Alpine Immune Sciences Reports First Quarter 2024 Financial Results
Alpine Immune Sciences reported its financial results for the first quarter of 2024, with a cash position of $362.4 million. Vertex Pharmaceuticals will acquire Alpine for $65 per share, expected to close in Q2 2024. Collaboration revenue decreased to $7.0 million, with an increase in research and development expenses to $22.5 million. Net loss for Q1 2024 was $17.9 million.
- None.
- None.
On April 10, 2024, Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) and Alpine announced that the companies had entered into a definitive agreement under which Vertex will acquire Alpine for
First Quarter 2024 Financial Results
Cash Position and Runway: As of March 31, 2024, Alpine's cash and investments totaled
Collaboration Revenue: For the three months ended March 31, 2024, collaboration revenue was
Research and Development Expense: For the three months ended March 31, 2024, research and development expense, inclusive of non-cash expenses, was
General and Administrative Expense: For the three months ended March 31, 2024, general and administrative expense, inclusive of non-cash expenses, was
Net Loss: Net loss for the three months ended March 31, 2024, was
Alpine Immune Sciences, Inc. |
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Selected Condensed Consolidated Balance Sheet Data |
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(In thousands) |
|
March 31, 2024 |
|
December 31, 2023 |
||||
|
|
(unaudited) |
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Cash and cash equivalents |
|
$ |
33,015 |
|
$ |
43,921 |
||
Short-term investments |
|
|
272,646 |
|
|
|
283,491 |
|
Total current assets |
|
|
308,251 |
|
|
|
330,034 |
|
Long-term investments |
|
|
56,453 |
|
|
|
40,556 |
|
Total assets |
|
|
373,646 |
|
|
|
379,852 |
|
Total current liabilities |
|
|
32,238 |
|
|
|
41,980 |
|
Total stockholders’ equity |
|
|
332,703 |
|
|
|
327,941 |
|
Total liabilities and stockholders’ equity |
|
|
373,646 |
|
|
|
379,852 |
|
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) Data |
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(In thousands, except share and per share amounts) |
|
Three Months Ended March 31, |
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|
|
2024 |
|
2023 |
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|
|
(unaudited) |
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Collaboration revenue |
|
$ |
7,032 |
|
|
$ |
9,387 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
22,457 |
|
|
|
19,581 |
|
General and administrative |
|
|
7,271 |
|
|
|
5,398 |
|
Total operating expenses |
|
|
29,728 |
|
|
|
24,979 |
|
Loss from operations |
|
|
(22,696 |
) |
|
|
(15,592 |
) |
Other income (expense): |
|
|
|
|
||||
Interest income |
|
|
4,781 |
|
|
|
2,418 |
|
Interest expense |
|
|
— |
|
|
|
(70 |
) |
Other, net |
|
|
(3 |
) |
|
|
(22 |
) |
Net loss |
|
$ |
(17,918 |
) |
|
$ |
(13,266 |
) |
Comprehensive income (loss): |
|
|
|
|
||||
Unrealized (loss) gain on investments |
|
|
(551 |
) |
|
|
745 |
|
Unrealized loss on foreign currency translation |
|
|
(109 |
) |
|
|
(31 |
) |
Comprehensive loss |
|
$ |
(18,578 |
) |
|
$ |
(12,552 |
) |
Weighted-average shares used to compute basic and diluted net loss per share |
|
|
64,033,018 |
|
|
|
47,568,149 |
|
Basic and diluted net loss per share |
|
$ |
(0.28 |
) |
|
$ |
(0.28 |
) |
About Alpine Immune Sciences
Alpine Immune Sciences is committed to leading a new wave of immune therapeutics. With world-class research and development capabilities, a highly productive scientific platform, and a proven management team, Alpine is seeking to create first- or best-in-class multifunctional immunotherapies via unique protein engineering technologies to improve patients’ lives. Alpine has entered into strategic collaborations with leading global biopharmaceutical companies and has a diverse pipeline of clinical and preclinical candidates in development. For more information, visit www.alpineimmunesciences.com. Follow @AlpineImmuneSci on X and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements related to Vertex, Alpine and the proposed acquisition of Alpine by Vertex (the “Transaction”) that are subject to risks, uncertainties and other factors. While Vertex believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the beliefs of Alpine and Vertex only as of the date of this communication, and there are a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the companies’ and members of their senior management teams. Forward-looking statements are not purely historical and may be accompanied by words such as “anticipates,” “may,” “forecasts,” “expects,” “intends,” “plans,” “potentially,” “believes,” “seeks,” “estimates,” and other words and terms of similar meaning. Such statements may relate to: the ability of Vertex to advance Alpine’s platform technology and potential therapies, such as povetacicept, on a timely basis; filings and approvals relating to the Transaction; the expected timing of the completion of the Transaction; the ability to complete the Transaction considering the various closing conditions; difficulties or unanticipated expenses in connection with integrating the companies; and any assumptions underlying any of the foregoing.
Forward-looking statements are subject to certain risks, uncertainties, or other factors that are difficult to predict and could cause actual events or results to differ materially from those indicated in any such statements due to a number of risks and uncertainties. Those risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include, among other things: uncertainties as to the timing of the Transaction; uncertainties as to how many of Alpine’s stockholders will tender their stock in the offer; the possibility that various closing conditions for the Transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transaction; the effects of the Transaction on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; that Vertex may not realize the potential benefits of the Transaction; other business effects, including the effects of industry, economic or political conditions outside of the companies’ control; Transaction costs; and actual or contingent liabilities related to the Transaction. In addition, the product candidates being developed by Alpine are subject to all the risks inherent in the drug development process, and there can be no assurance that the development of these product candidates will be commercially successful. Forward-looking statements in this communication should be evaluated together with the many uncertainties that affect Vertex’s and Alpine’s businesses, particularly those risks listed under the heading “Risk Factors” and the other cautionary factors discussed in the parties’ periodic reports filed with the Securities and Exchange Commission (the “SEC”), including Vertex’s annual report on Form 10-K for the year ended December 31, 2023, and its quarterly reports on Form 10-Q and current reports on Form 8-K, and Alpine’s annual report on Form 10-K for the year ended December 31, 2023, and its quarterly reports on Form 10-Q and current reports on Form 8-K, as well as the Solicitation/Recommendation Statement filed by Alpine and the Tender Offer Materials filed by Vertex and Adams Merger Sub, Inc., a direct wholly owned subsidiary of Vertex, all of which are available for free on the SEC’s website at www.sec.gov. You should not place undue reliance on these statements. All forward-looking statements are based on information currently available to Vertex and Alpine, and Vertex and Alpine disclaim any obligation to update the information contained in this communication as new information becomes available, except as required by law.
Additional Information and Where to Find It
In connection with the proposed acquisition of Alpine, Vertex caused its acquisition subsidiary to commence a tender offer for all the issued and outstanding shares of common stock of Alpine. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Alpine, nor is it a substitute for any tender offer materials that Vertex or Alpine filed with the SEC. Vertex has filed with the SEC a Tender Offer Statement on Schedule TO which includes an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents (together, the “Tender Offer Materials”), and Alpine has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Solicitation/Recommendation Statement”) with respect to the tender offer. ALPINE’S SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The Tender Offer Materials and the Solicitation/Recommendation Statement are available for free at the SEC’s website at www.sec.gov. Additional copies may be obtained free of charge under the “Investors” section of Vertex’s website at https://investors.vrtx.com/financial-information/sec-filings or by contacting Vertex by phone at (617) 341-6108 or by email at InvestorInfo@vrtx.com, or by directing requests for such materials to the information agent for the offer, which will be named in the Tender Offer Materials. In addition to the Tender Offer Materials and the Solicitation/Recommendation Statement, Alpine and Vertex file periodic reports and other information with the SEC. Vertex’s and Alpine’s filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov and their respective investor relations websites at the addresses above.
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Investor and Media Contact:
Alpine Immune Sciences, Inc.
ir@alpineimmunesciences.com
media@alpineimmunesciences.com
Source: Alpine Immune Sciences, Inc.
FAQ
What were Alpine Immune Sciences' cash and investments as of March 31, 2024?
What was the collaboration revenue for Alpine Immune Sciences in the first quarter of 2024?
Who is acquiring Alpine Immune Sciences and at what price per share?