Instil Bio Inc
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
TIL$6.83-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-13.
0001789769-24-000086
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-13.
0001789769-24-000103
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 140 previous paragraphs and 162 current paragraphs.
75 unchanged; 51 reworded; 30 added; 10 removed; 4 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
SYN-2510, our lead product candidate, is a potentially best-in-class PD-L1xVEGF bispecific antibody in development for the treatment of multiple solid tumor cancers. ImmuneOnco is conducting a Phase I open label trial in China of SYN-2510/IMM2510 as monotherapy in patients with advanced solid tumors that have failed prior therapies, including triple-negative breast cancer, or TNBC, squamous non-small cell lung cancer, or NSCLC, hepatocellular carcinoma, renal cell carcinoma, and rare solid tumors including soft tissue sarcomas and thymic cancer. Approximately 65 additional patients have been dosed with SYN-2510/IMM2510 monotherapy in addition to the initial 33 patients reported in ImmuneOnco’s ASCO 2024 publication. The preliminary data showed:
Current report
•As of December 21, 2023, 33 patients had received IMM2510 at 9 dose levels (0.007-20.0 mg/kg), the median age was 57 years (range 36-74), the median prior line of therapy was 3 (range 1-13), and 27.3% patients received prior anti PD-1/PD-L1 inhibitor therapies.
Current report
•Treatment-related adverse events (TRAEs) occurred in 32 patients (97.0%). Most TRAEs were grade 1 or 2. The most common TRAEs (≥ 20%) of all grades were infusion related reaction (IRR) (72.7%), platelet count decreased (39.4%), anemia (33.3%) and diarrhea (21.2%). Grade ≥3 TRAEs occurred in 11 patients (33.3%). Grade ≥3 TRAEs (≥5%) were IRR (9.1%), platelet count decreased (6.1%), lymphocyte count decreased (6.1%) and diarrhea (6.1%). TRAEs leading to treatment discontinuation occurred in 3 patients (9.1%) which were IRR, hypersensitivity and pyrexia, respectively. No dose limiting toxicities (DLT) occurred.
Current report
•In 25 response evaluable patients, 3 patients had confirmed partial response (PR): 1 patient with sq-NSCLC (onco-driver gene negative, previous IO treatment failure) at 3 mg/kg with tumor shrinkage 46% and still on the treatment with treatment duration over 20 months; 1 patient with sq-NSCLC at 10 mg/kg with tumor shrinkage about 32% along with treatment duration 9.4 months; 1 patient with thymus adeno-squamous carcinoma (PD-L1 CPS 80) at 20 mg/kg with tumor shrinkage over 53% and still remains on the treatment along with treatment duration 8.1 months. In addition, 7 patients with best objective response stable disease (BOR SD) and 4 of them had over 15% decreased tumor burden (1 cervical cancer at 3 mg/kg, 2 non-sq NSCLC at 10 and 20 mg/kg respectively, 1 ovarian cancer at 20 mg/kg).
Current report
•The half-life of IMM2510 in 20.0mg/kg dose group was around 6.8 days. The recommended phase 2 dose (RP2D) was determined by ImmuneOnco to be 20.0 mg/kg.
Current report
SYN-27M is an antibody-dependent cellular cytotoxicity-enhanced monoclonal antibody targeting CTLA-4, which has been designed to promote intratumoral regulatory T cell depletion to enhance the efficacy and reduce the toxicity associated with first-generation anti-CTLA-4 antibodies. By end of 2023, ImmuneOnco completed a first-in-human dose escalation study of SYN-27M/IMM27M in patients with solid tumor cancers in China with 25 subjects dosed. ImmuneOnco is currently pursing cohort expansions of the RP2D in this Phase I trial in patients with hormone receptor-positive breast cancer and hepatocellular carcinoma who have failed prior therapy.
Current report
ImmuneOnco is also conducting a Phase I open label clinical trial in China of SYN-2510/IMM2510 combined with SYN-27M/IMM27M in patients with advanced solid tumors that have failed prior therapies.
Current report
In-Process Research and Development
Current report
In-process research and development (IPR&D), expenses include IPR&D acquired as part of in-license payments made to ImmuneOnco for which there is no alternative future use, and are expensed as incurred.
Current report
Other Rental Income
Current report
Other rental income consists primarily of straight-lined rental income related to the Tarzana manufacturing facility.
Current report
Other Expense, Net
Current report
In-process Research and Development Expenses
Current report
In-process research and development expenses were $10.0 million andnil forthree months ended September 30, 2024 and 2023, respectively. The net increase of$10.0 million was primarily due to:
Current report
•$10.0 million increase in research and development costs related to payments made to ImmuneOnco.
Current report
Research and development expenses were $0.6 million and$8.5 million for the three months ended September 30, 2024 and 2023, respectively. The net decreaseof $7.9 millionwas primarily due to:
Current report
•$41.5 million decrease in costs related to the impairment of the Tarzana manufacturing facility; and
Current report
•$0.1 million increase in leasehold improvement impairments; and
Current report
Interest Income, Interest Expense, Other Rental Income and Other Expense, Net
Current report
•$1.5 million increase in rental income related to the Tarzana manufacturing facility.
Current report
Comparison of the Nine Months Ended September 30, 2024 and 2023
Current report
In-process Research and Development Expenses
Current report
In-process research and development expenses were $10.0 million andnil forthree months ended September 30, 2024 and 2023, respectively. The net increase of$10.0 million was primarily due to:
Current report
•$10.0 million increase in research and development costs related to payments made to ImmuneOnco.
Current report
General and administrative expenses were $33.8 million and$36.7 million for the nine months ended September 30, 2024 and 2023, respectively. The net decrease of$2.8 million was primarily due to:
Current report
•$1.2 million increase in depreciation and facility costs, offset by a decrease in insurance expenses.
Current report
Restructuring and impairment charges were $7.1 million and $71.8 million for the nine months ended September 30, 2024 and 2023, respectively. The net decrease of $64.7 million was primarily due to:
Current report
•$41.5 million decreasein costs related to the impairment of Tarzana manufacturing facility; and
Current report
Interest Income, Interest Expense, Other Rental Income and Other Expense, Net
Current report
•$1.5 million increase in rental income related to the Tarzana manufacturing facility.
Removed paragraphs (10)
Previous report
As discussed above, in August 2024, SynBioTx entered into the IO Collaboration Agreement with ImmuneOnco pursuant to which SynBioTx in-licensed certain antibodies, including SYN-2510 and SYN-27M.
Previous report
Other (Expense) Income, Net
Previous report
Research and development expenses were$2.9 million and $8.5 million for the three months ended June 30, 2024 and 2023, respectively. The net decrease of $5.5 million was primarily due to:
Previous report
Interest Income, Interest Expense and Other (Expense) Income, Net
Previous report
•$0.9 million increase in changes in fair value of our derivative financial instrument;
Previous report
Comparison of the Six Months Ended June 30, 2024 and 2023
Previous report
General and administrative expenses were $23.1 millionand $24.7 million for the six months ended June 30, 2024 and 2023, respectively. The net decrease of $1.6 million was primarily due to:
Previous report
•$0.4 million increase in insurance expense and depreciation; and
Previous report
Restructuring and impairment charges were $4.8 million and $25.6 million for thesix months ended June 30, 2024 and 2023, respectively. The net decrease of $20.8 million was primarily due to:
Previous report
Interest Income, Interest Expense and Other Income (Expense), Net
Reworded paragraphs (51)
Previous wording
We seek to in-license or acquire and develop novel therapeutic candidates in diseases with significant unmet medical need. Most recently, on August 1, 2024, our wholly owned subsidiary, SynBioTx, Inc. (“SynBioTx”), in-licensed certain bispecific antibodies, including the product candidate known as SYN-2510/IMM2510, a bispecific antibody targeting both programmed death-ligand 1 (PD-L1) and vascular endothelial growth factor (VEGF), as well as SYN-27M/IMM27M, a monoclonal antibody targeting cytotoxic T-lymphocyte associated antigen 4 (CTLA-4), from ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (“ImmuneOnco”). SYN-2510, the lead in-licensed product candidate, is a novel and differentiated PD-L1xVEGF bispecific antibody in development for the treatment of multiple solid tumor cancers. Pursuant to the license and collaboration agreement with ImmuneOnco (the “IO Collaboration Agreement”), SynBioTx has an exclusive license to research, develop, manufacture and commercialize these product candidates outside of China, including mainland China, Hong Kong, Macau and Taiwan (“Greater China”). ImmuneOnco retains development and commercialization rights in Greater China.
Current wording
In August 2024, our wholly owned subsidiary, SynBioTx, Inc. or SynBioTx, in-licensed certain bispecific antibodies, including SYN-2510/IMM2510, a bispecific antibody targeting both programmed death-ligand 1, or PD-L1, and vascular endothelial growth factor, or VEGF, and SYN-27M/IMM27M, a monoclonal antibody targeting cytotoxic T-lymphocyte associated antigen 4, or CTLA-4, from ImmuneOnco Biopharmaceuticals (Shanghai) Inc., or ImmuneOnco. SYN-2510, the lead in-licensed product candidate, is a novel and differentiated PD-L1xVEGF bispecific antibody in development for the treatment of multiple solid tumor cancers. Pursuant to the license and collaboration agreement with ImmuneOnco, or the IO Collaboration Agreement, SynBioTx has an exclusive license to research, develop, manufacture and commercialize these product candidates outside of China, including mainland China, Hong Kong, Macau and Taiwan, or Greater China. ImmuneOnco retains development and commercialization rights in Greater China.
Previous wording
We are also developing a tumor infiltrating lymphocyte (“TIL”) cell therapy for the treatment of cancer, which was acquired in 2020. In December 2023, we entered into an agreement with a third-party collaborator to develop an autologous FRα CoStAR TIL (the “CoStAR-TIL Collaboration Product”) for a potential investigator-initiated trial (“IIT”) in non-small cell lung cancer (“NSCLC”) in China. The CoStAR-TIL Collaboration Product will be manufactured by the collaborator utilizing our proprietary FRα CoStAR construct in the collaborator’s manufacturing process. The collaborator has an option to exclusively license the CoStAR-TIL Collaboration Product in China and Taiwan.
Current wording
We also have a proprietary folate receptor alpha (FRα) co-stimulatory antigen receptor, or CoStAR, tumor infiltrating lymphocyte, or TIL, cell therapy for the treatment of cancer, which we are seeking to advance via collaboration. In December 2023, we entered into an agreement with a third-party collaborator to develop an autologous folate receptor alpha (FRα) CoStAR-TIL, or the CoStAR-TIL Collaboration Product, for a potential investigator-initiated trial, or IIT, in non-small cell lung cancer, or NSCLC, in China. The collaborator has an option to exclusively license the CoStAR-TIL Collaboration Product in China and Taiwan.
Previous wording
Since inception, we have had significant operating losses. Our net loss was $14.9 million for the three months ended June 30, 2024 and $39.2 million for the six months ended June 30, 2024. As of June 30, 2024, we had an accumulated deficit of $620.2 million. As of June 30, 2024, we had cash, cash equivalents, marketable securities and long-term investments of $152.6 million, which consists of $6.8 million in cash and cash equivalents, $141.8 million in marketable securities and $4.0 million in long-term investments. We expect to continue to incur net losses for the foreseeable future.
Current wording
Since inception, we have had significant operating losses. Our net loss was $23.0 million for the three months ended September 30, 2024 and$62.2 million for the nine months ended September 30, 2024. As of September 30, 2024, we had an accumulated deficit of$643.2 million. As of September 30, 2024, we had cash, cash equivalents, marketable securities and long-term investments of $122.9 million, which consists of $6.7 million in cash and cash equivalents, $113.7 million in marketable securities and $2.6 million in long-term investments. We expect to continue to incur net losses for the foreseeable future.
Previous wording
In addition, in July 2024, Complex Therapeutics LLC entered into a lease (the “Lease”) with AstraZeneca Pharmaceuticals LP pursuant to which with AstraZeneca Pharmaceuticals LP is leasing Complex Therapeutic LLC’s manufacturing facility located in Tarzana, CA. The Lease has an initial term of approximately 15 years and the initial base rent is $627,276 per month ($7,527,312 annually), the base rent will escalate by 3% per annum and AstraZeneca Pharmaceuticals LP is required to pay certain operating expenses and tax expenses as additional rent. There is rent abatement during the first year of the Lease such that AstraZeneca Pharmaceuticals LP will initially pay no rent or reduced rent.
Current wording
In July 2024, Complex Therapeutics LLC entered into a lease, or the Lease with AstraZeneca Pharmaceuticals LP pursuant to which AstraZeneca Pharmaceuticals LP is leasing Complex Therapeutic LLC’s manufacturing facility located in Tarzana, CA. The Lease has an initial term of approximately 15 years and the initial base rent is $0.6 million per month ($7.5 million annually), the base rent will escalate by 3% per annum and AstraZeneca
Previous wording
Research and development expenses consist primarily of research and development, manufacturing, monitoring and other services payments and, to a lesser extent, salaries, benefits and other personnel-related costs, including stock-based compensation, professional service fees, and facility and other related costs. In addition, research and development expense is presented net of reimbursements from reimbursable tax and expenditure credits and grants from the UK government. For the three and six months ended June 30, 2024 and 2023, we did not allocate our research and development expenses by program.
Current wording
Research and development expenses consist primarily of research and development, manufacturing, monitoring and other services payments and, to a lesser extent, salaries, benefits and other personnel-related costs, including stock-based compensation, professional service fees, and facility and other related costs. In addition, research and development expense is presented net of reimbursements from reimbursable tax and expenditure credits and grants from the UK government. For the three and nine months ended September 30, 2024 and 2023, we did not allocate our research and development expenses by program.
Previous wording
•for the six months ended June 30, 2023, asset impairment charges related to our facility in Tarzana;
Current wording
•for the nine months ended September 30, 2023, asset impairment charges related to our facility in Tarzana;
Previous wording
•for the six months ended June 30, 2024, asset impairment charges related to our former manufacturing facility in Manchester;
Current wording
•for the nine months ended September 30, 2024, asset impairment charges related to our former manufacturing facility in Manchester;
Previous wording
As part of the 2023 Plan, we transitioned clinical manufacturing and trial operations of ITIL-306 to the United Kingdom, and as a result, in 2023 we reduced our U.S. workforce by approximately 96% and our UK workforce by approximately 42%. Subsequently, in January 2024, we decided to close our UK manufacturing and clinical operations and incurred charges of $4.8 million during the six months ended June 30, 2024 with this restructuring, and we estimate we will incur additional charges of up to $0.5 million in 2024 related to the 2024 Plan.
Current wording
As part of a restructuring plan adopted in January 2023, we transitioned clinical manufacturing and trial operations of ITIL-306 to the United Kingdom, and as a result, in 2023 we reduced our U.S. workforce by approximately 96% and our UK workforce by approximately 42%. Subsequently, in January 2024, we decided to close our UK manufacturing and clinical operations, and in September 2024 we decided to close most of our remaining Manchester, UK operations, which resulted in the elimination of the majority of the UK workforce, with the remaining reduction anticipated to be largely completed by the end of 2024, which collectively we refer to as the 2024 Plan. As a result of the 2024 Plan, we incurred charges of $7.1 million during the nine months ended September 30, 2024 and we estimate we will incur additional charges of up to $0.5 million in 2024 related to the 2024 Plan.
Previous wording
Other (expense) income, net consists primarily of interest cap derivative instrument fair value gain or loss, foreign exchange remeasurement gain or loss and other expenses and income.
Current wording
Other expense, net consists primarily of interest cap derivative instrument fair value gain or loss, foreign exchange remeasurement gain or loss and other expenses and income.
Previous wording
•$3.4 million decrease in costs related to research and clinical development activities and our clinical trials resulting from our discontinuation of our ITIL-168 clinical manufacturing activities; and
Current wording
•$3.9 million decrease in costs mainly related to our discontinuation of our ITIL-168 clinical manufacturing activities;
Previous wording
•$0.9 million decrease in costs from reduced headcount, consisting primarily of a decrease of $1.2 million in wages and benefits, offset by a $0.3 million increase in stock-based compensation expense;
Current wording
•$2.1 million decrease in costs from reduced headcount, consisting primarily of a decrease of $2.0 million in wages and benefits and a $0.1 million decrease in stock-based compensation expense; and
Previous wording
•$1.2 million decrease in expenses related to facilities and overhead, depreciation, and other expenses due to reductions made in these areas.
Current wording
•$1.9 million decrease in expenses related to facilities and overhead, depreciation, and other expenses due to reductions made in these areas.
Previous wording
General and administrative expenses were $10.7 million and $11.5 million forthe three months ended June 30, 2024 and 2023, respectively. The net decrease of $0.8 million was primarily due to:
Current wording
General and administrative expenses were $10.7 million and $11.9 million for the three months ended September 30, 2024 and 2023, respectively. The net decrease of $1.2 million was primarily due to:
Previous wording
•$1.4 million decrease in costs from reduced headcount mainly due to decreases in wages of $0.9 million and stock-based compensation expense of $0.5 million; offset by
Current wording
•$0.9 million decrease in costs from reduced headcount, consisting of decreases in wages and benefits of $0.4 million and stock-based compensation expense of $0.5 million;
Previous wording
•$0.5 million increase in consulting and professional services costs, mainly consisting of an increase in costs of legal consultants and executive service fees; and
Current wording
•$0.1 million decrease in consulting and professional services costs, mainly consisting of a decrease in costs of legal consultants and executive service fees; and
Previous wording
•$0.1 million increase in facility and other office expenses.
Current wording
•$0.2 million decrease in facility and other office expenses.
Previous wording
Restructuring and impairment charges were approximately $0.5 million and $1.0 million for the three months ended June 30, 2024 and 2023, respectively. The net decrease of $0.5 million was primarily due to:
Current wording
Restructuring and impairment charges were approximately $2.4 million and $46.3 million for the three months ended September 30, 2024 and 2023, respectively. The net decrease of $43.9 million was primarily due to:
Previous wording
•$8.9 million decrease in costs from impairments of assets held for sale;
Current wording
•$3.1 million decrease in costs from impairments of assets held for sale;
Previous wording
•$1.3 million decrease in costs resulting from termination of contracts.
Current wording
•$1.3 million decrease in costs resulting from termination of contracts; offset by
Previous wording
•$0.2 million increase in costs from impairments of right-of-use assets; and
Current wording
•$0.5 million increase in costs from impairments of right-of-use assets;
Previous wording
•$0.3 million increase in severance payments and benefits continuation costs.
Current wording
•$1.4 million increase in severance payments and benefits continuation costs.
Previous wording
We expect additional restructuring and impairment charges in 2024 as result of reducing our UK workforce and other actions related to our 2024 Plan referenced in Note 10 to the financial statements included elsewhere in this Quarterly Report.
Current wording
We expect to incur additional restructuring and impairment charges in 2024 as result of reducing our UK workforce and other actions related to our 2024 Plan.
Previous wording
Interest income, interest expense and other (expense) income, netwas $0.8 million of expense and $2.3 million of income for the three months ended June 30, 2024 and 2023, respectively. The increase in expense of $3.1 million was primarily due to:
Current wording
Interest income, interest expense, other rental income and other expense, net was $0.6 million of income and $0.7 million of expense for the three months ended September 30, 2024 and 2023, respectively. The increase in income of $1.3 million was primarily due to:
Previous wording
•$0.4 million decrease of interest income related to our investments;
Current wording
•$0.7 million decrease of interest income related to our investments; offset by
Previous wording
•$0.4 million increase in loss on foreign currency transactions; and
Current wording
•$1.0 million increase in gain on foreign currency transactions; and
Previous wording
The following table summarizes our results of operations for the six months ended June 30, 2024 and 2023 (in thousands):
Current wording
The following table summarizes our results of operations for the nine months ended September 30, 2024 and 2023 (in thousands):
Previous wording
Research and development expenses were$10.2 millionand $29.1 million for the six months ended June 30, 2024 and 2023, respectively. The decrease in research and development expenses of $19.0 million was primarily due to:
Current wording
Research and development expenses were $10.7 million and$37.6 millionfor the nine months ended September 30, 2024 and 2023, respectively. The decrease in research and development expenses of$26.9 millionwas primarily due to:
Previous wording
•$9.8 million decrease in costs from reduced headcount, consisting primarily of a decrease of $10.1 million in wages and benefits, offset by an increase of $0.7 million in stock-based compensation expense, $0.2 million decrease in other employee-related expenses in relation to our research and development personnel and $0.2 million decrease in professional services;
Current wording
•$11.9 million decrease in costs from reduced headcount, consisting primarily of a decrease of $11.9 millionin wages and benefits, $0.2 million decrease in other employee-related expenses in relation to our research and development personnel and $0.4 million decrease in professional services; offset by an increase of $0.6 million in stock-based compensation expense;
Previous wording
•$6.2 million decrease in expenses related to facilities and overhead, depreciation, and other expenses due to reductions made in these areas.
Current wording
•$8.1 million decrease in expenses related to facilities and overhead, depreciation, and other expenses due to reductions made in these areas; and
Previous wording
•$3.0 million decrease in costs related to research and clinical development activities and our clinical trials resulting from our discontinuation of our ITIL-168 clinical manufacturing activities; and
Current wording
•$6.9 million decrease in costs mainly related to the discontinuation of our ITIL-168 clinical manufacturing activities.
Previous wording
•$3.0 million decrease in costs, mainly due to a decrease in wages of $2.1 million and a decrease in stock-based compensation expense of $0.9 million; offset by
Current wording
•$3.9 million decrease in costs, mainly due to a decrease in wages of $2.8 million and a decrease in stock-based compensation expense of $1.4 million; offset by an increase in other employee-related expenses of $0.3 million;
Previous wording
•$1.0 million decrease in costs from impairments of assets held for sale; offset by
Current wording
•$11.9 million decrease in costs from impairments of assets held for sale;
Previous wording
•$2.4 million decrease in costs from leasehold improvement impairments;
Current wording
•$2.3 million decrease in costs from leasehold improvement impairments;
Previous wording
•$0.8 million decrease in severance payments and benefits continuation costs; and
Current wording
•$0.6 million increase in severance payments and benefits continuation costs.
Previous wording
We expect additional restructuring and impairment charges in 2024 as result of reducing our UK workforce and other actions related to our 2024 Plan referenced in Note 10 to the financial statements included elsewhere in this Quarterly Report.
Current wording
We expect to incur additional restructuring and impairment charges in 2024 as result of reducing our UK workforce and other actions related to our 2024 Plan.
Previous wording
Interest income, interest expense and other expense, net were $1.1 million of expense and $3.7 million of income for the six months ended June 30, 2024 and 2023, respectively. The increase in expense of $4.8 million was primarily due to:
Current wording
Interest income, interest expense, other rental income and other expense, net were $0.5 million of expense and$3.0 millionof income for the nine months ended September 30, 2024 and 2023, respectively. The increase in expense of$3.5 million was primarily due to:
Previous wording
•$0.4 million decrease of interest income related to our investments.
Current wording
•$1.0 million decrease of interest income related to our investments;
Previous wording
•$2.7 million increase of interest expense from our Loan; and
Current wording
•$2.8 million increase of interest expense from our Loan; and
Previous wording
•$0.8 million of other losses, including loss from our derivative financial instrument.
Current wording
•$1.3 million increase of other losses, including loss from our derivative financial instrument; offset by,
Previous wording
•$0.9 million increase in loss on foreign currency transactions;
Current wording
•$0.1 million incr ease in gain on foreign currency transactions; and
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
We are a clinical-stage biopharmaceutical company focused on developing a pipeline of novel therapies. In particular, we seek to in-license or acquire and develop additional novel therapeutic candidates in diseases with significant unmet medical need.
Current report — wording carried from elsewhere
Pharmaceuticals LP is required to pay certain operating expenses and tax expenses as additional rent. There is rent abatement during the first year of the Lease such that AstraZeneca Pharmaceuticals LP will initially pay no rent or reduced rent.
Current report — wording carried from elsewhere
•$0.5 million increase in other losses, including loss from our derivative financial instrument;
Current report — wording carried from elsewhere
•$0.1 million decrease in consulting and professional services costs, mainly consisting of a decrease in costs of legal and finance consultants; offset by,
Current report — wording carried from elsewhere
•$7.0 million decrease in costs from impairments of right-of-use assets;
Current report — wording carried from elsewhere
•$2.6 million decrease in costs resulting from termination of contracts; offset by,
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
We are a clinical-stage biopharmaceutical company focused on developing a pipeline of novel therapies.
Previous report — wording carried elsewhere
•$1.4 million increase of interest expense from our Loan;
Previous report — wording carried elsewhere
•$1.0 million increase in facility and other office expenses.
Previous report — wording carried elsewhere
•$7.4 million decrease in costs from impairments of right-of-use assets;