Verona Pharma plc: Operational Update and Financial Results for the Three Months Ended March 31, 2020
Reported positive Phase 2b results in symptomatic patients with moderate to severe COPD with nebulized ensifentrine
Reported positive efficacy and safety with single dose pMDI ensifentrine
U.S. FDA response to End-of-Phase 2 package expected in the second quarter
Conference Call Today at 9:00 am EDT / 2:00 pm BST
LONDON, April 30, 2020 (GLOBE NEWSWIRE) -- Verona Pharma plc (AIM: VRP) (Nasdaq: VRNA) (“Verona Pharma” or the “Company”), a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for respiratory diseases, announces financial results for the three months ended March 31, 2020, and provides a corporate update.
OUTLOOK AND STRATEGY
Verona Pharma aims to improve health and quality of life for the millions of people affected by chronic respiratory diseases. The Company's first-in-class development candidate, ensifentrine, has the potential to provide relief for patients suffering from respiratory conditions such as chronic obstructive pulmonary disease ("COPD"), cystic fibrosis ("CF") and asthma.
Ensifentrine is a novel, investigational inhaled therapy that has been shown to act as both a bronchodilator and an anti-inflammatory agent in one compound. Initially, the Company is advancing the development of nebulized ensifentrine for the maintenance treatment of COPD in moderate to severe patients.
The Company's key objectives include:
- Completing an End-of-Phase 2 meeting with the U.S. Food and Drug Administration ("FDA") in the second quarter of 2020 to receive guidance on the design of the Phase 3 program with nebulized ensifentrine;
- Securing sufficient capital to fund the Phase 3 program for nebulized ensifentrine; and
- Initiating the Phase 3 program with nebulized ensifentrine in moderate to severe COPD patients.
RECENT CORPORATE DEVELOPMENTS
Clinical
- In January 2020, the Company reported positive top-line data from a Phase 2b clinical study with nebulized ensifentrine added on to tiotropium (Spiriva®), a long acting anti-muscarinic (“LAMA”) bronchodilator in symptomatic patients with moderate to severe COPD. The study met the primary endpoint at all doses and also met clinically relevant secondary endpoints. The Company believes these data support dose selection for Phase 3 clinical trials. The study was accepted as a late-breaking abstract at the 2020 American Thoracic Society International Conference.
- In March 2020, the Company reported positive efficacy and safety data with a single dose of the pressurized metered-dose inhaler ("pMDI") formulation of ensifentrine in a Phase 2 clinical trial in patients with moderate to severe COPD. With these results and those observed in previous Phase 2 clinical trials, ensifentrine has demonstrated statistically significant and clinically meaningful improvements in lung function in COPD patients when delivered via any of the three widely used inhaled modes: nebulizer, DPI and pMDI.
- Results from the single dose part of the study (Part A) demonstrated a statistically significant and clinically meaningful increase in lung function as measured by ("FEV1")1 compared to placebo.
- Positive data support initiation of the second, multiple dose, part of the study (Part B), which will evaluate the pMDI formulation in this patient population over 7 days of twice-daily treatment. Verona Pharma has postponed the initiation of Part B due to concerns regarding the safety of trial subjects, caregivers and medical staff during the novel coronavirus (COVID-19) pandemic. As a result the Company does not expect to announce results from Part B of this trial in 2020. The Company will continue to monitor this evolving situation and will provide an updated timeline for the initiation of Part B at a later date.
- Also during the first quarter of 2020, the Company requested an End-of-Phase 2 meeting with the FDA. As a result of the COVID-19 pandemic, the FDA has advised that it will provide a written response to the Company on its End-of-Phase 2 package, rather than holding a meeting. The Company is expecting to receive this response during the second quarter of 2020.
- Based on the positive Phase 2 data and subject to receiving the FDA's response to the End-of-Phase 2 package, the Company plans to seek the necessary funding and initiate the Phase 3 clinical program.
- Additionally, in February 2020, the Company published its Phase 2b clinical results with nebulized ensifentrine as a monotherapy for maintenance treatment of COPD in the peer reviewed journal, Respiratory Research. The 403-patient trial, which was reported in March 2018, met its primary endpoint demonstrating that ensifentrine produced clinically and statistically significant improvements in lung function at all doses. In addition, clinically relevant secondary endpoints were met including significant progressive improvements in COPD symptoms.
Management
- In February 2020, the Company appointed Dr. David Zaccardelli as President and Chief Executive Officer and as an executive director. Mark Hahn, was appointed as Chief Financial Officer in March.
FINANCIAL HIGHLIGHTS
- Net cash, cash equivalents and short-term investments at March 31, 2020 amounted to £20.8 million (December 31, 2019: £30.8 million). In April 2020 the Company received a fiscal 2019 tax credit of £7.3 million in cash.
- For the three months ended March 31, 2020, the Company reported operating loss of £11.2 million (three months ended March 31, 2019: £7.8 million) and reported loss after tax of £9.6 million (three months ended March 31, 2019: £5.4 million).
- The increase in operating costs was predominantly due to increased general and administrative expenses, which were driven primarily by costs relating to executive changes and costs associated with the closure of our New York office and relocation of our US base of operations to North Carolina. Included in net profit and partly offsetting the rise in operating loss is a fall in the net amount of finance income and expense of £0.7 million.
- Reported loss per share was 9.1 pence for the three months ended March 31, 2020 (three months ended March 31, 2019: 5.1 pence).
- Net cash used in operating activities for the three months ended March 31, 2020 was £10.1 million (three months ended March 31, 2019: £9.9 million).
"We continue to execute on the clinical development plan for ensifentrine in COPD for both nebulizer and handheld inhaler formulations. We recently reported significant improvements in lung function and a continued favorable safety profile demonstrated by the single dose Phase 2 results with the pMDI formulation of ensifentrine," said David Zaccardelli, Pharm. D., President and Chief Executive Officer. "With these results and those observed in previous Phase 2 clinical trials, ensifentrine has demonstrated statistically significant and clinically meaningful improvements in lung function in COPD patients when delivered via any of the three widely used inhaled modes: nebulizer, DPI and pMDI. In addition to positive effects of ensifentrine on lung function, we are very encouraged by the promising data on COPD symptoms and quality of life seen in Phase 2 studies."
"We look forward to the FDA's response to our End-of-Phase 2 package, which is expected in the second quarter of 2020. Currently, the initiation of a Phase 3 program for ensifentrine for the treatment of COPD is anticipated later this year, subject to securing additional funding. We continue to monitor the situation caused by the COVID-19 pandemic and its potential impact on our operational and financing goals and will provide an update as and when further information becomes available."
COVID-19 IMPACT AND BUSINESS CONTINUITY
To help protect the health and safety of the patients, caregivers and healthcare professionals involved in its ongoing clinical trials of ensifentrine, as well as its employees and independent contractors, in response to the COVID-19 pandemic, Verona Pharma has implemented a number of precautionary clinical and operational measures to ensure consistent and appropriate clinical trial conduct. The Company continues to review the effect of the COVID-19 pandemic on its operations, ongoing and planned clinical trials and the potential disruption to financial markets.
Ongoing and Planned Clinical Trials of Ensifentrine and Interactions with Regulators
Verona Pharma's ongoing clinical trial evaluating the pMDI formulation of ensifentrine in patients with moderate to severe COPD has met previously disclosed timelines for reporting data from the single-dose portion (Part A), and the Company previously reported that it anticipated reporting results from the multiple-dose portion (Part B) in the second half of 2020. In March 2020, the Company announced it has postponed the initiation of Part B due to concerns regarding the safety of trial subjects, caregivers and medical staff during the COVID-19 pandemic. As a result the Company does not expect to announce results from Part B of this trial in 2020. The Company will continue to monitor this evolving situation and will provide an updated timeline for the start of Part B at a later date.
Verona Pharma is expecting to receive in the second quarter of 2020 a response from the FDA to its End-of-Phase 2 package. The Company anticipates that this response will inform the design of the planned Phase 3 program with nebulized ensifentrine.
Verona Pharma has previously reported that it anticipates initiating the Phase 3 program in the third quarter of 2020. The Company is continuing its preparations to initiate the Phase 3 program as soon as possible following a response from the FDA to its End-of-Phase 2 package, which supports proceeding with Phase 3 and subject to securing sufficient capital to fund the program and the status of the COVID-19 pandemic at that time. The Company is investigating the potential impact of the COVID-19 pandemic on the program, including the planned design, cost and timelines and is evaluating potential mitigations including pre-enrollment COVID-19 screening among others. The Company plans to provide an update on these details as and when further information is available.
Verona Pharma is investigating whether the COVID-19 pandemic may cause disruption of clinical supply of ensifentrine for the ongoing trial of the pMDI formulation or planned Phase 3 clinical trials of the nebulized formulation. The Company’s contract manufacturers have indicated that they have appropriate plans and procedures in place to ensure uninterrupted future supply of clinical ensifentrine, subject to potential limitations on their operations and on the supply chain due to the COVID-19 pandemic. The Company is continuing to monitor this situation and will provide an update if it becomes aware of any disruption caused by the pandemic to the clinical supply of ensifentrine for ongoing and planned clinical trials.
Corporate Operations and Financial Impact
Verona Pharma has also implemented measures to help keep the Company’s employees, families, and local communities healthy and safe. All employees are working remotely and all business travel has been restricted.
The COVID-19 pandemic has caused significant disruption to the financial markets. Verona Pharma has previously indicated that a key 2020 goal is to raise significant additional funding to initiate and complete the Phase 3 program. The Company is continuing to evaluate available sources of capital, however, the cost and other terms of such capital have become more onerous as a result of the impacts of the COVID-19 pandemic on the financial markets. There is no guarantee that the Company will be successful in securing additional financing on acceptable terms or within its planned timeframe, or at all, and should it be unable to raise sufficient additional funds it will be required to defer the initiation of Phase 3 clinical trials and other development activities, until such funding can be obtained.
COVID-19 risk factor
Verona Pharma has assessed the potential impact on its business of the COVID-19 pandemic and will be updating its risk factor disclosures on a Report on Form 6-K to be filed with the SEC on or about April 30, 2020. The Company is continuing to review the effect of the COVID-19 pandemic on its operations, ongoing and planned clinical trials and the potential disruption to financial markets.
1FEV1 Forced Expiratory Volume in one second, a standard measure of lung function
Conference Call and Webcast Information
Verona Pharma will host an investment community conference call at 9:00 a.m. EDT / 2:00 p.m. BST on Thursday, April 30, 2020 to discuss the Q1 2020 financial results and the corporate update.
Analysts and investors may participate by dialing one of the following numbers and reference conference ID: 2667888:
- 866-940-4574 for callers in the United States
- 0800 028 8438 for callers in the United Kingdom
- 0800 181 5287 for callers in Germany
A live webcast will be available on the Events and Presentations link on the Investors page of the Company's website, www.veronapharma.com, and an audio replay will be available there for 30 days. An electronic copy of the Q1 2020 results release will also be made available today on the Company’s website. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
This press release contains inside information for the purposes of Article 7 Regulation (EU) No. 596/2014.
About Verona Pharma plc
Verona Pharma is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for the treatment of respiratory diseases with significant unmet medical needs. If successfully developed and approved, Verona Pharma’s product candidate, ensifentrine, has the potential to be the first therapy for the treatment of respiratory diseases that combines bronchodilator and anti-inflammatory activities in one compound. Verona Pharma is currently in Phase 2 development with three formulations of ensifentrine for the treatment of COPD: nebulized, dry powder inhaler and pressurized metered-dose inhaler. Ensifentrine also has potential applications in cystic fibrosis, asthma and other respiratory diseases. For more information, please visit www.veronapharma.com.
Forward Looking Statements
This press release, operational review, outlook and financial review contain forward-looking statements. All statements contained in this press release, operational review, outlook and financial review that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the development and potential of ensifentrine, the initiation, progress and timing of clinical trials, our expectations surrounding clinical trial results and responses from the FDA, the market opportunity for various formulations of ensifentrine, including estimates of the market size for COPD, the impact of the novel coronavirus COVID-19 pandemic on our business and operations and the Company’s future financial results, the sufficiency of our cash and cash equivalents, and our expectations surrounding additional funding.
These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from our expectations expressed or implied by the forward-looking statements, including, but not limited to, the following: our limited operating history; our need for additional funding to complete development and commercialization of ensifentrine, which may not be available and which may force us to delay, reduce or eliminate our development or commercialization efforts; the reliance of our business on the success of ensifentrine, our only product candidate under development; economic, political, regulatory and other risks involved with international operations; the lengthy and expensive process of clinical drug development, which has an uncertain outcome; serious adverse, undesirable or unacceptable side effects associated with ensifentrine, which could adversely affect our ability to develop or commercialize ensifentrine; potential delays in enrolling patients, which could adversely affect our research and development efforts; we may not be successful in developing ensifentrine for multiple indications; our ability to obtain approval for and commercialize ensifentrine in multiple major pharmaceutical markets; misconduct or other improper activities by our employees, consultants, principal investigators, and third-party service providers; the loss of any key personnel and our ability to recruit replacement personnel, as well as the impact of our management team transition; material differences between our “top-line” data and final data; our reliance on third parties, including clinical investigators, manufacturers and suppliers, and the risks related to these parties’ ability to successfully develop and commercialize ensifentrine; lawsuits related to patents covering ensifentrine and the potential for our patents to be found invalid or unenforceable; the impact of the novel coronavirus COVID-19 pandemic on our operations, the continuity of our business and general economic conditions; and our vulnerability to natural disasters, global economic factors and other unexpected events, including health epidemics or pandemics like COVID-19.
These and other important factors under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on February 27, 2020, under the caption “Supplemental Risk Factor Disclosures” in our Report on Form 6-K to be filed with the SEC on or about April 30, 2020, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release, operational review, outlook and financial review. Any such forward-looking statements represent management's estimates as of the date of this press release and operational and financial review. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release, operational review, outlook and financial review.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014
For further information please contact:
Verona Pharma plc | Tel: +44 (0)20 3283 4200 |
Victoria Stewart, Director of Communications | info@veronapharma.com |
N+1 Singer | Tel: +44 (0)20 3283 4200 |
(Nominated Adviser and UK Broker) | |
Aubrey Powell / George Tzimas / Iqra Amin (Corporate Finance) | |
Tom Salvesen (Corporate Broking) | |
Optimum Strategic Communications | Tel: +44 (0)20 950 9144 |
(European Media and Investor Enquiries) | verona@optimumcomms.com |
Mary Clark / Eva Haas / Hollie Vile | |
Argot Partners | Tel: +1 212-600-1902 |
(US Investor Enquiries) | verona@argotpartners.com |
Stephanie Marks / Kimberly Minarovich / Michael Barron | |
OPERATIONAL REVIEW
Company overview
Verona Pharma is focused on the development of our novel, late-stage candidate, ensifentrine, for the treatment of unmet respiratory needs. This inhaled inhibitor of the enzymes phosphodiesterase 3 and 4 ("PDE3" and "PDE4") is in Phase 2 clinical development with three formulations of ensifentrine for the treatment of chronic obstructive pulmonary disease ("COPD"): nebulized, dry powder inhaler ("DPI") and pressurized metered-dose inhaler ("pMDI"). Ensifentrine has demonstrated significant and clinically meaningful improvements in lung function in COPD patients when delivered via any of these formulations. Ensifentrine also has potential applications in cystic fibrosis, asthma and other respiratory diseases.
Ensifentrine highlights:
- First-in-class dual bronchodilator and anti-inflammatory agent in a single molecule
- Potentially the first novel class of bronchodilator in COPD in over 40 years
- Potentially the only bronchodilator option as an add-on to existing dual / triple therapy
COPD is a progressive respiratory disease without a cure. It damages the airways and lungs, leading to debilitating breathlessness, hospitalizations and death. COPD has a major impact on everyday life. Patients struggle with basic activities such as getting out of bed, showering and walking. COPD affects approximately 384 million people worldwide. It is projected to be the third leading cause of death globally by 2030, according to the World Health Organization.
COPD patients are frequently treated with bronchodilators, to relieve airway constriction and make it easier to breathe, and with corticosteroids, to reduce lung inflammation. Despite receiving maximum therapy, many patients, more than 1.2 million in the US alone, remain symptomatic and urgently need additional treatment. We believe that ensifentrine can provide significant benefits for these patients.
Initially, we are developing nebulized ensifentrine for the maintenance treatment of moderate to severe COPD patients. During the first quarter we made significant clinical progress, reporting positive data from our second four-week Phase 2b clinical trial with nebulized ensifentrine in over 400 symptomatic COPD patients. In this trial, ensifentrine demonstrated that it provides additional bronchodilation when given in addition to tiotropium (Spiriva®), a long acting anti-muscarinic antagonist ("LAMA") widely used for the treatment of COPD. Our first 4-week Phase 2b clinical trial in over 400 COPD patients, which was reported in March 2018, also demonstrated improvements in bronchodilation and COPD symptoms with nebulized ensifentrine as monotherapy.
Summary of Phase 2b clinical results in moderate to severe COPD patients:
- Statistically significant and clinically meaningful improvements in lung function
- Statistically significant improvements in symptoms and Quality of Life measures
- Improvements as monotherapy or as an addition to background therapy
- Well-tolerated in 15 clinical trials in over 1300 subjects
Also during the first quarter of 2020, we requested an End-of-Phase 2 meeting with the FDA. The FDA has advised that it will provide a written response to the Company about its End-of Phase 2 package, rather than holding a meeting. We expect to receive this response during the second quarter of 2020. The U.S. regulatory pathway for the development of nebulized treatments for COPD is well-established and nebulized therapies currently attract a premium price in this substantial market.
Our DPI and pMDI formulations of ensifentrine have also demonstrated positive efficacy and safety data in Phase 2 clinical trials in moderate to severe COPD. An estimated 5.5 million people in the US use inhaled delivery, or DPI formulations delivered via handheld inhalers, for COPD maintenance treatment. The availability of these formulations of ensifentrine, if successfully developed and approved, creates new opportunities for using ensifentrine with existing inhaled medications. US sales of inhaled COPD maintenance medication were approximately $9 billion in 2019.
Management update
Senior executive changes bring substantial leadership, operational and clinical expertise.
In February 2020, Verona Pharma appointed Dr. David Zaccardelli as President and Chief Executive Officer and executive director.
In March 2020, Verona Pharma appointed Mark Hahn as Chief Financial Officer.
FINANCIAL REVIEW
Financial review of the three month period ended March 31, 2020
The operating loss for the three months ended March 31, 2020, was £11.2 million (March 31, 2019: £7.8 million) and the loss after tax for the three months ended March 31, 2020, was £9.6 million (March 31, 2019: £5.4 million).
Research and development costs
Research and development costs were £5.9 million for the three months ended March 31, 2020, compared to £5.9 million for the three months ended March 31, 2019. In the three months ended March 31, 2020, these costs included preparatory costs for our planned Phase 3 program, the close down costs for the Phase 2b study for nebulized ensifentrine added on to tiotropium and related drug product manufacturing costs.
In the same period in 2019 this included the cost for the Phase 2 trial using the dry powder inhaler formulation, costs for the Phase 2b study for nebulized ensifentrine added on to tiotropium and related drug product manufacturing costs. In addition there were preparatory costs for the dose-ranging Phase 2b study for ensifentrine added on to tiotropium.
General and administrative costs
General and administrative costs were £5.3 million for the three months ended March 31, 2020, compared to £1.8 million for the three months ended March 31, 2019, an increase of £3.5 million. The increase was primarily attributable to a £2.7 million increase in costs relating to executive changes and costs associated with the closure of our New York office and relocation of our US base of operations to North Carolina. We booked costs of £1.7 million relating to payments with respect to contractual notice periods and other severance costs. There was a £0.2 million impairment relating to the closure of the New York office and an increase in the share based payment charge of £0.8 million for Restricted Stock Units issued to new executive officers and accelerated charges relating to severance agreements. In addition there was a £0.3 million increase in foreign exchange charges relating to movements in the GBP/USD exchange rate. Finally, recruitment costs, Directors and Officers liability insurance and various other costs increased by an aggregate of £0.5m.
Finance income and expense
Finance income was £0.4 million for the three months ended March 31, 2020, and £1.9 million for the three months ended March 31, 2019. The decrease in finance income was primarily due to a smaller decrease in the fair value of the warrant liability of £0.1 million during the three months ended March 31, 2020 compared to a decrease of £1.6 million in the warrant liability during the three months ended March 31, 2019.
Finance expense was £0.1 million for the three months ended March 31, 2020, compared to £0.8 million for the three months ended March 31, 2019. The decrease was due to no foreign exchange loss on cash and short term investments for the 2020 period compared to a £0.8 million loss for the three months ended March 31, 2019.
Taxation
Taxation for the three months ended March 31, 2020, amounted to a credit of £1.3 million compared to a credit of £1.3 million for the three months ended March 31, 2019. The credits are obtained at a rate of 14.5% of 230% of our qualifying research and development expenditure. Similar expenditure on research and development has resulted in approximately the same tax credit year on year.
Cash flows
Net cash used in operating activities increased to £10.1 million for the three months ended March 31, 2020, from £9.9 million for the three months ended March 31, 2019. Operating costs in the three months ended March 31, 2020, were higher than in the prior period but there was a similar cash outflow due to the timing of supplier payments and a number of accrued and non-cash severance costs in 2020.
Net cash generated from investing activities predominantly reflects the net movement of cash being placed on deposit for more than three months and such deposits maturing, because deposits of more than three months are disclosed as short term investments, separately from cash. The decrease in net cash generated in investing activities to £7.2 million for the three months ended March 31, 2020, from £9.0 million for the three months ended March 31, 2019, was due to the net movement of funds from short term investments to cash being less during the three months ended March 31, 2020.
Cash, cash equivalents and short-term investments
Cash, cash equivalents and short-term investments at March 31, 2020 decreased to £20.8 million from £30.8 million at December 31, 2019 due to the utilization of cash in the Company's ordinary operating activities.
The Group intends to initiate its Phase 3 program for the maintenance treatment of COPD once it believes it has alignment with the U.S. Food and Drug Administration ("FDA") on its planned design for the Phase 3 clinical program. The Group will require significant additional funding to initiate and complete this Phase 3 program and will need to secure the required capital to fund the program. The Group intends to seek additional funding through public or private financings, debt financing, collaboration or licensing agreements and other arrangements. However, there is no guarantee that the Group will be successful in securing additional finance on acceptable terms, or at all, and should the Group be unable to raise sufficient additional funds it will be required to defer the initiation of Phase 3 clinical trials and other development activities, until such funding can be obtained. This could also force the Group to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, or pursue alternative development strategies that differ significantly from its current strategy, which could have a material adverse effect on the Group’s business, results of operations and financial condition.
Additionally the ongoing COVID-19 pandemic could impact the Group's ability to initiate its planned Phase 3 development program and could cause further disruption to capital markets, either of which could adversely affect Group's ability to raise the necessary capital.
Net assets
Net assets decreased to £25.8 million in the three month period ended March 31, 2020, from £33.9 million at December 31, 2019. This decrease was primarily due to the operating activities of the Company.
VERONA PHARMA PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2020 AND DECEMBER 31, 2019 (UNAUDITED)
Notes | As of March 31, 2020 | As of December 31, 2019 | ||||||
£'000s | £'000s | |||||||
ASSETS | ||||||||
Non-current assets: | ||||||||
Goodwill | 441 | 441 | ||||||
Intangible assets | 2,772 | 2,757 | ||||||
Property, plant and equipment | 42 | 43 | ||||||
Right-of-use assets | 9 | 1,210 | 971 | |||||
Total non-current assets | 4,465 | 4,212 | ||||||
Current assets: | ||||||||
Prepayments and other receivables | 1,972 | 2,770 | ||||||
Current tax receivable | 8,667 | 7,396 | ||||||
Short term investments | 10 | 700 | 7,823 | |||||
Cash and cash equivalents | 20,059 | 22,934 | ||||||
Total current assets | 31,398 | 40,923 | ||||||
Total assets | 35,863 | 45,135 | ||||||
EQUITY AND LIABILITIES | ||||||||
Capital and reserves attributable to equity holders: | ||||||||
Share capital | 5,311 | 5,266 | ||||||
Share premium | 118,862 | 118,862 | ||||||
Share-based payment reserve | 11,811 | 10,364 | ||||||
Accumulated loss | (110,160 | ) | (100,627 | ) | ||||
Total equity | 25,824 | 33,865 | ||||||
Current liabilities: | ||||||||
Derivative financial instrument | 11 | 783 | 895 | |||||
Lease liabilities | 623 | 460 | ||||||
Trade and other payables | 6,619 | 8,261 | ||||||
Total current liabilities | 8,025 | 9,616 | ||||||
Non-current liabilities: | ||||||||
Assumed contingent obligation | 12 | 1,156 | 1,103 | |||||
Non-current Lease Liability | 809 | 491 | ||||||
Deferred income | 49 | 60 | ||||||
Total non-current liabilities | 2,014 | 1,654 | ||||||
Total equity and liabilities | 35,863 | 45,135 |
The accompanying notes form an integral part of these consolidated financial statements.
VERONA PHARMA PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND MARCH 31, 2019 (UNAUDITED)
Notes | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | |||||
£'000s | £'000s | ||||||
Research and development costs | (5,872 | ) | (5,928 | ) | |||
General and administrative costs | (5,301 | ) | (1,831 | ) | |||
Operating loss | (11,173 | ) | (7,759 | ) | |||
Finance income | 6 | 391 | 1,860 | ||||
Finance expense | 6 | (52 | ) | (820 | ) | ||
Loss before taxation | (10,834 | ) | (6,719 | ) | |||
Taxation — credit | 7 | 1,261 | 1,313 | ||||
Loss for the period | (9,573 | ) | (5,406 | ) | |||
Other comprehensive loss: | |||||||
Items that might be subsequently reclassified to profit or loss | |||||||
Exchange differences on translating foreign operations | 40 | (13 | ) | ||||
Total comprehensive loss attributable to owners of the Company | (9,533 | ) | (5,419 | ) | |||
Loss per ordinary share — basic and diluted (pence) | 8 | (9.1 | ) | (5.1 | ) |
The accompanying notes form an integral part of these consolidated financial statements.
VERONA PHARMA PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2019, AND MARCH 31, 2020 (UNAUDITED)
Share Capital | Share Premium | Share-based Expenses | Total Accumulated Losses | Total Equity | ||||||||||
£'000s | £'000s | £'000s | £'000s | £'000s | ||||||||||
Balance at January 1, 2019 | 5,266 | 118,862 | 7,923 | (68,633 | ) |
By: GlobeNewswire
- 30 Apr 2020
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