Exhibit 99.1

 

 

Spring Bank Pharmaceuticals Reports Second Quarter Financial Results

 

Conference Call Scheduled for Thursday, August 2 at 8:00 a.m. EST to Provide Corporate Update

 

HOPKINTON, Mass., Aug. 1, 2018

– Spring Bank Pharmaceuticals, Inc. (Nasdaq: SBPH), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of viral infections, inflammatory diseases and certain cancers, today announced its 2018 second quarter financial results.  Spring Bank’s management team will host a conference call and webcast at 8:00 a.m. EST, on Thursday, August 2, 2018, to provide a corporate update.

2018 Second Quarter Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $40.0 million as of June 30, 2018, compared to cash, cash equivalents and marketable securities of $50.6 million as of December 31, 2017. Net cash used in operating activities for the six months ended June 30, 2018 was $13.0 million, compared to $8.8 million for the same period in 2017. Spring Bank anticipates that its existing cash, cash equivalents and marketable securities will enable it to fund its operating expenses and capital expenditure requirements into the first quarter of 2020, including the funding of the initiation of our anticipated Phase 2b/3 program for inarigivir in early 2019.

Operating Expenses: Total operating expenses for the three months ended June 30, 2018 were $8.0 million, which consisted of $5.6 million of research and development (R&D) expenses and $2.4 million of general and administrative (G&A) expenses.

Net loss: The Company’s net loss for the three months ended June 30, 2018 was $3.8 million, or $0.29 per share, compared to $8.9 million for the three months ended June 30, 2017, or $0.93 per share.

Conference Call

Spring Bank will host a conference call and webcast at 8:00 a.m. EST, on Thursday, August 2, 2018, to provide a corporate update. The conference call may be accessed by dialing 800-289-0438 for U.S. callers and 323-794-2423 for international callers and providing the conference ID 9011622.  A live, listen-only webcast of the conference call can be accessed by visiting the Investors & Media section of the company’s website at www.springbankpharm.com. A replay of the conference call will be available following the call until August 16, 2018, or by dialing 844-512-2921 for U.S. callers and 412-317-6671 for international callers five minutes prior to the start of the call and providing the conference ID 9011622. A replay of the call may be accessed by visiting Spring Bank’s website.

About Spring Bank Pharmaceuticals

Spring Bank Pharmaceuticals is a clinical-stage biopharmaceutical company engaged in the discovery and development of a novel class of therapeutics using its proprietary small molecule nucleic acid hybrid (SMNH) chemistry platform. SMNH compounds are small segments of nucleic acids that the company


The following information was filed by Spring Bank Pharmaceuticals, Inc. (SBPH) on Wednesday, August 1, 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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