Ascendis Pharma A/S Reports First Quarter 2016 Financial Results
"The execution of our TransCon Growth Hormone clinical development plan remains on track and we look forward to the initiation of our global pediatric Phase 3 heiGHt trial, expected in mid-2016," commented
Mr. Mikkelsen continued, "We believe the success of our growth hormone program establishes the TransCon technology platform as a powerful drug development engine. We continue to apply our TransCon technology to the creation of product candidates to address significant unmet medical needs in other rare disease indications."
First Quarter 2016 Consolidated Financial Results
Total revenue for the three months ended
Research and development costs increased to €16.2 million for the three months ended
General and administrative expenses were €2.9 million for the three months ended
Net finance expenses for the three months ended
Net loss for the three months ended
As of
About
Additionally,
The TransCon technology combines the benefits of prodrug and sustained-release technologies, and is the key driver of
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) our product pipeline, including our plans to initiate our global Phase 3 heiGHt trial in GHD children in mid-2016 and (ii) the application of our TransCon technology to the creation of product candidates to address significant unmet medical needs in other rare disease indications. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make, including the following: unforeseen safety or efficacy results in our lead development program TransCon Growth Hormone or other development programs; unforeseen expenses related to the development of TransCon Growth Hormone or other development programs, general and administrative expenses, other research and development expenses and our business generally; delays in the development of TransCon Growth Hormone related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; dependence on third party manufacturers to supply study drug for planned clinical studies; and our ability to obtain additional funding, if needed, to support our business activities. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our current and future reports filed with, or submitted to, the
FINANCIAL TABLES FOLLOW
Ascendis Pharma A/S |
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Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income |
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(In EUR'000s, except share and per share data) |
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Three Months ended March 31, |
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2016 |
2015 |
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Revenue |
1,258 |
2,081 |
|
Research and development costs |
(16,242) |
(7,334) |
|
General and administrative expenses |
(2,908) |
(2,405) |
|
Operating profit / (loss) |
(17,892) |
(7,658) |
|
Finance income |
20 |
9,135 |
|
Finance expenses |
(2,764) |
(9) |
|
Profit / (loss) before tax |
(20,636) |
1,468 |
|
Tax on profit / (loss) for the year |
118 |
(46) |
|
Net profit / (loss) for the year |
(20,518) |
1,422 |
|
Other comprehensive income / (loss) |
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Items that may be reclassified subsequently to profit or loss: |
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Exchange differences on translating foreign operations |
21 |
(18) |
|
Other comprehensive income / (loss) for the period, net of tax |
21 |
(18) |
|
Total comprehensive income / (loss) for the period, net of tax |
(20,497) |
1,404 |
|
Profit / (loss) for the period attributable to owners of the Company |
(20,518) |
1,422 |
|
Total comprehensive income / (loss) for the period attributable to owners of the Company |
(20,497) |
1,404 |
|
Basic earnings / (loss) per share |
(0.82) |
0.07 |
|
Diluted earnings / (loss) per share |
(0.82) |
0.06 |
|
Number of shares used for calculation (basic) |
25,128,242 |
21,382,447 |
|
Number of shares used for calculation (diluted) |
25,128,242 |
24,382,271 |
Ascendis Pharma A/S |
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Unaudited Condensed Consolidated Interim Statements of Financial Position |
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(In EUR'000s) |
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March 31, |
December 31, |
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2016 |
2015 |
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Assets |
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Non-current assets |
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Intangible assets |
3,495 |
3,495 |
|
Property, plant and equipment |
2,331 |
2,355 |
|
Deposits |
297 |
270 |
|
6,123 |
6,120 |
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Current assets |
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Trade receivables |
888 |
1,064 |
|
Other receivables |
690 |
338 |
|
Prepayments |
2,132 |
3,819 |
|
Income taxes receivable |
981 |
784 |
|
Cash and cash equivalents |
101,865 |
119,649 |
|
106,556 |
125,654 |
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Total assets |
112,679 |
131,774 |
|
Equity and liabilities |
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Equity |
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Share capital |
3,374 |
3,374 |
|
Other reserves |
7,779 |
5,678 |
|
Retained earnings |
90,759 |
111,277 |
|
Total equity |
101,912 |
120,329 |
|
Current liabilities |
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Trade payables and other payables |
8,337 |
8,373 |
|
Deferred income |
2,327 |
3,072 |
|
Income taxes payable |
103 |
- |
|
10,767 |
11,445 |
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Total liabilities |
10,767 |
11,445 |
|
Total equity and liabilities |
112,679 |
131,774 |
Investor contact:
Chief Business Officer
(650) 352-8389
ir@ascendispharma.com
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