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Nabriva Therapeutics Reports Second Quarter 2019 Financial Results and Recent Corporate Highlights
[August 08, 2019]

Nabriva Therapeutics Reports Second Quarter 2019 Financial Results and Recent Corporate Highlights


DUBLIN, Ireland, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Nabriva Therapeutics plc (NASDAQ: NBRV), a biopharmaceutical company engaged in the development of innovative anti-infective agents to treat serious infections, today announced its financial results for the three and six months ended June 30, 2019 and recent corporate highlights.

“Nabriva has made significant advances in the second quarter as we prepare for the upcoming PDUFA date for both the intravenous and oral formulations of lefamulin for the treatment of community-acquired bacterial pneumonia (CABP),” said Ted Schroeder, Chief Executive Officer of Nabriva Therapeutics. “Additionally, in collaboration with one of our third party manufacturers, we had a productive meeting with the U.S. Food and Drug Administration (FDA) related to the CONTEPO Complete Response Letter (CRL), and hope to provide an update to investors in the weeks ahead with the goal of bringing this important treatment to patients as quickly as possible.”

RECENT CORPORATE AND DEVELOPMENT HIGHLIGHTS

  • In May 2019, submitted a marketing authorization application for both the intravenous and oral formulations of lefamulin for the treatment of community-acquired pneumonia in adult patients 18 years of age and older to the European Medicines Agency (EMA).
  • In June 2019, presented additional data from the Phase 3 clinical trials of lefamulin and the Phase 2/3 clinical trial of CONTEPO that further support efficacy by pathogen for CABP and complicated urinary tract infections (cUTI), respectively, at ASM Microbe, held in San Francisco, CA. 
  • In July 2019, held a Type A meeting with the FDA to discuss the CRL for the New Drug Application (NDA) seeking marketing approval for CONTEPO™ (fosfomycin) for injection for the treatment of cUTI, including acute pyelonephritis. 

FINANCIAL RESULTS

Three Months Ended June 30, 2019 and 2018

  • For the three months ended June 30, 2019, Nabriva Therapeutics reported a net loss of $21.7 million, or $0.30 per share, compared to a net loss of $17.8 million, or $0.44 per share, for the three months ended June 30, 2018. Revenues decreased by $0.3 million from $0.8 million for the three months ended June 30, 2018 to $0.5 million for the three months ended June 30, 2019, primarily as a result of a decrease in research and development expenses for which we were eligible to receive grant revenue.
  • Research and development expenses decreased by $1.6 million from $9.7 million for the three months ended June 30, 2018 to $8.1 million for the three months ended June 30, 2019. The decrease was primarily due a $1.5 million decrease in research materials and purchased services related to the development of lefamulin.
  • General and administrative expense increased by $4.6 million from $8.8 million for the three months ended June 30, 2018 to $13.4 million for the three months ended June 30, 2019. The increase was primarily due to a $1.9 million increase in staff costs due to the addition of employees in preparation for the potential commercial launch of Nabriva Therapeutics’ product candidates, a $1.0 million increase in stock-based compensation expense and a $0.8 million increase in external consultancy expenses.

Six Months Ended June 30, 2019 and 2018

  • For the six months ended June 30, 2019, Nabriva Therapeutics reported a net loss of $41.9 million, or $0.59 per share, compared to a net loss of $31.1 million, or $0.80 per share, for the six months ended June 30, 2018. Revenues decreased by $6.2 million from $8.4 million for the six months ended June 30, 2018 to $2.2 million for the six months ended June 30, 2019, primarily due to a decrease in collaboration revenue of $5.5 million.
  • Research and development expenses decreased by $4.4 million from $20.0 million for the six months ended June 30, 2018 to $15.6 million for the six months ended June 30, 2019. The decrease was primarily due to a $2.6 million refund from the FDA of the NDA filing fee for CONTEPO and a $3.0 million decrease in research materials and purchased services related to the development of lefamulin, partly offset by a $0.8 million increase in staff costs due to the addition of employees.
  • General and administrative expense increased by $7.8 million from $19.0 million for the six months ended June 30, 2018 to $26.8 million for the six months ended June 30, 2019. The increase was primarily due to a $3.7 million increase in staff costs due to the addition of employees in preparation for the potential commercial launch of Nabriva Therapeutics’ product candidates, a $1.9 million increase in stock-based compensation expense and a $1.4 million increase in external consultancy expenses.
  • As of June 30, 2019, Nabriva Therapeutics had $73.9 million in cash, cash equivalents and short-term investments compared to $102.2 million as of December 31, 2018. Existing cash resources are expected to fund operations into the second quarter of 2020.

Please refer to our Annual Report on Forms 10-K for the fiscal year ended December 31, 2018 and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019, which are filed with the U.S. Securities and Exchange Commission, for additional information regarding our business and financial results.   

About Nabriva Therapeutics plc
Nabriva Therapeutics is a biopharmaceutical company engaged in the development of innovative anti-infective agents to treat serious infections. Nabriva Therapeutics has two product candidates that are in late stage development: lefamulin, potentially the first systemic pleuromutilin antibiotic for CABP and CONTEPO (fosfomycin) for injection, a potential first-in-class epoxide antibiotic in the United States for complicated urinary tract infections (cUTIs) including acute pyelonephritis (AP). For more information, please visit https://www.nabriva.com.

Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Nabriva Therapeutics, including but not limited to statements about Nabriva Therapeutics’ plans for further interactions with the FDA and EMA; the development of Nabriva Therapeutics’ product candidates, such as the future development or commercialization of lefamulin and CONTEPO, the clinical utility of lefamulin for CABP and of CONTEPO for cUTI, plans for and timing of the review of regulatory filings, efforts to bring lefamulin and CONTEPO to market, plans to enter into arrangements with third parties to commercialize lefamulin in Europe, if approved; the market opportunity for and the potential market acceptance of lefamulin for CABP and CONTEPO for cUTI, the potential benefits under its license agreements with Sinovant Sciences, Ltd. and Sunovion Pharmaceutics Canada, Inc., the development of lefamulin and CONTEPO for additional indications, the development of additional formulations of lefamulin and CONTEPO, plans to pursue research and development of other product candidates, its ability to achieve any of the specified regulatory or performance milestones under its loan agreement with Hercules Capital, the sufficiency of Nabriva Therapeutics’ existing cash resources and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including:  Nabriva Therapeutics’ ability to resolve the matters set forth in the Complete Response Letter it received from the FDA in connection with its NDA for CONTEPO (fosfomycin) for injection; Nabriva Therapeutics’ reliance on third-party manufacturers to manufacture the clinical and commercial supply of its product candidates and the ability of such third parties to comply with applicable regulatory requirements; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, Nabriva Therapeutics’ ability to realize the anticipated benefits, synergies and growth prospects of its acquisition of Zavante Therapeutics, the uncertainties inherent in the initiation and conduct of clinical trials, availability and timing of data from clinical trials, whether results of early clinical trials or studies in different disease indications will be indicative of the results of ongoing or future trials, whether results of ZEUS will be indicative of results for any ongoing or future clinical trials and studies of CONTEPO, uncertainties associated with regulatory review of clinical trials and applications for marketing approvals, the availability or commercial potential of product candidates including lefamulin for use as a first-line empiric monotherapy for the treatment of CABP and CONTEPO for the treatment of cUTI, the ability to retain and hire key personnel, the sufficiency of cash resources and need for additional financing and such other important factors as are set forth in Nabriva Therapeutics’ annual and quarterly reports and other filings on file with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Nabriva Therapeutics’ views as of the date of this press release. Nabriva Therapeutics anticipates that subsequent events and developments will cause its views to change. However, while Nabriva Therapeutics may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nabriva Therapeutics’ views as of any date subsequent to the date of this press release.

CONTACTS:

For Investors
Dave Garrett
Nabriva Therapeutics plc
david.garrett@nabriva.com
610-816-6657

For Media
Mike Beyer
Sam Brown Inc.
mikebeyer@sambrown.com
312-961-2502


Consolidated Balance Sheets
(unaudited)

      
(in thousands, except share data) As of
December 31, 
2018
 As of
June 30,
2019
 
      
Assets     
Current assets:     
Cash and cash equivalents $102,003 $58,666 
Short-term investments 225 15,253 
Other receivables 3,871 4,766 
Contract asset 1,500  
Prepaid expenses 1,154 1,403 
Total current assets 108,753 80,088 
Property, plant and equipment, net 1,139 2,761 
Intangible assets, net 98 86 
Long-term receivables 428 710 
Total assets $110,418 $83,645 
      
Liabilities and Stockholders’ equity     
Current liabilities:     
Accounts payable $3,304 $2,914 
Accrued expense and other current liabilities 14,502 11,202 
Total current liabilities 17,806 14,116 
Non-current liabilities     
Long-term debt 23,718 24,306 
Other non-current liabilities 264 1,818 
Total non-current liabilities 23,982 26,124 
Total liabilities 41,788 40,240 
      
Stockholders’ Equity:     
Ordinary shares, nominal value $0.01, 1,000,000,000 ordinary shares authorized at June 30, 2019; 67,019,094 and 72,906,293 issued and outstanding at December 31, 2018 and June 30, 2019, respectively 670 729 
Preferred shares, par value $0.01, 100,000,000 shares authorized at March 31, 2019; None issued and outstanding   
Additional paid in capital 461,911 478,551 
Accumulated other comprehensive income 27 27 
Accumulated deficit (393,978)(435,902)
Total stockholders’ equity 68,630 43,405 
Total liabilities and stockholders’ equity $110,418 $83,645 




Consolidated Statements of Operations
(unaudited)


      
  Three Months Ended Six Months Ended 
June 30,June 30,
(in thousands, except share and per share data) 2018 2019 2018 2019 
Revenues:         
Collaboration revenue $ $ $6,500 $1,000 
Research premium and grant revenue 847 525 1,898 1,228 
Total revenue 847 525 8,398 2,228 
Operating expenses:         
Research and development (9,717)(8,074)(19,996)(15,612)
General and administrative (8,837)(13,427)(18,973)(26,836)
Total operating expenses (18,554)(21,501)(38,969)(42,448)
Loss from operations (17,707) (20,976(30,571)(40,220
Other income (expense):         
Other income (expense), net (141)56 (118)126 
Interest income 19 72 28 82 
Interest expense (7)(904)(11)(1,803)
Loss before income taxes (17,836)(21,752)(30,672)(41,815)
Income tax benefit (expense) 48 45 (458)(109)
Net loss $(17,788)$(21,707)$(31,130)$(41,924)
              
Loss per share         
Basic and Diluted ($ per share) $(0.44)$(0.30)$(0.80) $(0.59)
          
Weighted average number of shares:         
Basic and Diluted 40,515,920 72,526,441 38,723,718 70,624,583 



Condensed Consolidated Statements of Cash Flows
(unaudited)

   
  Six Months Ended 
June 30,
(in thousands) 2018  2019 
Net cash provided by (used in):    
Operating activities $(33,360) $(41,748)
Investing activities (283) (15,057)
Financing activities 22,218  13,428 
Effects of foreign currency translation on cash and cash equivalents (91) 40 
Net decrease in cash and cash equivalents (11,516) (43,337)
Cash and cash equivalents at beginning of period 86,769  102,003 
Cash and cash equivalents at end of period $75,253  $58,666 
     

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