Idera Pharmaceuticals Reports Second Quarter Financial Results and Provides Corporate Update
Idera Pharmaceuticals (Nasdaq: IDRA) reported Q2 2020 financial results and clinical updates. The company advanced its clinical pipeline, particularly with tilsotolimod, maintaining timelines for the ILLUMINATE-301 trial despite COVID-19 disruptions. Financially, Idera secured $40.7 million through private placements, ensuring funding into Q2 2021. R&D expenses reduced to $5.4 million from $10.0 million YOY, but net loss increased to $24.2 million, or $0.72 per share. As of June 30, 2020, cash and equivalents totaled $31.0 million, supporting operations moving forward.
- Financial resources strengthened with $40.7 million in private placements.
- Reduced R&D expenses of $5.4 million, down from $10.0 million YOY.
- Timelines for ILLUMINATE-301 remain on track for Q1 2021 data.
- Net loss increased to $24.2 million, or $0.72 per share, compared to $11.2 million, or $0.39 per share, in Q2 2019.
- Significant non-cash losses recorded totaling $16.3 million related to previous private placement securities.
EXTON, Pa., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Idera Pharmaceuticals, Inc. (“Idera” or the “Company”) (Nasdaq: IDRA) today reported its financial and operational results for the second quarter ended June 30, 2020.
“Idera meaningfully advanced its clinical pipeline and strengthened its financial resources in the first part of 2020. Further encouraged by data from ILLUMINATE-204, which we reported in the second quarter, we continue to work diligently against our timelines for ILLUMINATE-301. Those timelines currently remain on track for data in the first quarter of 2021, despite disruptions from the global impact of COVID-19,” stated Vincent Milano, Idera’s Chief Executive Officer. “In addition, as part of our ‘beyond melanoma’ strategy, early data from ILLUMINATE-206 reinforces our optimism in the potential of tilsotolimod in patients with micro-satellite stable colorectal cancer. Lastly, our team’s outstanding perseverance and dedication to our patients combined with the further financing we recently secured will help us continue to execute these key objectives and potentially beyond.”
Corporate Update
Since March 31, 2020, the Company entered into two private placement financings of up to
ILLUMINATE (tilsotolimod) Clinical Development Updates
ILLUMINATE-301: Randomized phase 3 trial of tilsotolimod in combination with Yervoy®* (ipilimumab) versus Yervoy® alone in patients with anti-PD-1 refractory advanced melanoma:
- Primary endpoint family of overall response rate (ORR) by blinded independent review using RECIST v1.1 and overall survival (OS);
- Trial initiated in March 2018;
- Enrollment completed in March 2020; and
- ORR and other preliminary data expected in the first quarter of 2021.
ILLUMINATE-206: Phase 2, open-label, multicohort, multicenter study to test the safety and effectiveness of tilsotolimod in combination with Yervoy® and Opdivo®* (nivolumab) for the treatment of solid tumors:
- Trial initiated in September 2019 with the microsatellite stable colorectal cancer (MSS-CRC) cohort;
- Initial safety run-in of 10 patients, which included Yervoy® at 1 mg/kg every 8 weeks and Opdivo® at 3 mg/kg every 2 weeks, showed that the regimen was generally well tolerated;
- Planned changes in the study design intended to improve potential outcomes in this patient population include increasing Yervoy® dosing frequency to every 3 weeks and limiting the number of allowed prior lines of treatment to 2; and
- Enrollment of the next 10 patients is targeted to begin in the fourth quarter of 2020, with data anticipated in the second quarter of 2021.
ILLUMINATE-204: Phase 1/2 trial of tilsotolimod in combination with Yervoy® or Keytruda®± (pembrolizumab) in patients with anti-PD-1 refractory advanced melanoma:
- Final topline results released in April 2020 from the recommended phase 2 dose (RP2D) of 8 mg of tilsotolimod in combination with Yervoy®, which is the treatment regimen being evaluated in the Company’s registrational trial, ILLUMINATE-301; and
- Final data from the trial will be shared in a Mini Oral presentation at the ESMO Virtual Congress 2020, to be held September 19-21, 2020.
Second Quarter Financial Results
Research and development expenses for the three months ended June 30, 2020 totaled
As a result of the factors above, net loss applicable to common stockholders for the three months ended June 30, 2020 was
As of June 30, 2020, our cash, cash equivalents, and short-term investments totaled
About Idera Pharmaceuticals
Harnessing the approach of the earliest researchers in immunotherapy and the Company’s vast experience in developing proprietary immunology platforms, Idera’s lead development program is focused on priming the immune system to play a more powerful role in fighting cancer, ultimately increasing the number of people who can benefit from immunotherapy. Idera also continues to focus on the acquisition, development and ultimate commercialization of drug candidates for both oncology and rare disease indications characterized by small, well-defined patient populations with serious unmet needs. To learn more about Idera, visit IderaPharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding the Company's strategy, financial position, funding for continued operations, and clinical trials, including the enrollment, timing, and future results thereof, are forward-looking statements. The words "believes," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "potential," "likely," "projects," "continue," "will," “schedule,” and "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on the Company’s current expectations and projections about future events and various assumptions. Idera cannot guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may be beyond Idera’s control, and which may cause the actual results, performance, or achievements of the Company to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Idera's actual results to differ materially from those indicated or implied by its forward-looking statements including, without limitation: whether the Company’s cash resources will be sufficient to fund the Company’s continuing operations and the further development of the Company’s programs; whether interim results from a clinical trial will be predictive of the final results of the trial; whether results obtained in preclinical studies and clinical trials will be indicative of the results that will be generated in future clinical trials, including in clinical trials in different disease indications; whether products based on Idera's technology will advance into or through the clinical trial process when anticipated or at all or warrant submission for regulatory approval; whether such products will receive approval from the FDA or equivalent foreign regulatory agencies; whether, if the Company's products receive approval, they will be successfully distributed and marketed; whether the Company's collaborations will be successful; and the impact of public health crises, including the novel coronavirus (COVID-19) global pandemic. All forward-looking statements included in this release are made as of the date hereof, and are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and otherwise in the Company’s filings and reports filed with Securities and Exchange Commission. While Idera may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.
*Yervoy (ipilimumab) and Opdivo (nivolumab) are registered trademarks of Bristol Myers Squibb.
±Keytruda (pembrolizumab) is a registered trademark of Merck Sharp & Dohme, a subsidiary Merck & Co., Inc.
| Idera Pharmaceuticals, Inc. Statements of Operations (In thousands, except per share data) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Alliance revenue | $ | - | $ | 1,448 | $ | - | $ | 1,448 | |||||||||
| - | |||||||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 5,379 | 10,024 | 14,889 | 18,126 | |||||||||||||
| General and administrative | 2,632 | 2,895 | 6,274 | 6,038 | |||||||||||||
| Restructuring costs | - | 45 | - | 176 | |||||||||||||
| Total operating expenses | 8,011 | 12,964 | 21,163 | 24,340 | |||||||||||||
| Loss from operations | (8,011 | ) | (11,516 | ) | (21,163 | ) | (22,892 | ) | |||||||||
| Other income (expense) | |||||||||||||||||
| Warrant revaluation (loss) gain | (913 | ) | - | 188 | - | ||||||||||||
| Future tranche right revaluation (loss) gain | (15,349 | ) | - | 5,362 | - | ||||||||||||
| Other income (expense), net | 47 | 340 | 204 | 742 | |||||||||||||
| Net loss | $ | (24,226 | ) | $ | (11,176 | ) | $ | (15,409 | ) | $ | (22,150 | ) | |||||
| Net loss per common share applicable to common stockholders | |||||||||||||||||
| — basic | $ | (0.72 | ) | $ | (0.39 | ) | $ | (0.48 | ) | $ | (0.79 | ) | |||||
| — diluted | $ | (0.72 | ) | $ | (0.39 | ) | $ | (0.52 | ) | $ | (0.79 | ) | |||||
| Weighted-average number of common shares used in computing net loss per share applicable to common stockholders | |||||||||||||||||
| — basic | 33,583 | 28,461 | 31,941 | 28,070 | |||||||||||||
| — diluted | 33,583 | 28,461 | 34,123 | 28,070 | |||||||||||||
| Idera Pharmaceuticals, Inc. Balance Sheet Data (In thousands) | |||||||
| June 30, | December 31, | ||||||
| 2020 | 2019 | ||||||
| Cash, cash equivalents, and short-term investments | $ | 31,006 | $ | 42,793 | |||
| Other assets | 3,779 | 4,696 | |||||
| Total assets | $ | 34,785 | $ | 47,489 | |||
| Total liabilities | $ | 52,476 | $ | 58,657 | |||
| Total stockholders' deficit | (17,691 | ) | (11,168 | ) | |||
| Total liabilities and stockholders' deficit | $ | 34,785 | $ | 47,489 | |||
IDERA PHARMACEUTICALS Contacts: Jill Conwell Investor Relations & Corporate Communications Phone (484) 348-1675 John J. Kirby Chief Financial Officer Phone (484) 348-1627
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