LOS ANGELES, Aug. 14, 2017 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) today
announced financial results for the second quarter
2017.
For the quarter ended June 30,
2017, ImmunoCellular incurred a net loss of $3.6 million, or $1.02 per basic and diluted share, compared to a
net loss of $5.3 million, or
$2.30 per basic and diluted share,
for the quarter ended June 30,
2016.
For the quarter ended June 30,
2017, research and development expenses were $10.4 million compared to $4.4 million during the quarter ended
June 30, 2016. The increase
reflects additional patients enrolled in the Company's phase 3
trial of ICT-107. The Company suspended this trial in June, and
wrote off approximately $2.3 million
of trial-related supplies and accrued approximately $3 million of expenses to wind down the
trial.
During the quarter ended June 30,
2017, ImmunoCellular also recorded a credit of $7.7 million to account for the forgiveness of
debt related to the CIRM award. This represents $5.5 million of funds advanced by CIRM for the
phase 3 ICT-107 trial and the reversal of $2.2 million of accrued interest.
For the six months ended June 30,
2017, the Company incurred a net loss of $9.4 million, or $2.66 per basic and dilution share, compared to a
loss of $11.0 million, or
$4.76 per basic and diluted share
during the same period in the prior year.
For the six months ended June 30,
2017, research and development expenses were $15.0 million compared to $9.2 million during the six months ended
June 30, 2016. The increase
reflects additional patients enrolled in the Company's phase 3
trial of ICT-107 and the write-off of $2.3
million of trial related supplies and the accrual of
approximately $3.0 million of
expenses to wind down the trial.
The Company used $9.5 million of
cash in operations for the six months ended June 30, 2017, compared to $11.2 million for the six months ended
June 30, 2016. During the six months
ended June 30, 2017, the Company
reduced its vendor payments to conserve cash. As a result,
accounts payable increased by $2.8
million. With the termination of the phase 3 trial of
ICT-107, the Company expects future cash needs will decrease.
During the six months ended June 30,
2017, the Company incurred $3.6
million of non-cash expenses consisting of $30,000 of depreciation and $300,000 of stock based compensation and
$2.4 million write-off of trial
related supplies and $900,000 of
accrued interest on the CIRM award. The Company also recorded
non-cash credits of $8.3 million
consisting of $7.7 million
forgiveness of debt and $550,000
related to the revaluation of warrant derivatives. During the six
months ended June 30, 2016, the Company incurred $1.1 million of non-cash expenses consisting of
$500,000 of accrued interest on the
CIRM award, $40,000 of depreciation,
$30,000 of financing expenses and
$500,000 of stock based compensation.
The Company also recorded a non-cash credit of $900,000 related to the revaluation of warrant
derivatives. As of June 30,
2017, the Company had $1.8
million of cash and 3.6 million shares of common stock
issued and outstanding.
During the second quarter, the Company announced the wind down
of the phase 3 registration trial of ICT-107 in newly diagnosed
glioblastoma, while also seeking collaborative relationships
relative to its pipeline of clinical-stage dendritic cell-based
programs. The Company is focusing on financing and strategic
alternatives for its immuno-oncology research and development
pipeline and technology platform, which may include a potential
merger, consolidation, reorganization or other business
combination, as well as the sale of the Company or the Company's
assets.
As previously disclosed, in June, ImmunoCellular received a
Deficiency Letter indicating that the Company is not in compliance
with the stockholder's equity requirement of the NYSE MKT Company
Guide. As required, the Company submitted a plan to the NYSE MKT
advising of actions it plans to undertake, to regain compliance
with the continued listing standards by December 23, 2018. The Company is awaiting
response from the NYSE MKT to its plan, elements of which included
financing and restructuring of operations. If the Company's plan is
not accepted or if the Company fails to regain compliance by
December 23, 2018, the NYSE MKT may
commence delisting procedures.
In July 2017, ImmunoCellular
completed the first tranche of a financing that provided
$5 million in gross proceeds from the
sale of convertible preferred stock, with the potential to secure
an additional $9 million in funding
from the exercise of warrants in the financing transaction over the
next 12 months. Any additional proceeds in excess of the
initial $5 million are dependent on
the exercise of the warrants. Proceeds from the financing are being
used to move forward with a restructuring plan focused on winding
down ICT-107 activities and advancing early-stage research programs
while continuing to seek partnership opportunities for
development-stage assets.
Corporate Update Conference Call and Webcast on August 23, 2017
ImmunoCellular plans to hold a conference call and webcast on
Wednesday, August 23, 2017 at
5:00 pm ET to provide a business
update. The call will be hosted by Anthony
J. Gringeri, PhD, President and Chief Executive Officer.
LIVE
CALL:
|
(877) 853-5636
(toll-free); international dial-in: (631) 291-4544; conference code
71258130.
|
|
|
WEBCAST:
|
Interested parties
who wish to listen to the webcast should visit the Investor
Relations section of ImmunoCellular's website at www.imuc.com,
under the Events and Presentations tab. A replay of the webcast
will be available one hour after the conclusion of the
event.
|
The conference call will contain forward-looking statements. The
information provided on the teleconference is accurate only at the
time of the conference call, and ImmunoCellular will take no
responsibility for providing updated information except as required
by law.
About ImmunoCellular Therapeutics, Ltd.
ImmunoCellular Therapeutics, Ltd. is a Los Angeles-based clinical-stage company that
is developing immune-based therapies for the treatment of brain and
other cancers. ImmunoCellular's pipeline includes: a Stem-to-T-cell
research program, which engineers hematopoietic stem cells to
generate cytotoxic T cells; ICT-121, a patient-specific, dendritic
cell-based immunotherapy targeting CD133 found in recurrent
glioblastoma; and ICT-140, a patient-specific, dendritic cell-based
immunotherapy targeting ovarian cancer. ImmunoCellular recently
announced the wind down of its phase 3 trial of ICT-107 in HLA-A2
patients while it pursues a collaborative arrangement or sale of
its ICT-107 program. To learn more about ImmunoCellular, please
visit www.imuc.com.
Forward-Looking Statements for ImmunoCellular Therapeutics
This press release contains certain forward-looking statements,
including statements regarding ImmunoCellular's intentions and
current expectations concerning, among other things, whether
ImmunoCellular will be able to finance its ongoing operations
following termination of existing clinical development programs;
reduce outstanding obligations to creditors of the Company;
minimize or defer the costs of restructuring in order to enable its
immunotherapy program; the likelihood, timing and outcome of
ImmunoCellular's possible strategic alternatives, including a
partnership or restructuring; ImmunoCellular's ability to defend,
and the potential outcome of, the purported securities class action
and stockholder derivative claims lawsuits; and ImmunoCellular's
ability to achieve its other clinical, operational, strategic and
financial goals. Forward-looking statements are not guarantees of
future performance and are subject to a number of risks and
uncertainties, including the availability of resources to continue
to develop ImmunoCellular's product candidates, the uncertain
timing of completion and success of clinical trials, and the risk
that ICT-107 can be further successfully developed or
commercialized. Additional risks and uncertainties are described
under the heading "Risk Factors" in ImmunoCellular's most recently
filed quarterly report on Form 10-K for the period ended
December 31, 2016. Except as required
by law, ImmunoCellular undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
ImmunoCellular Therapeutics, Ltd.
Investor Relations
Jane Green
415.652.4819
jane@jmgcomm.com
Condensed
Consolidated Balance Sheets
|
|
|
|
|
6/30/2017
|
|
12/31/2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Cash
|
$
1,814,005
|
|
$
11,437,118
|
|
|
|
|
Other current
assets
|
2,589,032
|
|
1,977,671
|
|
|
|
|
Non current
assets
|
407,504
|
|
3,475,201
|
|
|
|
|
Total
assets
|
$
4,810,541
|
|
$
16,889,990
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
$
7,720,173
|
|
$
3,238,943
|
|
|
|
|
Warrant
liability
|
27,862
|
|
573,560
|
|
|
|
|
CIRM
liability
|
-
|
|
6,945,741
|
|
|
|
|
Shareholders'
deficit
|
(2,937,494)
|
|
6,131,746
|
|
|
|
|
|
$
4,810,541
|
|
$
16,889,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statement of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
3 months
|
|
3 months
|
|
6 months
|
|
6 months
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
6/30/2017
|
|
6/30/2016
|
|
6/30/2017
|
|
6/30/2016
|
Revenue
|
$0
|
|
$0
|
|
$0
|
|
$0
|
Research and
development
|
10,353,601
|
|
4,433,222
|
|
15,039,321
|
|
9,170,797
|
General and
administrative
|
988,266
|
|
1,049,815
|
|
1,781,444
|
|
2,149,647
|
Loss before other
income (expenses)
|
(11,341,867)
|
|
(5,483,037)
|
|
(16,820,765)
|
|
(11,320,444)
|
Interest
income
|
381
|
|
6,397
|
|
4,175
|
|
8,911
|
Interest
expense
|
(430,024)
|
|
(281,996)
|
|
(882,683)
|
|
(546,823)
|
Financing
expense
|
-
|
|
(16,595)
|
|
-
|
|
(31,231)
|
Change in fair value
of warrant liability
|
442,922
|
|
445,660
|
|
545,698
|
|
926,671
|
Forgiveness of CIRM
liability
|
7,719,440
|
|
-
|
|
7,719,440
|
|
-
|
Net loss
|
($3,609,148)
|
|
($5,329,571)
|
|
($9,434,135)
|
|
($10,962,916)
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted:
|
$
(1.02)
|
|
$
(2.30)
|
|
$
(2.66)
|
|
$
(4.76)
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/immunocellular-therapeutics-announces-second-quarter-2017-financial-results-300504131.html
SOURCE ImmunoCellular Therapeutics, Ltd.