Idera Pharmaceuticals Reports Third Quarter 2021 Financial Results
EXTON, Pa., Nov. 8, 2021 (GLOBE NEWSWIRE) – Idera Pharmaceuticals, Inc. (“Idera”, the “Company”, “we”, “our” or “our”) (Nasdaq: IDRA) today released its financial and operating results for the third quarter ended September 30, 2021.
“We remain focused on identifying new assets in development or in commercial phase for the Idera portfolio and we are encouraged by the opportunities presented to us,” said Vincent Milano, Managing Director of Idera. “As a number of these prospects progress and we continue to preserve our cash flow, we remain optimistic about Idera’s future potential.”
Mr. Milano added: “Studies are also continuing in patients with stable microsatellite colorectal cancer (ILLUMINATE-206) and, in partnership with AbbVie, in patients with squamous cell carcinoma of the head and neck. . We plan to share the results of the second stage of ILLUMINATE-206, which involves tilsotolimod in combination with nivolumab and ipilimumab from Bristol Myers Squibb, by the end of the year.
Third Quarter Financial Results
Our cash position as at September 30, 2021 was $ 36.6 million. Research and development expenses for the quarter ended September 30, 2021 totaled $ 3.5 million, compared to $ 4.8 million for the same period in 2020. General and administrative expenses for the quarter ended September 30 2021 totaled $ 2.3 million, compared to $ 2.7 million for the same period in 2020. Restructuring costs for the quarter ended September 30, 2021 totaled approximately $ 0.1 million and are related downsizing initiated in April 2021 in order to better align our workforce with our ongoing operational and business development activities. No such costs were incurred during the quarter ended September 30, 2020. In addition, during the quarter ended September 30, 2020, we recorded a non-cash warrants revaluation loss of 0.7 million and $ 12.4 million and a non-cash future tranche rights revaluation loss, respectively, related to securities issued under our December 2019 private placement transaction. No such non-cash loss was not recognized during the quarter ended September 30, 2021.
As a result of the above factors, the net loss applicable to common shareholders for the quarter ended September 30, 2021 was $ 6.0 million or $ 0.11 per basic and diluted share compared to a net loss applicable to common shareholders of $ 20.6 million or $ 0.59 per basic and diluted share. share for the same period in 2020. Excluding the non-cash loss of approximately $ 13.1 million for the quarter ended September 30, 2020 related to securities issued under the December 2019 private placement transaction, the net loss applicable to common shareholders was $ 7.5 million.
About Idera Pharmaceuticals
Idera is focused on the acquisition, development and final commercialization of drug candidates for 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding the Company’s strategy, opportunities, financial position, financing for continuing operations, reserves of cash flow, projected costs, outlook, clinical trials and related parameters and the timing of these clinical trials and evaluation criteria, plans and objectives of management are forward-looking statements. The words “believes”, “anticipates”, “estimates”, “plans”, “expects”, “intention”, “may”, “could”, “could”, “should”, “,” , “,”, “Continue”, “will”, “plan” 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 regarding future events and various assumptions. Idera cannot guarantee that it will achieve any plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on any forward-looking statements of the Company. These forward-looking statements involve risks, uncertainties and other known and unknown factors, which may be beyond the control of Idera, and which may cause the actual results, performance or achievements of the Company to differ materially from the results. , future performances or achievements. expressed or implied by these 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: the cash resources of the Company will they be sufficient to finance the continuing operations of the Company and the continued development of the Company’s programs; whether the first results of a clinical trial will be predictive of the final results of the trial; whether the results obtained in preclinical studies and clinical trials will be indicative of the results that will be generated in future clinical trials, including clinical trials in different disease indications; whether products based on Idera technology will progress in or through the clinical trial process when planned or not at all or warrant submission for regulatory approval; whether these products will receive approval from the United States Food and Drug Administration 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 coronavirus pandemic (COVID-19). All forward-looking statements included in this press release are made as of the date hereof and are expressly qualified in their entirety by this warning, including, without limitation, the risks and uncertainties described in the Company’s annual report on the form. 10-K for the fiscal year ended December 31, 2020, and otherwise in the Company’s records and reports filed with the Securities and Exchange Commission. Although Idera may choose to do so at some point in the future, the Company assumes no obligation to update any forward-looking statements and disclaims any intention or obligation to update or revise any forward-looking statement, whatsoever. either because of new information, future events or otherwise, except as required by law.
Idera Pharmaceuticals, Inc.
State of the results
(In thousands, except per share data)
| Three months ended | Nine months ended | ||||||||||||||||
| September 30 | September 30 | ||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| – | |||||||||||||||||
| Operating costs : | |||||||||||||||||
| Research and development | 3 507 | 4 766 | 14,271 | 19 655 | |||||||||||||
| general and administrative | 2 331 | 2,718 | 7 959 | 8,992 | |||||||||||||
| Restructuring costs | 130 | – | 1,322 | – | |||||||||||||
| Total operating expenses | 5 968 | 7 484 | 23 552 | 28 647 | |||||||||||||
| Operating loss | (5,968 | ) | (7,484 | ) | (23,552 | ) | (28,647 | ) | |||||||||
| Other income (expenses) | |||||||||||||||||
| Gain (loss) on revaluation of warrants | – | (683 | ) | 6,983 | (495 | ) | |||||||||||
| Gain (loss) of revaluation of the right of the future tranche | – | (12,350 | ) | 118,803 | (6,988 | ) | |||||||||||
| Other income (expenses), net | 3 | (35 | ) | (24 | ) | 169 | |||||||||||
| Net income (loss) | $ | (5,965 | ) | $ | (20,552 | ) | $ | 102 210 | $ | (35,961 | ) | ||||||
| Net earnings (loss) per common share applicable to common shareholders | |||||||||||||||||
| – basic | $ | (0.11 | ) | $ | (0.59 | ) | $ | 2.10 | $ | (1.09 | ) | ||||||
| – diluted | $ | (0.11 | ) | $ | (0.59 | ) | $ | (0.46 | ) | $ | (1.09 | ) | |||||
| Weighted average number of ordinary shares used in the calculation of the net loss per share applicable to ordinary shareholders | |||||||||||||||||
| – basic | 52,740 | 35,091 | 47 990 | 32,999 | |||||||||||||
| – diluted | 52,740 | 35,091 | 51 613 | 32,999 | |||||||||||||
Idera Pharmaceuticals, Inc.
Balance sheet data
(In thousands)
| September 30 | The 31st of December, | ||||||
| 2021 | 2020 | ||||||
| Cash, cash equivalents and short-term investments | $ | 36,602 | $ | 37 728 | |||
| other assets | 2,578 | 4,671 | |||||
| Total assets | $ | 39,180 | $ | 42,399 | |||
| Total responsibilities | $ | 6,169 | $ | 133,571 | |||
| Total equity (deficit) | 33,011 | (91 172 | ) | ||||
| Total liabilities and equity (deficit) | $ | 39,180 | $ | 42,399 | |||