~ Statistically Significant Positive
Top-line Clinical Results Reported from SONICS Phase 3 Study of
RECORLEV™ (levoketoconazole) in Endogenous Cushing's Syndrome ~
Strongbridge Biopharma plc, (Nasdaq: SBBP), a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs, today reported second quarter 2018
financial results.
Second Quarter 2018 And Recent
Highlights:
Rare Endocrine Franchise:
- Earlier today, Strongbridge reported statistically significant
positive top-line clinical results from the SONICS Phase 3 study of
RECORLEV™ (levoketoconazole) in endogenous Cushing's syndrome.
- Launched MACRILEN™ (macimorelin) in the United States at the
end of July. MACRILEN is the Company’s second rare disease
commercial product and the first and only FDA-approved oral drug
indicated for the diagnosis of adult growth hormone deficiency
(AGHD), a condition often treated by the same endocrinologists who
diagnose and treat Cushing’s syndrome.
- Patent issued for veldoreotide, a next-generation somatostatin
analog (SSA), with claims covering an extended-release formulation
and a method of manufacturing the formulation, strengthening the
Company’s intellectual property portfolio. The patent is
scheduled to expire in February 2037.
Rare Neuromuscular
Franchise:
- Achieved KEVEYIS net product sales of $4.3 million in
the second quarter of 2018, a 187 percent increase compared
to $1.5 million in the second quarter of 2017.
- Full-year 2018 KEVEYIS revenue guidance remains $18 – $20
million.
“We have achieved several value-creating
milestones across our rare disease portfolio over the last several
months, including the compelling RECORLEV Phase 3 clinical trial
results announced earlier today,” said Matthew Pauls, president and
chief executive officer of Strongbridge Biopharma. "In addition to
the continued strong performance of KEVEYIS, we are particularly
excited about the launch of MACRILEN, which provides Strongbridge
with an efficient, synergistic presence in the rare endocrine
community ahead of the potential regulatory approval of RECORLEV.
Early launch indicators are encouraging, signaling pent-up demand
for this novel solution to diagnose adult growth hormone deficiency
(AGHD), a serious, rare, under-diagnosed disease.”
Second Quarter 2018 Financial
ResultsFor the three months ended June 30, 2018, basic net
loss attributable to ordinary shareholders on a GAAP basis was $2.9
million, or $0.06 per share, compared to a basic net loss
attributable to ordinary shareholders of $30.2 million, or $0.86
per share, for the same period in 2017. Net loss for the three
months ended June 30, 2018 was lower than the same period in 2017
primarily due to an unrealized gain of $19.0 million on the fair
value of warrants recorded in 2018, compared to an unrealized loss
of $15.2 million on the fair value of warrants recorded in the same
period of 2017, as well as increased net revenues recorded in 2018
from sales of KEVEYIS, offset in part by increased operating
expenses associated with the commercialization of KEVEYIS and
MACRILEN, higher research and development expenses primarily
associated with the continued development of RECORLEV, and higher
interest expense.
For the three months ended June 30, 2018,
non-GAAP basic net loss attributable to ordinary shareholders was
$16.7 million, or $0.36 per share, compared to a non-GAAP basic net
loss attributable to ordinary shareholders of $12.2 million, or
$0.34 per share, for the same period in 2017. The increase in
non-GAAP net loss was primarily due to increased operating expenses
associated with the commercialization of KEVEYIS and MACRILEN,
higher research and development expenses primarily associated with
the continued development of RECORLEV, and higher interest expense,
offset in part by net revenues recorded from KEVEYIS product
sales.
The Company recorded net revenues from sales of
KEVEYIS of $4.3 million and cost of goods sold of $0.8 million for
the three months ended June 30, 2018, compared to net revenues of
$1.5 million and cost of goods sold of $0.4 million for the same
period in 2017.
Research and development expenses were $5.5
million for the three months ended June 30, 2018, compared to $4.1
million for the same period in 2017. The increase during the 2018
period was primarily due to expenses related to the RECORLEV LOGICS
and OPTICS clinical trials.
Selling, general and administrative expenses
were $15.2 million for the three months ended June 30, 2018,
compared to $10.1 million for the same period in 2017. The increase
during the 2018 period was primarily due to costs incurred to
establish the commercial and corporate infrastructure necessary to
support the commercialization of KEVEYIS and MACRILEN.
Year-to-Date June 2018 Financial
ResultsFor the six months ended June 30, 2018, basic net
loss attributable to ordinary shareholders on a GAAP basis was
$31.6 million, or $0.69 per share, compared to a basic net loss
attributable to ordinary shareholders of $59.7 million, or $1.69
per share, for the same period in 2017. Net loss for the six
months ended June 30, 2018 was lower than the same period in 2017
primarily due to an unrealized gain of $9.3 million on the fair
value of warrants recorded in 2018, compared to an unrealized loss
of $30.1 million on the fair value of warrants recorded in the same
period of 2017, as well as increased net revenues recorded in 2018
from sales of KEVEYIS, offset in part by increased operating
expenses associated with the commercialization of KEVEYIS and
MACRILEN, higher research and development expenses primarily
associated with the continued development of RECORLEV, and higher
interest expense.
For the six months ended June 30, 2018, non-GAAP
basic net loss attributable to ordinary shareholders was $31.0
million, or $0.67 per share, compared to a non-GAAP basic net loss
attributable to ordinary shareholders of $22.5 million, or $0.64
per share, for the same period in 2017. The increase in non-GAAP
net loss was primarily due to increased operating expenses
associated with the commercialization of KEVEYIS and MACRILEN,
higher research and development expenses primarily associated with
the continued development of RECORLEV, and higher interest expense,
offset in part by net revenues recorded from KEVEYIS product
sales.
The Company recorded net revenues from sales of
KEVEYIS, which was launched in April 2017, of $8.2 million and cost
of goods sold of $1.4 million for the six months ended June 30,
2018, compared to net revenues of $1.5 million and cost of goods
sold of $0.4 million for the same period in 2017.
Research and development expenses were $10.3
million for the three months ended June 30, 2018, compared to $7.6
million for the same period in 2017. The increase during the 2018
period was primarily due to expenses related to the RECORLEV LOGICS
and OPTICS clinical trials.
Selling, general and administrative expenses
were $27.6 million for the six months ended June 30, 2018, compared
to $17.6 million for the same period in 2017. The increase during
the 2018 period was primarily due to costs incurred to establish
the commercial and corporate infrastructure necessary to support
the commercialization of KEVEYIS and MACRILEN.
Strongbridge had $85.5 million of cash and cash
equivalents and $87.4 million in outstanding debt as of June 30,
2018, compared to $57.5 million of cash and cash equivalents and
$40.8 million in outstanding debt as of December 31, 2017. The
Company believes the combination of existing cash resources and
potential additional borrowings available under its credit facility
will provide sufficient cash resources under its current operating
plan, which includes the potential U.S. regulatory approval and
launch of RECORLEV, to achieve consistent positive cash flows from
operating activities.
Conference Call
DetailsStrongbridge will host a conference call on
Wednesday, August 8 at 8:30 a.m. EDT. To access the live call, dial
844-285-7153 (domestic) or 478-219-0180 (international) with
conference ID 2971518. The conference call will also be audio
webcast from the Company’s website at www.strongbridgebio.com under
the “Investor/Webcasts and Presentations” section. A replay of the
call will be made available for one week following the conference
call. To hear a replay of the call, dial 855-859-2056 (domestic) or
404-537-3406 (international) with conference ID 2971518.
About Strongbridge
BiopharmaStrongbridge Biopharma is a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs. Strongbridge's rare endocrine
franchise includes MACRILEN™ (macimorelin), the first and only
FDA-approved oral drug indicated for the diagnosis of adult growth
hormone deficiency, RECORLEV™ (levoketoconazole), a cortisol
synthesis inhibitor currently being studied in Phase 3
clinical studies for the treatment of endogenous Cushing's
syndrome, and veldoreotide extended release, a pre-clinical
next-generation somatostatin analog being investigated for the
treatment of acromegaly and potential additional applications in
other conditions amenable to somatostatin receptor
activation. MACRILEN has orphan drug exclusivity in the United
States, and both RECORLEV and veldoreotide have received orphan
drug designation from the FDA and the European Medicines
Agency. The Company’s rare neuromuscular franchise includes
KEVEYIS® (dichlorphenamide), the first and only FDA-approved
treatment for hyperkalemic, hypokalemic, and related variants of
primary periodic paralysis. KEVEYIS has orphan drug exclusivity in
the United States.
About KEVEYIS
KEVEYIS® (dichlorphenamide) is indicated for the treatment of
primary hyperkalemic periodic paralysis, primary hypokalemic
periodic paralysis, and related variants. In clinical studies, the
most common side effects of KEVEYIS were a numbness or tingling,
difficulty thinking and paying attention, changes in taste, and
confusion. These are not all of the possible side effects that you
may experience with KEVEYIS. Talk to your doctor if you have any
symptoms that bother you or do not go away. You are encouraged to
report side effects to Strongbridge Biopharma at 1-855-324-8912, or
to the FDA at 1-800-FDA-1088 or visit www.fda.gov/medwatch/.
For additional KEVEYIS important safety information and the
full prescribing information visit www.keveyis.com.
About MACRILEN MACRILEN®
(macimorelin) is a prescription oral solution that is used to test
for adult growth hormone deficiency (AGHD). In clinical studies,
the most common side effects of MACRILEN were changed sense of
taste, dizziness, headache, fatigue, nausea, hunger, diarrhea,
upper respiratory tract infection, feeling hot, excessive sweating,
sore nose and throat, and decreased heart rate. These are not
all of the possible side effects that you may experience with
MACRILEN. Call your healthcare provider for medical advice about
side effects. You are encouraged to report side effects to
Strongbridge at 1-855-324-8912, or to the FDA at
1-800-FDA-1088 or
visit www.strongbridgebio.com/products/macrilen/. Please
see Full Prescribing Information for additional important MACRILEN
safety information.
Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of the federal securities laws. The words "anticipate,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"project," "target," "will," "would," or the negative of these
terms or other similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. All statements, other
than statements of historical facts, contained in this press
release, are forward-looking statements, including statements
related to the anticipated demand for MACRILEN, our ability to
achieve positive cash flows from operating activities,
Strongbridge’s strategy, plans, future financial position,
anticipated investments, costs and results, outcomes of product
development efforts, status and results of clinical trials,
intellectual property portfolio and objectives of management for
future operations. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expressed in such statement, including risks and
uncertainties associated with clinical development and the
regulatory approval process, the reproducibility of any reported
results showing the benefits of RECORLEV, the adoption of RECORLEV
by physicians, if approved, as treatment for any disease, the
emergence of unexpected adverse events following regulatory
approval and use of the product by patients, and risks related to
our ability to access funds under our credit facility.
Additional risks and uncertainties relating to Strongbridge and its
business can be found under the heading “Risk Factors” in
Strongbridge’s Annual Report on Form 10-K for the year ended
December 31, 2017 and subsequent filings with the SEC. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections and are not guarantees of
future performance or development and involve known and unknown
risks, uncertainties and other factors. The forward-looking
statements contained in this press release are made as of the date
of this press release, and Strongbridge Biopharma does not assume
any obligation to update any forward-looking statements except as
required by applicable law.
Contacts:
Corporate and Media Relations Elixir Health
Public Relations Lindsay Rocco +1 862-596-1304
lrocco@elixirhealthpr.com
Investor RelationsU.S.:The Trout Group Marcy
Nanus +1 646-378-2927 mnanus@troutgroup.com
Europe:First HouseGeir Arne Drangeid +47 913 10 458
strongbridgebio@firsthouse.no
USA 900 Northbrook Drive Suite 200 Trevose,
PA 19053 Tel. +1 610-254-9200 Fax. +1 215-355-7389
STRONGBRIDGE BIOPHARMA plc |
Select Consolidated Balance Sheet Information
(unaudited) |
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
2018 |
|
|
2017 |
|
|
( in thousands) |
Consolidated
Balance Sheet Data: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
85,514 |
|
$ |
57,510 |
|
Total
assets |
|
|
156,212 |
|
|
103,925 |
|
Long-term debt, net |
|
|
77,572 |
|
|
37,794 |
|
Total
liabilities |
|
|
147,349 |
|
|
115,839 |
|
Total
stockholders’ equity (deficit) |
|
|
8,863 |
|
|
(11,914 |
) |
|
|
|
|
|
|
|
STRONGBRIDGE BIOPHARMA plc |
Consolidated Statement of Operations and
Comprehensive Loss (unaudited) |
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
Consolidated
Statement of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Net product
sales |
$ |
4,296 |
|
|
$ |
1,529 |
|
|
$ |
8,166 |
|
|
$ |
1,529 |
|
Total revenues |
|
4,296 |
|
|
|
1,529 |
|
|
|
8,166 |
|
|
|
1,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (excluding amortization of intangible assets) |
$ |
753 |
|
|
$ |
377 |
|
|
$ |
1,420 |
|
|
$ |
377 |
|
Selling, general and administrative |
|
15,210 |
|
|
|
10,142 |
|
|
|
27,572 |
|
|
|
17,584 |
|
Research and development |
|
5,453 |
|
|
|
4,128 |
|
|
|
10,334 |
|
|
|
7,609 |
|
Amortization of intangible assets |
|
1,872 |
|
|
|
1,255 |
|
|
|
3,641 |
|
|
|
2,511 |
|
Total cost and expenses |
|
23,288 |
|
|
|
15,902 |
|
|
|
42,967 |
|
|
|
28,081 |
|
Operating loss |
|
(18,992 |
) |
|
|
(14,373 |
) |
|
|
(34,801 |
) |
|
|
(26,552 |
) |
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on fair value of warrants |
|
19,017 |
|
|
|
(15,219 |
) |
|
|
9,317 |
|
|
|
(30,147 |
) |
Interest expense |
|
(3,289 |
) |
|
|
(737 |
) |
|
|
(6,163 |
) |
|
|
(1,474 |
) |
Foreign exchange gain (loss) |
|
13 |
|
|
|
(14 |
) |
|
|
(7 |
) |
|
|
(25 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(500 |
) |
|
|
— |
|
Other income, net |
|
329 |
|
|
|
60 |
|
|
|
509 |
|
|
|
25 |
|
Total
other income (expense), net |
|
16,070 |
|
|
|
(15,910 |
) |
|
|
3,156 |
|
|
|
(31,621 |
) |
Loss before income
taxes |
|
(2,922 |
) |
|
|
(30,283 |
) |
|
|
(31,645 |
) |
|
|
(58,173 |
) |
Income tax (expense)
benefit |
|
(1 |
) |
|
|
92 |
|
|
|
(1 |
) |
|
|
(1,502 |
) |
Net loss |
|
(2,923 |
) |
|
|
(30,191 |
) |
|
|
(31,646 |
) |
|
|
(59,675 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(2,923 |
) |
|
$ |
(30,191 |
) |
|
$ |
(31,646 |
) |
|
$ |
(59,675 |
) |
Diluted |
$ |
(21,940 |
) |
|
$ |
(30,191 |
) |
|
$ |
(40,963 |
) |
|
$ |
(59,675 |
) |
Net loss per share
attributable to ordinary shareholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.69 |
) |
|
$ |
(1.69 |
) |
Diluted |
$ |
(0.43 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.81 |
) |
|
$ |
(1.69 |
) |
Weighted-average shares
used in computing net loss per share attributable to ordinary
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
45,829,600 |
|
|
|
35,335,026 |
|
|
|
45,728,793 |
|
|
|
35,335,026 |
|
Diluted |
|
50,437,716 |
|
|
|
35,335,026 |
|
|
|
50,363,801 |
|
|
|
35,335,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STRONGBRIDGE BIOPHARMA plc |
Reconciliation of Non-GAAP Financial Measures
(unaudited) |
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2018 |
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($18,992) |
|
($2,922) |
|
|
($2,923 |
) |
|
($0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets (a) |
|
$1,872 |
|
|
$1,872 |
|
|
$1,872 |
|
|
$0.04 |
|
|
Stock-based compensation - Research & Development (b) |
$463 |
|
|
$463 |
|
|
$463 |
|
|
$0.01 |
|
|
Stock-based compensation - Selling, General & Admin. (b) |
$1,521 |
|
|
$1,521 |
|
|
$1,521 |
|
|
$0.03 |
|
|
Unrealized gain on fair value of warrants (c) |
|
|
— |
|
|
($19,017 |
) |
|
($19,017 |
) |
|
($0.41 |
) |
|
Non-cash interest and debt extinguishment expenses (d) |
|
— |
|
|
$1,430 |
|
|
$1,430 |
|
|
$0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($15,136 |
) |
|
($16,653 |
) |
|
($16,654 |
) |
|
($0.36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017 |
|
|
|
|
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($14,373 |
) |
|
($30,283 |
) |
|
($30,191 |
) |
|
($0.86 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible asset (a) |
|
$1,255 |
|
|
$1,255 |
|
|
$1,255 |
|
|
$0.04 |
|
|
Stock-based compensation - Research & Development (b) |
$281 |
|
|
$281 |
|
|
$281 |
|
|
$0.01 |
|
|
Stock-based compensation - Selling, General & Admin. (b) |
$1,082 |
|
|
$1,082 |
|
|
$1,082 |
|
|
$0.03 |
|
|
Unrealized loss on fair value of warrants (c) |
|
|
— |
|
|
$15,219 |
|
|
$15,219 |
|
|
$0.43 |
|
|
Non-cash interest expense (d) |
|
|
|
— |
|
|
$270 |
|
|
$270 |
|
|
$0.01 |
|
|
Non-cash income tax benefit (e) |
|
|
|
— |
|
|
|
— |
|
|
($92 |
) |
|
$0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($11,755 |
) |
|
($12,176 |
) |
|
($12,176 |
) |
|
|
(0.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRONGBRIDGE BIOPHARMA plc |
Reconciliation of Non-GAAP Financial
Measures |
(Unaudited, in thousands, except share and per
share data) |
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2018 |
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($34,801 |
) |
|
($31,645 |
) |
|
($31,646 |
) |
|
($0.69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets (a) |
|
$3,641 |
|
|
$3,641 |
|
|
$3,641 |
|
|
$0.08 |
|
|
Stock-based compensation - Research & Development (b) |
$871 |
|
|
$871 |
|
|
$871 |
|
|
$0.02 |
|
|
Stock-based compensation - Selling, General & Admin. (b) |
$2,801 |
|
|
$2,801 |
|
|
$2,801 |
|
|
$0.06 |
|
|
Unrealized gain on fair value of warrants (c) |
|
|
— |
|
|
($9,317 |
) |
|
($9,317 |
) |
|
($0.20 |
) |
|
Non-cash interest and debt extinguishment expenses (d) |
|
— |
|
|
$2,662 |
|
|
$2,662 |
|
|
$0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($27,488 |
) |
|
($30,987 |
) |
|
($30,988 |
) |
|
($0.67 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
|
|
|
|
|
Operating loss |
|
Loss before income taxes |
|
Net loss attributable to ordinary shareholders |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
($26,552 |
) |
|
($58,173 |
) |
|
($59,675 |
) |
|
($1.69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible asset (a) |
|
$2,511 |
|
|
$2,511 |
|
|
$2,511 |
|
|
$0.07 |
|
|
Stock-based compensation - Research & Development (b) |
$498 |
|
|
$498 |
|
|
$498 |
|
|
$0.01 |
|
|
Stock-based compensation - Selling, General & Admin. (b) |
$2,035 |
|
|
$2,035 |
|
|
$2,035 |
|
|
$0.06 |
|
|
Unrealized loss on fair value of warrants (c) |
|
|
— |
|
|
$30,147 |
|
|
$30,147 |
|
|
$0.85 |
|
|
Non-cash interest expense (d) |
|
|
|
— |
|
|
$712 |
|
|
$712 |
|
|
$0.02 |
|
|
Non-cash income tax expense (e) |
|
|
|
— |
|
|
|
— |
|
|
$1,247 |
|
|
$0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
($21,508 |
) |
|
($22,270 |
) |
|
($22,525 |
) |
|
($0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- The effects of amortization of the intangible assets and
charges related to the impairment of the intangible assets are
excluded because these charges are non-cash, and we believe such
exclusion facilitates investors’ ability to more accurately compare
our operating results to those of our peer companies.
- The effects of non-cash employee stock-based compensation are
excluded because of varying available valuation methodologies and
subjective assumptions. We believe this is a useful measure
for investors because such exclusion facilitates comparison to peer
companies who also provide similar non-GAAP disclosures and is
reflective of how management internally manages the
business.
- The unrealized gain or loss on fair value of warrants are
excluded due to the nature of this charge, which is non-cash and
related primarily to the effect of changes in the company’s stock
price at a point in time. We believe such exclusion facilitates
investors’ ability to more accurately compare our operating results
to those of our peer companies.
- The effects of non-cash interest and debt extinguishment
charges are excluded. We believe such exclusion facilitates an
understanding of the effects of the debt service obligations on the
Company’s liquidity and comparisons to peer group companies, and is
reflective of how management internally manages the
business.
- The effect of non-cash tax expense or benefit related to
valuation allowance adjustments of the deferred income tax asset is
excluded because of its non-recurring nature. We believe such
exclusion facilitates investor’s ability to more accurately compare
our operating results to those of our peer companies.
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