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Aveo Pharmaceuticals, Inc. (AVEO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Aveo Pharmaceuticals Inc

CIK: 1325879 Ticker: AVEO

 

 

Exhibit 99.1

AVEO Oncology Reports First Quarter 2021 Financial Results
and Provides Business Update

 

– U.S. Commercial Launch Underway with Fully Deployed Sales Force Following FDA Approval of FOTIVDA® (tivozanib) on March 10, 2021 –

 

– FOTIVDA Net Product Revenue of $1.1 Million from Initial Distributor Orders in the Last Week of Q1; All Distributors Have Placed Reorders for Q2 –

 

– Entered Clinical Trial Collaboration and Supply Agreement with Bristol Myers Squibb for Planned Pivotal Phase 3 TiNivo-2 Study of FOTIVDA in Combination with OPDIVO® (nivolumab); Study Anticipated to Commence Mid-2021 –

 

– Phase 2 Open Label Randomized Study Results of Ficlatuzumab in HNSCC to be Presented at ASCO; Phase 3 Decision Anticipated Mid-2021 –

 

– Company to Host Conference Call Today at 4:30 p.m. ET –

 

BOSTON, Mass. – May 10, 2021 – AVEO Oncology (Nasdaq: AVEO), a commercial and clinical development stage biopharmaceutical company, today reported financial results for the first quarter ended March 31, 2021 and provided a business update.

 

“The first quarter of 2021 was a transformational time for AVEO marked by the U.S. Food and Drug Administration (FDA) approval and launch of FOTIVDA, our first commercial product, and the advancement of our pipeline, all of which is supported by a strong balance sheet,” said Michael Bailey, president and chief executive officer of AVEO. “Our sales team is now fully deployed, and we are encouraged by the early commercial activity supporting the FOTIVDA launch. We look forward to continuing to execute on our goal of establishing FOTIVDA as a standard of care within its renal cell carcinoma (RCC) indication.”

 

“In parallel, we remain focused on the continued advancement of the remainder of our clinical programs. This includes the evaluation of FOTIVDA in the immunotherapy combination setting, with patient enrollment in the pivotal Phase 3 TiNivo-2 study of FOTIVDA in combination with OPDIVO anticipated to commence mid-year and the Phase 2 hepatocellular carcinoma (HCC) DEDUCTIVE trial reporting encouraging Phase 1b results at ASCO GI earlier this year. Beyond FOTIVDA, we continue to expect several key inflection points with the balance of our clinical pipeline later this year, including a go/no go decision on progressing to a pivotal study for ficlatuzumab in head and neck squamous cell carcinoma (HNSCC), the advancement of our Phase 1 study of AV-380 and an update on potential clinical development plans for AV-203.”

 


The following information was filed by Aveo Pharmaceuticals Inc (AVEO) on Monday, May 10, 2021 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 (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
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 (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (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)
Hercules Loan Facility
Hercules Loan Facility (Tables)
Hercules Loan Facility - Additional Information (Detail)
Key Assumptions Used To Value The Warrants (Detail)
Legal Proceedings
Legal Proceedings - Additional Information (Detail)
Organization
Organization - Additional Information (Detail)
Other Accrued Liabilities
Other Accrued Liabilities (Detail)
Other Accrued Liabilities (Tables)
Schedule Of Collaborative Revenues Under Collaboration Agreement (Detail)
Schedule Of Provision On Discounts And Allowances By Category (Detail)
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 Fair Value Of Company's Warrant Liability (Detail)
Summary Of Net Product Revenues Earned (Detail)
Summary Of Outstanding Securities Not Included In Computation Of Diluted Net Loss Per Common Share (Detail)
Summary Of Percentage Of Total Product Revenues (Detail)
Summary Of Revenues Earned In Connection With Eusa Agreement Under Asc 606 (Detail)
Ticker: AVEO
CIK: 1325879
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-026089
Submitted to the SEC: Mon May 10 2021 4:33:30 PM EST
Accepted by the SEC: Mon May 10 2021
Period: Wednesday, March 31, 2021
Industry: Pharmaceutical Preparations

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