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Oncobiologics Provides Business Update and Reports Third Quarter Financial Results for Fiscal 2018
Cranbury, NJ – August 14, 2018 — Oncobiologics, Inc. (NASDAQ: ONS) today reported financial results and business highlights for its three and nine months ended June 30, 2018.
|·||Continued to prepare ONS-5010 for clinical trials|
|·||Converted majority of Series A convertible preferred stock into common stock|
|·||Signed first contract development and manufacturing (CDMO) contract|
|·||Completed $15.0 million private placement|
“We continue to make great progress in advancing the ONS-5010 program, which is our innovative monoclonal antibody (mAb) product candidate. This program is expected to begin enrolling patients in a clinical trial later this year,” commented Lawrence A. Kenyon, President and Chief Executive Officer of Oncobiologics.
“During the third quarter of fiscal 2018, we entered into our first CDMO contract,” continued Mr. Kenyon. “We believe that as the CDMO business scales over time it may allow us to lower the cost to manufacture our internal programs, while also generating cash flow that we can use to invest in the development of our product candidates. We also closed on a $15.0 million private placement, and converted the majority of our outstanding convertible preferred stock. These capital resources are supporting the advancement of our ONS-5010 program as we move into the clinic,” concluded Mr. Kenyon.
Financial Highlights for the Fiscal Third Quarter Ended June 30, 2018
For the fiscal third quarter ended June 30, 2018, the Company reported a net loss attributable to common stockholders of $9.1 million, or $0.26 per diluted share, compared to $5.3 million, or $0.22 per diluted share, for the same period of 2017. For the three months ended June 30, 2018, net loss attributable to common stockholders includes $0.2 million of non-cash stock-based compensation, $0.8 million of depreciation and amortization, $0.2 million of noncash interest expense, $0.1 million of expense from an increase in the fair value of warrant liability, and a $0.7 million stock dividend for the Company’s Series A convertible preferred stock. For the three months ended June 30, 2017, net loss attributable to common stockholders included $2.1 million of non-cash stock-based compensation expense, $0.7 million of depreciation and amortization, $1.3 million of noncash interest expense, and $3.8 million of income from a decrease in the fair value of warrant liability.
For the fiscal third quarter ended June 30, 2018, the Company reported an adjusted net loss attributable to common stockholders of $7.1 million, or $0.20 per diluted share, as compared to an adjusted net loss of $5.0 million, or $0.20 per diluted share, in the same period of 2017. The primary reason for the increase in adjusted net loss attributable to common stockholders from the year earlier period is higher research and development expenses related to the initiation of the ONS-5010 clinical development program in fiscal 2018.
The following information was filed by Oncobiologics, Inc. (ONS) on Tuesday, August 14, 2018 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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