Eiger BioPharmaceuticals Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Business Update
Eiger BioPharmaceuticals (Nasdaq:EIGR) reported its fourth quarter and full year 2021 financial results. The company holds a strong cash position of approximately $106 million as of December 31, 2021. Key developments include the Phase 3 TOGETHER study for COVID-19 and the D-LIVR study for Hepatitis Delta Virus, with topline data expected in March and by the end of 2022, respectively. Revenue from Zokinvy was $3.4 million in Q4, with full-year sales at $12.1 million. Net losses were $21.8 million in Q4, compared to $18.8 million in the same period in 2020.
- Strong cash position of $106 million as of 12/31/21.
- Topline data from Phase 3 studies expected in 2022.
- Net product sales of Zokinvy increased to $3.4 million in Q4.
- Net losses of $21.8 million in Q4 2021, higher than $18.8 million loss in Q4 2020.
- Increased R&D expenses to $64.4 million for the full year 2021.
PALO ALTO, Calif., March 10, 2022 /PRNewswire/ --
- Phase 3 COVID-19 TOGETHER (Lambda) Study Data in March 2022
- Phase 3 HDV D-LIVR (Lonafarnib) Study Topline Data Planned by End of 2022
- Phase 3 HDV LIMT-2 (Lambda) Study Enrolling
- Strong Cash Position of Approximately
$106 Million as of 12/31/21 - Company to Host Conference Call Today at 4:30 PM ET
Eiger BioPharmaceuticals, Inc. (Nasdaq:EIGR), a commercial-stage biopharmaceutical company focused on the development of innovative therapies to treat and cure Hepatitis Delta Virus (HDV) and other serious diseases, today reported financial results for fourth quarter and full year 2021 and provided a business update.
"We expect 2022 to be a transformational year for Eiger with topline data planned from two Phase 3 studies," said David Cory, President and CEO of Eiger. "The Phase 3 TOGETHER study of Peginterferon Lambda for COVID-19 is expected to readout later this month and the Phase 3 D-LIVR study of Lonafarnib for HDV is planned to readout by end of year. We look forward to reporting results from these potentially registration enabling studies as well as progress across our other late-stage pipeline programs with multiple catalysts this year."
Program Highlights
Lonafarnib: Oral Prenylation Inhibitor for HDV
- D-LIVR Phase 3 multi-center, global study
- Two Lonafarnib-based regimens, both with potential for registration
- Lonafarnib oral and Lonafarnib / peginterferon alfa combination
- Fully enrolled N=407, with topline data planned by end of 2022
- D-LIVR study design includes conservative powering assumptions, modeling response rates well below what was demonstrated in Phase 2
- Ukraine and Russia Update
- Ukraine:
- Eiger continues to closely assess this evolving situation, prioritizing patient care and patient monitoring to ensure continuity in the study
- Eiger believes the study remains more than adequately powered to demonstrate statistical significance over placebo even if these patients discontinue from study
- Russia:
- To date, no interruption to patient visits, safety monitoring, or drug supply; contingency plans in place to ensure continuity of drug supply, sample storage and analysis to preserve integrity of results
Peginterferon Lambda: Well-tolerated Interferon for HDV
- LIMT-2 Phase 3 multi-center, global study
- Peginterferon Lambda monotherapy for registration
- Enrolling patients, targeting N=150
Peginterferon Lambda and Lonafarnib Combination for HDV
- LIFT-2 Phase 2 study at National Institutes of Health
- Initiating 1H22, targeting N=30
- Potential to be interferon of choice in HDV combination therapies
Peginterferon Lambda for Non-hospitalized COVID-19 Infection
- Novel mechanism of action, agnostic to variants and mutations
- TOGETHER Phase 3 study fully enrolled, N>1,800
- Includes unvaccinated and vaccinated patients across multiple variants
- Topline data planned in March 2022
Avexitide for Rare Metabolic Disorders
- Granted Breakthrough Therapy Designation for Congenital Hyperinsulinism (HI)
- Granted Rare Pediatric Disease Designation for HI; PRV eligible
- Phase 3 ready in 2022
Zokinvy® for Progeria and Processing-Deficient Progeroid Laminopathies
- Successful U.S. commercial launch
- Approximately
80% of identified U.S. patients converted to commercial supply - EMA review of MAA
- CHMP opinion expected in first half of 2022
Corporate
- Cash, cash equivalents and investments of
$106.1 million to begin 2022 expected to fund planned operations through Q3 2023
Fourth Quarter and Full Year 2021 Financial Results
Cash, cash equivalents, and total investments as of December 31, 2021 totaled
Net product sales of Zokinvy were
Cost of Sales was
Research and Development expenses were
Selling, General and Administrative expenses were
Total operating expenses include non-cash expenses of
The Company reported net losses of
As of December 31, 2021, the company had 34.6 million of common shares outstanding.
CONFERENCE CALL
At 4:30 PM Eastern Time today, March 10, 2022, Eiger will host a conference call to discuss its financial results and provide a business update. The live and replayed webcast of the call will be available through the company's website at www.eigerbio.com. To participate in the live call by phone, dial (844) 743-2495 (U.S.) or (661) 378-9529 (International) and enter conference ID 4338659. The webcast will be archived and available for replay for at least 90 days after the event.
About Eiger
Eiger is a commercial-stage biopharmaceutical company focused on the development of innovative therapies to treat and cure Hepatitis Delta Virus (HDV) and other serious rare diseases. The Eiger HDV platform includes two first-in-class therapies in Phase 3 that target critical host processes involved in viral replication. All five Eiger rare disease programs have been granted FDA Breakthrough Therapy Designation.
For additional information about Eiger and its clinical programs, please visit www.eigerbio.com
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts, including statements regarding our future financial condition, timing for and outcomes of clinical results, business strategy and plans and objectives for future operations, are forward-looking statements. Forward-looking statements are our current statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, our anticipated significant milestones in 2022; the timing of our ongoing and planned clinical development; the sufficiency of our cash, cash equivalents and investments to fund our operations; expectations regarding the timing and availability of topline data from our Phase 3 D-LIVR study in HDV; the ability to fully enroll the Phase 3 LIMT-2 study; initiating a Phase 3 study for avexitide in congenital hyperinsulinism; the approval of Zokinvy in jurisdictions outside of the U.S., including the EU; and the potential of peginterferon lambda to be an effective therapy for newly diagnosed outpatients with COVID-19; and the possibility of success of any of our product candidates. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Eiger makes, including additional applicable risks and uncertainties described in the "Risk Factors" sections in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and Eiger's subsequent filings with the SEC. The forward-looking statements contained in this press release are based on information currently available to Eiger and speak only as of the date on which they are made. Eiger does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
Investors:
Sri Ryali – CFO
sryali@eigerbio.com
Sylvia Wheeler – Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com
Media:
Aljanae Reynolds – Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com
Eiger BioPharmaceuticals Inc. | |||||
Condensed Consolidated Balance Sheets | |||||
(in thousands) | |||||
Year Ended | Year Ended | ||||
December 31, | December 31, | ||||
2021 | 2020(1) | ||||
ASSETS | |||||
Cash and cash equivalents | $ 22,221 | $ 28,864 | |||
Short-term debt securities | 66,594 | 99,976 | |||
Accounts receivable | 2,576 | - | |||
Inventories | 2,612 | 93 | |||
Prepaid expenses and other current assets | 9,361 | 8,873 | |||
Total current assets | 103,364 | 137,806 | |||
Long-term debt securities | 17,262 | - | |||
Property and equipment, net | 613 | 709 | |||
Operating lease right-of-use assets | 653 | 1,176 | |||
Other assets | 4,510 | 3,903 | |||
Total assets | $ 126,402 | $ 143,594 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities | $ 29,901 | $ 16,627 | |||
Other liabilities | 24,102 | 31,932 | |||
Stockholders' equity | 72,399 | 95,035 | |||
Total liabilities and stockholders' equity | $ 126,402 | $ 143,594 | |||
(1) | Derived from the audited financial statements, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. |
Eiger BioPharmaceuticals Inc. | ||||||||||
Condensed Consolidated Statements of Operations Financial Data | ||||||||||
(in thousands, except per share and share amounts) | ||||||||||
Three Months Ended | Year Ended | |||||||||
December 31, | December 31, | |||||||||
(unaudited) | ||||||||||
2021 | 2020 | 2021 | 2020 | |||||||
Product revenue, net | $ 3,360 | $ — | $ 12,142 | $ — | ||||||
Costs and operating expenses: | ||||||||||
Cost of sales | 104 | — | 745 | — | ||||||
Research and development(1) | 18,186 | 12,545 | 64,436 | 41,590 | ||||||
Selling, general and administrative(1) | 5,984 | 5,418 | 23,900 | 20,559 | ||||||
Total operating expenses | 24,274 | 17,963 | 89,081 | 62,149 | ||||||
Loss from operations | (20,914) | (17,963) | (76,939) | (62,149) | ||||||
Interest expense | (900) | (913) | (3,559) | (3,594) | ||||||
Interest income | 39 | 75 | 158 | 704 | ||||||
Other income (expense), net | 25 | (5) | 46,487 | (12) | ||||||
Income(loss) before provision for taxes | (21,750) | (18,806) | (33,853) | (65,051) | ||||||
Provision for income taxes | 18 | — | 64 | — | ||||||
Net loss | $ (21,768) | $ (18,806) | $ (33,917) | $ (65,051) | ||||||
Net income (loss) per common share: | ||||||||||
Basic and diluted | $ (0.64) | $ (0.58) | $ (1.00) | $ (2.31) | ||||||
Weighted-average common shares outstanding: | ||||||||||
Basic and diluted | 34,010,405 | 32,701,820 | 33,944,342 | 28,143,391 | ||||||
(1) | Includes stock-based compensation expense of: | |||||||||
Three Months Ended | Year Ended | |||||||||
December 31, | December 31, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
Research and development | $ 625 | $ 340 | $ 2,252 | $ 1,494 | ||||||
General and administrative | 1,339 | 1,097 | 5,649 | 4,479 | ||||||
Total stock-based compensation expense | $ 1,964 | $ 1,437 | $ 7,901 | $ 5,973 | ||||||
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SOURCE Eiger BioPharmaceuticals, Inc.
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