CTI BioPharma Reports Fourth Quarter and Full Year 2019 Financial Results
"In the latter half of 2019 and beginning of 2020, we further advanced our pacritinib development program, including presenting data at the
Fourth Quarter Financial Results
Operating loss was
License and contract revenues for the three months ended
Net loss attributable to common stockholders for the three months ended
About CTI BioPharma Corp.
We are a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies for blood-related cancers that offer a unique benefit to patients and their healthcare providers. We concentrate our efforts on treatments that target blood-related cancers where there is an unmet medical need. In particular, we are focused on evaluating pacritinib, our sole product candidate currently in active development, for the treatment of adult patients with myelofibrosis. We are headquartered in
Forward-Looking Statements
Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current assumptions that involve risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to conduct and complete clinical trials in our currently anticipated timeframes; our ability to successfully demonstrate the safety and efficacy of pacritinib; our expectations regarding the completion and outcome of the PACIFICA Phase 3 trial; the risk that the FDA may determine that the benefit/risk profile of pacritinib at the dose selected for the PACIFICA Phase 3 trial does not support approval; the risk that pacritinib may fail in development; our ability to submit an NDA for pacritinib in the timeline currently anticipated; our ability to receive regulatory approval for pacritinib pursuant to the accelerated approval pathway or at all; the risk that pacritinib may be delayed to a point where it is not commercially viable; the accuracy of our assumptions regarding our planned expenditures and sufficiency of our cash to fund operations; and those risks more fully discussed in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended
"
CTI BioPharma Investor Contacts:
+212-600-1902
cti@argotpartners.com
(tables follow)
Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (unaudited) |
|||||||||||||||
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||
License and contract revenues |
$ |
— |
$ |
14,108 |
$ |
3,345 |
$ |
26,290 |
|||||||
Operating costs and expenses: |
|||||||||||||||
Research and development |
4,981 |
7,928 |
24,107 |
36,467 |
|||||||||||
Selling, general and administrative |
4,493 |
5,312 |
19,155 |
22,062 |
|||||||||||
Restructuring expenses |
— |
660 |
794 |
660 |
|||||||||||
Total operating costs and expenses |
9,474 |
13,900 |
44,056 |
59,189 |
|||||||||||
(Loss) income from operations |
(9,474) |
208 |
(40,711) |
(32,899) |
|||||||||||
Non-operating income (expense): |
|||||||||||||||
Interest income |
169 |
419 |
1,172 |
1,219 |
|||||||||||
Interest expense |
(199) |
(316) |
(1,002) |
(1,209) |
|||||||||||
Amortization of debt discount and issuance costs |
(130) |
(131) |
(521) |
(525) |
|||||||||||
Foreign exchange gain (loss) |
128 |
665 |
(281) |
(233) |
|||||||||||
Other non-operating income |
1,320 |
— |
1,320 |
4,295 |
|||||||||||
Total non-operating income, net |
1,288 |
637 |
688 |
3,547 |
|||||||||||
Net (loss) income before noncontrolling interest |
(8,186) |
845 |
(40,023) |
(29,352) |
|||||||||||
Noncontrolling interest |
(2) |
1 |
3 |
32 |
|||||||||||
Net (loss) income |
(8,188) |
846 |
(40,020) |
(29,320) |
|||||||||||
Deemed dividends on preferred stock |
— |
— |
— |
(80) |
|||||||||||
Net (loss) income attributable to common stockholders |
$ |
(8,188) |
$ |
846 |
$ |
(40,020) |
$ |
(29,400) |
|||||||
Net (loss) income per common share: |
|||||||||||||||
Basic |
$ |
(0.14) |
$ |
0.01 |
$ |
(0.69) |
$ |
(0.52) |
|||||||
Diluted |
$ |
(0.14) |
$ |
0.01 |
$ |
(0.69) |
$ |
(0.52) |
|||||||
Shares used in calculation of (loss) income per common share: |
|||||||||||||||
Basic |
57,974 |
57,969 |
57,974 |
56,073 |
|||||||||||
Diluted |
57,974 |
57,970 |
57,974 |
56,073 |
Balance Sheet Data (unaudited): |
(amounts in thousands) |
|||||||
|
|
|||||||
2019 |
2018 |
|||||||
Cash and cash equivalents |
$ |
31,144 |
$ |
36,439 |
||||
Short-term investments |
2,522 |
30,599 |
||||||
Working capital |
17,092 |
59,437 |
||||||
Total assets |
46,280 |
89,832 |
||||||
Current portion of long-term debt |
4,812 |
4,812 |
||||||
Long-term debt, less current portion |
4,455 |
9,267 |
||||||
Total stockholders' equity |
17,930 |
52,939 |
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