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ViewRay Reports Fourth Quarter and Full Year 2019 Results

On March 12, 2020 ViewRay, Inc. (Nasdaq: VRAY) reported financial results for the fourth quarter and full year ended December 31, 2019 (Press release, ViewRay, MAR 12, 2020, View Source [SID1234555520]). A supplemental presentation for today’s conference call is included on the Company’s website at View Source

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Full Year 2019 Highlights:

Total revenue of $87.8 million compared to 2018 revenue of $81.0 million, which is primarily from 15 revenue units including two system upgrades in each respective year.
Received 22 new orders for MRIdian systems, including three upgrades, totaling $118.5 million, compared to 23 new orders totaling $140.7 million in 2018.
Total backlog increased to $227.3 million as of December 31, 2019, compared to $212.3 million as of December 31, 2018.
Cash and cash equivalents were $226.8 million as of December 31, 2019. The Company received aggregate net proceeds of $138.4 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company, from its December 2019 offering.
Fourth Quarter 2019 Summary:

Total revenue was $16.5 million in the quarter, primarily from three revenue units including one system upgrade, compared to $20.7 million, primarily from four revenue units including one system upgrade, for the same period last year.
Received four new orders for MRIdian systems totaling approximately $21.2 million in the fourth quarter of 2019, compared to eight new orders for MRIdian systems totaling approximately $48.7 million for the same period last year.
"In 2019 we built significant organizational expertise, made progress on our innovation and clinical pipelines, and fortified our balance sheet," said Scott Drake, President and CEO. "As we look at 2020, our commercial and operational activities are being impacted by the coronavirus and may be further impacted depending upon how the situation unfolds. As we look beyond the coronavirus uncertainty, we are confident in the capabilities we have built and how MRIdian is positioned to improve the paradigm of care."

Financial Results

Total revenue for the three months ended December 31, 2019 was $16.5 million compared to $20.7 million for the same period last year. Total revenue for the full year 2019 was $87.8 million compared to $81.0 million for the full year 2018.

Total cost of revenue for the three months ended December 31, 2019 was $20.4 million compared to $20.1 million for the same period last year. Total cost of revenue was $93.3 million for the full year 2019 compared to $74.4 million for the full year 2018.

Total gross (loss) profit for the three months ended December 31, 2019 was $(3.9) million, compared to $0.6 million for the same period last year. Total gross (loss) profit for the full year 2019 was $(5.5) million compared to $6.6 million for the full year 2018.

Total operating expenses for the three months ended December 31, 2019 were $28.4 million, compared to $22.1 million for the same period last year. Total operating expenses for the full year 2019 were $115.3 million for the full year 2019 compared to $81.7 million for the full year 2018.

Net loss for the three months ended December 31, 2019 was $35.2 million, or $0.31 per share, compared to $16.7 million, or $0.17 per share, for the same period last year. Net loss for the full year 2019 was $120.2 million, or $1.18 per share, compared to $79.1 million, or $0.98 per share, for the full year 2018.

ViewRay had total cash and cash equivalents of $226.8 million at December 31, 2019. From its December 2019 offering, the Company received aggregate net proceeds of $138.4 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.

Financial Guidance

For the full year 2020, ViewRay anticipates total revenue to be in the range of $58 – $95 million, and total cash usage to be in the range of $60 – $80 million. Most notably, commercial and operational activities are being impacted and may be further impacted by the coronavirus. ViewRay has nine planned installations in 2020 in regions that have travel restrictions currently in place.

Conference Call and Webcast

ViewRay will hold a conference call to discuss results on Thursday, March 12, 2020 at 4:30 p.m. ET / 1:30 p.m. PT. The dial-in numbers are (844) 277-1426 for domestic callers and (336) 525-7129 for international callers. The conference ID number is 6095383. A live webcast of the conference call will be available on the investor relations page of ViewRay’s corporate website at www.viewray.com.

After the live webcast, a replay of the webcast will remain available online on the investor relations page of ViewRay’s corporate website, www.viewray.com, for 14 days following the call. In addition, a telephonic replay of the call will be available until March 19, 2020. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use the conference ID number 6095383.

BIOLASE, Inc. to Report Fourth Quarter 2019 Results on March 19, 2020

On March 12, 2020 BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, reported that it will release fourth quarter 2019 financial and operating results on Thursday, March 19, 2020 after the close of the U.S. financial markets and will host a conference call and webcast that day at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results and corporate developments (Press release, Biolase Technology, MAR 12, 2020, View Source [SID1234555519]).

For both "listen-only" participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the U.S./Canada is 800-353-6461. For international participants outside the U.S./Canada, the dial-in number is 334-323-0501. For all callers, refer to the Conference ID 7830999. To access the live webcast, go to BIOLASE Investor Events Page.

An audio archive of the webcast will be available for 30 days on the Investors section of the BIOLASE website.

INOVIO Pharmaceuticals Reports 2019 Fourth Quarter and Year-End Financial Results

On March 12, 2020 INOVIO Pharmaceuticals, Inc. (NASDAQ: INO), a biotechnology company focused on rapidly bringing to market precisely designed DNA medicines to treat, cure, and protect people from diseases associated with HPV, cancer, and infectious diseases, reported financial results for the fourth quarter and year ended December 31, 2019 (Press release, Inovio, MAR 12, 2020, View Source [SID1234555518]). INOVIO’s management will host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss financial results and provide a general business update.

INOVIO Highlights

VGX-3100: Cervical, vulvar, and anal HSIL

REVEAL 2 Phase 3 clinical trial evaluating VGX-3100 for treatment of HPV-related cervical high-grade squamous intraepithelial lesions (HSIL) has a total of 43 sites opened globally for recruitment, which includes newly opened sites in Brazil and South Africa, along with four new U.S.-based sites. Top-line efficacy data from REVEAL 1 Phase 3 clinical trial is expected to be reported by the fourth quarter of 2020.

INOVIO is also evaluating VGX-3100 in two Phase 2 trials for the treatment of vulvar HSIL and anal HSIL. Preliminary efficacy and safety data are planned to be presented later this month at The American Society for Colposcopy and Cervical Pathology (ASCCP) 2020 Scientific Meeting on Anogenital & HPV-Related Diseases.

INO-3107: Recurrent respiratory papillomatosis (RRP)

In February 2020, INOVIO announced that the U.S. Food and Drug Administration (FDA) accepted its Investigational New Drug (IND) application to evaluate INO-3107 in a Phase 1/2 trial for treatment of recurrent respiratory papillomatosis (RRP). The Phase 1/2 trial is expected to enroll approximately 63 subjects in the United States and will evaluate the efficacy, safety, tolerability, and immunogenicity of INO-3107 in subjects with HPV 6 and/or 11-associated RRP who have required at least two surgical interventions per year for the past three years for the removal of associated papilloma(s). As RRP is a rare, orphan disease, INOVIO plans to work with the FDA’s Office of Orphan Products Development (OOPD) in an effort to attain Orphan Disease designation for INO-3107.

INOVIO and its collaborators published data from a pilot, compassionate use clinical trial for the treatment of RRP in the scientific journal Vaccines (MDPI). The article, entitled "Immune Therapy Targeting E6/E7 Oncogenes of Human Papillomavirus Type 6 (HPV-6) Reduces or Eliminates the Need for Surgical Intervention in the Treatment of HPV-6 Associated Recurrent Respiratory Papillomatosis," detailed the clinical efficacy observed in the pilot study of two patients with RRP.

INO-4800: COVID-19

In January 2020, INOVIO was awarded a grant of up to $9 million from the Coalition for Epidemic Preparedness Innovations (CEPI) to develop a vaccine against COVID-19, the disease caused by the novel coronavirus. This initial CEPI funding is anticipated to support INOVIO’s preclinical and clinical development through a Phase 1 clinical trial of INO-4800, INOVIO’s COVID-19 vaccine candidate, in the United States.

Subsequent to the grant from CEPI, INOVIO announced a collaboration agreement with Beijing Advaccine Biotechnology Co. to advance the development of INO-4800 in China. The goal of this collaboration is to leverage Beijing Advaccine’s expertise to run a Phase 1 trial in China in parallel with INOVIO’s ongoing clinical development efforts in the United States.

In March 2020, INOVIO received a new $5 million grant from the Bill and Melinda Gates Foundation anticipated to fund accelerated testing and scale up of INOVIO’s CELLECTRA 3PSP proprietary smart device for the intradermal delivery of INO-4800, in order to support large scale manufacturing of INO-4800 doses by end of 2020.

INO-5401: Newly diagnosed glioblastoma multiforme (GBM)

In November 2019, INOVIO reported positive interim data for INO-5401 from its ongoing Phase 2 trial in patients with newly diagnosed glioblastoma multiforme (GBM) at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) 2019 Annual Meeting. The Phase 2 trial is evaluating INO-5401, a T cell-activating immunotherapy candidate encoding for three tumor-specific antigens (hTERT, WT1, and PSMA), and INO-9012, an immune activator encoding IL-12, in combination with Libtayo, a PD-1 blocking antibody produced by Regeneron Pharmaceuticals in collaboration with Sanofi.

Key interim data from the 52-patient clinical trial showed that 80% (16 of 20) of MGMT gene promoter methylated patients and 75% (24 of 32) of unmethylated patients were progression-free at six months measured from the time of their first dose, substantially exceeding historical standard-of-care data (approximately 60% of MGMT promoter methylated patients and 40% of unmethylated patients historically were progression-free at six months). INOVIO expects to report 12-month overall survival data in June 2020, followed by 18-month overall survival data in the fourth quarter of 2020.

Dr. J. Joseph Kim, INOVIO’s President & CEO, said, "The company remains well-positioned for 2020 to be a transformational year for INOVIO. Following our very encouraging, albeit early, positive data for INO-5401 in our GBM study, we look forward to presenting 12-month overall survival data next quarter. We also continue to expand our capabilities in treating HPV-associated diseases, with IND acceptance from the FDA for a Phase 2 trial evaluating INO-3107 for the rare, orphan disease RRP. We also look forward to sharing interim efficacy and safety data from our Phase 2 study in HPV-associated vulvar HSIL and anal HSIL at ASCCP later this month."

"The evolving situation following the outbreak of COVID-19 has allowed us to further showcase INOVIO’s technology capabilities and versatility in fighting emerging infectious diseases. We are very grateful for both the financial and moral support from CEPI to take steps toward tackling this global pandemic. Our DNA medicine platform has been selected among a small group of important vaccine technologies for rapidly impacting emerging infectious diseases outbreaks such as COVID-19, having already advanced INO-4700, our vaccine candidate against MERS-CoV, another coronavirus, to a Phase 1/2a clinical trial. We look forward to sharing more on INO-4800’s development along with our broader pipeline initiatives and achievements in the future."

Fourth Quarter 2019 Financial Results

Total revenue was $279,000 and $4.1 million for the quarter and year ended December 31, 2019, respectively, compared to $2.5 million and $30.5 million for the same periods in 2018, respectively. Total operating expenses were $30.7 million and $115.2 million for the quarter and year ended December 31, 2019, respectively, compared to $32.0 million and $124.6 million for the same periods in 2018, respectively.

INOVIO’s net loss for the quarter and year ended December 31, 2019 was $37.7 million, or $0.38 per basic and diluted share, and $119.4 million, or $1.21 per basic and diluted share, respectively, as compared to $33.0 million, or $0.34 per basic and diluted share, and $97.0 million, or $1.05 per basic and diluted share, for the same periods in 2018, respectively.

Revenue

The year-over-year decrease in revenue under collaborative research and development (R&D) arrangements was primarily due to the recognition of a one-time upfront payment of $23.0 million form ApolloBio during the second quarter of 2018.

Operating Expenses

R&D expenses for the quarter and year ended December 31, 2019 were $22.0 million and $88.0 million, respectively, compared to $26.4 million and $95.3 million for the same periods in 2018, respectively. The year-over-year decrease in R&D expenses was primarily due to decreases in employee compensation expense and drug manufacturing expense related to our partnership with AstraZeneca, among other variances. These decreases were offset by an increase in expenses related to clinical trials and a personnel-related restructuring charge in connection with the one-time employee termination costs incurred during the third quarter of 2019.

General and administrative expenses were $8.7 million and $27.2 million, respectively, for the quarter and year ended December 31, 2019 versus $5.6 million and $29.3 million, respectively, for the same periods in 2018.

Capital Resources

As of December 31, 2019, cash and cash equivalents and short-term investments were $89.5 million compared to $93.8 million as of September 30, 2019. As of December 31, 2019, the Company had 101.4 million common shares outstanding and 132.1 million common shares outstanding on a fully diluted basis, after giving effect to outstanding options, restricted stock units and convertible preferred stock.

During the year ended December 31, 2019, the Company sold 3,340,678 shares of common stock under its "at-the-market" (ATM) common stock sales agreement for aggregate net proceeds of $9.1 million.

From January 1, 2020 through March 11, 2020, the Company sold 43,148,952 shares of common stock under its ATM agreement for net proceeds of $208.2 million. The sales were made at a weighted average price of $4.92 per share. As of March 11, 2020, there is no remaining capacity under the ATM agreement.

INOVIO’s balance sheet and statement of operations are provided below. Additional information is included in INOVIO’s annual report on Form 10-K for the year ended December 31, 2019, which can be accessed at: View Source

Conference Call / Webcast Information

INOVIO’s management will host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss INOVIO’s financial results and provide a general business update.

The live webcast and a replay may be accessed by visiting INOVIO’s website at View Source Telephone replay will be available approximately one hour after the call at 877-344-7529 (US toll-free) or 412-317-0088 (international toll) using replay access code 10139836.

CNS Pharmaceuticals Announces Business Highlights and 2019 Fourth Quarter Financial Results

On March 12, 2020 CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) ("CNS" or the "Company"), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers of the brain and central nervous system, reported business highlights and financial results for the three months ended December 31, 2019 and Fiscal Year 2019 (Press release, CNS Pharmaceuticals, MAR 12, 2020, View Source [SID1234555517]).

Business highlights for the fourth quarter of 2019 and recent weeks include the following:

Selected a leading Polish institution for the Phase 1 pediatric trial with Berubicin in glioblastoma multiforme ("GBM"). In February 2020, CNS announced the selection of Children’s Memorial Health Institute, the largest pediatric hospital in Poland as the single site for this pediatric trial which is expected to commence in the second half of 2020.
Completed final Good Manufacturing Practice ("GMP") reprocessing and purity validation of the existing batch of its lead drug candidate Berubicin. In February 2020, the Company announced the final GMP reprocessing of the existing batch of Berubicin, reporting the GMP material met all specifications and analytical testing is now underway. The Company is continuing large-scale production of Berubicin and intends to utilize this supply to complete its planned Phase 2 clinical trial for patients with GBM.
Licensed a novel DNA-binding technology from The University of Texas MD Anderson Cancer Center to expand the clinical pipeline. In January 2020, CNS entered into a licensing agreement with MD Anderson, granting the Company rights to develop and commercialize WP1244, a new class of DNA-binding agent designed to cross the blood-brain barrier for the potential treatment of primary and metastatic brain cancers. WP1244 has been shown in preclinical studies to be 500-times more potent than the chemotherapeutic agent daunorubicin in inhibiting tumor cell proliferation.
Received positive feedback from the U.S. Food and Drug Administration ("FDA") for Pre-IND (Investigational New Drug) proposal. In its December 2019 positive response to the Company’s Pre-IND request, the FDA indicated that the proposal to use a previously manufactured and currently available supply of a lyophilized drug product (i.e., Berubicin) in the Phase 2 clinical trial appears reasonable. Furthermore, the FDA noted that the requested dosage regimen for the planned Phase 2 trial with Berubicin in GBM, which will be based on the Reata Phase 1 trial, was reasonable.
Closed initial public offering ("IPO") of common stock. The Company closed its IPO of 2,125,000 shares of common stock at an offering price of $4.00 per share on November 13, 2019 and an additional 318,750 shares pursuant to the exercise in full of the underwriters’ over-allotment option sold at the IPO price of $4.00 per share on November 20, 2019. Gross proceeds from the offering, including the exercise of the underwriters’ over-allotment option, were $9.8 million and will be used to fund CNS’ clinical trials and for working capital.
"Since completing our IPO we are very pleased with the progress we have made toward initiating our Phase 2 clinical study of Berubicin to treat GBM, which represents a significant unmet medical need," stated John M. Climaco, Chief Executive Officer of CNS Pharmaceuticals. "We believe Berubicin has the ability to cross the blood-brain barrier with positive responses in these types of tumors, as demonstrated in the Phase 1 study conducted by Reata. In the second half of this year, we look forward to initiating our Phase 2 clinical study in adults in the U.S., as well as two studies conducted in Poland by our sub-license partner, WPD Pharmaceuticals, including a Phase 2 study in adults which will mirror our U.S.-based study, and a first-ever Phase 1 study in children. In addition, we plan to perform further preclinical studies for our recently licensed WP1244 drug candidate, a novel and potent DNA binding agent with high potency to inhibit tumor cell proliferation."

Fourth Quarter Financial Results

General and administrative expense was $1.0 million for the fourth quarter of 2019, compared with $0.2 million for the prior-year period. The increase is largely attributable to the expanded corporate infrastructure implemented in order to advance the Company’s clinical development program following its IPO.

Research and development expense for the fourth quarter of 2019 was $1.5 million, compared with $0 for the fourth quarter of 2018. The expense in the quarter was largely related to the cost of reprocessing and validating the existing batch of Berubicin needed for the commencement of the Phase 2 clinical trial, as well as starting the production of a new batch of the drug necessary for the contemplated clinical trials, both in the U.S. and in Poland.

The net change in cash in the fourth quarter of 2019 was $6.3 million. As of December 31, 2019, CNS had cash and cash equivalents of $7.2 million, which includes $8.8 million in net proceeds from our IPO.

Conference Call

CNS senior management will provide a business update in a conference call and live audio webcast beginning at 4:30 p.m. Eastern time today, March 12, 2020. The conference call dial-in and webcast information is as follows:

DOMESTIC DIAL-IN:

(844) 535-4071

INTERNATIONAL DIAL-IN:

(706) 679-2458

PASSCODE:

1254059

WEBCAST:

CNS Business Update Conference Call.

For those unable to participate in the live conference call or webcast, a replay will be available beginning approximately two hours after the close of the conference call. To access the replay, dial 855-859-2056 or 404-537-3406. The replay passcode is 1254059. The replay can be accessed for a period of time on the CNS website at CNS Business Update Conference Call.

Regulus Reports Fourth Quarter and Year-End 2019 Financial Results and Recent Updates

On March 12, 2020 Regulus Therapeutics Inc. (Nasdaq: RGLS), a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs (the "Company" or "Regulus"), reported financial results for the fourth quarter and year ended December 31, 2019 and provided a corporate update (Press release, Regulus, MAR 12, 2020, View Source [SID1234555516]).

"We have made significant progress over the past few months, including receiving notification from FDA of their decision to lift the partial clinical hold on our Phase 1 multiple ascending dose clinical study for RGLS4326, enabling the initiation of dosing of the second cohort of that study for the treatment of autosomal dominant polycystic kidney disease this past February," said Jay Hagan, CEO of Regulus. "This important milestone, coupled with the closing of the second tranche of financing, enables us to advance the program toward key data read-outs."

Corporate Highlights

Closed $26 Million Second Tranche of Private Financing: In December 2019, following the announcement of the Company’s plan to recommence the Phase 1 Multiple Ascending Dose ("MAD") clinical study of RGLS4326 for the treatment of autosomal dominant polycystic kidney disease ("ADPKD") in the first quarter of 2020, the Company completed a second and final closing under the May 2019 securities purchase agreement, pursuant to which the Company sold and issued 3,288,390 shares of non-voting Class A-2 convertible preferred stock, in lieu of shares of common stock, at a price of $6.66 per share, and accompanying warrants to purchase an aggregate of 32,883,900 shares of common stock at a price of $0.125 for each share of common stock underlying such warrants. Each share of the non-voting Class A-2 convertible preferred stock is convertible into 10 shares of common stock, subject to certain beneficial ownership conversion limitations. The warrants are exercisable for a period of five years following the date of issuance and have an exercise price of $0.666 per share, pursuant to proportional adjustments in the event of stock splits or combinations or similar events. Together with the first tranche, which closed in May 2019, the Company raised a total of $42.7 million from the private financing, which the Company expects will provide cash resources to fund planned activities into mid-2021.

Program Highlights

Initiated Dosing of the Second Cohort in RGLS4326 Phase 1 for ADPKD: In February 2020, the Company initiated dosing of the second cohort of the MAD clinical study of RGLS4326, a novel oligonucleotide designed to inhibit miR-17 for the treatment of ADPKD. The Company expects to complete this study in mid-2020 with topline results available thereafter. The Company is also planning to initiate a Phase 1b short-term dosing study in patients with ADPKD in the second half of 2020 to evaluate RGLS4326 for safety, pharmacokinetics, and biomarkers of pharmacodynamic activity. The re-initiation of the MAD study was allowed following a satisfactory complete response provided to FDA in November 2019 to address the partial clinical hold placed on the clinical program in July 2019. A partial clinical hold on studies of RGLS4326 dosed for extended durations remains in effect until the second set of requirements outlined by FDA have been satisfactorily addressed. Information from the Phase 1 clinical studies, together with information from additional nonclinical studies, will be used to address the second set of requirements to support studies of extended duration.

Financial Results

Cash Position: As of December 31, 2019, Regulus had $34.1 million in cash and cash equivalents.

Research and Development (R&D) Expenses: R&D expenses were $2.1 million and $12.3 million for the quarter and year ended December 31, 2019, respectively, compared to $5.3 million and $34.0 million for the same periods in 2018. The decreases were largely driven by decreases in external development expenses, primarily attributable to the pause of the RGLS4326 MAD study in the third quarter of 2018 and transfer of the RG-012 program to Sanofi beginning in the fourth quarter of 2018. Additionally, the decreases were driven by reductions in personnel and internal expenses, primarily attributable to a reduction in costs subsequent to our corporate restructuring in the third quarter of 2018.

General and Administrative (G&A) Expenses: G&A expenses were $2.4 million and $11.3 million for the quarter and year ended December 31, 2019, respectively, compared to $2.7 million and $12.9 million for the same periods in 2018. The decreases were mostly driven by a reduction in costs subsequent to our corporate restructuring in the third quarter of 2018.

Revenue: Revenue was less than $0.1 million and $6.8 million for the quarter and year ended December 31, 2019, respectively, compared to less than $0.1 million and $0.1 million for the same periods in 2018. The increase for the year ended December 31, 2019 was attributable to revenue recognition of the upfront payments received under the 2018 Sanofi Amendment related to the transfer of the RG-012 program to Sanofi.

Net Loss: Net loss was $4.9 million and $18.6 million for the quarter and year ended December 31, 2019, respectively, compared to a net loss of $8.6 million and $48.7 million for the same periods in 2018. Basic and diluted net loss per share was $0.23 and $1.08 for the quarter and year ended December 31, 2019, respectively, compared to $0.98 and $5.59 for the same periods in 2018.

About ADPKD

ADPKD, caused by the mutations in the PKD1 or PKD2 genes, is among the most common human monogenic disorders and a leading cause of end-stage renal disease. The disease is characterized by the development of multiple fluid filled cysts primarily in the kidneys, and to a lesser extent in the liver and other organs. Excessive kidney cyst cell proliferation, a central pathological feature, ultimately leads to end-stage renal disease in approximately 50% of ADPKD patients by age 60.

About RGLS4326

RGLS4326 is a novel oligonucleotide designed to inhibit miR-17 and designed to preferentially target the kidney. Preclinical studies with RGLS4326 have demonstrated direct regulation of PKD1 and PKD2 in human ADPKD cyst cells, a reduction in kidney cyst formation, improved kidney weight/body weight ratio, decreased cyst cell proliferation, and preserved kidney function in mouse models of ADPKD. The RGLS4326 IND is currently on a Partial Clinical Hold for treatment of extended duration by the U.S. Food and Drug Administration.