Sienna Biopharmaceuticals Reports Second Quarter 2017 Financial Results
“We are pleased to report the results of our second quarter,” said
Business Highlights
On
Sienna’s pipeline currently includes:
(from the Company’s Topical by Design™ platform)
- SNA-120 (tropomyosin receptor kinase A, or TrkA, inhibitor) for the treatment of pruritus associated with psoriasis and the underlying psoriasis
- SNA-125 (dual Janus kinase 3, or JAK3, and TrkA inhibitor) for the treatment of atopic dermatitis and pruritus
- SNA-125 (dual JAK3 and TrkA inhibitor) for the treatment of psoriasis and pruritus
(from the Company’s Topical Photoparticle Therapy™ platform)
- SNA-001 for the treatment of acne
- SNA-001 for the reduction of light-pigmented hair
Selected Financial Results
Total operating expenses for the three months ended
Total operating expenses for the six months ended
Sienna’s cash as of
About
For more information, visit the Company’s website at www.SiennaBio.com.
Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements regarding Sienna’s expectations regarding its ability to develop additional clinical-stage programs and the timing thereof, the timing of initiation of clinical studies of its product candidates, the timing of release of additional data for its product candidates, the timing of initiation of additional studies for its product candidates, plans regarding ongoing studies for existing programs and potential benefits of its products under development. Such forward-looking statements involve substantial risks and uncertainties that could cause Sienna’s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the pharmaceutical drug and medical device development processes, including regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing pharmaceutical drug and medical device products, Sienna’s ability to successfully protect and defend its intellectual property, and other matters that could affect the sufficiency of existing cash to fund operations and the availability or commercial potential of Sienna’s drug candidates. Sienna undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see Sienna’s most recent Quarterly Report on Form 10-Q and any subsequent current and periodic reports filed with the
Sienna Biopharmaceuticals, Inc. | |||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | $ | 6,704 | $ | 2,484 | $ | 11,622 | $ | 4,419 | |||||||||
General and administrative | 4,562 | 2,549 | 8,638 | 4,543 | |||||||||||||
Total operating expenses | 11,266 | 5,033 | 20,260 | 8,962 | |||||||||||||
Loss from operations | (11,266 | ) | (5,033 | ) | (20,260 | ) | (8,962 | ) | |||||||||
Other income | 6 | 106 | 11 | 199 | |||||||||||||
Interest and other expense | (1,678 | ) | — | (2,844 | ) | — | |||||||||||
Net loss before taxes | (12,938 | ) | (4,927 | ) | (23,093 | ) | (8,763 | ) | |||||||||
Income tax benefit | 81 | — | 127 | — | |||||||||||||
Net loss | $ | (12,857 | ) | $ | (4,927 | ) | $ | (22,966 | ) | $ | (8,763 | ) | |||||
Per share information: | |||||||||||||||||
Net loss, basic and diluted1 | $ | (6.50 | ) | $ | (2.91 | ) | $ | (11.81 | ) | $ | (5.19 | ) | |||||
Basic and diluted weighted average shares outstanding2 | 1,978 | 1,693 | 1,944 | 1,690 |
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1 Diluted net loss per share is the same as basic net loss per share, as the effects of potentially dilutive securities are antidilutive during periods of net loss.
2 Immediately prior to the closing of the IPO on
Sienna Biopharmaceuticals, Inc. | ||||||||||
Selected Consolidated Balance Sheet Data | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
June 30, 2017 | December 31, 2016 | |||||||||
Cash | $ | 31,719 | $ | 9,091 | ||||||
Working capital | 23,623 | 640 | ||||||||
Total assets | 92,002 | 62,377 | ||||||||
Total current liabilities | 11,751 | 9,883 | ||||||||
Total liabilities | 47,998 | 40,260 | ||||||||
Convertible preferred stock | 99,763 | 59,517 | ||||||||
Accumulated deficit | 58,318 | 35,352 | ||||||||
Total stockholders’ equity | 44,004 | 22,117 |
Contact (Investors and Media):Ric Peterson Chief Financial Officer rpeterson@siennabio.com 818-629-2232Sean Andrews Senior Director, Investor Relations sandrews@siennabio.com 818-629-2244