Eiger Biopharma Reports Third Quarter 2016 Financial Results

PALO ALTO, Calif., Nov. 8, 2016 Eiger BioPharmaceuticals, Inc. (Nasdaq: EIGR), focused on the development and commercialization of targeted therapies for rare diseases, announced today a business update and financial results for the three months and nine months ended September 30, 2016.

"Eiger has continued to make significant progress in 2016 in advancing our pipeline of novel products for the treatment of orphan diseases and positioning the company for multiple near-term potentially value-creating events," said David Cory, President and Chief Executive Officer of Eiger BioPharmaceuticals.  "We look forward to presentation of Phase 2 data from the LOWR HDV program at the American Association for the Study of Liver Diseases (AASLD) meeting in Boston next week."

Recently and during the third quarter, important milestones achieved include:

• First patient dosed in Phase 2 LIBERTY study for PAH
• First patient dosed in Phase 2 ULTRA study in Lymphedema
• Last patient dosed in Phase 2 LOWR HDV 3 and LOWR HDV 4 studies
• First patient dosed in Phase 2 LIMT HDV (Lambda Interferon MonoTherapy in HDV) study
• Nationwide HDV campaign launched in collaboration with Hepatitis B Foundation and ARUP Laboratories to expand awareness and testing for HDV infection
• Orphan designation in the EU for exendin 9-39 for treatment of non-insulinoma pancreatogenous hypoglycemia syndrome (NIPHS)

Third Quarter 2016 Financial Results

Net loss for the third quarter of 2016 was $11.4 million, or $1.49 per share basic and diluted, compared to a net loss of $2.9 million, or $14.70 per share basic and diluted for the third quarter of 2015.  Net loss for the nine months ended September 30, 2016 was $34.3 million, or $6.58 per share basic and diluted, compared to a net loss of $6.3 million, or $32.22 per share basic and diluted for the nine months ended September 30, 2015.

Research and development expenses for the third quarter of 2016 were $8.1 million compared to $2.1 million for the third quarter of 2015.  The increase was primarily due to a $4.9 million increase in clinical expenditures coupled with a $0.2 million increase in consulting fees due to increased program activity, and a $0.6 million increase in compensation and personnel related expenses, including a $0.1 million stock compensation charge, due to an increase in headcount.

Research and development expenses for the nine months ended September 30, 2016 were $23.6 million compared to $4.5 million for the nine months ended September 30, 2015.  The increase was primarily due to a $10.7 million increase in clinical expenditures coupled with a $1.1 million increase in consulting fees due to increased program activity, a $5.2 million expense related to upfront payments under our license agreement with Bristol-Meyers Squibb Company, a $1.6 million increase in compensation and personnel related expenses, including a $0.4 million stock compensation charge, due to an increase in headcount, and a $0.4 million increase in meeting expenses related to increased program activity.

General and administrative expenses for the third quarter of 2016 were $3.3 million compared to $0.8 million for the third quarter of 2015.  The increase was primarily due to a $1.1 million stock compensation charge, a $0.4 million increase in compensation and personnel related expenses due to an increase in headcount, a $0.4 million increase in consulting, advisory and accounting services incurred related to being a public company, a $0.3 million increase in legal fees, and a $0.1 million increase in insurance expense related to being a public company. 

General and administrative expenses for the nine months ended September 30, 2016 were $9.6 million compared to $1.8 million for the nine months ended September 30, 2015.  The increase was primarily due to a $3.4 million increase in consulting, advisory and accounting services incurred in connection with the Merger with Celladon and being a public company, a $1.3 million stock compensation charge, a $1.0 million increase in compensation and personnel related expenses due to an increase in headcount, a $1.4 million increase in legal fees and a $0.2 million increase in insurance expense related to being a public company.

As of September 30, 2016, Eiger had cash and cash equivalents of $56.3 million, compared to $4.8 million at December 31, 2015.  The increase was primarily attributable to cash received from investors and Celladon in connection with our merger with Celladon which closed March 22, 2016 and $18.2 million in net proceeds from a common stock offering that was completed August 2016.

Eiger to Host LOWR HDV Program Review at AASLD 2016

The meeting will feature a review of key findings from the Phase 2 LOWR HDV Program, including LOWR HDV - 2, - 3, - 4 studies, presented during AASLD 2016.  Renowned key opinion leaders and principal investigators Cihan Yurdaydin, MD (Ankara University), Heiner Wedemeyer (Hannover Medical School), and Jeffrey Glenn, MD, PhD (Stanford University) will review presentations and discuss results.  Members of the Eiger executive management team will provide an overview of the Company's regulatory plans for its HDV program.  The meeting will be held November 14th, from 6:30-8:00 p.m. ET, at the Hilton Boston Backbay Hotel, in the Mariner Room.

LOWR HDV Program Abstracts and Presentations at AASLD 2016