Delaware
|
|
001-34637
|
|
20-1852016
|
(State or Other Jurisdiction of
Incorporation) |
|
(Commission File Number)
|
|
(I.R.S. Employer
Identification No.) |
25801 Industrial Boulevard, Suite B, Hayward,
California
|
94545
|
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Item 2.02 |
Results of Operations and Financial Conditions.
|
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit No.
|
Description
|
||
99.1
|
Press Release dated May 10, 2017
|
Date: May 10, 2017
|
Anthera Pharmaceuticals, Inc.
|
||
By:
|
/s/ May Liu
|
||
May Liu
Senior Vice President, Finance and
Administration
(Principal Accounting Officer)
|
o |
RESULT, pivotal Phase 3 Study of Sollpura, is expected to screen the first patient in May
|
o |
Favorable trends on weight, height, and body mass index (“BMI”) from the Extension Period of the SOLUTION Study of Sollpura
|
o |
Completion of dosing in the Phase 2 BRIGHT-SC Study of blisbimod in patients with IgA Nephropathy
|
o |
Closing of initial $15 million public offering
|
o |
Phase 3 RESULT study expected to screen the first patient in May
|
o |
Extension Period of the Phase 3 SOLUTION study demonstrated favorable trends
|
o
|
Completion of dosing in the Phase 2 BRIGHT-SC
|
o |
Cash Position. Anthera ended the first quarter of 2017 with cash and cash equivalents totaling $20.7 million, compared to $20.8 million as of December 31, 2016. The decrease in cash is mainly attributable to $14.3 million used to fund our clinical development programs, offset by approximately $14.1 million in net proceeds received from the sale of an aggregate of 3,750,000 shares of its common stock and an agreement to issue warrants for the purchase of an aggregate of 7,500,000 shares of its common stock.
|
o |
R&D Expense. Research and development expense for the three months ended March 31, 2017 totaled $7.8 million, compared to $9.6 million for the corresponding period in 2016. The decrease in 2017 from 2016 is primarily due to lower clinical development expenses as a result of the SOLUTION and CHABLIS studies being substantially completed in 2016.
|
o |
G&A Expense. General and administrative expense for the three months ended March 31, 2017 totaled $2.9 million, compared to $2.2 million for the corresponding period in 2016. The increase is primarily due to higher expense incurred in connection with our financing effort and legal expense associated with legal proceedings.
|
o |
Other Expense. For the three months ended March 31, 2017, Anthera recorded $0.6 million in non-operating expense, primarily comprising the fair value of warrants issued in connection with a direct offering of our common stock in March 2017 exceeding the cash proceeds received from the offering. The change in the fair value of the warrants will be recognized as non-operating expense or income in the statement of operations until the warrants are exercised.
|
o |
Net Loss. Net loss for the three months ended March 31, 2017 was $11.2 million, compared to $11.7 million for the corresponding period in 2016. The decrease in net loss is mainly attributable to the decrease in clinical study expense for both Sollpura and blisibimod in 2017. In addition, the unamortized discount from the conversion of Series X preferred stock was recognized as a deemed dividend of $2.5 million in connection with the conversion of resulting in a net loss to shareholders to 13.7 million.
|
o |
Net Loss Applicable to Common Stockholders. In connection with the September 2016 registered direct offering of convertible preferred stock, warrants and options to purchase shares of convertible preferred stock, there was an in-the-money conversion feature (beneficial conversion feature, or BCF). The BCF required separate financial statement recognition and recorded as a discount to the preferred shares and was immediately accreted as a deemed dividend because the shares were contingently redeemable. For the three months ended March 31, 2017, we recorded a deemed dividend of $2.5 million.
|
|
Three months ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
Revenues:
|
||||||||
License fee revenue
|
$
|
—
|
$
|
139
|
||||
Collaborative revenue
|
—
|
6
|
||||||
Total revenues
|
—
|
145
|
||||||
Operating expenses:
|
||||||||
Research and development
|
$
|
7,801
|
$
|
9,624
|
||||
General and administrative
|
2,903
|
2,238
|
||||||
Research award
|
(100
|
)
|
—
|
|||||
Total operating expenses
|
10,604
|
11,862
|
||||||
Loss from operations
|
(10,604
|
)
|
(11,717
|
)
|
||||
Other expense:
|
||||||||
Other expense
|
(3
|
)
|
(9
|
)
|
||||
Fair value of warrant liability in excess of proceeds from financing
|
(600
|
)
|
—
|
|||||
Net loss
|
(11,207
|
)
|
(11,726
|
)
|
||||
Deemed dividends attributable to preferred stock
|
(2,503
|
)
|
—
|
|||||
Net loss applicable to common stockholders
|
$
|
(13,710
|
)
|
$ |
(11,726
|
)
|
||
Net loss per share—basic and diluted (1)
|
$
|
(2.03
|
)
|
$
|
(2.34
|
)
|
||
Weighted-average number of shares used in per share calculation—basic and diluted (1)
|
6,759,567
|
5,006,237
|
(1) |
All per share amounts and shares of the Company’s common stock issued and outstanding for all periods have been retroactively adjusted to reflect the one-for-eight reverse stock split which was effective on April 28, 2017.
|
March 31,
2017 |
December 31,
2016
|
|||||||
Cash and cash equivalents
|
$
|
20,652
|
$
|
20,843
|
||||
Accounts receivable
|
$
|
100
|
$
|
—
|
||||
Total assets
|
$
|
23,591
|
$
|
23,471
|
||||
Warrant liability
|
$
|
14,700
|
$
|
—
|
||||
Total liabilities, excludes warrant liability
|
$
|
6,128
|
$
|
10,624
|
||||
Series X contingently redeemable convertible preferred stock
|
$
|
377
|
$
|
377
|
||||
Series X convertible preferred stock
|
$
|
—
|
$
|
8,614
|
||||
Common Stock and additional paid-in capital
|
$
|
421,147
|
$
|
411,410
|
||||
Accumulated deficit
|
$
|
(418,761
|
)
|
$
|
(407,554
|
)
|
||
Total shareholders' equity
|
$
|
2,386
|
$
|
12,470
|
||||
Common shares outstanding (1)
|
10,076,164
|
5,746,536
|
||||||
Series X convertible preferred shares outstanding
|
487
|
9,499
|
(1) |
All shares of the Company’s common stock issued and outstanding for all periods have been retroactively adjusted to reflect the one-for-eight reverse stock split which was effective on April 28, 2017.
|