“We are pleased with the progress we achieved during the third quarter, hitting multiple milestones for our lead programs,” said Amit D. Munshi, President and CEO of Arena.
- Submitted Ralinepag FDA Meeting Request
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SAN DIEGO, Nov. 7, 2017 /PRNewswire/ -- Arena (Nasdaq: ARNA), today provided a corporate update and reported financial results for the third quarter ended September 30, 2017. "We are pleased with the progress we achieved during the third quarter, hitting multiple milestones for our lead programs," said Amit D. Munshi, President and CEO of Arena. "We remain highly focused on continuing to advance our lead programs and driving shareholder value. We look forward to meeting with the FDA about the Phase 3 program for ralinepag and reporting top-line Phase 2 data for etrasimod in ulcerative colitis and for APD371 in pain associated with Crohn's disease." Pipeline Update Ralinepag - Oral, selective, next generation IP receptor agonist targeting the prostacyclin pathway for the potential treatment of pulmonary arterial hypertension
Etrasimod - Orally available next generation sphingosine-1-phosphate (S1P) receptor modulator for the potential treatment of a number of autoimmune diseases
APD371 - Orally available full agonist of the cannabinoid-2 receptor for the potential treatment of visceral pain, specifically pain associated with Crohn's disease
Collaborations Update
Corporate Update
Financial Update Third Quarter 2017 Financial Results
At September 30, 2017, cash and cash equivalents totaled $278.7 million, and approximately 39.3 million shares of Arena common stock were outstanding. Conference Call & Webcast Information When: November 7, 2017, 4:30 p.m. EST Please join the conference call at least 10 minutes early to register. You can access the live webcast under the investor relations section of Arena's website at: www.arenapharm.com. A replay of the conference call will be archived under the investor relations section of Arena's website for 30 days shortly after the call. About Arena Pharmaceuticals Forward-Looking Statements Corporate Contact: Media Contact: (Tables Follow) Arena Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
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2017 2016 2017 2016
---- ---- ---- ----
(unaudited) (unaudited)
Revenues
Net product sales $3,075 $3,323 $7,845 $11,104
Other Eisai collaboration revenue 2,223 12,954 5,539 18,155
Other collaboration revenue 1,881 1,737 5,439 6,066
Toll manufacturing 769 1,228 2,241 3,276
Total revenues 7,948 19,242 21,064 38,601
Operating Costs & Expenses
Cost of product sales 1,739 882 5,768 4,161
Cost of toll manufacturing 1,222 1,930 3,215 4,876
Research & development 17,307 17,466 50,740 54,514
General & administrative 7,791 8,590 23,191 23,979
Litigation settlement expense, net 11,975 - 11,975 -
Restructuring charges - 231 - 6,346
--- --- --- -----
Total operating costs & expenses 40,034 29,099 94,889 93,876
Interest & Other Income (Expense)
Interest income 13 54 63 247
Interest expense (1,516) (1,609) (4,624) (4,907)
Other 925 (1,067) (391) (1,275)
--- ------ ---- ------
Total interest & other income (expense), net (578) (2,622) (4,952) (5,935)
Net loss (32,664) (12,479) (78,777) (61,210)
Less net loss attributable to noncontrolling interest in
consolidated variable interest entity 311 122 1,054 122
--- --- ----- ---
Net loss attributable to stockholders of Arena $(32,353) $(12,357) $(77,723) $(61,088)
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Net loss attributable to stockholders of Arena per share:(1)
Basic $(0.86) $(0.51) $(2.24) $(2.51)
====== ====== ====== ======
Diluted $(0.86) $(0.51) $(2.24) $(2.51)
====== ====== ====== ======
Shares used in calculating net loss attributable to stockholders of Arena per
share:(1)
Basic 37,776 24,325 34,692 24,307
====== ====== ====== ======
Diluted 37,776 24,325 34,692 24,307
====== ====== ====== ======
(1) Comparative period data
adjusted to give effect to
Arena's June 2017 1-for-10
reverse stock split.
Arena Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheet Data
(In thousands)
(unaudited)
September 30, 2017 December 31, 2016
------------------ -----------------
(1)
Assets
Cash & cash equivalents $278,738 $90,712
Accounts receivable 2,373 20,162
Insurance recovery receivable 12,025 -
Inventory 6,848 6,708
Prepaid expenses & other current assets 3,717 2,307
Land, property & equipment, net 39,425 43,828
Intangibles & other non-current assets 4,695 5,293
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Total assets $347,821 $169,010
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Liabilities & Stockholders' Equity
Accounts payable & accrued liabilities $12,787 $25,073
Accrued litigation settlement 24,000 -
Total deferred revenues 29,258 37,455
Total lease financing obligations & other long-term liabilities 63,655 66,087
Total stockholders' equity 218,121 40,395
------- ------
Total liabilities & stockholders' equity $347,821 $169,010
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(1) The Condensed Consolidated
Balance Sheet Data have been
derived from the audited
financial statements as of that
date.
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Company Codes: NASDAQ-NMS:ARNA |
