ASLAN PHARMACEUTICALS REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
ASLAN PHARMACEUTICALS REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
Singapore, 9 November 2020 – ASLAN Pharmaceuticals (Nasdaq:ASLN), a clinical-stage immunology focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced financial results for the third quarter ended September 30, 2020 and provided an update on its clinical activities.
Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “The third quarter saw great progress being made on multiple fronts for ASLAN. We resumed our multiple ascending dose (MAD) study of ASLAN004 following the lifting of COVID-19 restrictions and quickly completed recruitment of the second cohort, which we believe is an indicator of the scale of the unmet need we aim to address in atopic dermatitis. Recruitment of the third cohort is underway from sites in the US, Australia and Singapore, and we expect to announce new, unblinded data in early 2021. The move of our primary listing to the US is now complete and aligned with our plans to initiate a global Phase 2b study in atopic dermatitis in 2021 and new clinical studies of ASLAN003 in autoimmune disease.”
Third quarter 2020 and recent business highlights
Clinical development
ASLAN004
- Investigational New Drug application submitted to the US Food and Drug Administration became effective and Clinical Trial Notification cleared by the Therapeutics Goods Administration in Australia.
- Seven new clinical sites opened in the US and Australia designed to support recruitment of patients into the ongoing MAD study.
- Initiated recruitment of patients into third dose cohort in October at sites in the US, Australia and Singapore following successful safety review of second cohort that resumed recruitment in August. ASLAN004 was found to be well tolerated at 400mg and the Data Monitoring Committee (DMC) recommend that the MAD study continue as planned.
ASLAN003
- Announced plans to develop ASLAN003, ASLAN’s next generation inhibitor of dihydroorotate dehydrogenase (DHODH), in autoimmune conditions, such as multiple sclerosis, following review of the data generated on ASLAN003 and discussions with experts in the field. ASLAN believes that ASLAN003 has a potential best in class profile as a potent oral DHODH inhibitor targeting autoimmune indications.
- Appointed renowned neurologist Professor Gavin Giovannoni, Chair of Neurology, Blizard Institute, Barts and The London School of Medicine and Dentistry, as a scientific advisor to the Company. ASLAN will work with Professor Giovannoni on the clinical development plan of ASLAN003.
- Based on previous observations of anti-viral activity against Dengue and Zika viruses, ASLAN recently determined that ASLAN003 has nanomolar potency against SARS-CoV-2 in Vero E6 cells (EC50 = 1.4 nM) and is assessing the potential of ASLAN003 as a treatment for COVID-19 and other viral infections.
Corporate updates
- Appointed Dr Kenneth Kobayashi as Chief Medical Officer. Dr Kobayashi most recently worked at Dermira, where he was responsible for the development of lebrikizumab, and previously held roles at Novartis and LEO Pharma. Dr Kobayashi brings more than 25 years of experience in drug development, clinical practice and regulatory affairs as a Dermatology expert.
- Movement of primary listing to the Nasdaq Global Market and delisting from the Taipei Exchange completed in August. ASLAN has retained its listing of American Depositary Shares (ADS) on Nasdaq in the United States.
Anticipated upcoming milestones
- Interim, unblinded data on ASLAN004 from the 3 dose cohorts (up to 24 patients) and initiation of the expansion cohort (an additional 18 patients) expected in early 2021.
- Completion of MAD clinical study of ASLAN004 in moderate-to-severe atopic dermatitis (AD) patients expected in 1H 2021.
- Initiation of Phase 2b study of ASLAN004 for AD expected in 2021.
Third quarter 2020 financial highlights
- Cash used in operations for the third quarter of 2020 was US$2.6 million compared to US$7.0 million in the same period in 2019.
- Research and development expenses were US$2.2 million in the third quarter of 2020 compared to US$4.1 million in the third quarter of 2019. The decrease was driven by the completion of clinical studies related to varlitinib.
- General and administrative expenses were US$1.3 million in the third quarter of 2020 compared to US$1.1 million in the third quarter of 2019.
· Net loss for the third quarter of 2020 was US$3.5 million compared to a net loss of US$5.2 million for the third quarter of 2019.
- Cash, cash equivalents and short-term investments totaled US$12.1 million as of September 30, 2020 (this includes US$0.9 million of cash received in connection with the ADS scheme that will be paid to our depository agent in 4Q 2020) compared to US$22.2 million as of 31 December 2019. Weighted average ADS outstanding for the third quarter of 2020 was 38.0 million (or equivalent) compared to 32.0 million (or equivalent) for the third quarter of 2019. One ADS is the equivalent of five ordinary shares.
ASLAN Pharmaceuticals Limited
CONSOLIDATED BALANCE SHEET1
(in US dollars)
|
|
December 31, 2019 (audited) |
|
September 30, 2020 (unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ 22,203,031 |
|
$ 12,060,285 |
|
Prepayments |
|
68,923 |
|
341,979 |
|
|
|
|
|
|
|
Total current assets |
|
22,271,954 |
|
12,402,264 |
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
68,256 |
|
59,002 |
|
Financial assets at fair value through other comprehensive income |
|
132,160 |
|
57,829 |
|
Property, plant and equipment |
|
38,333 |
|
19,942 |
|
Right-of-use assets |
|
727,866 |
|
528,751 |
|
Intangible assets |
|
2,845 |
|
402 |
|
Refundable deposits |
|
108,076 |
|
108,542 |
|
|
|
|
|
|
|
Total non-current assets |
|
1,077,536 |
|
774,468 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ 23,349,490 |
|
$ 13,176,732 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade payables |
|
$ 1,871,843 |
|
$ 2,248,833 |
|
Other payables |
|
3,246,842 |
|
2,575,322 |
|
Lease Liabilities - current |
|
264,543 |
|
207,212 |
|
Other current liabilities |
|
- |
|
918,150 |
|
|
|
|
|
|
|
Total current liabilities |
|
5,383,228 |
|
5,949,517 |
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
Financial liabilities at fair value through profit or loss |
|
262,350 |
|
262,350 |
|
Long-term borrowings |
|
17,065,305 |
|
17,499,074 |
|
Long-term borrowing from related parties |
|
566,176 |
|
603,704 |
|
Lease liabilities - non-current |
|
490,835 |
|
351,935 |
|
Other non-current liabilities |
|
184,870 |
|
253,596 |
|
|
|
|
|
|
|
Total non-current liabilities |
|
18,569,536 |
|
18,970,659 |
|
|
|
|
|
|
|
Total liabilities |
|
23,952,764 |
|
24,920,176 |
|
|
|
|
|
|
|
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY |
|
|
|
|
|
Ordinary shares |
|
61,366,844 |
|
61,366,844 |
|
Capital surplus |
|
116,495,710 |
|
116,495,710 |
|
Accumulated deficits |
|
(179,484,825) |
|
(189,966,716) |
|
Other reserves |
|
(55,084) |
|
(129,415) |
|
|
|
|
|
|
|
Total equity attributable to stockholders of the Company |
|
(1,677,355) |
|
(12,233,577) |
|
|
|
|
|
|
|
NON-CONTROLLING INTERESTS |
|
1,074,081 |
|
490,133 |
|
|
|
|
|
|
|
Total equity |
|
(603,274) |
|
(11,743,444) |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ 23,349,490 |
|
$ 13,176,732 |
|
|
|
|
|
|
ASLAN Pharmaceuticals Limited
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)1
(in US dollars, unaudited)
|
|
|
For the Three Months Ended September 30 |
|
For the Nine Months Ended September 30 |
||||
|
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
NET REVENUE |
|
$ - |
|
$ - |
|
$ 3,000,000 |
|
$ - |
|
|
|
|
|
|
|
|
|
|
|
COST OF REVENUE |
|
- |
|
- |
|
(425,000) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
- |
|
- |
|
2,575,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
(1,111,697) |
|
(1,347,487) |
|
(5,253,502) |
|
(4,135,910) |
|
Research and development expenses |
|
(4,145,827) |
|
(2,185,322) |
|
(13,883,992) |
|
(6,432,497) |
|
Total operating expenses |
|
(5,257,524) |
|
(3,532,809) |
|
(19,137,494) |
|
(10,568,407) |
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
(5,257,524) |
|
(3,532,809) |
|
(16,562,494) |
|
(10,568,407) |
|
|
|
|
|
|
|
|
|
|
|
NON-OPERATING INCOME AND EXPENSES |
|
|
|
|
|
|
|
|
|
Interest income |
|
206 |
|
222 |
|
144,417 |
|
438 |
|
Other gains and losses |
|
199,054 |
|
(199,005) |
|
(38,290) |
|
192,430 |
|
Finance costs |
|
(206,596) |
|
(243,516) |
|
(608,502) |
|
(921,153) |
|
Total non-operating income and expenses |
|
(7,336) |
|
(442,299) |
|
(502,375) |
|
(728,285) |
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME TAX |
|
(5,264,860) |
|
(3,975,108) |
|
(17,064,869) |
|
(11,296,692) |
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
79,710 |
|
230,853 |
|
(395,290) |
|
230,853 |
|
|
|
|
|
|
|
|
|
|
|
NET LOSS FOR THE PERIOD |
|
(5,185,150) |
|
(3,744,255) |
|
(17,460,159) |
|
(11,065,839) |
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
Items that will not be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
Unrealized loss on investments in equity instruments at fair value through other comprehensive income |
|
(9,046) |
|
- |
|
(9,046) |
|
(74,331) |
|
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
|
$ (5,194,196) |
|
$ (3,744,255) |
|
$ (17,469,205) |
|
$ (11,140,170) |
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
|
Stockholders of the Company |
|
$ (5,194,196) |
|
$ (3,476,002) |
|
$ (17,460,159) |
|
$ (10,481,891) |
|
Non-controlling interests |
|
- |
|
(268,253) |
|
- |
|
(583,948) |
|
|
|
$ (5,194,196) |
|
$ (3,744,255) |
|
$ (17,460,159) |
|
$ (11,065,839) |
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
|
Stockholders of the Company |
|
$ (5,194,196) |
|
$ (3,476,002) |
|
$ (17,469,205) |
|
$ (10,556,222) |
|
Non-controlling interests |
|
- |
|
(268,253) |
|
- |
|
(583,948) |
|
|
|
$ (5,194,196) |
|
$ (3,744,255) |
|
$ (17,469,205) |
|
$ (11,140,170) |
|
|
|
|
|
|
|
|
|
|
|
LOSS PER SHARE |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ (0.03) |
|
$ (0.02) |
|
$ (0.11) |
|
$ (0.06) |
|
Weighed-avg. shares outstanding (in thousands) |
|
160,249 |
|
189,955 |
|
160,249 |
|
189,955 |
1 Financial Statements in US dollars are prepared by the Company and are unaudited as of September 30, 2020.
Editor Details
-
Company:
- PharmiWeb.com
-
Name:
- PW Editor
- Email:
-
Telephone:
- +441344851506
