Eiger BioPharmaceuticals Reports Second Quarter 2016 Financial Results
"Eiger has made significant progress in 2016 in advancing our pipeline of novel products for the treatment of orphan diseases and positioning the company for multiple near-term value-creating events," said
Second Quarter 2016 Financial Results
Net loss for the second quarter of 2016 was $13.2 million, or $1.87 per share basic and diluted, compared to a net loss of $2.6 million, or $13.34 per share basic and diluted for the second quarter of 2015. Net loss for the six months ended
Research and development expenses for the second quarter of 2016 were $10.7 million compared to
General and administrative expenses for the second quarter of 2016 were $2.5 million compared to
As of June 30, 2016, Eiger had cash of $45.4 million, compared to
Anticipated Milestones
In the remaining months of 2016, Eiger anticipates:
- Lonafarnib: Presentations at AASLD in mid-November on the LOWR HDV-2, -3, and -4 Phase 2 trials in HDV.
- Exendin (9-39): Data by year-end from the multiple ascending dose (MAD) Phase 2 study in patients with post-bariatric hypoglycemia (PBH).
- Pegylated interferon lambda: Initiation of the Phase 2 monotherapy study in HDV.
In 2017, Eiger anticipates:
- Ubenimex: Data from the LIBERTY Phase 2 study in PAH.
- Ubenimex: Data from the ULTRA Phase 2 study in lymphedema.
- Pegylated interferon lambda: Data from the monotherapy Phase 2 study in HDV.
- Lonafarnib: Initiation of the Phase 2 combination trial of lonafarnib and pegylated interferon lambda in HDV.
- Lonafarnib: End-of-Phase 2 meeting to discuss potential registration pathways in HDV.
- Exendin (9-39): Initiation of a second Phase 2 study.
About Eiger
Eiger is a clinical-stage biopharmaceutical company committed to bringing to market novel products for the treatment of rare diseases. The company has built a diverse portfolio of well-characterized product candidates with the potential to address diseases for which the unmet medical need is high, the biology for treatment is clear, and for which an effective therapy is urgently needed. For additional information about Eiger and its clinical programs, please visit www.eigerbio.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives, intentions, beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "project," "target," "will" and other words and terms of similar meaning. Examples of such statements include, but are not limited to, whether or not pegylated interferon lambda-1a or lonafarnib or ubenimex or exendin (9-39) may be further developed and approved, statements relating to the availability of cash for Eiger's future operations and drug development portfolio, Eiger's ability to develop its drug candidates for potential commercialization, the timing of the commencement and number and completion of Phase 2 trials and whether the products can be successfully developed or commercialized. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Eiger makes, including the risks described in the "Risk Factors" sections in the Annual Report on Form 10-K for the period ended
Eiger BioPharmaceuticals Inc. |
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Selected Statements of Operations Financial Data |
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(in thousands, except per share amounts) |
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(unaudited) |
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Three Months Ended |
Six Months Ended |
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June 30, |
June 30, |
||||||||
2016 |
2015 |
2016 |
2015 |
||||||
Operating expenses: |
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Research and development |
$ 10,720 |
$ 2,008 |
$ 15,565 |
$ 2,383 |
|||||
General and administrative |
2,477 |
577 |
6,310 |
1,006 |
|||||
Total operating expenses |
13,197 |
2,585 |
21,875 |
3,389 |
|||||
Loss from operations |
(13,197) |
(2,585) |
(21,875) |
(3,389) |
|||||
Interest expense, net |
- |
- |
(685) |
- |
|||||
Other expense, net |
(4) |
- |
(389) |
- |
|||||
Net loss |
$ (13,201) |
$ (2,585) |
$ (22,949) |
$ (3,389) |
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Net loss per common share: |
|||||||||
Basic and diluted |
$ (1.87) |
$ (13.34) |
$ (5.73) |
$ (17.48) |
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Shares used to compute net loss per common share: |
|||||||||
Basic and diluted |
7,069 |
194 |
4,002 |
194 |
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Eiger BioPharmaceuticals Inc. |
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Selected Balance Sheets Financial Data |
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(in thousands) |
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(unaudited) |
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June 30, |
December 31, |
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2016 |
2015 |
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Balance Sheet Data: |
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Cash and cash equivalents |
$ 45,399 |
$ 4,778 |
|||||||
Working capital |
43,770 |
(2,895) |
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Total assets |
46,771 |
5,582 |
|||||||
Total stockholders' equity/(deficit) |
43,967 |
(5,152) |
Investors:
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