On August 1, 2018 Aduro Biotech, Inc. (NASDAQ: ADRO) reported financial results for the second quarter ended June 30, 2018 (Press release, Aduro Biotech, AUG 1, 2018, View Source;p=RssLanding&cat=news&id=2361412 [SID1234528388]). Net loss for the second quarter of 2018 was $24.4 million, or $0.31 per share, and for the six months ended June 30, 2018 net loss was $45.9 million, or $0.59 per share, compared to net loss of $19.4 million, or $0.27 per share, and net loss of $41.2 million, or $0.59 per share, respectively, for the same periods in 2017.
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Recent Developments:
Presented updated preclinical data for ADU-S100, a first-in-class small molecule therapeutic in Phase 1 studies targeting the STING pathway at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting (AACR) (Free AACR Whitepaper) held on April 14-18, 2018
Presented at AACR (Free AACR Whitepaper) preclinical data for BION-1301, an anti-APRIL antibody currently in a Phase 1/2 study for the treatment of patients with multiple myeloma
Presented at AACR (Free AACR Whitepaper) preclinical data for ADU-1604, an anti-CTLA-4 antibody scheduled to enter clinical development in the second half of 2018
Presented preliminary observations from case study of a patient with metastatic colorectal cancer treated in ongoing proof-of-concept Phase 1 trial of personalized neoantigen-based immunotherapy (pLADD) program at the European Neoantigen Summit held on April 24-26, 2018
Announced initiation of Phase 1b study of ADU- 214 in combination with nivolumab for the treatment of advanced lung cancer under strategic partnership with Janssen
Cash, cash equivalents and marketable securities totaled $305.9 million at June 30, 2018, compared to $349.7 million at December 31, 2017.
Revenue was $2.6 million for the second quarter of 2018 and $9.3 million for the six months ended June 30, 2018, compared to $5.9 million and $9.7 million, respectively, for the same periods in 2017. The variation in collaboration and license revenue for the quarter was primarily due to the timing of milestone payments earned from Merck for advancement of its anti-CD27 antibody, which entered clinical development in early 2018. The decrease in revenue for the first half of 2018 was primarily due to the adoption of the ASC 606 accounting standard on January 1, 2018, which resulted in a change in revenue recognition methodology for our Novartis collaboration revenue.
Research and development expenses were $19.4 million for the second quarter of 2018 and $39.5 million for the six months ended June 30, 2018, compared to $21.4 million and $42.0 million, respectively, for the same periods in 2017. The decrease in research and development expenses for both periods was primarily due to lower expenses for our antibody programs, including contingent consideration and contract manufacturing related to ADU-1604 and BION-1301, respectively. In addition, clinical development expenses declined in 2018 following the wind down of CRS-207 development activities, partially offset by increased expenses for our ongoing clinical programs including ADU-S100, BION-1301, ADU-1604 and our personalized neoantigen-based immunotherapy.
General and administrative expenses were $8.8 million for the second quarter of 2018 and $17.9 million for the six months ended June 30, 2018, compared to $8.2 million and $16.5 million, respectively, for the same periods in 2017. The increase in general and administrative expenses for both periods was primarily due to outside professional services, legal fees associated with our patent portfolio and higher stock-based compensation expense.