resTORbio Reports Fourth Quarter and Full Year 2017 Financial Results
“We recently completed our initial public offering, providing us the financial strength to pursue our goal of developing novel therapies for aging-related diseases. We are evaluating the potential of TORC1 inhibition to improve these diseases, beginning with our ongoing Phase 2b study evaluating RTB101 as an immunotherapy to reduce the incidence of respiratory tract infections in the elderly,” said
Recent Highlights and Outlook
Successfully Completed IPO: In
Enrolling Ongoing Phase 2b Study: In
Data-Driven Approach to Expand into Additional Aging-Related Diseases: TORC1 inhibition may address multiple organ systems that fail or decline in function with age, including the immune, cardiovascular and neurologic systems. The Company intends to leverage learnings from its ongoing Phase 2b trial, together with preclinical data, to further develop RTB101, alone or in combination with everolimus, for the treatment of additional aging-related indications where TORC1 inhibition may have therapeutic benefit. Within the ongoing Phase 2b trial, the incidence of urinary tract infections and a potential efficacy signal for heart failure will be assessed as potential future indications. The Company plans to initiate at least one additional Phase 2 proof-of-concept study in an aging-related disease in 2018.
Fourth Quarter and Full Year 2017 Financial Results
- R&D Expenses: R&D expenses were
$6.8 millionfor the three months ended December 31, 2017and $16.8 millionfor the twelve months ended December 31, 2017. The Company did not recognize any R&D expenses during the fourth quarter of 2016 or for the year ended December 31, 2016as the primary operations did not commence until March 23, 2017.
- G&A Expenses: General and administrative expenses were
$0.7 millionfor the three months ended December 31, 2017and $2.0 millionfor the twelve months ended December 31, 2017. The Company did not recognize any G&A expenses during the fourth quarter of 2016. General and administrative expenses were $1,000for the period July 5, 2016(inception) to December 31, 2016.
- Net Loss: Net loss applicable to common stockholders was
$23.1 million, or $5.11per share, for the three months ended December 31, 2017, and $33.8 million, or $8.42per share, for the twelve months ended December 31, 2017. The Company did not recognize any net loss during the fourth quarter of 2016. Net loss applicable to common stockholders was $1,000, or $0.00per share, for the period July 5, 2016(inception) to December 31, 2016.
- Cash and Cash Equivalents: Cash and cash equivalents were
$53.3 millionas of December 31, 2017, not including approximately $89.4 millionin net proceeds from the Company’s IPO. The Company expects that current cash and cash equivalents as of December 31, 2017, including proceeds from the IPO completed in January 2018, will be sufficient to fund its operating expenses through 2020.
resTORbio, Inc. is a clinical-stage biopharmaceutical company focused on helping people live healthier longer through the development and commercialization of novel therapeutics for the treatment of aging-related diseases. resTORbio’s lead program is targeting the selective inhibition of TORC1 - an evolutionary conserved pathway that contributes to the decline in function of multiple organ systems, including the immune, cardiac and neurologic systems. RTB101, resTORbio’s lead drug candidate, is a selective, orally administered, TORC1 inhibitor currently being tested in a Phase 2b clinical trial as a first in-class immunotherapy for reducing the incidence of respiratory tract infections in the elderly by enhancing the function of the immune system. The company expects to develop RTB101 for additional aging-related indications such as heart failure or neurodegenerative diseases.
Forward Looking Statements
This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding our plans to develop and commercialize RTB101 alone or in combination with everolimus, including the therapeutic potential and clinical benefits thereof, our ongoing and future clinical trials for RTB101 alone or in combination with everolimus, including the timing of initiation of these trials and of the anticipated results, constitute forward-looking statements identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” “anticipate,” or “could” and similar expressions. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the delay of any planned clinical trials and/or development of RTB101, either alone or in combination with everolimus; our ability to successfully demonstrate the efficacy and safety of our lead product candidate; the clinical results for our lead product candidate which may not support further development of additional indications; and obtaining, maintaining and protecting our intellectual property; as well as those risks more fully discussed in the section entitled "Risk Factors" in the final prospectus related to resTORbio’s initial public offering filed with the
Stern Investor Relations, Inc.
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except per share data)|
|Three Months Ended March 31,||Year Ended
|July 5 (inception)
through December 31,
|Research and development||$||6,792||$||-||$||16,839||$||-|
|General and administrative||731||-||2,043||1|
|Total operating expenses||7,523||-||18,882||1|
|Loss from operations||(7,523||)||-||(18,882||)||(1||)|
|Other expense, net||(15,531||)||-||(14,896||)||-|
|Net loss per share —basic and diluted||$||(5.11||)||$||-||$||(8.42||)||$||(0.00||)|
|Weighted-average number of common shares used|
|in net loss per share —basic and diluted||4,514||2,032||4,010||1,920|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|December 31,||December 31,|
|Cash and cash equivalents||$||53,349||$||-|
|Prepaid expenses and other current assets||876||-|
|Deferred offering costs||929||-|
|Total current assets||55,154||-|
|Property and equipment, net||39||-|
|Liabilities, redeemable convertible preferred stock and stockholders'|
|Total current liabilities||5,502||-|
|Redeemable convertible preferred stock||81,620||-|
|Additional paid-in capital||1,849||-|
|Total stockholders' (defecit) equity||(31,929||)||-|
|Total liabilities, redeemable convertible preferred stock and stockholders'|