Le Lézard
Classified in: Health, Science and technology, Business
Subjects: ERN, CCA, PET

Kindred Biosciences Announces Fourth Quarter and Full Year 2017 Financial Results


SAN FRANCISCO, March 1, 2018 /PRNewswire/ -- Kindred Biosciences, Inc. (NASDAQ: KIN), a biopharmaceutical company focused on saving and improving the lives of pets, today announced financial results for the fourth quarter and full year ended December 31, 2017 and provided updates on its programs.  

Kindred Biosciences, Inc. Logo

"We continue to look forward to the upcoming approval of our lead product candidates, Mirataz and Zimeta, as we build an exceptional commercial organization," stated Richard Chin, M.D., President and CEO of KindredBio. "2017 was marked by our third consecutive positive pivotal study, highlighting the strength of our team and our business model. We are also pleased with the continued progress of our biologics portfolio and of our biologics manufacturing capabilities."

Development and Corporate Updates

Fourth Quarter and Full Year 2017 Financial Results

For the quarter ended December 31, 2017, KindredBio reported a net loss of $9.7 million, or $0.35 per share, compared to a net loss of $5.8 million, or $0.29 per share, for the same period in 2016. Research and development expenses for the fourth quarter of 2017 totaled $5.1 million, compared to $3.5 million for the same period in 2016. General and administrative expenses for the fourth quarter of 2017 were $4.8 million, compared to $2.4 million for the same period in 2016.

For the year ended December 31, 2017, KindredBio reported a net loss of $30.9 million, or $1.23 per share, versus a net loss of $22.5 million, or $1.13 per share, for the same period in 2016.

Research and development expenses for the year ended December 31, 2017 were $17.7 million, compared to $13.9 million in 2016. Stock-based compensation expense related to research and development was $1.7 million, versus $1.5 million in 2016. The $3.8 million year-over-year increase in research and development expenses was primarily due to higher headcount and related expenses as the Company advances its biologics programs. In addition, increased clinical trial costs related to the pivotal field effectiveness study of Zimeta Oral, and higher biologics manufacturing as well as lab supplies expenses (including other operations expenses) drove research and development expenses higher.

General and administrative expenses for the year ended December 31, 2017 were $14.0 million, compared to $8.3 million in 2016. General and administrative stock-based compensation expense was $3.6 million in 2017, versus $2.2 million in 2016. The $5.7 million increase in general and administrative expenses was related to increased headcount, including higher marketing and corporate expenses as KindredBio initiated pre-launch activities and the build-out of a small commercial team. In addition, higher stock-based compensation and corporate infrastructure costs also contributed to the increase in expenses.

As of December 31, 2017, KindredBio had $82.5 million in cash, cash equivalents and investments. Net cash used in operating activities for 2017 was approximately $21.9 million. The Company also invested approximately $5.9 million in capital expenditures for the purchase of its Elwood, Kansas facility and the build-out of its GMP biologics manufacturing facility in Burlingame, CA.

With respect to spending in 2018, the Company is preparing for the commercial launches of Mirataz and Zimeta including the scale up of a commercial team, and will continue to spend on its core pipeline and programs. For 2018 the Company expects operating expenses of between $44 million and $48 million, excluding the impact of stock-based compensation expense and the impact of acquisitions, if any. The revenues for Mirataz and Zimeta will have a substantial impact on cash utilization and expenses.

Webcast and Conference Call 

KindredBio will host a conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. Interested parties may access the call by dialing toll-free (855) 433-0927 from the US, or (484) 756-4262 internationally, and using conference ID 8962269. The call will be webcast live at https://edge.media-server.com/m6/p/w3hyojgg. A replay will also be available at that link for 30 days.

About Kindred Biosciences 

Kindred Biosciences is a pre-commercialization stage biopharmaceutical company focused on saving and improving the lives of pets. Its mission is to bring to pets the same kinds of safe and effective medicines that human family members enjoy. The Company's strategy is to identify compounds and targets that have already demonstrated safety and effectiveness in humans and to develop therapeutics based on these validated compounds and targets for dogs, cats and horses. The Company has a deep pipeline of novel drugs and biologics in development across many therapeutic classes.

For more information or to download the corporate presentation, visit www.KindredBio.com/LearnMore. Stay connected with KindredBio on Facebook at www.Facebook.com/KindredBio.

Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding our expectations about the trials, regulatory approval, manufacturing, distribution and commercialization of our current and future product candidates, and statements regarding our anticipated revenues, expenses, margins, profits and use of cash. 

These forward-looking statements are based on our current expectations. These statements are not promises or guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results to be materially different from any future results expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: our limited operating history and expectations of losses for the foreseeable future; the absence of significant revenue from our product candidates for the foreseeable future; our potential inability to obtain any necessary additional financing; our substantial dependence on the success of our lead product candidates, which may not be successfully commercialized even if they are approved for marketing; the effect of competition; our potential inability to obtain regulatory approval for our existing or future product candidates; our dependence on third parties to conduct some of our development activities; our dependence upon third-party manufacturers for supplies of our product candidates; uncertainties regarding the outcomes of trials regarding our product candidates; our potential failure to attract and retain senior management and key scientific personnel; uncertainty about our ability to develop a satisfactory sales organization; our significant costs of operating as a public company; our potential inability to obtain patent protection and other intellectual property protection for our product candidates; potential claims by third parties alleging our infringement of their patents and other intellectual property rights; our potential failure to comply with regulatory requirements, which are subject to change on an ongoing basis; the potential volatility of our stock price; and the significant control over our business by our principal stockholders and management.  

For a further description of these risks and other risks that we face, please see the risk factors described in our filings with the U.S. Securities and Exchange Commission (the SEC), including the risk factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K and any subsequent updates that may be contained in our Quarterly Reports on Form 10-Q filed with the SEC. As a result of the risks described above and in our filings with the SEC, actual results may differ materially from those indicated by the forward-looking statements made in this press release. Forward-looking statements contained in this press release speak only as of the date of this press release and we undertake no obligation to update or revise these statements, except as may be required by law.

Contact

Russell Radefeld
KindredBio
[email protected]
(650) 701-7904

 

Kindred Biosciences, Inc.

Statements of Operations

(In thousands, except per share amounts)







Three Months Ended 


Twelve Months Ended



December 31,


December 31,



2017


2016


2017


2016



(Unaudited)





Operating costs and expenses:









Research and development

5,142


3,509


17,665


13,861


General and administrative

4,820


2,401


13,988


8,308


Restructuring costs

-


-


-


655

Total operating costs and expenses

9,962


5,910


31,653


22,824










Loss from operations

(9,962)


(5,910)


(31,653)


(22,824)










Interest and other income, net

232


101


774


325

Net loss

$ (9,730)


$ (5,809)


$(30,879)


$(22,499)










Basic and diluted net loss per common share

$   (0.35)


$   (0.29)


$    (1.23)


$    (1.13)










Shares used to calculate basic and diluted net loss
    
per common share

27,915


19,900


25,084


19,873

 

Selected Balance Sheet Data

(In thousands)

(Unaudited)






December 31,


2017


2016





Cash, cash equivalents and investments

$   82,519


$   57,807





Total assets

90,822


61,576





Stockholders' equity

84,680


57,680

 

SOURCE Kindred Biosciences, Inc.


These press releases may also interest you

at 10:05
The "Distribution Deals in Diagnostics 2016 to 2024" report has been added to ResearchAndMarkets.com's offering. Distribution Deals in Diagnostics provides a detailed understanding and analysis of how and why companies enter distribution deals....

at 10:00
Driving is the leading cause of work-related death each year in the United States, with nearly 40% of deaths on the job occurring on American roads according to the U.S. Bureau of Labor Statistics. A major contributing factor to road deaths each...

at 10:00
Upsher-Smith Laboratories, LLC (Upsher-Smith) today announced the recent launch of Methimazole Tablets, USP, 5 mg and 10 mg. The Methimazole Tablet market had U.S. sales of approximately $36.8 million for the 12 months ending December 2023 according...

at 10:00
NastLaw LLC announces: If you purchased certain named generic pharmaceutical drugs directly from certain pharmaceutical manufacturers from May 1, 2009 through December 31, 2019, your rights may be affected by proposed class action settlements.A...

at 09:48
Perspire Sauna Studio, one of the country's largest sauna franchises specializing in full spectrum infrared (IR) and red-light therapy (RLT), is rolling out a new sauna design and member experience through the brand's long-standing partnership with...

at 09:38
The Kinetix Group (TKG) and Pfizer Inflammation and Immunology received a PM360 Pharma Choice Award for their recent health equity initiative. The award recognized Pfizer's atopic dermatitis interactive guide for varying skin tones....



News published on and distributed by: