Urovant Sciences Reports 2019 Third Fiscal Quarter Financial Results
Recent Business Highlights
- Submitted a New Drug Application for vibegron for the treatment of patients with overactive bladder to the
U.S. Food and Drug Administration (FDA ) inDecember 2019 . - Initiated a Phase 2a study of URO-902, a novel gene therapy product for patients with overactive bladder that have failed oral pharmacologic therapy.
- Entered into a
$300 million low interest, interest-only, five-year term loan facility withSumitomo Dainippon Pharma .
“This has been an exciting and transformational quarter for our company, marked by key milestones across all aspects of our business,” said
Third Fiscal Quarter 2019 Financial Summary
For the quarter ended
Note to Investors
As previously announced, Urovant will hold a conference call to discuss 2019 third fiscal quarter ended
About
About
Sumitovant is a global biopharmaceutical company with offices in
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations and can be identified by words such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “strive,” “to be,” “will,” “would,” or the negative or plural of these words or other similar expressions or variations, although not all forward-looking statements contain these identifying words. In this press release, forward-looking statements include, but are not limited to, statements regarding the Company’s plans and strategies for the development and commercialization of innovative therapies for the treatment of urological conditions; Urovant’s plans to advance the clinical development of vibegron in patients with OAB and obtain
UROVANT SCIENCES LTD. Condensed Consolidated Statements of Operations (unaudited; in thousands, except share and per share data) |
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Three Months Ended December 31, |
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Nine Months Ended December 31, |
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2019 |
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2018 |
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2019 |
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2018 |
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Operating expenses: |
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Research and development(1) |
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$ |
23,099 |
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$ |
21,299 |
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$ |
62,909 |
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$ |
69,308 |
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General and administrative(2) |
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16,687 |
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4,862 |
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29,587 |
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12,650 |
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Total operating expenses |
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39,786 |
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26,161 |
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92,496 |
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81,958 |
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Other income (expense): |
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Interest expense, net |
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(1,401 |
) |
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— |
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(2,495 |
) |
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— |
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Loss on disposal of furniture and equipment |
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— |
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— |
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(236 |
) |
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— |
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Other income (expense) |
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(34 |
) |
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(219 |
) |
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(145 |
) |
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(299 |
) |
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Loss before provision for income taxes |
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(41,221 |
) |
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(26,380 |
) |
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(95,372 |
) |
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(82,257 |
) |
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Provision for income taxes |
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38 |
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61 |
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113 |
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121 |
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Net loss |
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$ |
(41,259 |
) |
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$ |
(26,441 |
) |
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$ |
(95,485 |
) |
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$ |
(82,378 |
) |
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Net loss per common share—basic and diluted |
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$ |
(1.36 |
) |
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$ |
(0.87 |
) |
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$ |
(3.14 |
) |
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$ |
(3.51 |
) |
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Weighted average common shares outstanding—basic and diluted |
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30,413,946 |
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30,264,643 |
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30,365,142 |
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23,450,692 |
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(1) |
Includes $2,844 and $322 of share-based compensation expense during the three months ended December 31, 2019 and 2018, respectively, and $3,366 and $887 of share-based compensation during the nine months ended December 31, 2019 and 2018. |
(2) |
Includes $9,685 and $511 of share-based compensation expense during the three months ended December 31, 2019 and 2018, respectively, and $11,431 and $1,741 of share-based compensation during the nine months ended December 31, 2019 and 2018. |
Condensed Consolidated Balance Sheets (unaudited; in thousands) |
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December 31, |
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March 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
131,921 |
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$ |
85,353 |
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Restricted cash |
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243 |
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243 |
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Due from Sumitovant Pharma Ltd. |
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111 |
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— |
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Prepaid expenses and other current assets |
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10,182 |
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12,914 |
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Total current assets |
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142,457 |
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98,510 |
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Furniture and equipment, net |
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1,241 |
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923 |
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Operating lease right-of-use assets |
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3,219 |
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— |
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Restricted cash, net of current portion |
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623 |
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600 |
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Other assets |
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11 |
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88 |
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Total assets |
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$ |
147,551 |
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$ |
100,121 |
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Liabilities and Shareholders' Equity (Deficit) |
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Current liabilities: |
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Accounts payable |
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$ |
2,388 |
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$ |
1,925 |
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Accrued expenses |
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14,701 |
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9,877 |
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Due to Roivant Sciences Ltd. |
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7 |
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15 |
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Interest payable |
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343 |
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— |
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Current portion of long-term debt |
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43,760 |
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— |
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Current portion of operating lease liabilities. |
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335 |
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— |
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Total current liabilities |
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61,534 |
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11,817 |
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Long-term debt, net of current portion |
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87,287 |
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13,534 |
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Operating lease liabilities, net of current portion |
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3,179 |
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— |
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Total liabilities |
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152,000 |
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25,351 |
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Total shareholders' equity (deficit) |
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(4,449 |
) |
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74,770 |
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Total liabilities and shareholders' equity (deficit) |
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$ |
147,551 |
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$ |
100,121 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200213005891/en/
Source:
Investor inquiries:
Ryan Kubota
949.769.2706
ryan.kubota@urovant.com
Media inquiries:
media@urovant.com