During the quarter, the Company reported progress in the clinical development of its lead program: INOpulse®. In
Bellerophon also made progress during the quarter in the potential application of INOpulse for the treatment of patients with Pulmonary Hypertension associated with COPD (PH-COPD). Building on its Phase 2a study conducted in 2014, during the quarter the Company began working with
Given the flexibility of the INOpulse technology, Bellerophon also focused on further expansion of its product pipeline during the quarter. With direct feedback from the Company's
The Company plans to present detailed results from the Preservation 1 trial for its Bioabsorbable Cardiac Matrix (BCM) program, for which top line results were announced on
Second Quarter 2015 Financial Results
For the second quarter of 2015, Bellerophon reported a net loss of
Research and development expenses for the second quarter of 2015 declined to
General and administrative expenses for the second quarter of 2015 declined to
Financial Highlights
As of
On
About Bellerophon
Bellerophon Therapeutics is a clinical-stage biotherapeutics company focused on developing innovative therapies at the intersection of drugs and devices that address significant unmet medical needs in the treatment of cardiopulmonary and cardiac diseases. The Company is currently developing two product candidates under its INOpulse program, a proprietary pulsatile nitric oxide delivery device. The first is for the treatment of pulmonary arterial hypertension (PAH), for which the Company intends to commence Phase 3 clinical trials in 2015, and the other for the treatment of pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD), which is in Phase 2 development. The Company is also reviewing alternative paths forward for its Bioabsorbable Cardiac Matrix program. For more information, please visit www.bellerophon.com.
Forward-looking Statements
Any statements in this press release about our future expectations, plans and prospects, including statements about clinical development of our product candidates and expectations regarding the sufficiency of our cash balance to fund clinical trials, operating expenses and capital expenditures, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of our most recent filings with the
Bellerophon Therapeutics, Inc. | ||||
Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||
(In thousands, except per share amounts) (Unaudited) | ||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
Operating expenses: | ||||
Research and development | $ 8,426 | $ 12,769 | $ 17,946 | $ 24,809 |
General and administrative | 3,435 | 4,194 | 8,008 | 6,664 |
Total operating expenses | 11,861 | 16,963 | 25,954 | 31,473 |
Other operating income | 251 | -- | 1,417 | -- |
Loss from operations | (11,610) | (16,963) | (24,537) | (31,473) |
Interest Income | 27 | 48 | 46 | 48 |
Pre-tax loss | (11,583) | (16,915) | (24,491) | (31,425) |
Income tax benefit (expense) | -- | -- | -- | -- |
Net loss and comprehensive loss | $ (11,583) | $ (16,915) | $ (24,491) | $ (31,425) |
Weighted average shares/units outstanding: | ||||
Basic and diluted | 12,910,975 | 7,898,301 | 11,554,593 | 7,898,640 |
Net loss per share/unit: | ||||
Basic and diluted | $ (0.90) | $ (2.14) | $ (2.12) | $ (3.98) |
Bellerophon Therapeutics, Inc. | ||
Condensed Consolidated Balance Sheet | ||
(In thousands) (Unaudited) | ||
June 30, 2015 | December 31, 2014 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 48,509 | $ 16,815 |
Restricted cash | 6,179 | 9,264 |
Short-term investments | 4,165 | -- |
Receivables - Due from Ikaria, Inc. | 167 | -- |
Prepaid expenses and other current assets | 1,839 | 1,602 |
Total current assets | 60,859 | 27,681 |
Restricted cash, non-current | -- | 1,548 |
Deferred transaction costs | -- | 2,466 |
Property and equipment, net | 1,513 | 1,696 |
Total assets | $ 62,372 | $ 33,391 |
Liabilities and Stockholders' / Members' Equity | ||
Current liabilities: | ||
Accounts payable | $ 966 | $ 376 |
Accrued research and development | 6,103 | 6,666 |
Accrued expenses | 2,832 | 2,751 |
Due to Ikaria, Inc. | 1,251 | 661 |
Total current liabilities | 11,152 | 10,454 |
Total liabilities | 11,152 | 10,454 |
Total stockholders' / members' equity | 51,220 | 22,937 |
Total liabilities and stockholders' / members' equity | $ 62,372 | $ 33,391 |
CONTACT: At Bellerophon:Amit Agrawal , Chief Operating Officer (908) 574-4770At Rx Communications Group :Paula Schwartz (917) 322-2216 pschwartz@rxir.com