MENLO PARK, Calif.,
June 7, 2018 /PRNewswire/ --
BioPharmX Corporation (NYSE American: BPMX), a specialty
pharmaceutical company developing products for the dermatology
market, today reports financial results for the quarter ended
April 30, 2018.
"This is a year of exciting milestones for BioPharmX," said
Anja Krammer, BioPharmX president
and co-founder. "We started the first quarter with our first two
issued U.S. patents that protect our topical gel and
encapsulation delivery systems, underpinning the value of BPX-01
and BPX-04, our investigational drugs for acne and rosacea. These
patents validate the years of research and development efforts –
and protect the future of our pipeline. We are completing our
open-label study for BPX-04 for rosacea this quarter and remain on
track for the BPX-04 rosacea phase 2 program."
First Quarter Financial Results
For the first quarter
ended April 30, 2018, total operating expenses were $4.4
million, compared with total operating expenses
of $5.0 million in the prior fiscal year's first
quarter.
Net loss for the first quarter of fiscal 2019 was $4.4
million, or $0.02 per share, compared with a net loss
of $5.4 million, or $0.08 per share, during the prior
fiscal year's first quarter.
Excluding stock-based compensation expense and the impact of the
change in the fair value of the warrant liability, non-GAAP net
loss for the first quarter of fiscal 2019 was $3.7 million,
or $0.02 per share. During the first quarter of the prior
fiscal year, the comparable non-GAAP net loss was $4.6
million, or $0.07 per share.
Cash and cash equivalents as of April 30,
2018, were $10.9 million.
Additionally, BioPharmX reports that as of June 1, 2018, it regained compliance with NYSE
American's continued listing standards. Specifically,
BioPharmX received a letter from NYSE American confirming that it
has resolved the continued listing deficiency with respect to its
low stock price as noted in Section 1003(f)(v) of the NYSE American
Company Guide.
About BioPharmX® Corporation
BioPharmX
Corporation (NYSE American: BPMX) is a Silicon Valley-based
specialty pharmaceutical company, which seeks to provide products
through proprietary platform technologies for prescription,
over-the-counter (OTC), and supplement applications in the health
and wellness markets, including dermatology and women's health. To
learn more about BioPharmX, visit www.BioPharmX.com.
BPX-01 is BioPharmX's investigational product for the treatment
of acne. It has successfully completed its
Phase 2b studies. BPX-04 is BioPharmX's investigational
product for the treatment of rosacea, for which the Phase 2 program
has commenced. Both products share a novel topical delivery system
to carry a minocycline gel to the target area in the skin.
Use of Non-GAAP Measures
BioPharmX Corporation has supplemented its reported GAAP financial
information with non-GAAP measures, non-GAAP net loss, and non-GAAP
net loss per share, that do not include stock-based compensation
expense and the impact of changes in the fair value of the warrant
liability. The presentation of this additional information is not
meant to be considered in isolation or as a substitute for results
prepared in accordance with GAAP. Management uses the non-GAAP
information internally to evaluate its ongoing business,
operational performance and cash requirements and believes these
non-GAAP measures are useful to investors as they provide the same
basis for evaluating BioPharmX Corporation's performance as applied
by management.
BioPharmX Corporation has provided a reconciliation of each
non-GAAP financial measure to the most directly comparable GAAP
financial measure. These non-GAAP measures may be different from
non-GAAP measures used by other companies, including peer
companies, and therefore, comparability may be limited. In
addition, these non-GAAP measures are not based on any
comprehensive set of accounting rules or principles. BioPharmX
Corporation believes that non-GAAP measures have limitations in
that they do not reflect all of the amounts associated with its
results of operations as determined in accordance with GAAP and
that these measures should be considered in addition to, not as a
substitute for or in isolation from, measures prepared in
accordance with GAAP. BioPharmX Corporation encourages investors
and others to review the company's financial information in its
entirety and not rely on a single financial measure.
Stock-based compensation expenses represent non-cash charges
related to equity awards granted by BioPharmX Corporation. The
change in fair value of the warrant liability results from the
periodic revaluing of the warrant liability. Although these
are recurring charges to BioPharmX Corporation's operations,
management believes the measurement of these amounts can vary
considerably from period to period and depend substantially on
factors that are not a direct consequence of operating performance
that is within management's control. Thus, management believes that
excluding these charges from non-GAAP net loss and non-GAAP net
loss per share facilitates comparisons of BioPharmX Corporation's
operational performance in different periods, as well as with
similarly determined non-GAAP financial measures of comparable
companies.
Forward-Looking Statements
The information in this
press release contains forward-looking statements and information
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, which are subject to the "safe harbor" created by those
sections. This press release contains forward-looking statements
about the company's expectations, plans, intentions, and
strategies, including, but not limited to, statements regarding
issued and pending patents, the safety and medical effects of
BPX-01 and BPX-04, the effect BPX-01 and BPX-04 may have on the
treatment of acne and rosacea, the commencement and results of
future trials of BPX-01 and BPX-04 and the size of such trials,
continued and consistent results in future tests of BPX-01 and
BPX-04 and absence of side effects of future use of BPX-01 and
BPX-04. These forward-looking statements may be identified by words
such as "plan," "expect," "anticipate," "believe," "should," "may,"
"will" or similar expressions that are intended to identify such
forward-looking statements.
These forward-looking statements involve risks and
uncertainties, as well as assumptions, which, if they do not fully
materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking
statements. The risks and uncertainties include those described in
the company's filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the fiscal year
ended January 31, 2018. Given these risks and uncertainties,
you are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this news release are made only as of the date hereof, and the
company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities law.
BioPharmX is a registered trademark of BioPharmX, Inc.
Caution: BPX-01 and BPX-04 are new drugs limited by U.S. law to
investigational use.
--- TABLES TO FOLLOW ---
BIOPHARMX
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(in thousands,
except per share amounts; unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
April
30,
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Revenues,
net
|
$
18
|
|
$
19
|
|
Cost of goods
sold
|
7
|
|
11
|
|
Gross
margin
|
11
|
|
8
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
Research and
development
|
2,327
|
|
2,941
|
|
|
Sales and
marketing
|
601
|
|
797
|
|
|
General and
administrative
|
1,446
|
|
1,303
|
|
|
|
Total operating
expenses
|
4,374
|
|
5,041
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(4,363)
|
|
(5,033)
|
|
|
Change in fair value
of warrant liability
|
(66)
|
|
(364)
|
|
|
Other income,
net
|
29
|
|
1
|
|
|
Loss before income
taxes
|
(4,400)
|
|
(5,396)
|
|
|
Provision for income
taxes
|
2
|
|
1
|
|
Net and
comprehensive loss
|
$
(4,402)
|
|
$
(5,397)
|
|
|
|
|
|
|
|
|
Net loss per
share
|
|
|
|
|
|
Basic and
diluted
|
($0.02)
|
|
($0.08)
|
|
Shares used in
computing net loss per share
|
|
|
|
|
|
Basic and
diluted
|
179,713
|
|
67,670
|
|
|
|
|
|
|
|
|
BIOPHARMX
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
April
30,
|
|
January
31,
|
|
|
|
|
2018
|
|
2018
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 10,926
|
|
$
7,576
|
|
|
Accounts receivable,
net
|
5
|
|
7
|
|
|
Inventories
|
6
|
|
10
|
|
|
Prepaid expenses and
other current assets
|
343
|
|
388
|
|
|
|
Total current
assets
|
11,280
|
|
7,981
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
158
|
|
109
|
|
|
|
Total
assets
|
$ 11,438
|
|
$
8,090
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
1,792
|
|
$
1,376
|
|
|
Accrued expenses and
other current liabilities
|
1,277
|
|
1,603
|
|
|
|
Total current
liabilities
|
3,069
|
|
2,979
|
|
|
|
|
|
|
|
|
Long-term
liabilities
|
142
|
|
39
|
|
|
|
Total
liabilities
|
3,211
|
|
3,018
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
8,227
|
|
5,072
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 11,438
|
|
$
8,090
|
|
|
|
|
|
|
|
BIOPHARMX
CORPORATION
|
Reconciliation of
GAAP Net Loss to Non-GAAP Net Loss
|
(in thousands,
except per share amounts; unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
April
30,
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
GAAP net
loss
|
$ (4,402)
|
|
$
(5,397)
|
|
|
|
|
|
|
|
Change in fair value
of warrant liability
|
66
|
|
364
|
|
Stock-based
compensation expense:
|
|
|
|
|
|
-
Research and development
|
200
|
|
108
|
|
|
- Sales
and marketing
|
129
|
|
82
|
|
|
-
General and administrative
|
264
|
|
195
|
|
|
Total
stock-based compensation expense
|
593
|
|
385
|
|
Total reconciling
items
|
659
|
|
749
|
Non-GAAP net
loss
|
$ (3,743)
|
|
$
(4,648)
|
|
|
|
|
|
|
GAAP net
loss
|
$
(0.02)
|
|
$
(0.08)
|
|
Reconciling
items
|
|
|
|
|
|
- Change
in fair value of warrant liability
|
-
|
|
-
|
|
|
-
Stock-based compensation expense
|
-
|
|
0.01
|
|
|
|
|
|
|
Non-GAAP net loss
per share: basic and diluted
|
$
(0.02)
|
|
$
(0.07)
|
|
|
|
|
|
|
Shares used in
computing non-GAAP net loss per share
|
|
|
|
|
Basic and
diluted
|
179,713
|
|
67,670
|
|
|
|
|
|
|
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SOURCE BioPharmX Corporation