Nuevolution AB (publ) announces its results for the fourth quarter and full year 2015/16
Stockholm, 6 September 2016. Nuevolution AB (publ) announces its report for the fourth quarter and full year 2015/16. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the quarterly report.
Fourth quarter and full year summary
- During the fourth quarter of 2015/16, additional pre-clinical studies in Nuevolution’s RORγt inverse agonist (inhibitor) program came out with positive results for its lead and backup candidate. Production of the active pharmaceutical ingredient (API) will commence in September 2016 for the first RORγt inverse agonist candidate.
- In the Cytokine X program, proof-of-concept was achieved in a disease relevant mouse model.
- In vivo studies are ongoing in the BET inhibitor program and in vitro studies are ongoing in the RORγt agonist program with results of these studies expected in the third and fourth quarter 2016, respectively.
- The Janssen Biotech collaboration is proceeding according to schedule. We expect initiation of one additional project within the next six months.
- Group revenues for the fourth quarter of 2015/16 amounted to SEK 3.1 (5.6) million. Full year 2015/16: SEK 21.3 (29.8) million.
- The fourth quarter of 2015/16 is impacted by significant non-recurring and non-cash expenses for the 2015/21 warrant program of SEK 48.5 million and non-recurring reimbursement of VAT of SEK 2.9 million. Hence, both adjusted and reported figures are shown below.
- The adjusted operating loss in the fourth quarter of 2015/16 was SEK -31.2 (-21.8) million. As reported, the operating loss amounted to SEK -76.7 million (-21.8). Full year 2015/16: Adjusted operating loss of SEK -91.5 (-64.9) million. As reported, the operating loss was SEK -151.9 million (-64.9), including non-recurring expenses of SEK 60.4 million in expenses for the warrant program and IPO costs of SEK 11.9 million.
- The adjusted net loss in the fourth quarter of 2015/16 amounted to SEK -29.1 (-20.0) million. As reported, the net loss was SEK -74.7 million (-20.0). Full-year 2015/16: Adjusted net loss of SEK -84.6 (-54.7) million. As reported, the net loss amounted to SEK -145.0 million (-54.7), including the non-recurring expenses for the IPO and warrant program.
- Adjusted earnings per share (EPS) in the fourth quarter of 2015/16 was SEK -0.68 (-0.70), and SEK -1.74 (-0.70) as reported. Full year 2015/16: Adjusted EPS of SEK -2.32 (-2.26), and SEK -3.98 (-2.26) as reported, including non-recurring expenses for the IPO and warrant program.
- Net cash at June 30, 2016 was SEK 201.3 (44.0) million.
Events occurred after June 30, 2016:
On July 1, 2016, an extraordinary shareholder’s meeting (EGM) unanimously resolved to amend the terms and conditions of the company’s incentive program, warrant program 2015/2021, in accordance with the major shareholders’ proposal. The warrant program was expensed in the fourth quarter of 2015/16, as majority pre-approval was obtained prior to the EGM.
Message of the CEO
“We are pleased with the development of our programs and progress in partnership discussions during the fourth quarter of 2015/16. We continue to expect to enter one or two program licensing agreements and one or two risk-sharing collaborations in the next nine months”, CEO Alex Haahr Gouliaev stated.
On Tuesday 6 September at 13:00 CEST, the company’s executive management will host a conference call and webcast discussion of the results and provide an update on the pipeline programs and partnering activities. Access to the event can be obtained as follows:
LIVE access on Tuesday 6 September at 13:00 CEST
SE: +46 85 664 2669
DK: +45 8233 3178
UK: +44 20 3008 9808
US: +1 855 7532 235
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 3913 0902
Henrik Damkjær Simonsen, CFO
Phone: +45 3913 0947
Information about Nuevolution AB (publ)
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, and headquartered in Copenhagen, Denmark. Nuevolution partners its discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment option. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was sent for publication on Tuesday 6 September, 08.00 (CEST).
Nuevolution AB (publ) is listed at Nasdaq First North in Stockholm, Sweden (ticker: NUE.ST). Västra Hamnen Corporate Finance AB acts as Certified Advisor to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com.