– Phase 3 ELEVATE UC 52 and 12 on course for Q1
2022 topline data readout
Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today provided a
corporate update and reported financial results for the fourth
quarter and full year ended December 31, 2021.
Key Program & Corporate Updates
- In December announced that Pfizer Inc. and Arena entered into a
definitive agreement under which Pfizer has agreed to acquire
Arena
- In November achieved target enrollment for Study A in the Phase
2/3 CULTIVATE trial for etrasimod in Crohn’s disease
- In November the first participant was randomized in the Phase 2
trial for temanogrel in Raynaud’s phenomenon secondary to systemic
sclerosis
- Phase 3 ELEVATE program for etrasimod in ulcerative colitis
remains on track for topline data readout in Q1 2022
Fourth Quarter and Full Year End Financial Updates
Fourth Quarter 2021 Financial Results
- Research and development (R&D) expenses for the fourth
quarter totaled $110.3 million compared to $100.4 million in the
same period in 2020. This increase was primarily driven by our
advancing clinical studies, including the etrasimod Phase 3
program, as well as an increase in personnel expenses to support
our clinical programs. The R&D non-cash, share-based
compensation was $8.4 million in the fourth quarter as compared to
$6.5 million in the same period in 2020
- Selling, general and administrative (SG&A) expenses for the
fourth quarter totaled $34.5 million, compared to $34.9 million in
the same period in 2020. This decrease was primarily driven by a
decline in SG&A non-cash, share-based compensation partially
offset by an increase in salary and other personnel expenses. The
SG&A non-cash, share-based compensation was $9.8 million in the
fourth quarter as compared to $13.5 million in the same period in
2020
- Net loss for the fourth quarter was $155.6 million compared to
a net loss of $122.2 million for the same period in 2020
- Basic and diluted net loss per share for the fourth quarter was
$2.54 compared to basic and diluted net loss per share of $2.10 for
the same period in 2020
- Cash, cash equivalents and marketable securities were $0.7
billion at December 31, 2021 as compared to $1.1 billion at
December 31, 2020
Full Year 2021 Financial Results
- Revenues totaled $0.1 million
- Research and development expenses totaled $419.5 million,
including $33.5 million related to non-cash share-based
compensation
- Selling, general and administrative expenses totaled $126.2
million, including $36.9 million related to non-cash share-based
compensation
- Net loss was $616.4 million, or $10.14 per share
We will not be holding a conference call to discuss these
financial results or corporate update in light of the proposed
transaction with Pfizer announced on December 13, 2021.
About Arena Pharmaceuticals
ARENA Pharmaceuticals is a team with a singular purpose –
deliver important medicines to patients.
In a rapidly changing global market, we work with a sense of
urgency every day to understand the needs of all our stakeholders,
identify bold, sometimes disruptive, ideas to get medicines to
patients, and relentlessly execute until it’s done.
ARENA - Care More. Act Differently.
Etrasimod and temanogrel are investigational compounds that are
not approved for any use in any country.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. Such
forward-looking statements may be identified by words such as “on
course” and “on track” and include, without limitation, statements
about the following: the proposed acquisition of Arena by Pfizer
and the timing of data readouts for ongoing trials. For such
statements, Arena claims the protection of the Private Securities
Litigation Reform Act of 1995. Actual events or results may differ
materially from Arena’s expectations. Factors that could cause
actual results to differ materially from the forward-looking
statements include, but are not limited to, the following: risks
related to the satisfaction or waiver of the conditions to closing
the proposed acquisition (including the failure to obtain necessary
regulatory approvals) in the anticipated timeframe or at all,
including the possibility that the proposed acquisition does not
close; clinical trials and other studies may not proceed at the
time or in the manner expected or at all; topline data may not
accurately reflect the complete results of a particular study or
trial; results of clinical trials and other studies are subject to
different interpretations and may not be predictive of future
results; the duration and severity of the coronavirus disease
(COVID-19) pandemic, including but not limited to the impact on
Arena’s clinical operations, the operations of Arena’s suppliers,
partners, collaborators, licensees, and capital markets, which in
each case remains uncertain; risks related to unexpected or
unfavorable new data; the risk that regulatory agencies may
interpret or weigh the importance of data differently and reach
different conclusions than Arena or others, request additional
information, have additional recommendations or change their
guidance or requirements before or after approval; satisfactory
resolution of litigation or other disagreements with others; and
risks related to the enforcement of Arena’s and third parties’
intellectual property rights. Additional factors that could cause
actual results to differ materially from those stated or implied by
Arena’s forward-looking statements are disclosed in Arena’s filings
with the Securities and Exchange Commission (SEC), including but
not limited to Arena’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2021, which was filed with the SEC on
November 4, 2021. These forward-looking statements represent
Arena’s judgment as of the time of this release. Arena disclaims
any intent or obligation to update these forward-looking
statements, other than as may be required under applicable law.
Arena Pharmaceuticals,
Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except per share
amounts)
Three Months Ended
December 31,
Year Ended December
31,
2021
2020
2021
2020
(unaudited)
Revenues:
Collaboration and other revenue
$
54
$
37
$
54
$
57
Royalty revenue
—
—
—
262
Total revenues
54
37
54
319
Operating Costs and Expenses:
Research and development
110,341
100,441
419,509
323,740
Acquired in-process research and
development
—
—
70,000
—
Selling, general and administrative
34,505
34,897
126,206
103,218
Transaction costs
8,638
—
8,638
—
Total operating costs and expenses
153,484
135,338
624,353
426,958
Loss from operations
(153,430
)
(135,301
)
(624,299
)
(426,639
)
Total interest and other income (expense),
net
(2,179
)
13,140
7,866
21,905
Net loss
$
(155,609
)
$
(122,161
)
$
(616,433
)
$
(404,734
)
Net loss per share, basic and
diluted:
$
(2.54
)
$
(2.10
)
$
(10.14
)
$
(7.39
)
Shares used in calculating net loss per
share, basic and diluted:
61,378
58,288
60,776
54,767
Arena Pharmaceuticals,
Inc.
Condensed Consolidated Balance
Sheet Data
(In thousands)
(Unaudited)
December 31,
2021
December 31,
2020
(1)
(1)
Assets
Cash and cash equivalents
$
224,572
$
219,544
Prepaid expenses and other current
assets
18,996
35,266
Total available-for-sale investments
486,693
884,497
Land, property and equipment, net
19,125
22,090
Other non-current assets
35,319
29,323
Total assets
$
784,705
$
1,190,720
Liabilities and Stockholders'
Equity
Accounts payable and accrued
liabilities
61,264
53,676
Total lease financing obligations &
other long-term liabilities
50,204
56,575
Total stockholders’ equity
673,237
1,080,469
Total liabilities & stockholders’
equity
$
784,705
$
1,190,720
______________________ (1) The Condensed Consolidated Balance
Sheet Data has been derived from the audited financial statements
as of that date.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220223005276/en/
Patrick Malloy Arena Pharmaceuticals, Inc. Vice President,
Investor Relations & Corporate Communications
pmalloy@arenapharm.com 847.987.4878
Sara Doran Arena Pharmaceuticals, Inc. Associate Director,
Investor Relations & Corporate Communications
sdoran@arenapharm.com
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