Bioblast Pharma Reports Third Quarter 2017 Financial Results
November 02 2017 - 7:30AM
Bioblast Pharma Ltd. (Nasdaq:ORPN), a clinical-stage, orphan
disease-focused biotechnology company, today announced financial
results for the third quarter ended September 30, 2017.
Third Quarter 2017 Financial Results and
Cash Position
- R&D Expenses: Research and development
expenses were $0.4 million for the quarter ended September 30,
2017, compared to $3.3 million for the same period in 2016. The
decrease was primarily related to reduced clinical trial related
activities, as our planned Phase 2b clinical study in Ocular
Pharyngeal Muscular Dystrophy patients has not been initiated, as
well as to lower salary expenses following the Company’s previously
announced reduction in force.
- G&A Expenses: General and administrative
expenses were $0.6 million for the quarter ended September 30,
2017, compared to $1.2 million for the same period in 2016. The
decrease was primarily related to downsizing of corporate overhead
costs and lower salary expenses following the reduction in force,
which took effect for the most part in the third quarter of
2017.
- Net Loss: For the quarter ended September 30,
2017, net loss attributable to holders of ordinary shares was
($1.10) million, or ($0.32) per basic and diluted share, as
compared to a net loss of ($4.7) million, or ($1.42) per share,
adjusted to account for the recent one for five reverse split, for
the same period in 2016.
- Cash Position: Cash, cash equivalents and
short-term bank deposits as of September 30, 2017, were $4.1
million, compared to $5.2 million as of June 30, 2017, reflecting
our third quarter operating expenditures.
- Current activities: JSB-Partners, a global
life sciences advisor, has been engaged to assist the Company in
executing its business development objectives that include
selecting potential development and commercial partners for its
investigational proprietary intravenous (IV) form of trehalose 90
mg/mL solution (trehalose), as well as exploring merger
opportunities. The Company is devoting substantially all of its
resources to this effort.
About Bioblast
Bioblast Pharma is a clinical-stage biotechnology company
committed to developing clinically meaningful therapies for
patients with rare and ultra-rare genetic diseases. Bioblast
is traded on the NASDAQ under the symbol “ORPN.” For more
information, please visit our website: www.BioblastPharma.com, the
content of which is not incorporated herein by reference.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, we are using forward-looking
statements when we discuss exploring development and commercial
partnerships or merger opportunities, and when we imply that our
product candidate may successfully treat certain medical
conditions. In addition, historic results of scientific research
and clinical and preclinical studies do not guarantee that the
conclusions of future research or studies will suggest identical or
even similar conclusions or that historic results referred to in
this press release would not be interpreted differently, in light
of additional research and clinical and preclinical study results.
Because such statements deal with future events and are based on
Bioblast Pharma Ltd.'s current expectations, they are subject to
various risks and uncertainties and actual results, performance or
achievements of Bioblast Pharma could differ materially from those
described in or implied by the statements in this press release,
including those discussed under the heading “Risk Factors” in
Bioblast Pharma's annual report on Form 20-F filed with the
Securities and Exchange Commission ("SEC") on February 24, 2017,
and in any subsequent filings with the SEC. Except as otherwise
required by law, Bioblast Pharma disclaims any intention or
obligation to update or revise any forward-looking statements,
which speak only as of the date hereof, whether as a result of new
information, future events or circumstances or otherwise.
Investor ContactChaime Orlev CFO and VP
Finance and Administration Bioblast Pharma
LtdChaime.Orlev@BioblastPharma.comPhone: 972 3 795
5555
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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U.S. dollars |
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Three Months Ended |
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Nine Months Ended |
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September 30 |
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September 30 |
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2017 |
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2016 |
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|
|
2017 |
|
|
|
2016 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
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Research
and development |
$ |
424 |
|
|
$ |
3,297 |
|
|
$ |
2,406 |
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|
$ |
7,090 |
|
|
Pre-commercialization |
|
10 |
|
|
|
39 |
|
|
|
481 |
|
|
|
875 |
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|
General
and administrative |
|
644 |
|
|
|
1,242 |
|
|
|
2,482 |
|
|
|
4,827 |
|
|
Total
operating expenses |
|
1,078 |
|
|
|
4,578 |
|
|
|
5,369 |
|
|
|
12,792 |
|
|
Loss
from operations |
|
(1,078 |
) |
|
|
(4,578 |
) |
|
|
(5,369 |
) |
|
|
(12,792 |
) |
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Financial income,
net |
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(4 |
) |
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8 |
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|
25 |
|
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|
49 |
|
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|
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Loss before taxes on
income |
|
(1,082 |
) |
|
|
(4,570 |
) |
|
|
(5,344 |
) |
|
|
(12,743 |
) |
|
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Taxes on
income |
|
(11 |
) |
|
|
100 |
|
|
|
32 |
|
|
|
206 |
|
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Net loss |
$ |
(1,071 |
) |
|
$ |
(4,670 |
) |
|
$ |
(5,376 |
) |
|
$ |
(12,949 |
) |
|
|
|
|
|
|
|
|
|
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Net loss
attributable to Ordinary shareholders |
$ |
(1,071 |
) |
|
$ |
(4,670 |
) |
|
$ |
(5,376 |
) |
|
$ |
(12,949 |
) |
|
|
|
|
|
|
|
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Net loss per share
attributable to Ordinary shareholders - basic and diluted |
$ |
(0.32 |
) |
|
$ |
(1.42 |
) |
|
$ |
(1.63 |
) |
|
$ |
(4.10 |
) |
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Weighted average number
of Ordinary shares outstanding - basic and diluted |
|
3,342,393 |
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3,278,487 |
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3,303,813 |
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3,156,814 |
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CONSOLIDATED BALANCE SHEETS |
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U.S. dollars |
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|
September 30, 2017 |
|
December 31, 2016 |
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|
|
(Unaudited) |
|
(Audited) |
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ASSETS |
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CURRENT
ASSETS: |
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Cash and
cash equivalents |
$ |
4,105 |
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|
$ |
6,871 |
|
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Short-term bank deposits |
|
- |
|
|
|
3,007 |
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Receivables and prepaid expenses |
|
178 |
|
|
|
663 |
|
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Total
current assets |
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4,283 |
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|
10,541 |
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LONG-TERM ASSETS: |
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Long-term
assets |
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- |
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|
18 |
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Property
and equipment, net |
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- |
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|
71 |
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Total
long-term assets |
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- |
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|
89 |
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TOTAL ASSETS |
$ |
4,283 |
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|
$ |
10,630 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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CURRENT
LIABILITIES: |
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Trade
payables |
$ |
72 |
|
|
$ |
700 |
|
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Other
accounts payable |
|
465 |
|
|
|
1,231 |
|
|
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Total
current liabilities |
|
537 |
|
|
|
1,931 |
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LONG-TERM
LIABILITIES |
|
- |
|
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|
- |
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SHAREHOLDERS' EQUITY: |
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Ordinary
shares of NIS 0.05 par value - 10,000,000 shares authorized at
September 30, 2017 and December 31, 2016; Issued and outstanding
shares 3,342,393 at September 30, 2017 and 3,278,487 at December
31, 2016 |
|
46 |
|
|
|
45 |
|
|
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Additional paid-in capital |
|
48,885 |
|
|
|
48,463 |
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Accumulated deficit |
|
(45,185 |
) |
|
|
(39,809 |
) |
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Total
stockholders' equity |
|
3,746 |
|
|
|
8,699 |
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
4,283 |
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|
$ |
10,630 |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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U.S. dollars |
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Nine Months Ended |
|
|
|
September 30 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
Cash
flows from operating activities |
|
|
|
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|
Net
loss |
$ |
(5,376 |
) |
|
$ |
(12,949 |
) |
|
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Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
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Depreciation and disposal of property and equipment |
|
64 |
|
|
|
19 |
|
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Share
based compensation |
|
422 |
|
|
|
298 |
|
|
|
Interest
on short-term deposit |
|
7 |
|
|
|
(20 |
) |
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Changes
in operating assets and liabilities: |
|
|
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Decrease
(increase) in receivables and prepaid expenses |
|
502 |
|
|
|
728 |
|
|
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Decrease
(increase) in long-term assets |
|
18 |
|
|
|
(3 |
) |
|
|
Decrease
in trade payables |
|
(628 |
) |
|
|
(1,334 |
) |
|
|
Increase
(decrease) in other accounts payable |
|
(783 |
) |
|
|
819 |
|
|
|
Increase
in long-term liabilities |
|
- |
|
|
|
(70 |
) |
|
|
|
|
|
|
|
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Net cash used in
operating activities |
|
(5,774 |
) |
|
|
(12,512 |
) |
|
|
|
|
|
|
|
|
- |
Cash flow from
investing activities |
|
|
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|
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|
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Withdraw of
short term deposits |
|
3,000 |
|
|
|
5,046 |
|
|
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Withdraw of long
term deposits |
|
- |
|
|
|
25 |
|
|
|
Proceeds from
sale of property and equipment |
|
10 |
|
|
|
|
|
Purchase of
property and equipment |
|
(2 |
) |
|
|
(12 |
) |
|
|
Net cash used in
investing activities |
|
3,008 |
|
|
|
5,059 |
|
|
|
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Cash flow from
financing activities |
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Proceeds from
exercise of options |
|
* |
|
|
|
- |
|
|
|
Issuance of
shares and warrants, net |
|
- |
|
|
|
6,090 |
|
|
|
Net cash provided by
financing activities |
|
- |
|
|
|
6,090 |
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
|
(2,766 |
) |
|
|
(1,363 |
) |
|
|
Cash and cash
equivalents, beginning of the year |
|
6,871 |
|
|
|
7,286 |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of the year |
$ |
4,105 |
|
|
$ |
5,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* represents an amount
less than $1,000 |
|
|
|
|
|
|
- |
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|
- |
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