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Actionable news in ADRO: Aduro Biotech Inc,

Aduro Biotech Announces First Quarter 2016 Financial Results

Aduro Biotech, Inc. ADRO, +2.47% today reported financial results for the first quarter 2016. For the three months ended March 31, 2016, net loss was $28.8 million, or $0.45 per share, compared to a net loss of $16.6 million, or $39.97 per share for the same period in 2015.

Cash and cash equivalents and marketable securities totaled $408.5 million at March 31, 2016, compared to $431.0 million at December 31, 2015.

"Our cash position remains strong and we are uniquely positioned in the immunotherapy field with a deep pipeline of assets and programs," said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. "We anticipate reaching key inflection points this year for our pancreatic cancer program, with data from our Phase 2b ECLIPSE clinical trial this quarter and interim results from the Phase 2b STELLAR trial in the second half of the year."

Recent Progress

  • Initiated Phase 1/2 combination clinical trial of CRS-207 and epacadostat in ovarian cancer
  • Established the Immunotherapeutics and Vaccine Research Initiative with UC Berkeley
  • Announced receipt of $22.4 million in clinical development milestone payments from Janssen
  • Expanded patent portfolio with newly issued patents covering LADD and GVAX combination therapy

First Quarter 2016 Financial Results
Revenue was $4.0 million for the first quarter of 2016, compared to $9.6 million for the same period in 2015. The decrease was primarily due to deferred revenue from our Janssen collaborations.

Research and development expenses were $20.9 million for the first quarter of 2016, compared to $10.6 million for the same period in 2015. This increase was primarily due to manufacturing costs, clinical development expenses associated with our ongoing trials in pancreatic cancer, ovarian cancer and mesothelioma, as well as personnel related expenses associated with continued workforce growth.

General and administrative expenses were $9.0 million for the first quarter of 2016, compared to $6.2 million for the same period in 2015. This increase was primarily due to stock based compensation expense and additional personnel and facility related expenses to support the company's growth.

Loss from remeasurement of fair value of warrants was zero for the first quarter of 2016, compared to $9.3 million for the same period in 2015. In April 2015, all such warrants ceased being liability-classified as the contingency surrounding the number of shares issuable upon the warrant exercise expired. In April 2015, all outstanding warrants were equity-classified and not subject to future remeasurement.

Provision for income taxes was $3.2 million for the first quarter of 2016, compared to zero for the same period in 2015. The income tax expense recorded for the first quarter...


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