients with HER2-positive, clinical stage I–III breast cancer (HannaH study): a phase 3, open-label, multicentre, randomized trial. Lancet Oncology , 2012 Sept.13(9):869-78.
Investor Contact: David Ramsay Halozyme Therapeutics 858-704-8260 [email protected]
Media Contact: Nurha Hindi Hill + Knowlton Strategies 310-633-9434 [email protected]
| Halozyme Therapeutics, Inc. | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||
| September 30, | September 30, | ||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||
| REVENUES: | |||||||||
| Product sales, net | $ 10,024,902 | $ 715,354 | $ 14,633,349 | $ 1,427,707 | |||||
| Revenues under collaborative agreements | 5,988,262 | 4,618,969 | 27,667,165 | 19,103,970 | |||||
| Total revenues | 16,013,164 | 5,334,323 | 42,300,514 | 20,531,677 | |||||
| OPERATING EXPENSES: | |||||||||
| Cost of product sales | 682,713 | 226,635 | 2,705,633 | 440,516 | |||||
| Research and development | 25,689,189 | 19,503,491 | 75,714,381 | 51,476,329 | |||||
| Selling, general and administrative | 8,135,118 | 5,634,034 | 22,990,777 | 17,833,165 | |||||
| Total operating expenses | 34,507,020 | 25,364,160 | 101,410,791 | 69,750,010 | |||||
| OPERATING LOSS | (18,493,856) | (20,029,837) | (59,110,277) | (49,218,333) | |||||
| Investment and other income | 51,424 | 23,991 | 164,544 | 72,187 | |||||
| Interest expense | (849,936) | - | (2,546,515) | - | |||||
| NET LOSS | $ (19,292,368) | $ (20,005,846) | $ (61,492,248) | $ (49,146,146) | |||||
| Basic and diluted net loss per share | $ (0.17) | $ (0.18) | $ (0.55) | $ (0.44) | |||||
| Shares used in computing basic and diluted net loss per share | |||||||||
| 112,765,155 | 112,305,002 | 112,554,447 | 110,658,757 |
| Halozyme Therapeutics, Inc. | |||||
| Condensed Consolidated Balance Sheets | |||||
| September 30, | December 31, | ||||
| 2013 | 2012 | ||||
| (Unaudited) | |||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ 17,492,131 | $ 99,501,264 | |||
| Marketable securities, available-for-sale | 47,818,851 | - | |||
| Accounts receivable, net | 24,521,742 | 15,703,087 | |||
| Inventories | 3,846,290 | 2,670,696 | |||
| Prepaid expenses and other assets | 9,139,014 | 12,752,888 | |||
| Total current assets | 102,818,028 | 130,627,935 | |||
| Property and equipment, net | 4,935,928 | 3,700,462 | |||
| Prepaid expenses and other assets | 1,891,170 | - | |||
| Restricted cash | 500,000 | 400,000 | |||
| Total Assets | $ 110,145,126 | $ 134,728,397 | |||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ 5,591,763 | $ 2,271,689 | |||
| Accrued expenses | 20,624,501 | 7,783,447 | |||
| Deferred revenue, current portion | 7,437,433 | 8,891,017 | |||
| Current portion of long-term debt, net | 5,970,119 | - | |||
| Total current liabilities | 39,623,816 | 18,946,153 | |||
| Deferred revenue, net of current portion | 45,940,511 | 34,954,966 | |||
| Long-term debt, net | 23,781,955 | 29,661,680 | |||
| Lease financing obligation | 2,550,000 | 1,450,000 | |||
| Deferred rent, net of current portion | 813,689 | 861,879 | |||
| Other long-term liability | 921,460 | - | |||
| Stockholders' (deficit) equity: | |||||
| Common stock | 113,987 | 112,709 | |||
| Additional paid-in capital | 356,449,825 | 347,314,658 | |||
| Accumulated other comprehensive income | 15,779 | - | |||
| Accumulated deficit | (360,065,896) | (298,573,648) | |||
| Total stockholders' (deficit) equity | (3,486,305) | 48,853,719 | |||
| Total Liabilities and Stockholders' (deficit) Equity | $ 110,145,126 | $ 134,728,397 |
SOURCE Halozyme Therapeutics, Inc.