Full Press Release Details
Sunesis Pharmaceuticals Reports Second Quarter 2015 Financial Results and Recent Highlights
SOUTH SAN FRANCISCO, Calif., July 30, 2015 Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the second
quarter ended June 30, 2015. Loss from operations for the three and six months ended June 30, 2015 was $10.6 million and $19.4 million, respectively. As of June 30, 2015, cash, cash equivalents and marketable securities totaled $39.6
We remain committed to moving vosaroxin forward as an important new therapy for patients with AML, and to realizing the value of this
product candidate for all our constituents, said Daniel Swisher, Chief Executive Officer of Sunesis. As part of this effort, we are moving forward rapidly toward the filing of a marketing authorization application in Europe and are
carefully evaluating and refining our plans to gain marketing approval in the U.S. As we continue to advance these strategies and work toward key milestones with our kinase inhibitor pipeline, we are also evaluating and prioritizing our spending to
ensure our ability to realize the value of our portfolio.
Second Quarter 2015 Highlights
Financial Highlights
About QINPREZO (vosaroxin)
(vosaroxin) is an anti-cancer quinolone derivative (AQD), a class of compounds that has not been used previously for the treatment of cancer. Preclinical data demonstrate that vosaroxin both intercalates DNA and inhibits topoisomerase II, resulting
in replication-dependent, site-selective DNA damage, G2 arrest and apoptosis. Both the U.S. Food and Drug Administration (FDA) and European Commission have granted orphan drug designation to vosaroxin for the treatment of AML.
Additionally, vosaroxin has been granted fast track designation by the FDA for the potential treatment of relapsed or refractory AML in combination with cytarabine. Vosaroxin is an investigational drug that has not been approved for use in
The trademark name QINPREZO is conditionally accepted by the FDA and the EMA as the proprietary name for the vosaroxin drug
About Sunesis Pharmaceuticals
Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the potential treatment of solid and
hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, vosaroxin, in multiple indications to improve the lives of people with cancer.
For additional information on Sunesis, please visit http://www.sunesis.com.
SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.
This press release contains forward-looking statements, including statements related to Sunesis overall
strategy, the design, conduct and results of Sunesis clinical trials, including the analysis, assessment and conclusions of the results of the VALOR trial, the commercial potential of vosaroxin, and the need for and the role of vosaroxin
as a new treatment options, Sunesis plans to gain marketing approval of vosaroxin in the U.S. and Europe, and the sufficiency of Sunesis cash resources. Words such as estimate, expect, potential,
will, believe, plan and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Sunesis current expectations. Forward-looking statements involve
risks and uncertainties. Sunesis actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the
risk that Sunesis development activities for vosaroxin could be otherwise halted or significantly delayed for various reasons, the risk that Sunesis clinical studies for vosaroxin may not demonstrate safety or efficacy or lead to
regulatory approval, the risk that data to date and trends may not be predictive of future data or results, risks related to the conduct of Sunesis clinical trials, the risk that Sunesis clinical studies for vosaroxin may not lead to
regulatory approval, risks related to Sunesis need for substantial additional funding to complete the development and commercialization of vosaroxin, and risks related to Sunesis ability to raise the capital that it believes to be
accessible and is required to fully finance the development and commercialization of vosaroxin. These and other risk factors are discussed under Risk Factors and elsewhere in Sunesis Quarterly Report on Form 10-Q for the quarter
ended March 31, 2015. Sunesis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Sunesis expectations with regard
thereto or any change in events, conditions or circumstances on which any such statements are based.
SUNESIS PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |||||||
| 2015 | 2014 | |||||||
| (Unaudited) | (Note 1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 20,302 | $ | 22,186 | ||||
| Marketable securities | 19,254 | 20,795 | ||||||
| Prepaids and other current assets | 1,165 | 1,223 | ||||||
| Total current assets | 40,721 | 44,204 | ||||||
| Property and equipment, net | 19 | 42 | ||||||
| Total assets | $ | 40,740 | $ | 44,246 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,282 | $ | 3,177 | ||||
| Accrued clinical expense | 2,249 | 3,112 | ||||||
| Accrued compensation | 1,245 | 2,287 | ||||||
| Other accrued liabilities | 4,072 | 3,087 | ||||||
| Current portion of deferred revenue | 3,418 | 3,418 | ||||||
| Current portion of notes payable | 3,253 | 9,257 | ||||||
| Warrant liability | 1,765 | 3,543 | ||||||
| Total current liabilities | 18,284 | 27,881 | ||||||
| Non-current portion of deferred revenue | 854 | 2,563 | ||||||
| Non-current portion of notes payable | 4,421 | |||||||
| Commitments | ||||||||
| Stockholders equity: | ||||||||
| Common stock | 7 | 7 | ||||||
| Additional paid-in capital | 557,953 | 536,499 | ||||||
| Accumulated other comprehensive loss | (5 | ) | (7 | ) | ||||
| Accumulated deficit | (540,774 | ) | (522,697 | ) | ||||
| Total stockholders equity | 17,181 | 13,802 | ||||||
| Total liabilities and stockholders equity | $ | 40,740 | $ | 44,246 |
Note 1: The consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as
of that date included in the Company s Annual Report on Form 10-K for the year ended December 31, 2014.
SUNESIS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue: | ||||||||||||||||
| License and other revenue | $ | 854 | $ | 1,989 | $ | 1,708 | $ | 3,984 | ||||||||
| Total revenues | 854 | 1,989 | 1,708 | 3,984 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 6,302 | 7,206 | 10,814 | 14,758 | ||||||||||||
| General and administrative | 5,175 | 6,387 | 10,286 | 9,804 | ||||||||||||
| Total operating expenses | 11,477 | 13,593 | 21,100 | 24,562 | ||||||||||||
| Loss from operations | (10,623 | ) | (11,604 | ) | (19,392 | ) | (20,578 | ) | ||||||||
| Interest expense | (233 | ) | (470 | ) | (472 | ) | (1,017 | ) | ||||||||
| Other income (expense), net | 1,907 | 293 | 1,787 | (4,759 | ) | |||||||||||
| Net loss | (8,949 | ) | (11,781 | ) | (18,077 | ) | (26,354 | ) | ||||||||
| Unrealized gain (loss) on available-for-sale securities | (11 | ) | 2 | (4 | ) | |||||||||||
| Comprehensive loss | $ | (8,949 | ) | $ | (11,792 | ) | $ | (18,075 | ) | $ | (26,358 | ) | ||||
| Basic and diluted loss per common share: | ||||||||||||||||
| Net loss: | ||||||||||||||||
| Basic | $ | (8,949 | ) | $ | (11,781 | ) | $ | (18,077 | ) | $ | (26,354 | ) | ||||
| Diluted | $ | (10,816 | ) | $ | (12,114 | ) | $ | (18,077 | ) | $ | (26,354 | ) | ||||
| Shares used in computing net loss per common share: | ||||||||||||||||
| Basic | 72,513 | 60,246 | 70,090 | 58,291 | ||||||||||||
| Diluted | 72,525 | 61,895 | 70,090 | 58,291 | ||||||||||||
| Net loss per common share: | ||||||||||||||||
| Basic | $ | (0.12 | ) | $ | (0.20 | ) | $ | (0.26 | ) | $ | (0.45 | ) | ||||
| Diluted | $ | (0.15 | ) | $ | (0.20 | ) | $ | (0.26 | ) | $ | (0.45 | ) |