Nabriva Therapeutics plc (NASDAQ: NBRV), a biopharmaceutical
company engaged in the commercialization and development of
innovative anti-infective agents to treat serious infections, today
announced its financial results for the three months ended June 30,
2022 and provided a corporate update.
“We continued to accelerate our commercial growth through
improved sales execution in the second quarter of 2022. We are
seeing significant early success from our increased focus on
SIVEXTRO highlighted by the 28% growth in SIVEXTRO prescription
demand versus the second quarter of 2021 and a corresponding 25%
growth in net product sales during the same period. Our increased
focus on and expansion of the targeted call universe for SIVEXTRO
has driven our commercial performance by more than doubling our
reach to our called-on prescriber targets. The acceleration of
SIVEXTRO revenues continues to have a positive impact on our
operating leverage.”
Mr. Schroeder added, “We are also excited to expand the presence
of XENLETA outside the United States through our distribution
agreement with Er-Kim Pharmaceuticals. Er-Kim’s local expertise and
proven track record provides an excellent opportunity to bring
XENLETA to patients in need in the territory and potentially create
additional value with XENLETA.”
CORPORATE AND DEVELOPMENT
UPDATES
- On April 11, 2022, we announced that the first patient in our
Phase 1 clinical trial of XENLETA for the treatment of resistant
bacterial infections in patients with Cystic Fibrosis was
randomized and dosed. The Phase 1 trial is an open-label,
randomized, crossover study to assess the safety and
pharmacokinetics following single doses of oral and intravenous
XENLETA in adult patients with cystic fibrosis.
- On May 5, 2022, we announced that we signed an agreement to
officially extend our SIVEXTRO Distribution and Promotion Agreement
with Merck through at least December 2026.
- On July 6, 2022, we announced that we were granted a six-month
extension by NASDAQ until January 2, 2023, to gain compliance with
the $1.00 minimum bid price requirement.
- On July 18, 2022, we announced our entry into a distribution
agreement for XENLETA with Er-Kim Pharmaceuticals pursuant to which
Er-Kim licensed from us the rights to distribute XENLETA in the
following countries: Bulgaria, Croatia, Czechia, Greece, Hungary,
Poland, Romania, Slovakia, and Slovenia. Er-Kim also may distribute
XENLETA to an additional five countries through a Named Patient
Usage (NPU) program. Nabriva will be the exclusive supplier of
XENLETA to Er-Kim.
FINANCIAL RESULTS
Three Months Ended June 30, 2022 and 2021
- Revenues for the three months ended
June 30, 2022 were $9.2 million compared to $8.2 million for the
three months ended June 30, 2021. The $1.0 million increase was
primarily due to a $1.6 million increase in SIVEXTRO product
revenue, net and a $0.1 million increase in XENLETA product
revenue, net, offset by a $0.7 million decrease in collaboration
revenues.
- Cost of revenues for the three
months ended June 30, 2022 was $4.5 million compared to $3.6
million for the three months ended June 30, 2021. The $0.8 million
increase was primarily due to SIVEXTRO inventory purchases. Cost of
revenues for XENLETA primarily represents direct and indirect
manufacturing costs, while cost of revenues for SIVEXTRO represent
the actual purchase cost for the finished product from Merck. For
the three months ended June 30, 2022 and 2021, cost of revenues
include $37 thousand and $0.2 million, respectively, of a non-cash
reserve adjustment for excess and obsolete XENLETA inventory due to
timing of expiring inventory.
- Research and development expenses
for the three months ended June 30, 2022 were $4.1 million compared
to $3.2 million for the three months ended June 30, 2021, which
represented a 30% increase. The $0.9 million increase was primarily
due to a $0.1 million increase in travel expenses, a $0.1 million
increase in staff costs, and a $0.7 million increase in research
materials and purchased services driven by our Phase 1 cystic
fibrosis trial of XENLETA.
- Selling, general and administrative
expenses for the three months ended June 30, 2022 were $11.0
million compared to $12.9 million for the three months ended June
30, 2021, which represented a 14% decrease. The $1.8 million
decrease was primarily due to a $2.1 million decrease in advisory
and external consultancy expenses primarily related to
commercialization activities, offset by a $0.1 million increase in
travel expenses, and a $0.2 million increase in infrastructure
costs.
- Net loss decreased by $0.7 million
from a $11.8 million net loss for the three months ended June 30,
2021 to a $11.1 million net loss for the three months ended June
30, 2022.
Six Months Ended June 30, 2022 and 2021
- Revenues for the six months ended
June 30, 2022 were $17.2 million compared to $10.8 million for the
six months ended June 30, 2021. The $6.4 million increase was
primarily due to a $8.8 million increase in SIVEXTRO product
revenue, net for the six months ended June 30, 2022, partly offset
by a $2.1 million decrease in collaboration revenues and a $0.2
million decrease in XENLETA product revenue, net.
- Cost of revenues for the six months
ended June 30, 2022 was $7.8 million compared to $3.7 million for
the six months ended June 30, 2021. The $4.1 million increase was
primarily due to SIVEXTRO cost, which were not incurred prior to
the launch of our own SIVEXTRO National Drug Code on April 12,
2021. Cost of revenues for XENLETA primarily represents direct and
indirect manufacturing costs, while cost of revenues for SIVEXTRO
represent the actual purchase cost for the finished product from
Merck. For the six months ended June 30, 2022 and 2021, cost of
revenues include $0.1 million and $0.2 million, respectively, of a
non-cash reserve adjustment for excess and obsolete XENLETA
inventory due to timing of expiring inventory.
- Research and development expenses
for the six months ended June 30, 2022 were $7.6 million compared
to $7.0 million for the six months ended June 30, 2021, which
represented an 8% increase. The $0.6 million increase was primarily
due to a $0.5 million increase in research materials driven by our
Phase 1 cystic fibrosis trial of XENLETA and purchased services,
and a $0.1 million increase in travel expenses.
- Selling, general and administrative
expenses for the six months ended June 30, 2022 were $23.7 million
compared to $24.9 million for the six months ended June 30, 2021,
which represented a 5% decrease. The $1.2 million decrease was
primarily due to a $2.1 million decrease in advisory and external
consultancy expenses primarily related to commercialization
activities, a $0.8 million increase in staff costs, and a $0.1
million increase in travel expenses.
- Net loss decreased by $2.8 million
from a $25.7 million net loss for the six months ended June 30,
2021, to a $22.9 million net loss for the six months ended June 30,
2022.
- As of June 30, 2022, Nabriva had
$20.2 million in cash, cash equivalents and restricted cash. Based
on its current operating plans, Nabriva expects that its existing
cash resources will be sufficient to enable it to fund its
operating expenses, debt service obligations and capital
expenditure requirements substantially through the fourth quarter
of 2022.
Please refer to our Annual Report on
Forms 10-K for the fiscal year ended December 31,
2021 and our Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2022 filed with the
U.S. Securities and Exchange Commission, for
additional information regarding the Company’s business and
financial results.
Company to Host Conference Call
Nabriva’s management will host a conference call today at 4:30
p.m. ET to discuss the financial results and recent corporate
highlights. The dial-in number for the conference call is (833)
634-2311 for domestic participants and (412) 902-4177 for
international participants and ask to join the “Nabriva
Therapeutics Conference Call.” A live webcast of the
conference call can be accessed through the “Investors” tab on the
Nabriva Therapeutics website at www.nabriva.com. A replay will be
available on this website shortly after conclusion of the event for
90 days.
About Nabriva Therapeutics
plc
Nabriva Therapeutics is a biopharmaceutical company engaged in
the commercialization and development of innovative anti-infective
agents to treat serious infections. Nabriva entered into an
exclusive agreement with subsidiaries of Merck & Co. Inc.,
Kenilworth, N.J., USA to market, sell and distribute SIVEXTRO®
(tedizolid phosphate) in the United States and certain of its
territories. Nabriva Therapeutics received U.S. Food and Drug
Administration approval for XENLETA® (lefamulin
injection, lefamulin tablets), the first systemic pleuromutilin
antibiotic for community-acquired bacterial pneumonia (CABP).
Nabriva Therapeutics is also developing CONTEPO™ (fosfomycin) for
injection, a potential first-in-class epoxide antibiotic for
complicated urinary tract infections (cUTI), including acute
pyelonephritis.
About SIVEXTRO
SIVEXTRO (tedizolid phosphate) was approved by the U.S. Food and
Drug Administration in 2014. It is indicated in adults and
pediatric patients 12 years of age and older for the treatment of
acute bacterial skin and skin structure infections (ABSSSI) caused
by susceptible isolates of the following Gram-positive
microorganisms: Staphylococcus aureus (including
methicillin-resistant (MRSA) and methicillin-susceptible (MSSA)
isolates), Streptococcus pyogenes, Streptococcus agalactiae,
Streptococcus anginosus group (including Streptococcus anginosus,
Streptococcus intermedius and Streptococcus constellatus), and
Enterococcus faecalis. To reduce the development of drug-resistant
bacteria and maintain the effectiveness of SIVEXTRO and other
antibacterial drugs, SIVEXTRO should be used only to treat ABSSSI
that are proven or strongly suspected to be caused by susceptible
bacteria. When culture and susceptibility information are
available, they should be considered in selecting or modifying
antibacterial therapy. In the absence of such data, local
epidemiology and susceptibility patterns may contribute to the
empiric selection of therapy.
About XENLETA
XENLETA (lefamulin) is a first-in-class semi-synthetic
pleuromutilin antibiotic for systemic administration in humans
discovered and developed by the Nabriva Therapeutics team. It is
designed to inhibit the synthesis of bacterial protein, which is
required for bacteria to grow. XENLETA’s binding occurs with high
affinity, high specificity and at molecular sites that are
different than other antibiotic classes. Efficacy of XENLETA was
demonstrated in two multicenter, multinational, double-blind,
double-dummy, non-inferiority trials assessing a total of 1,289
patients with CABP. In these trials, XENLETA was compared with
moxifloxacin and in one trial, moxifloxacin with and without
linezolid. Patients who received XENLETA had similar rates of
efficacy as those taking moxifloxacin alone or moxifloxacin plus
linezolid. The most common adverse reactions associated with
XENLETA included diarrhea, nausea, reactions at the injection site,
elevated liver enzymes, and vomiting. For more information, please
visit www.XENLETA.com.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Nabriva Therapeutics, including but not
limited to statements about its ability to successfully
commercialize XENLETA for the treatment of CABP, including the
managed care coverage for XENLETA, the distribution and promotion
of SIVEXTRO for the treatment of ABSSSI, the development of CONTEPO
for Complicated Urinary Tract Infections (cUTI), the clinical
utility of XENLETA for CABP and Cystic Fibrosis, SIVEXTRO for
ABSSSI and of CONTEPO for cUTI, the impact of macro events on sales
of SIVEXTRO and XENLETA, plans for and timing of the review of
regulatory filings for XENLETA and CONTEPO, efforts to bring
CONTEPO to market, the market opportunity for and the potential
market acceptance of XENLETA for CABP, SIVEXTRO for ABSSSI and
CONTEPO for cUTI, the prospects for future sales of SIVEXTRO, the
development of XENLETA and CONTEPO for additional indications, the
operation of the distribution agreement with Er-Kim and the
availability of XENLETA in Eastern Europe, plans to pursue research
and development of other product candidates, plans to pursue
business development initiatives, expectations regarding the impact
of the interruptions resulting from COVID-19 on its business, the
sufficiency of Nabriva Therapeutics’ existing cash resources and
its expectations regarding anticipated revenues from product sales
and how far into the future its existing cash resources will fund
its ongoing operations and other statements containing the words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “predict,” “project,” “target,” “potential,” “likely,”
“will,” “would,” “could,” “should,” “continue,” 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: Nabriva Therapeutics’ ability to successfully
execute its commercialization plans for XENLETA and SIVEXTRO and
whether market demand for XENLETA and SIVEXTRO is consistent with
its expectations, Nabriva Therapeutics’ ability to build and
maintain a sales force for XENLETA and SIVEXTRO, the content and
timing of decisions made by the U.S. Food and Drug Administration
and other regulatory authorities, the uncertainties inherent in the
initiation and conduct of clinical trials, availability and timing
of data from clinical trials, whether results of early clinical
trials or studies in different disease indications will be
indicative of the results of ongoing or future trials,
uncertainties associated with regulatory review of clinical trials
and applications for marketing approvals, the availability or
commercial potential of CONTEPO for the treatment of cUTI, the
extent of business interruptions resulting from the infection
causing the COVID-19 outbreak or similar public health crises, the
ability to retain and hire key personnel, the availability of
adequate additional financing on acceptable terms or at all and
such other important factors as are set forth in Nabriva
Therapeutics’ annual and quarterly reports and other filings on
file with the U.S. Securities and Exchange Commission. In addition,
the forward-looking statements included in this press release
represent Nabriva Therapeutics’ views as of the date of this press
release. Nabriva Therapeutics anticipates that subsequent events
and developments will cause its views to change. However, while
Nabriva Therapeutics may elect to update these forward-looking
statements at some point in the future, it specifically disclaims
any obligation to do so. These forward-looking statements should
not be relied upon as representing Nabriva Therapeutics’ views as
of any date subsequent to the date of this press release.
CONTACT:
For Investors and MediaKim AndersonNabriva
Therapeutics plcir@nabriva.com
Consolidated Balance Sheets
(unaudited)
|
|
|
|
|
|
|
|
|
As of |
|
As of |
(in thousands, except share data) |
|
June 30, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
20,041 |
|
|
$ |
47,659 |
|
Restricted cash |
|
|
122 |
|
|
|
175 |
|
Short-term investments |
|
|
— |
|
|
|
16 |
|
Accounts receivable, net and other receivables |
|
|
12,361 |
|
|
|
12,751 |
|
Inventory |
|
|
15,535 |
|
|
|
14,509 |
|
Prepaid expenses |
|
|
6,237 |
|
|
|
5,155 |
|
Total current assets |
|
|
54,296 |
|
|
|
80,265 |
|
Property and equipment,
net |
|
|
206 |
|
|
|
233 |
|
Intangible assets, net |
|
|
13 |
|
|
|
31 |
|
Other non-current assets |
|
|
378 |
|
|
|
380 |
|
Total assets |
|
$ |
54,893 |
|
|
$ |
80,909 |
|
Liabilities and
stockholders´ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
6,624 |
|
|
$ |
3,765 |
|
Accounts payable |
|
|
1,073 |
|
|
|
4,372 |
|
Accrued expense and other current liabilities |
|
|
11,635 |
|
|
|
13,829 |
|
Deferred revenue |
|
|
— |
|
|
|
374 |
|
Total current liabilities |
|
|
19,332 |
|
|
|
22,340 |
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term debt |
|
|
512 |
|
|
|
4,265 |
|
Other non-current liabilities |
|
|
444 |
|
|
|
954 |
|
Total non-current liabilities |
|
|
956 |
|
|
|
5,219 |
|
Total liabilities |
|
|
20,288 |
|
|
|
27,559 |
|
Stockholders’ Equity: |
|
|
|
|
|
|
Ordinary shares, nominal value $0.01, 300,000,000 ordinary shares
authorized at June 30, 2022; 64,580,211 and 56,715,306 issued and
outstanding at June 30, 2022, and December 31, 2021,
respectively |
|
|
646 |
|
|
|
567 |
|
Preferred shares, par value $0.01, 100,000,000 shares authorized at
June 30, 2022; None issued and outstanding |
|
|
— |
|
|
|
— |
|
Additional paid in capital |
|
|
652,501 |
|
|
|
648,432 |
|
Accumulated other comprehensive income |
|
|
27 |
|
|
|
27 |
|
Accumulated deficit |
|
|
(618,569 |
) |
|
|
(595,676 |
) |
Total stockholders’ equity |
|
|
34,605 |
|
|
|
53,350 |
|
Total liabilities and stockholders’ equity |
|
$ |
54,893 |
|
|
$ |
80,909 |
|
Consolidated Statements of Operations
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
(in thousands, except
share and per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue, net |
|
$ |
8,680 |
|
|
$ |
6,940 |
|
|
$ |
15,720 |
|
|
$ |
7,070 |
|
Collaboration revenue |
|
|
96 |
|
|
|
813 |
|
|
|
725 |
|
|
|
2,815 |
|
Research premium and grant revenue |
|
|
415 |
|
|
|
490 |
|
|
|
766 |
|
|
|
887 |
|
Total revenues |
|
|
9,191 |
|
|
|
8,243 |
|
|
|
17,211 |
|
|
|
10,772 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(4,455 |
) |
|
|
(3,621 |
) |
|
|
(7,816 |
) |
|
|
(3,683 |
) |
Research and development expenses |
|
|
(4,088 |
) |
|
|
(3,150 |
) |
|
|
(7,605 |
) |
|
|
(7,018 |
) |
Selling, general and administrative expenses |
|
|
(11,047 |
) |
|
|
(12,854 |
) |
|
|
(23,747 |
) |
|
|
(24,901 |
) |
Total operating expenses |
|
|
(19,590 |
) |
|
|
(19,625 |
) |
|
|
(39,168 |
) |
|
|
(35,602 |
) |
Loss from
operations |
|
|
(10,399 |
) |
|
|
(11,382 |
) |
|
|
(21,957 |
) |
|
|
(24,830 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net |
|
|
(92 |
) |
|
|
470 |
|
|
|
216 |
|
|
|
348 |
|
Interest income (expense), net |
|
|
(198 |
) |
|
|
(236 |
) |
|
|
(413 |
) |
|
|
(457 |
) |
Loss before income taxes |
|
|
(10,689 |
) |
|
|
(11,148 |
) |
|
|
(22,154 |
) |
|
|
(24,939 |
) |
Income tax expense |
|
|
(385 |
) |
|
|
(606 |
) |
|
|
(739 |
) |
|
|
(796 |
) |
Net loss |
|
$ |
(11,074 |
) |
|
$ |
(11,754 |
) |
|
$ |
(22,893 |
) |
|
$ |
(25,735 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted ($ per
share) |
|
$ |
(0.18 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.77 |
) |
Weighted average
number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
63,238,080 |
|
|
|
40,573,848 |
|
|
|
61,028,388 |
|
|
|
33,532,837 |
|
Condensed Consolidated Statements of Cash
Flows (unaudited)
|
|
Six Months Ended |
|
|
June 30, |
(in thousands) |
|
2022 |
|
2021 |
Net cash provided by (used in): |
|
|
|
|
|
|
Operating activities |
|
$ |
(28,909 |
) |
|
$ |
(40,200 |
) |
Investing activities |
|
|
(152 |
) |
|
|
(69 |
) |
Financing activities |
|
|
1,402 |
|
|
|
60,156 |
|
Effects of exchange rate
changes on the balance of cash held in foreign currencies |
|
|
(12 |
) |
|
|
(157 |
) |
Net increase (decrease) in
cash and cash equivalents and restricted cash |
|
|
(27,671 |
) |
|
|
19,730 |
|
Cash and cash equivalents and
restricted cash at beginning of period |
|
|
47,834 |
|
|
|
41,590 |
|
Cash and cash equivalents and
restricted cash at end of period |
|
$ |
20,163 |
|
|
$ |
61,320 |
|
Grafico Azioni Nabriva Therapeutics (NASDAQ:NBRV)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Nabriva Therapeutics (NASDAQ:NBRV)
Storico
Da Giu 2023 a Giu 2024