Full Press Release Details
Sunesis Pharmaceuticals Reports Second Quarter 2018 Financial Results and Recent Highlights
Sunesis to Host Conference Call Today at 4:30 PM Eastern Time
SOUTH SAN FRANCISCO, Calif., August 7, 2018 -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the quarter ended June 30, 2018. Loss from operations for the three and six months ended June 30, 2018 was $6.6 million and $13.7 million. As of June 30, 2018, cash, cash equivalents and marketable securities totaled $20.4 million. This capital is expected to fund the company into the first quarter of 2019.
"During the second quarter, we continued to focus on advancing our Phase 1b/2 trial evaluating our lead program, the non-covalent BTK inhibitor vecabrutinib, to help patients who have developed resistance to covalent BTK inhibitors such as ibrutinib," said Dayton Misfeldt, Interim Chief Executive Officer of Sunesis. "Specifically, we have added clinical sites, including the recent additions of Memorial Sloan Kettering Cancer Center and Moffitt Cancer Center, and strengthened our development team. We also entered into a financing facility with Aspire Capital to provide us with another flexible financing tool to support our development programs. We expect to present an update on our ongoing vecabrutinib trial at the annual American Society of Hematology meeting."
Financial Highlights
Conference Call Information
Sunesis will host a conference today at 4:30 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 5198125. 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 developing new therapeutics for the treatment of hematologic and solid cancers. Sunesis has built an experienced 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 that its oral non-covalent BTK-inhibitor vecabrutinib is effective in ibrutinib-resistant chronic lymphocytic leukemia. Vecabrutinib is currently being evaluated in a Phase 1b/2 study in adults with chronic lymphocytic leukemia and other B-cell malignancies who have progressed after prior therapies. Beyond the development of vecabrutinib, the Company has two other kinase inhibitor programs, including Sunesis' proprietary preclinical PDK1 inhibitor SNS-510, which is in preclinical development with an IND submission planned in 2019, and the Takeda-partnered pan-RAF inhibitor TAK-580, which is in a clinical trial for pediatric low-grade glioma. PDK1 is a master kinase that activates other kinases important to cell growth and survival including members of the AKT, PKC, RSK and SGK families. Sunesis is also seeking a partner to fund the completion of development for vosaroxin, a Phase 3 investigational product for relapsed or refractory AML.
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 Sunesis' cash sufficiency forecast, the continued development of vecabrutinib (SNS-062), including the timing of Phase 1b/2 trial of vecabrutinib and the therapeutic potential of vecabrutinib, further development and potential of its kinase inhibitor pipeline, and planned development of SNS-510. Words such as "believe," "expect," "look forward," "potential," "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 the vecabrutinib Phase 1b/2 trial, the risk that Sunesis' clinical or preclinical studies for vecabrutinib, SNS-510 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 vecabrutinib or SNS-510 could be otherwise halted or significantly delayed for various reasons, that Sunesis may not be able to receive regulatory approval of vecabrutinib, or SNS-510 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 vecabrutinib, SNS-510 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, 2018 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 STATEMENTS OF OPERATIONS | ||||||||||||||||
| AND COMPREHENSIVE LOSS | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenue: | ||||||||||||||||
| License and other revenue | $ | - | $ | - | $ | 237 | $ | 669 | ||||||||
| Total revenues | - | - | 237 | 669 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 3,758 | 4,941 | 7,727 | 11,103 | ||||||||||||
| General and administrative | 2,824 | 3,671 | 6,183 | 7,613 | ||||||||||||
| Total operating expenses | 6,582 | 8,612 | 13,910 | 18,716 | ||||||||||||
| Loss from operations | (6,582 | ) | (8,612 | ) | (13,673 | ) | (18,047 | ) | ||||||||
| Interest expense | (287 | ) | (344 | ) | (568 | ) | (828 | ) | ||||||||
| Other income (expense), net | 29 | 114 | 128 | 199 | ||||||||||||
| Net loss | (6,840 | ) | (8,842 | ) | (14,113 | ) | (18,676 | ) | ||||||||
| Unrealized gain on available-for-sale securities | 4 | 9 | 6 | 13 | ||||||||||||
| Comprehensive loss | $ | (6,836 | ) | $ | (8,833 | ) | $ | (14,107 | ) | $ | (18,663 | ) | ||||
| Basic and diluted loss per common share: | ||||||||||||||||
| Net loss | $ | (6,840 | ) | $ | (8,842 | ) | $ | (14,113 | ) | $ | (18,676 | ) | ||||
| Shares used in computing basic and diluted loss per common share | 34,417 | 21,521 | 34,381 | 21,276 | ||||||||||||
| Basic and diluted loss per common share | $ | (0.20 | ) | $ | (0.41 | ) | $ | (0.41 | ) | $ | (0.88 | ) |
| SUNESIS PHARMACEUTICALS, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2018 | 2017 | |||||||
| (Unaudited) | (1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,028 | $ | 26,977 | ||||
| Marketable securities | 3,397 | 4,773 | ||||||
| Prepaids and other current assets | 1,470 | 1,183 | ||||||
| Total current assets | 21,895 | 32,933 | ||||||
| Property and equipment, net | 16 | 20 | ||||||
| Deposits and other assets | 110 | 1,381 | ||||||
| Total assets | $ | 22,021 | $ | 34,334 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,553 | $ | 1,697 | ||||
| Accrued clinical expense | 552 | 767 | ||||||
| Accrued compensation | 955 | 1,440 | ||||||
| Other accrued liabilities | 1,686 | 1,570 | ||||||
| Notes payable | 7,300 | 7,204 | ||||||
| Total current liabilities | 12,046 | 12,678 | ||||||
| Other liabilities | - | 112 | ||||||
| Commitments | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock | 20,966 | 20,966 | ||||||
| Common stock | 4 | 3 | ||||||
| Additional paid-in capital | 635,973 | 633,436 | ||||||
| Accumulated other comprehensive income (loss) | (1 | ) | (7 | ) | ||||
| Accumulated deficit | (646,967 | ) | (632,854 | ) | ||||
| Total stockholders' equity | 9,975 | 21,544 | ||||||
| Total liabilities and stockholders' equity | $ | 22,021 | $ | 34,334 | ||||
| Note 1: The consolidated balance sheet as of December 31, 2017 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, 2017. |