Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today reported financial results for the third quarter of 2018.
“This is an exciting time at Concert as we advance multiple pipeline candidates, with our priority directed towards our lead compound, CTP-543 for alopecia areata,” stated Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals. “The potential of Janus kinase inhibitors to treat alopecia areata is drawing significant interest to this important unmet medical need. Concert is at the forefront of this field, and we are working to bring CTP-543 to market as a new treatment for alopecia areata. We eagerly await our first key data readout later this month.”
Recent Business Highlights and Upcoming Milestones
Third Quarter 2018 Financial Results
Conference Call and Webcast
The Company will host a conference call and webcast today at 8:30 a.m. ET to provide an update on the company and discuss third quarter financial results. To access the conference call, please dial (855) 354-1855 (U.S. and Canada) or (484) 365-2865 (International) five minutes prior to the start time.
A live webcast of Concert’s presentation may be accessed in the Investors section of the Company’s website at www.concertpharma.com. Please log on to the Concert website approximately 15 minutes prior to the scheduled webcast to ensure adequate time for any software downloads that may be required. A replay of the webcast will be available on Concert’s website for three months.
Concert Pharmaceuticals, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended September 30, |
||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenue: | ||||||||||||||||
License and research and development revenue | $ | 11 | $ | 17 | $ | 10,492 | $ | 52 | ||||||||
Other revenue | — | 143,827 | — | 143,827 | ||||||||||||
Total revenue | 11 | 143,844 | 10,492 | 143,879 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 11,031 | 7,136 | 28,549 | 22,658 | ||||||||||||
General and administrative | 6,320 | 4,875 | 17,464 | 15,835 | ||||||||||||
Total operating expenses | 17,351 | 12,011 | 46,013 | 38,493 | ||||||||||||
(Loss) Income from operations | (17,340 | ) | 131,833 | (35,521 | ) | 105,386 | ||||||||||
Investment income | 703 | 450 | 2,003 | 742 | ||||||||||||
Interest and other expense | — | (609 | ) | — | (814 | ) | ||||||||||
Loss on extinguishment of debt | — | (1,432 | ) | — | (1,432 | ) | ||||||||||
Unrealized loss on marketable equity securities | (732 | ) | — | (1,359 | ) | — | ||||||||||
(Loss) Income before tax provision | (17,369 | ) | 130,242 | (34,877 | ) | 103,882 | ||||||||||
Provision for income taxes | 18 | 2,177 | 298 | 2,177 | ||||||||||||
Net (loss) income | $ (17,387 | ) | $ 128,065 | $ (35,175 | ) | $ 101,705 | ||||||||||
Net (loss) income attributable to common stockholders - basic | (17,387 | ) | 127,324 | (35,175 | ) | 101,272 | ||||||||||
Net (loss) income attributable to common stockholders - diluted | (17,387 | ) | 127,347 | (35,175 | ) | 101,284 | ||||||||||
Net (loss) income per share applicable to common stockholders | ||||||||||||||||
Basic | $ | (0.74 | ) | $ | 5.61 | $ | (1.51 | ) | $ | 4.49 | ||||||
Diluted | $ | (0.74 | ) | $ | 5.44 | $ | (1.51 | ) | $ | 4.37 | ||||||
Weighted-average number of common shares used in net (loss) income per share applicable to common stockholders: | ||||||||||||||||
Basic | 23,421 | 22,694 | 23,349 | 22,551 | ||||||||||||
Diluted | 23,421 | 23,421 | 23,349 | 23,195 | ||||||||||||
Concert Pharmaceuticals, Inc. | |||||||
Summary Balance Sheet Data | |||||||
(in thousands) | |||||||
September 30, |
December 31, |
||||||
Cash and cash equivalents | $ | 39,597 | $ | 27,665 | |||
Investments, available for sale | 128,923 | 175,500 | |||||
Working capital | 188,716 | 199,289 | |||||
Total assets | 208,556 | 211,736 | |||||
Deferred revenue | 10,533 | 10,301 | |||||
Total stockholders’ equity | 185,753 | 196,432 |
About Concert
Concert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to treat serious diseases and address unmet patient needs. The Company’s approach starts with previously studied compounds, including approved drugs, in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert has a broad pipeline of innovative medicines targeting autoimmune and inflammatory diseases and central nervous systems (CNS) disorders. For more information please visit www.concertpharma.com or follow us on Twitter at @ConcertPharma or on LinkedIn.
Cautionary Note on Forward Looking Statements
Any statements in this press release about our future expectations, plans and prospects, including statements about our expectations on the progress of clinical development of CTP-543 and CTP-692, the sufficiency of our cash, cash equivalents and investments to fund our operations and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” 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: the uncertainties inherent in the initiation of future clinical trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” section of our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission and in other filings that we make with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update any forward-looking statements included in this press release.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.
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Concert Pharmaceuticals, Inc.
Justine Koenigsberg (investors),
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