Aveo Pharmaceuticals Inc (AVEO) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Aveo Pharmaceuticals Inc

CIK: 1325879 Ticker: AVEO



Exhibit 99.1


AVEO Reports Second Quarter 2019 Financial Results and Provides Business Update

CAMBRIDGE, Mass. – August 8, 2019 –

AVEO Oncology (NASDAQ: AVEO) today reported financial results for the second quarter ended June 30, 2019 and provided a business update.


“As we move toward reporting more mature interim overall survival (OS) results from our TIVO-3 study of tivozanib in advanced kidney cancer, AVEO continues to make meaningful clinical, regulatory and strategic progress across our pipeline,” said Michael Bailey, president and chief executive officer of AVEO. “Notably, since the beginning of the second quarter, we presented encouraging data from ongoing clinical studies of ficlatuzumab, our HGF inhibitory antibody, closed a public offering in April, and saw the approval of FOTIVDA® in New Zealand.  In addition to these events, we recently announced the amendment to our license agreement with Kyowa Kirin for tivozanib non-oncology rights, which is consistent with our strategy to develop and commercialize our oncology-focused pipeline while retaining meaningful economic interest and advancing our non-oncology pipeline through partnerships. As a result of the license amendment with Kyowa Kirin and the April financing, the Company’s cash runway is now anticipated to extend into the third quarter of 2021.  We expect this progress will continue to build momentum as we look forward to the next interim OS readout from our TIVO-3 study in the fourth quarter of this year.”

Recent Highlights


Announced Kyowa Kirin Buy Back of Tivozanib Non-Oncology Rights from AVEO. In August 2019, AVEO and Kyowa Kirin Co., Ltd. announced that the companies’ license agreement for tivozanib has been amended to allow Kyowa Kirin to buy back the non-oncology rights of tivozanib in AVEO’s territories, which includes the U.S. and EU. Under the terms of the amended license agreement, AVEO will receive a $25 million upfront payment and a waiver of the $18 million milestone payment due to Kyowa Kirin upon AVEO obtaining U.S. market approval for tivozanib. In addition, AVEO will be eligible to receive up to $391 million in milestone payments upon the successful achievement of certain development and commercial objectives related to tivozanib formulations for the treatment of non-oncology indications. AVEO is also eligible to receive tiered royalty payments on net sales in these indications, which range from a high single-digit to low double-digit percent.


FOTIVDA® (tivozanib) Approval in New Zealand for the Treatment of Advanced RCC received by AVEO’s Partner, EUSA Pharma. In July 2019, the New Zealand Medicines and Medical Devices Safety Authority approved FOTIVDA® (tivozanib) for the first line treatment of adult patients with advanced renal cell carcinoma (RCC) and for adult patients who are vascular endothelial growth factor receptor (VEGFR) and mTOR pathway inhibitor-naïve following disease progression after one prior treatment with cytokine therapy for advanced RCC.


The following information was filed by Aveo Pharmaceuticals Inc (AVEO) on Thursday, August 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Aveo Pharmaceuticals Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Deficit) (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Deficit) (Unaudited) (Parenthetical)
Assumptions Used In Black Scholes Pricing Model For New Grants (Detail)
Basis Of Presentation
Collaborations And License Agreements
Collaborations And License Agreements (Tables)
Collaborations And License Agreements - Additional Information (Detail)
Common Stock
Common Stock - Additional Information (Detail)
Future Minimum Payments Under Loans Payable (Detail)
Key Assumptions Used To Value The Warrants (Detail)
Legal Proceedings
Legal Proceedings -Additional Information (Detail)
Loans Payable
Loans Payable (Tables)
Loans Payable - Additional Information (Detail)
Organization - Additional Information (Detail)
Other Accrued Liabilities
Other Accrued Liabilities (Detail)
Other Accrued Liabilities (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Stock Based Compensation Expense For Equity-Classified Awards (Detail)
Stock Option Activity (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Summary Of Cash, Cash Equivalents And Marketable Securities (Detail)
Summary Of Changes In Accounts Receivable And Contract Liabilities (Deferred Revenue) (Detail)
Summary Of Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail)
Summary Of Fair Value Of Company's Warrant Liability (Detail)
Summary Of Outstanding Securities Not Included In Computation Of Diluted Net Loss Per Common Share (Detail)
Summary Of Revenues Earned In Connection With Eusa Agreement Under Asc 606 (Detail)
Summary Of Total Revenues Earned By Partner (Detail)
Ticker: AVEO
CIK: 1325879
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-030755
Submitted to the SEC: Thu Aug 08 2019 12:04:24 PM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Pharmaceutical Preparations

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