Edge Therapeutics Reports First Quarter 2018 Financial Results
02 Mai 2018 - 3:33PM
Edge Therapeutics, Inc. (Nasdaq:EDGE) today announced financial
results for the quarter ended March 31, 2018.
First Quarter Financial Results
Cash Position: Cash, cash equivalents and
marketable securities as of March 31, 2018 were $75.0 million,
compared with $88.1 million as of December 31, 2017. Information on
Edge’s ongoing financial obligations and working capital can be
found in Edge’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2018.
Operating Expenses: Research and
development (R&D) expenses were $12.7 million in the first
quarter of 2018, compared to $7.6 million in the first quarter of
2017. The increase in R&D expense was primarily due to an
increase in external expenses related to EG-1962 clinical
development, and estimated study close down costs for the NEWTON 2
study. General and administrative (G&A) expenses were $4.7
million for the three months ended March 31, 2018, compared to $4.2
million in the comparable period in 2017. The increase in G&A
expense was largely due to increases in personnel-related costs,
legal fees, professional fees and marketing costs.
Net Loss: Net loss of $20.8 million for the
first quarter ended March 31, 2018 included non-cash impairment
charges of $2.7 million related to the write-down of machinery and
equipment, and compared to net loss of $12.2 million for the
comparable period in 2017.
Review of Strategic Alternatives
On April 30, 2018, Edge announced that its Board of Directors is
conducting a comprehensive review of strategic alternatives focused
on maximizing stockholder value. In conjunction with the
exploration of strategic alternatives, Edge intends to streamline
its operations in order to preserve its cash resources. Edge has
retained Piper Jaffray & Co. to act as its financial advisor to
assist with this review process. Potential strategic alternatives
that may be explored or evaluated as part of this review include,
but are not limited to, an acquisition, merger, business
combination or other strategic transaction involving Edge.
There is no defined timeline for completion of the review
process. There is no assurance that this review will result in Edge
pursuing any transaction or that a transaction, if pursued, will be
completed. Edge does not intend to discuss or disclose further
developments regarding the strategic review process unless and
until its Board of Directors has approved a specific action or
otherwise determined that further disclosure is appropriate or
required by law.
About Edge Therapeutics, Inc.Edge Therapeutics,
Inc. is a clinical-stage biotechnology company that discovers,
develops and seeks to commercialize novel, hospital-based therapies
capable of transforming treatment paradigms for the management of
acute, life-threatening conditions. For additional information
about Edge, please visit www.edgetherapeutics.com.
Forward-Looking StatementsThis press release
and any statements of representatives of Edge Therapeutics, Inc.
related thereto that are not historical in nature contain, or may
contain, among other things, certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may include, without
limitation, statements with respect to Edge’s plans, objectives,
projections, expectations and intentions and other statements
identified by words such as "projects," "may," "will," "could,"
"would," "should," "believes," "expects," "anticipates,"
"estimates," “seeks,” "intends," "plans," "potential" or similar
expressions, including statements with respect to the potential
effects of its products and plans to assess and undertake next
steps for the company. These statements are based upon the current
beliefs and expectations of Edge’s management and are subject to
significant risks and uncertainties. Actual results may differ
significantly from those set forth in the forward-looking
statements. These forward-looking statements involve certain risks
and uncertainties that are subject to change based on various risk
factors (many of which are beyond Edge's control) as described
under the heading "Risk Factors" in Edge’s filings with the United
States Securities and Exchange Commission.
Investor and Media Contact:Gregory GinEdge
Therapeutics, Inc.Tel: 1-800-208-EDGE (3343)Email:
ir@edgetherapeutics.com
|
EDGE THERAPEUTICS, INC. |
Statements of Operations and Comprehensive
Loss |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2018 |
|
|
2017 |
|
Operating expenses: |
|
|
|
Research
and development expenses |
$ |
12,742,085 |
|
|
$ |
7,589,496 |
|
General
and administrative expenses |
|
4,681,516 |
|
|
|
4,201,842 |
|
Impairment charges |
|
2,672,581 |
|
|
|
- |
|
Total
operating expenses |
|
20,096,182 |
|
|
|
11,791,338 |
|
Loss
from operations |
|
(20,096,182) |
|
|
|
(11,791,338) |
|
Other
income (expense): |
|
|
|
|
|
|
|
Interest
income |
|
246,639 |
|
|
|
96,259 |
|
Interest
expense |
|
(990,560) |
|
|
|
(475,141) |
|
Net loss
and comprehensive loss |
$ |
(20,840,103) |
|
|
$ |
(12,170,220) |
|
Loss per
share basic and diluted |
$ |
(0.67) |
|
|
$ |
(0.42) |
|
Weighted
average common shares outstanding basic and diluted |
|
30,965,874 |
|
|
|
28,998,616 |
|
|
|
|
|
|
|
|
|
EDGE THERAPEUTICS, INC. |
Balance Sheets |
|
|
March 31, 2018 |
|
December 31, 2017 |
ASSETS |
(unaudited) |
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
74,996,609 |
|
|
$ |
88,067,647 |
|
Prepaid
expenses and other current assets |
|
917,065 |
|
|
|
986,680 |
|
Total
current assets |
|
75,913,674 |
|
|
|
89,054,327 |
|
Property
and equipment, net |
|
552,757 |
|
|
|
3,423,880 |
|
Other
assets |
|
142,870 |
|
|
|
142,870 |
|
Total
assets |
$ |
76,609,301 |
|
|
$ |
92,621,077 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
2,957,284 |
|
|
$ |
4,369,133 |
|
Accrued
expenses |
|
8,472,881 |
|
|
|
5,422,205 |
|
Short
term debt |
|
20,900,000 |
|
|
|
3,075,421 |
|
Total
current liabilities |
|
32,330,165 |
|
|
|
12,866,759 |
|
Noncurrent liability: |
|
|
|
|
|
Long term
debt |
|
- |
|
|
|
17,382,907 |
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred stock, 5,000,000 shares authorized at March 31,
2018 and December 31, 2017, 0 outstanding |
|
- |
|
|
|
- |
|
Common
stock, $0.00033 par value, 75,000,000 shares authorized at March
31, 2018 and December 31, 2017, 31,246,231 shares and 30,869,205
shares issued and outstanding at March 31, 2018 and December
31, 2017, respectively |
|
10,524 |
|
|
|
10,400 |
|
Additional paid-in capital |
|
217,057,074 |
|
|
|
214,309,370 |
|
Accumulated deficit |
|
(172,788,462) |
|
|
|
(151,948,359) |
|
Total
stockholders' equity |
|
44,279,136 |
|
|
|
62,371,411 |
|
Total
liabilities and stockholders' equity |
$ |
76,609,301 |
|
|
$ |
92,621,077 |
|
|
|
|
|
|
|
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