Strongbridge Biopharma plc Reports Full-Year 2015 Financial Results
DUBLIN, Ireland and TREVOSE, Pa., March 24, 2016 (GLOBE NEWSWIRE) — Strongbridge Biopharma plc (Nasdaq:SBBP), a global rare disease biopharmaceutical company focused on the development and commercialization of novel therapeutic options, today announced its full-year 2015 financial results.
“Strongbridge made significant strides in 2015 executing its strategic plan to build a global rare disease biopharmaceutical company. With the recent strategic prioritization of our rare endocrine disease portfolio, we are focused on advancing development of COR-003 and COR-005, and look forward to providing updates on our progress toward reaching respective near-term development milestones for these cornerstone Cushing’s syndrome and acromegaly assets. We continue to believe that the Company’s current cash resources are sufficient to fund planned operations into the fourth quarter of 2017, which is after the expected receipt of data from the COR-003 Phase 3 SONICS trial,” said Matthew Pauls, president and chief executive officer of Strongbridge Biopharma.
Full-Year 2015 Results
For the year ended December 31, 2015, net loss attributable to common shareholders was $43.6 million, or $2.62 per basic and diluted share, compared to $9.7 million, or $1.20 per basic and diluted share, for the same period in the prior year. Basic and diluted weighted-average shares outstanding for the year endedDecember 31, 2015 reflected new shares issued in the October 2015 U.S. initial public offering, as well as new shares issued to investors in June 2015 and February 2015 in conjunction with private placement financings.
Research and development expenses were $20.1 million for the year ended December 31, 2015, compared to $5.8 million for the year ended December 31, 2014. The increase was primarily attributable to expenses related to the global Phase 3 SONICS clinical trial and supporting development activities for COR‑003, the up-front licensing payment and initial development spending for COR-004, formulation development activities for COR-005, and compensation and related personnel costs.
General and administrative expenses were $22.7 million for the year ended December 31, 2015, compared to $4.6 million for the year ended December 31, 2014. The increase was primarily due to an increase in professional and consulting services incurred in connection with the re-domiciliation of the Company to Ireland, preparation for the October 2015 U.S. initial public offering and recruitment of personnel, as well as transaction and due diligence expenses related to the acquisition of COR-005 and license of COR-004, non-cash stock-based compensation costs, and compensation and related personnel costs.
Strongbridge had cash and cash equivalents of $51.6 million and no outstanding debt as of December 31, 2015, compared to cash and cash equivalents of $15.6 million as of December 31, 2014. The increase was primarily attributable to net proceeds received from the U.S. initial public offering in October 2015, as well as the private placements completed in June 2015 and February 2015. The Company believes it has sufficient existing cash and cash equivalents to fund planned operations into the fourth quarter of 2017.