Authorization

Sienna Biopharmaceuticals Reports Third Quarter 2018 Financial Results

WESTLAKE VILLAGE, Calif., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Sienna Biopharmaceuticals, Inc. (NASDAQ:SNNA), a clinical-stage medical dermatology and aesthetics company, today reported the Companya??s financial results for the third quarter of 2018.
a??We are pleased to report the results of our third quarter,a?? said Frederick C. Beddingfield III, MD, PhD, President and Chief Executive Officer of Sienna BiopharmaceuticalsA. a??August 1 marked the completion of Siennaa??s first full year as a public company, and we continue to execute on our plans to bring innovative topical therapies to dermatology and aesthetics practitioners and their patients. Our team is excited, optimistic and focused, working toward clinical data this quarter from our Phase 2b trial with SNA-120 (pegcantratinib) in pruritus associated with psoriasis, as well as our Phase 1/2 exploratory trial with SNA-125 in atopic dermatitis and the first of our pivotal trials with SNA-001 for the reduction of unwanted light-pigmented hair.a??Pipeline OverviewSiennaa??s pipeline currently includes multiple clinical-stage programs:

(from the Companya??s Topical by Designa?? platform)

SNA-120 for the treatment of pruritus associated with psoriasis and the underlying psoriasis; Phase 2b top-line results expected in the fourth quarter of 2018



SNA-125 for the treatment of atopic dermatitis; Phase 1/2 results expected in the fourth quarter of 2018



SNA-125 for the treatment of psoriasis; continued progression to Phase 2

(from the Companya??s Topical Photoparticle Therapya?? platform)

SNA-001 for the reduction of light-pigmented hair

pivotal results with the 1064 nm wavelength laser expected in the fourth quarter of 2018



pivotal results with the 810 nm and with the 755 nm wavelength lasers expected in the first quarter of 2019



Selected Financial ResultsTotal operating expenses for the three months ended Sept. 30, 2018, were approximately $16.6 million, which includes research and development (R&D) expenses totaling approximately $12.1 million and general and administrative (G&A) expenses totaling approximately $4.4 million. Total operating expenses for the three months ended Sept. 30, 2017, were approximately $14.3 million, which included R&D expenses totaling approximately $9.4 million and G&A expenses totaling approximately $4.9 million. The year-over-year increase in R&D expenses was due primarily to increased development costs related to the initiation of clinical trials for SNA-120 and for SNA-125 and increased manufacturing costs related to SNA-125, offset by a reduction in costs related to the ongoing pivotal trials for SNA-001 and a reduction in manufacturing costs related to SNA-120. The year-over-year decrease in G&A expenses was due primarily to a $1.8 million non-cash decrease in the fair value of the contingent consideration liability related to the Companya??s acquisition of Creabilis plc in December 2016 and a reduction in legal fees, offset by an increase in personnel costs and an increase in costs related to being a public company.Total operating expenses for the nine months ended Sept. 30, 2018, were approximately $56.7 million, which includes R&D expenses totaling approximately $40.8 million and G&A expenses totaling approximately $15.9 million. Total operating expenses for the nine months ended Sept. 30, 2017, were approximately $34.6 million, which included R&D expenses totaling approximately $21.0 million and G&A expenses totaling approximately $13.6 million. The year-over-year increase in R&D expenses was due primarily to increased development costs related to the initiation of clinical trials for SNA-120 and for SNA-125, increased manufacturing costs related to SNA-125 and increased costs related to early stage research activities, offset by a reduction in costs related to the ongoing pivotal trials for SNA-001. The year-over-year increase in G&A expenses was due primarily to an increase in personnel costs, an increase in expenses related to marketing research and an increase in costs related to being a public company, offset by a $1.6 million non-cash decrease in the fair value of the contingent consideration liability related to the Companya??s acquisition of Creabilis plc in December 2016 and a reduction in consulting and legal fees.Cash burn during the three months ended Sept. 30, 2018, was approximately $15.9 million. Cash burn during the nine months ended Sept. 30, 2018, was approximately $46.1 million. Siennaa??s cash and cash equivalents as of Sept. 30, 2018, totaled approximately $64.0 million.About Sienna BiopharmaceuticalsASienna Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on bringing innovations in biotechnology to the discovery, development and commercialization of first-in-class, targeted, topical products in medical dermatology and aesthetics. The Companya??s objective is to develop a unique, diversified, multi-asset pipeline of topical therapies that enhance the health, appearance and quality of life of dermatology and aesthetics patients. SiennaA is led by a management team with extensive experience in product development and commercialization at several leading dermatology, aesthetics and biotechnology companies.For more information, visit the Companya??s website at www.SiennaBio.com.Forward-Looking StatementsThis press release contains forward-looking statements, including but not limited to statements regarding the anticipated timing of clinical data readouts from Siennaa??s development programs. Such forward-looking statements involve substantial risks and uncertainties that could cause Siennaa??s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the pharmaceutical drug and medical device development processes, including regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing pharmaceutical drug and medical device products, Siennaa??s ability to successfully protect and defend its intellectual property, and other matters that could affect the sufficiency of existing cash to fund operations and the availability or commercial potential of Siennaa??s drug candidates. Sienna undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see Siennaa??s most recent Annual Report on Form 10-K and any subsequent current and periodic reports filed with the Securities and Exchange Commission.


Sienna Biopharmaceuticals, Inc.



A



Condensed Consolidated Statements of Operations



A



(in thousands, except per share data)



A



(unaudited)



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Three Months Ended
September 30,



A



A



Nine Months Ended
September 30,



A



A



A



2018



A



A



2017



A



A



2018



A



A



2017



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Operating expenses:



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Research and development



A



$



12,146



A



A



$



9,398



A



A



$



40,819



A



A



$



21,020



A



General and administrative



A



A



4,438



A



A



A



4,924



A



A



A



15,910



A



A



A



13,562



A



Total operating expenses



A



A



16,584



A



A



A



14,322



A



A



A



56,729



A



A



A



34,582



A



Loss from operations



A



A



(16,584



)



A



A



(14,322



)



A



A



(56,729



)



A



A



(34,582



)



Other income (expense), net



A



A



(210



)



A



A



(2,154



)



A



A



2,593



A



A



A



(4,986



)



Net loss before taxes



A



A



(16,794



)



A



A



(16,476



)



A



A



(54,136



)



A



A



(39,568



)



Income tax benefit



A



A



a??



A



A



A



85



A



A



A



a??



A



A



A



212



A



Net loss



A



$



(16,794



)



A



$



(16,391



)



A



$



(54,136



)



A



$



(39,356



)



Per share information:



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Net loss, basic and diluted1



A



$



(0.82



)



A



$



(1.12



)



A



$



(2.66



)



A



$



(6.31



)



Basic and diluted weighted average shares outstanding2



A



A



20,473



A



A



A



14,674



A



A



A



20,331



A



A



A



6,233



A



A



____________________



A



1 Diluted net loss per share is the same as basic net loss per share, as the effects of potentially dilutive securities are antidilutive during periods of net loss.



2 As of Sept. 30, 2018, there were 21,140,101 shares of common stock outstanding.




Sienna Biopharmaceuticals, Inc.



Selected Consolidated Balance Sheet Data



(in thousands)



(unaudited)



A



A



A



September 30, 2018



A



December 31, 2017



Cash and cash equivalents



A



$



63,975



A



$



74,467



Working capital



A



A



53,250



A



A



69,105



Total assets



A



A



124,630



A



A



136,847



Total current liabilities



A



A



13,809



A



A



8,241



Total liabilities



A



A



79,700



A



A



45,648



Accumulated deficit



A



A



140,033



A



A



85,897



Total stockholders' equity



A



A



44,930



A



A



91,199

AA
Contact:Investors
Sean Andrews
sandrews@siennabio.com
818-629-2244Media
Caroline Van Hove
cvanhove@siennabio.com
818-575-6250Crystal Muilenburg
cmuilenburg@siennabio.com
818-584-1035
See also:
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