HOPKINTON, Mass., Feb. 14, 2020 (GLOBE NEWSWIRE) -- Spring Bank Pharmaceuticals, Inc. (Nasdaq: SBPH), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of certain cancers and inflammatory diseases, today announced its financial results for the fourth quarter and year-ended December 31, 2019 and provided an update on recent corporate and clinical development highlights.
“In January, we made the difficult decision to discontinue our development efforts in the field of chronic hepatitis B virus (HBV). We are moving forward by continuing to advance our internally-developed product candidates in the fields of immuno-oncology and inflammatory diseases,” said Martin Driscoll, president and chief executive officer of Spring Bank Pharmaceuticals. “We are progressing our Phase 1 immuno-oncology trial of SB 11285, our next-generation intravenously-administered STING agonist candidate and, leveraging the differentiated chemistry of our STING agonist portfolio, we are expanding our immuno-oncology portfolio by creating new candidates that consist of selected monoclonal antibodies conjugated with our STING agonists. In our early research efforts, our scientists continue to focus on the development of novel orally-available STING antagonists for inflammatory diseases with high unmet needs, with the goal to advance a lead development candidate into IND-enabling activities later this year.”
Mr. Driscoll continued, “With our cash balance of $54.5 million as of December 31, 2019 and as a result of the elimination of costs related to our HBV development program, we estimate that we have the resources to fund our new operating plan into late 2022.”
2019 Highlights and Potential 2020 Milestones
Year-End and Fourth Quarter Financial Results
About Spring Bank Pharmaceuticals
Spring Bank Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of a novel class of therapeutics using its proprietary small molecule nucleotide platform. The company designs its compounds to selectively target and modulate the activity of specific proteins implicated in various disease states. The company is developing its STING product portfolio with its lead clinical product candidate, SB 11285, an intravenously-administered immunotherapeutic agent for the treatment of selected cancers, its STING antagonist compounds for the treatment of a broad range of inflammatory diseases and its STING agonist ADC program for potential oncology applications. For more information, please visit www.springbankpharm.com.
Forward-Looking Statements
Statements in this press release about Spring Bank’s future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the company having sufficient funds to enable it to fund its operating expenses and capital expenditure requirements into late 2022, the company’s expectations related to its Phase 1 clinical trial for SB 11285 and the company’s plans to initiate IND-enabling activities for its preclinical programs.
Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including whether Spring Bank’s product candidates will advance through the clinical trial process on a timely basis, or at all; whether Spring Bank’s cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; whether the results of the company’s trials will warrant submission for approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies; whether Spring Bank’s product candidates will receive approval from regulatory agencies on a timely basis or at all; whether, if product candidates obtain approval, they will be successfully distributed and marketed; and other factors discussed in the “Risk Factors” section of Spring Bank’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission (SEC) on February 14, 2020 and in other filings Spring Bank makes with the SEC from time to time.
In addition, the forward-looking statements included in this press release represent Spring Bank’s views as of the date hereof. Spring Bank anticipates that subsequent events and developments could cause Spring Bank’s views to change. However, while Spring Bank may elect to update these forward-looking statements at some point in the future, Spring Bank specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Bank’s views as of any date subsequent to the date hereof.
Investors:
Spring Bank Pharmaceuticals, Inc.
Jonathan Freve
Chief Financial Officer
(508) 473-5993
LifeSci Advisors, LLC
Ashley R. Robinson
(617) 535-7742
Ashley@lifesciadvisors.com
Media:
McNeil, Gray & Rice
Kristin Nugent
Senior Account Supervisor
(617) 367-0100
Source: Spring Bank Pharmaceuticals, Inc.
SPRING BANK PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Data)
December 31, | |||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 28,709 | $ | 14,724 | |||
Marketable securities | 25,746 | 32,914 | |||||
Prepaid expenses and other current assets | 3,522 | 1,649 | |||||
Total current assets | 57,977 | 49,287 | |||||
Marketable securities, long-term | — | 16,804 | |||||
Property and equipment, net | 2,234 | 2,319 | |||||
Operating lease right-of-use assets | 2,717 | — | |||||
Restricted cash | 234 | 234 | |||||
Other assets | 35 | 167 | |||||
Total | $ | 63,197 | $ | 68,811 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,210 | $ | 1,880 | |||
Accrued expenses and other current liabilities | 2,438 | 2,367 | |||||
Accrued interest payable | 403 | — | |||||
Operating lease liabilities, current | 355 | — | |||||
Total current liabilities | 5,406 | 4,247 | |||||
Convertible term loan, net of unamortized discount | 19,070 | — | |||||
Warrant liabilities | 299 | 8,511 | |||||
Operating lease liabilities, noncurrent | 2,869 | — | |||||
Other long-term liabilities | 27 | 193 | |||||
Total liabilities | 27,671 | 12,951 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.0001 par value—authorized, 10,000,000 shares at December 31, 2019 and 2018; no shares issued or outstanding at December 31, 2019 and 2018 | — | — | |||||
Common stock, $0.0001 par value—authorized, 200,000,000 shares at December 31, 2019 and 2018; 16,513,763 and 16,434,614 shares issued and outstanding at December 31, 2019 and 2018, respectively | 2 | 2 | |||||
Additional paid-in capital | 161,924 | 157,931 | |||||
Accumulated deficit | (126,165 | ) | (102,068 | ) | |||
Accumulated other comprehensive loss | (235 | ) | (5 | ) | |||
Total stockholders’ equity | 35,526 | 55,860 | |||||
Total | $ | 63,197 | $ | 68,811 | |||
SPRING BANK PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In Thousands, Except Share and Per Share Data)
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Operating expenses: | |||||||
Research and development | $ | 23,270 | $ | 19,751 | |||
General and administrative | 9,751 | 8,719 | |||||
Total operating expenses | 33,021 | 28,470 | |||||
Loss from operations | (33,021 | ) | (28,470 | ) | |||
Other income (expense): | |||||||
Interest income | 1,254 | 999 | |||||
Interest expense | (542 | ) | — | ||||
Change in fair value of warrant liabilities | 8,212 | 4,617 | |||||
Net loss | (24,097 | ) | (22,854 | ) | |||
Unrealized gain (loss) on marketable securities | (230 | ) | 18 | ||||
Comprehensive loss | $ | (24,327 | ) | $ | (22,836 | ) | |
Net loss per common share: | |||||||
Basic | $ | (1.46 | ) | $ | (1.59 | ) | |
Diluted | $ | (1.46 | ) | $ | (1.88 | ) | |
Weighted-average number of shares outstanding: | |||||||
Basic | 16,454,083 | 14,372,174 | |||||
Diluted | 16,454,083 | 14,618,976 | |||||