Full Press Release Details
| Investor and Media Inquiries: | ||
| Maeve Conneighton Argot Partners 212-600-1902 | Dan Swisher Sunesis Pharmaceuticals Inc. 650-266-3715 |
Sunesis Pharmaceuticals Reports Second Quarter 2017 Financial Results and Recent Highlights
Sunesis to Host Conference Call Today at 2:00 PM Eastern Time
SOUTH SAN FRANCISCO, Calif., July 27, 2017 Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for
the second quarter ended June 30, 2017. Loss from operations for the three months ended June 30, 2017 was $8.6 million. As of June 30, 2017, cash, cash equivalents and marketable securities totaled $22.7 million.
We have made tangible progress under our revised operating plan to focus primarily on our non-covalent BTK
inhibitor, SNS-062. With the first patient being dosed, the recent initiation of our Phase 1b/2 study in patients with relapsed chronic lymphocytic leukemia (CLL) and other
B-cell malignancies marks an important milestone for the company, said Daniel Swisher, Chief Executive Officer of Sunesis. SNS-062 is designed to overcome
the leading resistance pathway to ibrutinib, the predominant standard of care for the treatment of CLL. As a reversible, non-covalent BTK inhibitor, SNS-062 has the
potential to establish proof of concept through the treatment and evaluation of resistant B-cell malignancy patients from this ongoing Phase 1b/2 study.
Mr. Swisher added, As we work toward this goal, we will maintain a streamlined operation and a focused investment plan with current cash resources
lasting into second quarter of 2018.
Financial Highlights
Conference Call Information
conference today at 2:00 p.m. Eastern Time. The call can be accessed by dialing (844) 296-7720 (U.S. and Canada) or (574) 990-1148 (international) and entering
passcode 51914278. To access the live audio webcast, or the subsequent archived recording, visit the Investors and Media Calendar of Events section of the Sunesis website at www.sunesis.com. The webcast will be
recorded and available for replay on the company s website for two weeks.
About Sunesis Pharmaceuticals
Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic
cancers. Sunesis has built an experienced cancer drug development organization committed to improving the lives of people with cancer. The company is focused on advancing its novel kinase-inhibitor pipeline, with an emphasis on establishing proof of
concept with its oral non-covalent BTK-inhibitor, SNS-062, in ibrutinib-resistant chronic lymphocytic leukemia. Sunesis also is
supporting investigator-led studies of vosaroxin in acute myeloid leukemia.
For additional information on
Sunesis, please visit www.sunesis.com.
SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.
This press release contains forward-looking statements, including statements related to the continued development of
SNS-062, including the timing of our Phase 1b/2 trial of SNS-062 and the therapeutic potential of SNS-062, further development of
its kinase inhibitor pipeline, business development alternatives for vosaroxin, and the sufficiency of Sunesis cash and funding into June 2018. Words such as continue, expect, goal, look
forward, promising, will 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 related to the timing or conduct of Sunesis clinical trials, including SNS-062 Phase 1b/2 trial, the risk that Sunesis clinical studies for SNS-062,
vosaroxin or other product candidate 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 timing or conduct of
Sunesis clinical trials, that Sunesis development activities for SNS-062 or vosaroxin could be otherwise halted or significantly delayed for various reasons, that Sunesis may not be able to receive
regulatory approval of SNS-062 or vosaroxin in the U.S. or Europe, 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 SNS-062, vosaroxin and other product candidates. These and other risk factors are discussed under Risk Factors and elsewhere in Sunesis Quarterly Report
on Form 10-Q for the quarter ended June 30, 2017 and Sunesis other filings with the Securities and Exchange Commission. Sunesis expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained herein 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, | |||||||
| 2017 | 2016 | |||||||
| (Unaudited) | (1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 11,672 | $ | 8,056 | ||||
| Marketable securities | 11,011 | 34,532 | ||||||
| Prepaids and other current assets | 840 | 643 | ||||||
| Total current assets | 23,523 | 43,231 | ||||||
| Property and equipment, net | 25 | 3 | ||||||
| Deposits and other assets | 1,371 | |||||||
| Total assets | $ | 24,919 | $ | 43,234 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,277 | $ | 1,871 | ||||
| Accrued clinical expense | 809 | 1,434 | ||||||
| Accrued compensation | 1,172 | 2,000 | ||||||
| Other accrued liabilities | 1,065 | 1,691 | ||||||
| Current portion of deferred revenue | 610 | |||||||
| Current portion of notes payable | 1,667 | 3,333 | ||||||
| Total current liabilities | 6,990 | 10,939 | ||||||
| Non-current portion of notes payable | 5,424 | 11,102 | ||||||
| Other accrued liabilities | 32 | 169 | ||||||
| Commitments | ||||||||
| Stockholders equity: | ||||||||
| Preferred stock | 18,808 | 18,808 | ||||||
| Common stock | 2 | 2 | ||||||
| Additional paid-in capital | 609,744 | 599,632 | ||||||
| Accumulated other comprehensive income (loss) | (9 | ) | (22 | ) | ||||
| Accumulated deficit | (616,072 | ) | (597,396 | ) | ||||
| Total stockholders equity | 12,473 | 21,024 | ||||||
| Total liabilities and stockholders equity | 24,919 | 43,234 |
Note 1: The consolidated balance sheet as of December 31, 2016 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, 2016.
SUNESIS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Note 2) | |||||||||||||
| Revenue: | ||||||||||||||||
| License and other revenue | $ | $ | 610 | $ | 669 | $ | 1,250 | |||||||||
| Total revenues | 610 | 669 | 1,250 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 4,941 | 6,606 | 11,103 | 12,815 | ||||||||||||
| General and administrative | 3,671 | 3,997 | 7,613 | 8,292 | ||||||||||||
| Total operating expenses | 8,612 | 10,603 | 18,716 | 21,107 | ||||||||||||
| Loss from operations | (8,612 | ) | (9,993 | ) | (18,047 | ) | (19,857 | ) | ||||||||
| Interest expense | (344 | ) | (476 | ) | (828 | ) | (774 | ) | ||||||||
| Other income (expense), net | 114 | 23 | 199 | 99 | ||||||||||||
| Net loss | (8,842 | ) | (10,446 | ) | (18,676 | ) | (20,532 | ) | ||||||||
| Unrealized gain (loss) on available-for-sale securities | 9 | (1 | ) | 13 | 12 | |||||||||||
| Comprehensive loss | $ | (8,833 | ) | $ | (10,447 | ) | $ | (18,663 | ) | $ | (20,520 | ) | ||||
| Basic and diluted loss per common share: | ||||||||||||||||
| Net loss | $ | (8,842 | ) | $ | (10,446 | ) | $ | (18,676 | ) | $ | (20,532 | ) | ||||
| Shares used in computing basic and diluted loss per common share | 21,521 | 14,493 | 21,276 | 14,468 | ||||||||||||
| Basic and diluted loss per common share | $ | (0.41 | ) | $ | (0.72 | ) | $ | (0.88 | ) | $ | (1.44 | ) |