Innocoll Holdings plc (Nasdaq:INNL), a global, commercial stage,
specialty pharmaceutical company with late stage development
programs targeting areas of significant unmet medical need
announced financial and operating results for the three months and
full year ended December 31, 2016. Innocoll manufactures and
supplies a range of pharmaceutical products and medical devices
using its proprietary collagen-based biodegradable and fully
bioresorbable technology platform.
“In 2016, Innocoll successfully achieved
milestones, but also faced challenges. On the one hand,
XARACOLL achieved positive pivotal results in Phase 3 trials and we
were able to substantially finalize the expansion of our
manufacturing facility in Saal, Germany. On the other hand,
COGENZIA did not achieve statistical significance in improving
clinical cure in diabetic foot infections (DFI) and XARACOLL
received the Refusal-to-File letter from the U.S. Food and Drug
Administration (FDA)," said Tony Zook, Chief Executive Officer of
Innocoll. “In February 2017, we attended a Type-A meeting with
representatives of the FDA to review pathways forward following our
receipt of the Refusal-To-File letter. During the meeting, we
proposed a plan to conduct an additional short-term Pharmacokinetic
study and several short-term non-clinical studies, which we believe
will allow us to submit a revised NDA to the FDA by the end of
2017. If the formal minutes from the Type-A meeting, which we
expect to receive at the end of this month, confirm that the FDA
agrees with our plan, we would submit a revised NDA to the FDA soon
after the completion of the additional studies, assuming adequate
financing to commence the proposed studies, and further assuming
positive results."
Innocoll plans to update investors with
additional information about the outcome of its Type A meeting
shortly after receiving formal written FDA minutes. In the interim,
Innocoll intends to continue to explore strategic options to
maximize value to its shareholders.
Fourth Quarter 2016 and Recent
Updates
- Substantially finalized expansion of its Saal, Germany
manufacturing facility.
- Following receipt of the XARACOLL Refusal to File Letter in
December, 2016, in January 2017, Innocoll requested a Type A
meeting with the FDA, which was held in late February 2017. At the
meeting, management presented a plan for a path forward, including
an additional short-term Pharmacokinetic study and several
short-term non-clinical studies, which assuming FDA concurrence,
adequate financing and further positive trial results, could enable
Innocoll to submit a revised NDA for XARACOLL in the latter part of
2017.
Fourth Quarter 2016 Financial
Results
Net Loss Attributable to Ordinary Shareholders:
Innocoll reported a net loss attributable to ordinary shares of
$3.8 million, or $0.13 per share, for the fourth quarter of 2016,
compared to a loss of $7.7 million, or $0.33 per share for the
fourth quarter of 2015.
Non-GAAP diluted loss excluding nonrecurring
items was $7.6 million or $0.26 per share, for the fourth quarter
of 2016, compared to a loss of $16.9 million or $0.72 per share,
for the fourth quarter of 2015.
The weighted average number of ordinary shares
outstanding increased from 23.5 million in the fourth quarter of
2015 to 29.7 million in the fourth quarter of 2016, primarily as a
result of the follow-on public offering in the second quarter of
2016.
Revenues: Revenues were $0.6 million for the
fourth quarter of 2016 as compared to $0.9 million for the fourth
quarter of 2015. This decrease was primarily due to lower sales to
EUSA Pharma of CollatampG®.
Research and Development (R&D) Expenses:
R&D expenses were $4.7 million for the fourth quarter of 2016
as compared to $11.7 million for the fourth quarter of 2015.
R&D expenses in the fourth quarter of 2016 included $3.7
million in external clinical research expenses, which was primarily
driven by the finalization of our Phase 3 Cogenzia efficacy
trials.
General and Administrative (G&A) Expenses:
G&A expenses were $4.9 million for the fourth quarter of 2016
as compared to $6.1 million for the fourth quarter of 2015.
Excluding stock-based compensation charges, G&A expenses for
the fourth quarter of 2016 were $2.6 million as compared to $5.7
million for the fourth quarter of 2015. The decrease in G&A
excluding stock-based compensation was primarily due to reduction
in discretionary expenses and prior year expenses relating to the
company’s re-domiciliation to Ireland.
Other Operating Income: Other operating income was $7.1 million
for the fourth quarter of 2016 as compared to $10.9 million for the
fourth quarter of 2015. Other income in the fourth quarter of 2016
consisted primarily of fair value income of warrants outstanding
and foreign exchange gains, partially offset by accrued interest on
the company’s existing loan with the European Investment Bank
(EIB). Other income in the fourth quarter of 2015 consisted
primarily of $9.7 million fair value income of warrants
outstanding.
Full Year 2016 Financial
Results
Net Loss Attributable to Ordinary Shareholders:
Innocoll reported a net loss attributable to ordinary shareholders
of $57.0 million, or $2.12 per share, for the year ended December
31, 2016, compared to a loss of $50.9 million, or $2.28 per share
for the year ended December 31, 2015.
Non-GAAP diluted loss excluding nonrecurring
items was $59.1 million or $2.20 per share, for the year ended
December 31, 2016, compared to a loss of $42.8 million, or $1.92
per share, for the year ended December 31, 2015.
The weighted average number of ordinary shares
outstanding increased from 22.3 million during the year ended
December 31, 2015, to 26.9 million during the year ended December
31, 2016, primarily as a result of the follow-on public offering in
the second quarter of 2016.
Revenues: Revenues were $4.4 million for
the year ended December 31, 2016 as compared to $2.9 million for
year ended December 31, 2015. This increase was primarily due
to an increase in sales to EUSA Pharma of Collatamp G, our
gentamicin implant for the treatment and prevention of
post-surgical infection.
Research and Development (R&D)
Expenses: R&D expenses were $38.7 million for the year
ended December, 31 2016 as compared to $29.8 million for the year
ended December 31, 2015. R&D expenses in the year ended
December 31, 2016 included $34.8 million in external clinical
research expenses, which was primarily due to the completion of our
pivotal Phase 3 studies of XARACOLL and Cogenzia. R&D
expenses are expected to significantly decrease going forward.
General and Administrative (G&A)
Expenses: G&A expenses were $25.4 million for the year
ended December 31, 2016 as compared to $19.7 million for the year
ended December 31, 2015. Excluding stock-based
compensation charges, G&A expenses for the year ended December
31 2016 were $16.9 million as compared to $15.7 million for the
year ended December 31, 2015. The increase in G&A, excluding
stock-based compensation, was primarily due to our continued
infrastructure build out to support clinical programs and expenses
related to the company’s re-domiciliation to Ireland.
Other Operating Income: Other operating income
was $10.0 million for the year ended December 31, 2016 as compared
to $1.6 million for the year ended December 31, 2015. Other income
for the year ended December 31, 2016 consisted primarily of
non-cash items due to the fair value income of warrants outstanding
and foreign exchange gains, partially offset by accrued interest on
the company’s existing loan with the EIB. Other expense for the
year ended December 31, 2015 consisted primarily of foreign
exchange gains of $5.6 million, partially offset by fair value
expense of warrants outstanding of $4.0 million.
Cash Position
As of December 31, 2016, cash and cash
equivalents totalled $15.8 million compared to $30.4 million as of
September 30, 2016. For further financial information for the
period ending December 31, 2016, please refer to the financial
statements appearing at the end of this release.
In management's opinion, Innocoll's anticipated
expenditures during the next 12 months to advance its current
operations, including plans to conduct further studies to enable it
to submit a revised NDA for XARACOLL and to develop CollaGUARD
will be greater than the amount of its current cash and cash
equivalents. The Company may not be able to generate revenues
from the sale of XARACOLL until the end of 2018, if at
all.
Innocoll's need for additional capital will vary
depending on a variety of circumstances, including, for example, if
it is required to conduct additional tests not currently
contemplated, the level and timing of regulatory approval, as well
as the extent to which it chooses to establish collaboration,
co-promotion, distribution or other similar agreements for its
products and product candidates. Moreover, changing circumstances
may cause it to spend cash significantly faster than it currently
anticipates, and it may need to spend more cash than currently
expected because of circumstances beyond its control.
To the extent that Innocoll's capital resources
are insufficient to meet its future operating and capital
requirements, it will need to finance its cash needs through public
or private equity offerings, debt financings, corporate
collaboration and licensing arrangements, or strategic
alternatives.
About Innocoll Holdings
plcInnocoll is a global, specialty pharmaceutical company
with late stage development programs that is dedicated to
engineering better medicines to help patients get better. Its
proprietary, biocompatible, and biodegradable collagen products are
precision-engineered for targeted use. Applied locally to surgery
sites, they are designed to provide a range of benefits. Its late
stage product pipeline is focused on addressing a number of large
unmet medical needs, including: XARACOLL for the treatment of
postoperative pain and CollaGUARD (INL-003), a barrier for the
prevention of post-surgical adhesions.
Innocoll's currently approved products include:
CollaGUARD® (ex-US), COLLATAMP® G, SEPTOCOLL® E, REGENEPRO®,
COLLACARE®, COLLEXA®, and ZORPREVA®, some of which are sold
globally through strategic partnerships, including those with
Takeda, EUSA Pharma, Biomet 3i and Biomet. All of its native
collagen products — from extraction/purification of type-1 collagen
through final delivery form — are manufactured at its certified,
integrated plant in Saal, Germany.
For more information, please visit
www.innocoll.com.
CollaRx®, Collatamp®, CollaGUARD®, Collieva®,
CollaCare®, Collexa®, COGENZIA® LidoColl®, LiquiColl®, and
XARACOLL® are registered trademarks, and CollaPress™, DermaSil™,
Durieva™, and Zorpreva™ are trademarks of the company.
Use of Non-GAAP Financial
Measures
This press release includes certain numerical
measures that are or may be considered “non-GAAP financial
measures” under the SEC’s Regulation G. “GAAP” refers to generally
accepted accounting principles in the United States. The
reconciliations of such measures to the most comparable GAAP
figures, in accordance with Regulation G, are included herein.
To supplement our unaudited consolidated
financial statements prepared in accordance with U.S. GAAP, we
disclose certain non-GAAP, financial measures. We define adjusted
non-GAAP earnings per share as basic and diluted earnings per share
excluding share-based payments and fair value expense or income on
warrants outstanding. We believe adjusted non-GAAP earnings per
share is meaningful to our investors to enhance their understanding
of our financial condition and results. The items excluded from
non-GAAP earnings per share represent significant non-cash expense
or income that may be settled through issuance of shares included
in our authorized or contingent capital. We believe that non-GAAP
earnings per share excluding these non-cash items may provide
securities analysts, investors and other interested parties with a
useful measure of our operating performance and cash requirements.
Disclosure in this press release of non-GAAP earnings per share is
intended as a supplemental measure of our performance. Non-GAAP
earnings per share should not be considered as an alternative to
earnings per share, profit (loss) or any other performance measure
derived in accordance with U.S. GAAP. Our presentation of adjusted
earnings per share should not be construed to imply that our future
results will be unaffected by unusual non-cash or non-recurring
items.
Forward-looking Statements
Any statements in this press release about our
ongoing development of XARACOLL; the results of our Type-A meeting
with the FDA regarding a proposed path forward for XARACOLL; our
ability to successfully implement a path forward for XARACOLL and
submit a revised NDA in connection therewith; our ability to
finance any additional studies required by the FDA prior to our
ability to submit a revised NDA for XARACOLL; our ability to
successfully complete and receive positive results from any studies
required by the FDA in connection with a proposed revised NDA for
XARACOLL; our plans to develop and commercialize XARACOLL and its
market potential; the potential therapeutic and other benefits of
XARACOLL and our other product candidates; our cash position and
ability to continue as a going concern; our anticipated
expenditures during the next 12 months to advance our current
operations, including plans to conduct further studies towards the
submission of a revised NDA for XARACOLL and to develop
CollaGUARD; our ability to maximize value to our shareholders
through strategic options; our current expectations regarding
future events, including statements regarding the therapeutic
benefit, safety profile and commercial value of XARACOLL, plans and
objectives for present and future clinical and non-clinical trials
and studies and results of such trials and studies, the risk that
the FDA may not accept our proposal to conduct additional studies
towards the submission of a revised NDA for XARACOLL and other
statements containing the words "anticipate," "believe,"
"estimate," "expect," "intend," "goal," "may", "might," "plan,"
"predict," "project," "target," "potential," "will," "would,"
"could," "should," "continue," and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors. Such forward-looking
statements involve substantial risks and uncertainties including,
but not limited to, the risk that the FDA and foreign regulatory
authorities may not agree with our interpretation of needed
additional clinical and non-clinical studies towards our submission
of a revised NDA for XARACOLL and may require us to conduct
additional clinical trials; XARACOLL may not receive regulatory
approval or be successfully commercialized, including as a result
of the FDA's or other regulatory authorities' decisions regarding
labeling and other matters that could affect its availability or
commercial potential; our plans to develop and manufacture
XARACOLL; our manufacturing and marketing capabilities; or other
actions and factors discussed in the "Risk Factors" section of our
Annual Report on Form 10-K for the year ended December 31, 2016,
which we expect to file with the Securities and Exchange Commission
on March 16, 2017. We may not actually achieve the plans,
intentions or expectations disclosed in our forward-looking
statements, and you should not place undue reliance on our
forward-looking statements. In addition, the forward-looking
statements included in this press release represent our views as of
the date of this release. We anticipate that subsequent events and
developments will cause our views to change. We do not assume any
obligation to update any forward- looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
The scientific information discussed in this
news release related to Innocoll's product candidates is
preliminary and investigative. Such product candidates are not
approved by the U.S. Food and Drug Administration, and no
conclusions can or should be drawn regarding the safety or
effectiveness of the product candidates.
| INNOCOLL HOLDINGS PLC |
| CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE LOSS (UNAUDITED) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Three |
|
Three |
|
Twelve |
|
Twelve |
| |
|
|
|
|
|
|
months |
|
months |
|
months |
|
months |
| |
|
|
|
|
|
|
ended |
|
ended |
|
ended |
|
ended |
| |
|
|
|
|
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Thousands of US$ (except share and share
data) |
|
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
|
| Revenue |
|
$ |
590 |
|
$ |
885 |
|
$ |
4,372 |
|
$ |
2,870 |
|
| Cost of
sales |
|
|
(1,563 |
) |
|
(1,255 |
) |
|
(6,986 |
) |
|
(5,328 |
) |
| Gross
loss |
|
|
(973 |
) |
|
(370 |
) |
|
(2,614 |
) |
|
(2,458 |
) |
| Research
and development expenses |
|
|
(4,695 |
) |
|
(11,743 |
) |
|
(38,715 |
) |
|
(29,821 |
) |
| General and
administrative expenses |
|
|
(4,894 |
) |
|
(6,093 |
) |
|
(25,446 |
) |
|
(19,743 |
) |
| Loss on
disposals of property, plant & equipment |
|
|
(9 |
) |
|
- |
|
|
(8 |
) |
|
- |
|
| Loss from
operating activities - continuing operations |
|
(10,571 |
) |
|
(18,206 |
) |
|
(66,783 |
) |
|
(52,022 |
) |
| Other
income |
|
|
7,075 |
|
|
10,850 |
|
|
10,000 |
|
|
1,573 |
|
|
Loss before income tax |
|
|
(3,496 |
) |
|
(7,356 |
) |
|
(56,783 |
) |
|
(50,449 |
) |
| Income tax
expense |
|
|
(351 |
) |
|
(307 |
) |
|
(171 |
) |
|
(407 |
) |
|
Loss for the period - all attributable to equity
holders |
|
|
|
|
|
|
|
|
| of
the company |
|
|
(3,847 |
) |
|
(7,663 |
) |
|
(56,954 |
) |
|
(50,856 |
) |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
| Currency
translation adjustment |
|
|
(189 |
) |
|
(137 |
) |
|
(108 |
) |
|
(4,460 |
) |
|
Total comprehensive loss for the period |
|
$ |
(4,036 |
) |
$ |
(7,800 |
) |
$ |
(57,062 |
) |
$ |
(55,316 |
) |
| Basic and
diluted loss per share |
|
$ |
(0.13 |
) |
$ |
(0.33 |
) |
$ |
(2.12 |
) |
$ |
(2.28 |
) |
| INNOCOLL HOLDINGS PLC |
| NON-GAAP NET EARNINGS
(UNAUDITED) |
|
|
| |
Three |
|
Three |
|
Twelve |
|
Twelve |
| |
|
months |
|
months |
|
months |
|
months |
| |
|
ended |
|
ended |
|
ended |
|
ended |
| |
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Numerator for non-GAAP loss per share -Thousands
of |
|
| US$ (except share and share data) |
|
|
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
|
| Net loss -
basic |
|
$ |
(3,847 |
) |
$ |
(7,663 |
) |
$ |
(56,954 |
) |
$ |
(50,856 |
) |
| Share based
payments |
|
2,315 |
|
|
417 |
|
|
8,547 |
|
|
3,982 |
|
| Fair value
(gain)/expense on warrants |
|
(6,051 |
) |
|
(9,703 |
) |
|
(10,644 |
) |
|
4,067 |
|
| Non-GAAP
net loss - basic and diluted |
|
(7,583 |
) |
|
(16,949 |
) |
|
(59,051 |
) |
|
(42,807 |
) |
|
Denominator - number of shares: |
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding - basic and diluted |
|
29,716,973 |
|
|
23,453,482 |
|
|
26,867,343 |
|
|
22,328,908 |
|
|
Loss per share: |
|
|
|
|
|
|
|
|
| Basic and
diluted |
|
$ |
(0.26 |
) |
$ |
(0.72 |
) |
$ |
(2.20 |
) |
$ |
(1.92 |
) |
| |
|
|
|
|
|
|
|
| INNOCOLL HOLDINGS PLC |
|
| CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
|
| at December 31, 2016 and December 31,2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Thousands of
US$ |
|
|
|
|
|
12/31/16 |
|
12/31/15 |
|
| |
|
|
| |
($'000) |
|
($'000) |
|
|
Assets |
|
$ |
|
$ |
|
|
|
Current assets |
|
|
|
|
|
| Cash and
cash equivalents |
|
15,765 |
|
|
42,186 |
|
|
| Trade and
other receivables |
|
6,836 |
|
|
4,567 |
|
|
|
Inventories |
|
2,403 |
|
|
1,808 |
|
|
| Total
current assets |
|
25,004 |
|
|
48,561 |
|
|
| Property,
plant and equipment |
|
16,698 |
|
|
4,199 |
|
|
| Deferred
tax asset |
|
125 |
|
|
- |
|
|
| Other
assets |
|
175 |
|
|
- |
|
|
| Total
non-current assets |
|
16,998 |
|
|
4,199 |
|
|
|
Total assets |
|
$ |
42,002 |
|
$ |
52,760 |
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
| Trade and
other payables |
|
$ |
13,505 |
|
$ |
14,411 |
|
|
| Deferred
income |
|
1,827 |
|
|
2,219 |
|
|
| Current
taxes payable |
|
36 |
|
|
20 |
|
|
|
Total current liabilities |
|
15,368 |
|
|
16,650 |
|
|
| Interest
bearing loans and borrowings |
|
28,948 |
|
|
16,400 |
|
|
| Warrant
liability |
|
854 |
|
|
11,498 |
|
|
| Deferred
tax liability |
|
- |
|
|
263 |
|
|
| Defined
benefit pension liability |
|
28 |
|
|
49 |
|
|
|
Total non-current liabilities |
|
29,830 |
|
|
28,210 |
|
|
|
Total liabilities |
|
45,198 |
|
|
44,860 |
|
|
|
Equity |
|
|
|
|
|
| Share
capital |
|
324 |
|
|
1,943 |
|
|
| Additional
paid -in capital |
|
220,965 |
|
|
173,353 |
|
|
| Currency
translation reserve |
|
(1,352 |
) |
|
(1,244 |
) |
|
| Treasury
shares |
|
(27 |
) |
|
- |
|
|
| Accumulated
deficit |
|
(223,106 |
) |
|
(166,152 |
) |
|
| Total
equity attributable to equity holders of the company |
|
(3,196 |
) |
|
7,900 |
|
|
|
Total liabilities and equity |
|
$ |
42,002 |
|
$ |
52,760 |
|
|
| |
|
|
|
|
| INNOCOLL HOLDINGS PLC |
|
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Three |
|
Three |
|
Twelve |
|
Twelve |
|
| |
|
|
|
|
|
|
months |
|
months |
|
months |
|
months |
|
| |
|
|
|
|
|
|
ended |
|
ended |
|
ended |
|
ended |
|
| Thousands of
US$ |
|
|
|
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
| |
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
|
Operating activities loss for the period |
|
$ |
(3,847 |
) |
$ |
(7,663 |
) |
$ |
(56,954 |
) |
$ |
(50,856 |
) |
|
| Adjustments
for: |
|
|
|
|
|
|
|
|
|
| Other
income |
|
(7,075 |
) |
|
(10,850 |
) |
|
(10,000 |
) |
|
(1,573 |
) |
|
| Income tax
expense |
|
351 |
|
|
307 |
|
|
171 |
|
|
407 |
|
|
| Loss on
disposals of property, plant & equipment |
|
9 |
|
|
- |
|
|
8 |
|
|
- |
|
|
| Non-cash
items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property, plant & equipment |
|
105 |
|
|
86 |
|
|
414 |
|
|
348 |
|
|
| Share based
payment |
|
2,315 |
|
|
417 |
|
|
8,547 |
|
|
3,982 |
|
|
| Foreign
exchange gains/(losses) |
|
121 |
|
|
48 |
|
|
37 |
|
|
53 |
|
|
|
Operating cash outflows before movements in working
capital |
|
(8,021 |
) |
|
(17,655 |
) |
|
(57,777 |
) |
|
(47,639 |
) |
|
| Increase in
inventories |
|
(223 |
) |
|
(451 |
) |
|
(595 |
) |
|
(602 |
) |
|
| Increase in
trade and other receivables |
|
(1,492 |
) |
|
(3,644 |
) |
|
(2,269 |
) |
|
(3,807 |
) |
|
|
(Decrease)/increase in trade and other payables |
|
(1,617 |
) |
|
8,274 |
|
|
(906 |
) |
|
9,078 |
|
|
|
(Decrease)/increase in deferred income and defined benefit pension
liability |
|
(12 |
) |
|
(35 |
) |
|
(413 |
) |
|
207 |
|
|
| Income
taxes paid |
|
(163 |
) |
|
(31 |
) |
|
(543 |
) |
|
(129 |
) |
|
| Net
cash used in operating activities |
|
(11,528 |
) |
|
(13,542 |
) |
|
(62,503 |
) |
|
(42,892 |
) |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
| Purchases
of property, plant and equipment |
|
(2,745 |
) |
|
(1,322 |
) |
|
(12,445 |
) |
|
(3,262 |
) |
|
| Proceeds
from disposals of property, plant and equipment |
|
13 |
|
|
- |
|
|
14 |
|
|
2 |
|
|
| Interest
received |
|
19 |
|
|
14 |
|
|
32 |
|
|
81 |
|
|
| Restricted
cash |
|
- |
|
|
- |
|
|
(187 |
) |
|
- |
|
|
| Net
cash used in investing activities: |
|
(2,713 |
) |
|
(1,308 |
) |
|
(12,586 |
) |
|
(3,179 |
) |
|
|
Cash inflows from financing activities: |
|
|
|
|
|
|
|
|
|
| Proceeds
from issue of shares |
|
3 |
|
|
814 |
|
|
37,419 |
|
|
16,728 |
|
|
| Proceeds
from interest bearing loans & borrowings |
|
- |
|
|
16,331 |
|
|
11,240 |
|
|
16,331 |
|
|
| Net
cash inflows from financing activities |
|
3 |
|
|
17,145 |
|
|
48,659 |
|
|
33,059 |
|
|
| Net
decrease in cash and cash equivalents |
|
(14,238 |
) |
|
2,295 |
|
|
(26,430 |
) |
|
(13,012 |
) |
|
| Cash and
cash equivalents at the beginning of the period |
|
30,402 |
|
|
42,213 |
|
|
42,186 |
|
|
55,382 |
|
|
| Effect of
foreign exchange rate changes |
|
(399 |
) |
|
(2,322 |
) |
|
9 |
|
|
(184 |
) |
|
|
Cash and cash equivalents at the end of the
period |
|
$ |
15,765 |
|
$ |
42,186 |
|
$ |
15,765 |
|
$ |
42,186 |
|
|
| |
|
|
|
|
|
|
|
|
| INNOCOLL HOLDINGS PLC |
|
| RECONCILIATION OF NON-GAAP NET LOSS TO NEAREST
COMPARABLE GAAP MEASURE (UNAUDITED) |
|
|
|
| |
Three |
|
Three |
|
Twelve |
|
Twelve |
|
| |
|
months |
|
months |
|
months |
|
months |
|
| |
|
ended |
|
ended |
|
ended |
|
ended |
|
| |
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
| |
|
| Thousands of
US$ |
|
|
|
|
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
|
|
| Net loss
attributable to equity holders of the company |
$ |
(3,847 |
) |
$ |
(7,663 |
) |
$ |
(56,954 |
) |
$ |
(50,856 |
) |
|
| Share based
payments |
|
2,315 |
|
|
417 |
|
|
8,547 |
|
|
3,982 |
|
|
| Fair value
(gain)/expense on warrants |
|
(6,051 |
) |
|
(9,703 |
) |
|
(10,644 |
) |
|
4,067 |
|
|
| Non-GAAP
net loss |
|
(7,583 |
) |
|
(16,949 |
) |
|
(59,051 |
) |
|
(42,807 |
) |
|
| |
|
|
|
|
|
|
|
|
|
Corporate:
Pepe Carmona
Chief Financial Officer
(215) 983-3362
pcarmona@innocoll.com
Innocoll AG (NASDAQ:INNL)
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From Mar 2024 to Apr 2024
Innocoll AG (NASDAQ:INNL)
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From Apr 2023 to Apr 2024
