ASLAN PHARMACEUTICALS REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Singapore, 6 August 2018 – ASLAN Pharmaceuticals (NASDAQ:ASLN, TPEx:6497), a clinical-stage biopharmaceutical company targeting cancers that are both highly prevalent in Asia and orphan indications in the United States and Europe, today reported financial results for the quarter ended 30 June 2018 and provided an update on its clinical activities.

 

Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “Our successful financing and listing on NASDAQ during the second quarter places us in a strong financial position to accelerate the development of our pipeline of candidates that address unmet medical needs. We are preparing to initiate a phase 1 trial for ASLAN004 for the treatment of atopic dermatitis. The focus is on achieving our milestones, and we look forward to sharing new data from our global late-stage clinical trials for varlitinib later this year.”

 

Second quarter 2018 and recent business highlights

• Completed successful IPO in the US that raised gross proceeds of US$42.2 million and began trading on NASDAQ in May 2018
• Presented study design of ongoing global pivotal clinical trial of varlitinib, the TREatmEnT OPPortunity (TREETOPP) study, at the 2018 American Society of Clinical Oncology Meeting in June. Study on track to report topline data in 2019
• Presented new phase 1b data on varlitinib in combination with paclitaxel in advanced solid tumours at the 2018 American Society of Clinical Oncology Meeting
• Filed Clinical Trial Authorisation with Singapore’s Health Sciences Authority to initiate first-in-man studies for ASLAN004

Anticipated upcoming milestones

• Topline China pivotal trial data on varlitinib as second line treatment for biliary tract cancer in late 2018
• Topline global phase 2 data on varlitinib in gastric cancer in second half of 2018
• Interim phase 1/2 data on varlitinib as first line treatment for biliary tract cancer in late 2018
• Interim phase 2 data on ASLAN003 in acute myeloid leukaemia (AML) in second half of 2018
• Topline global pivotal trial (TREETOPP) data on varlitinib as second line treatment for biliary tract cancer in 2019

Second quarter 2018 financial highlights

• Cash used in operations for the quarter ended 30 June 2018 was US$10.0 million compared to US$9.0 million in the same period in 2017
• Research and development expense was US$8.3 million and general and administrative expense was US$3.1 million for the second quarter of 2018, compared to US$7.0 million and US$1.9 million respectively in the same period in 2017
• Staggered upfront payments of US$12 million in the first quarter and US$11 million in the second quarter of 2018 to Array BioPharma for full exclusive global rights of varlitinib were recorded as intangible assets 
• Net loss for the second quarter of 2018 was US$11.0 million compared to a net loss of US$9.2 million for the second quarter of 2017 
• Cash, cash equivalents and short-term investments totaled US$45.0 million as of 30 June 2018, which includes proceeds from the US public offering completed in May 2018, compared to US$69.7 million as of 30 June 2017

 

 

ASLAN Pharmaceuticals Limited
Consolidated balance sheet¹
(US dollars, unaudited)

		30 June 2018                30 June 2017
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$ 44,952,396				$ 69,748,020
Prepayments		198,043				66,849
Total current assets		45,150,439				69,814,869
NON-CURRENT ASSETS
Property, plant and equipment		369,906				530,600
Intangible assets		23,083,850				79,045
Refundable deposits		191,739				176,495
Total non-current assets		23,645,495				786,140
TOTAL		$ 68,795,934				$ 70,601,009
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables		$   3,354,095				$   3,136,648
Other payables		2,388,089				721,187
Total current liabilities		5,742,184				3,857,835
NON-CURRENT LIABILITIES
Long-term borrowings		9,715,329				8,958,431
Other non-current liabilities		486,000				-
Total non-current liabilities		10,201,329				8,958,431
Total liabilities		15,943,513				12,816,266
EQUITY
Ordinary shares		51,587,993				41,514,016
Capital surplus		111,334,877				84,055,013
Accumulated deficits		(110,070,449 )				(67,784,286 )
Total equity		52,852,421				57,784,743
TOTAL		$ 68,795,934				$ 70,601,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASLAN Pharmaceuticals Limited
Consolidated statements of comprehensive income¹
(US dollars, unaudited)

			Three Months Ended 30 June			Six Months Ended 30 June
			2018		2017	2018	2017
OPERATING EXPENSES
General and administrative			$ (3,064,060)		$ (1,926,397)	$ (5,871,931)	$ (3,825,459)
Research and development			(8,322,539)		(7,024,547)	(13,945,341)	(13,000,134)
Total operating expenses			(11,386,599)		(8,950,944)	(19,817,272)	(16,825,593)
LOSS FROM OPERATIONS			(11,386,599)		(8,950,944)	(19,817,272)	(16,825,593)
NON-OPERATING INCOME AND EXPENSES
Other gains and losses			465,166		(180,429 )	264,287	(362,654 )
Finance costs			(112,186 )		(103,443 )	(224,461 )	(204,756 )
TOTAL NON-OPERATING INCOME      AND EXPENSES			352,980		(283,872 )	39,826	(567,410 )
LOSS BEFORE INCOME TAX			(11,033,619)		(9,234,816)	(19,777,446)	(17,393,003)
INCOME TAX EXPENSE			(9,742 )		-	(9,742 )	-
NET LOSS FOR THE PERIOD			(11,043,361)		(9,234,816)	(19,787,188)	(17,393,003)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD			$ (11,043,361)		$ (9,234,816)	$ (19,787,188)	$ (17,393,003)
LOSS PER SHARE
Basic			$      (0.07 )		$       (0.08)	$      (0.14)	$      (0.15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

¹ Financial statements in US dollars are prepared by the company