Arena Pharmaceuticals Archives - Green Market Report

StaffStaffMay 8, 2020
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6min5550

Arena Pharmaceuticals

Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today provided a corporate update and reported financial results for the first quarter ended March 31, 2020. Revenues for the first quarter totaled $0.3 million compared to $801.1 million in the first quarter of 2019. This decrease was driven by the $800.0 million upfront payment from the United Therapeutics transaction in the first quarter of 2019.

Research and development (R&D) expenses for the first quarter totaled $78.5 million compared to $45.4 million in the same period in 2019. This increase was primarily driven by advancing clinical studies, including the etrasimod Phase 3 program, as well as an increase in personnel expenses as we staff to support our clinical programs. The R&D non-cash share-based compensation was $6.6 million in the first quarter as compared to $6.7 million in the same period 2019
General and administrative (G&A) expenses for the first quarter totaled $26.4 million, compared to $16.6 million in the first quarter of 2019. This increase is primarily attributed to personnel expenses including share-based compensation. The G&A non-cash share-based compensation was $8.6 million in the first quarter as compared to $6.3 million in the same period 2019

Net loss for the first quarter was $100.2 million compared to net income of $620.1 million for the same period in 2019. In connection with the United Therapeutics transaction, we incurred transaction fees of approximately $17.0 million, of which $14.6 million was incurred in the first quarter of 2019, and was presented as transaction costs in the condensed consolidated statement of operations

“We are pleased to announce that our ongoing clinical programs are currently on track and our liquidity position remains strong with approximately one billion dollars in cash and investments. While maintaining momentum has not been easy, and we – along with the rest of the industry – have experienced a slowing in clinical trial operations, including site activations, our teams have been actively monitoring our ongoing trials day-by-day to ensure patient safety, study momentum and conduct, and drug supply. Additionally, prior to the COVID-19 outbreak, our programs were well ahead of schedule, giving us an important buffer to weather the storm. Finally, given the broad clinical site base across our programs, we are also monitoring certain countries and regions as they begin to lift restrictions. We continue to evaluate the situation in real-time and we will provide further updates frequently as circumstances evolve,” said Amit D. Munshi, President, and CEO of Arena.

CV Sciences

CV Sciences, Inc. (CVSI) announced its financial results for the first quarter ending March 31, 2020, with sales falling to $8.3 million, a decrease of 45% from $14.9 million in the first quarter of 2019. First-quarter sales were impacted by increased market competition in the natural product category, the continued impact on retail customers as a result of the uncertain regulatory environment for CBD, and the impact from the current COVID-19 pandemic.

The Company recognized an operating loss of $5.3 million in the first quarter of 2020, compared to an operating loss of $9.4 million in the prior year. The Company had a negative adjusted EBITDA for the first quarter of 2020 of $3.9 million, compared to adjusted EBITDA of $1.7 million for the first quarter of 2019.

The company’s retail store count increased to 5,799 stores nationwide as of March 31, 2020, up from 3,308 stores as of March 31, 2019, but apparently this didn’t result in increased sales.

“Over the past months, we have taken quick action to right-size our operations for the near-term industry outlook and to adapt our operations for the ever-changing operating environment created by the current global health crisis. Our production and distribution facilities continue to operate without interruption and our entire team of dedicated employees has risen to the challenge to ensure that we continue to deliver the highest quality hemp-derived CBD products on the market,” stated Joseph Dowling, Chief Executive Officer of CV Sciences.

22nd Century

22nd Century Group, Inc. (NYSE American: XXII)  reported results for the first quarter ended March 31, 2020. Net sales revenue for the first quarter of 2020 was $7.1 million, an increase of $0.8 million, or 12.1%, over net sales revenue of $6.3 million during the first quarter of 2019. The increase was driven primarily by sales relating to contract manufactured cigarettes.

The Company experienced a net loss for the first quarter of 2020 of $4.0 million, representing a net loss per share of ($0.03) as compared to a net loss of $2.1 million, or a net loss per share of ($0.02) for the first quarter of 2019. The increased net loss for the first quarter was due primarily to a change in the fair value of warrants held by the Company in Aurora Cannabis, Inc.

Adjusted EBITDA was negative $3.2 million, or ($0.02) per share, for the first quarter of 2020, as compared to a negative Adjusted EBITDA of $4.6 million, or ($0.04) per share, for the first quarter of 2019, a decrease in the negative Adjusted EBITDA of $1.4 million, or 30%.


Debra BorchardtDebra BorchardtMarch 14, 2018
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3min13260

San Diego-based Arena Pharmaceuticals, Inc. (ARNA) reported revenues of $15.4 million versus $69 million for the same time period last year. The company recorded a net loss of $13.7 million or $0.35 per share for the fourth quarter easily beating the estimate for a loss of $0.59 per share, but worse than last year’s net income of $38 million or $1.59 per share.

For the full-year, Arena delivered revenues of $21.3 million, a huge drop from 2016’s revenues of $92 million. The company recorded a net loss of $91.4 million or $2.77 per share;  a whopping increase over last year’s loss of $22 million or $0.93 per share. On December 31, 2017, Arena had cash and cash equivalents and investments totaling $271.3 million.

“We’ve made significant progress in 2017, achieving the clinical and corporate objectives we set forth as a new team,” said Amit D. Munshi, president, and CEO of Arena.  “Our focus remains on advancing our potentially best-in-class or best-in-disease pipeline and driving further value in the Company. We look forward to the etrasimod Phase 2 data readout this month and are enthusiastic about the Phase 3 clinical program for ralinepag, which we expect to begin in the second half of 2018.”

 The most advanced investigational clinical programs for Arena are ralinepag (APD811), which will be commencing a Phase 3 program for pulmonary arterial hypertension (PAH), and etrasimod (APD334), which is in Phase 2 for a broad range of immune and inflammatory conditions.  Arena is also evaluating APD371 in Phase 2 for the treatment of pain associated with Crohn’s disease. In addition, Arena has collaborations with the following pharmaceutical companies: Everest Medicines Limited (ralinepag and etrasimod in Greater China and select Asian countries), Axovant Sciences GmbH (nelotanserin – Phase 2), Boehringer Ingelheim International GmbH (undisclosed target – preclinical), and Eisai Co., Ltd. and Eisai Inc. (BELVIQ® – marketed product).

Arena stock was up over 4% in pre-market trading to $41. It is nearing its 52-week high of $44.50 and the stock moves further away from its 52-week low of $11.30. Eight analysts cover the stock with five at a buy rating and three with a hold rating.



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