Recent Business Highlights
Appointed Chief Medical Officer and New Director to the Board
The Company recently announced the promotion of
Announced Presentation of Pre-Clinical Data on LOXO-101 at EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics
Loxo announced it will present pre-clinical data on the Company's pan-TRK inhibitor candidate, LOXO-101, in a poster session at the 26th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics taking place in
Third Quarter 2014 Financial Results
Cash and cash equivalents totaled
Research and development expenses were
Research and development expenses were
General and administrative expenses were
General and administrative expenses were
Net loss attributable to common shareholders was
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Forward-Looking Statements
The information in this press release contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are subject to the "safe harbor" created by those sections. These forward-looking statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. You should refer to the risks set forth in Part II, Item 1A, "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the
FINANCIALS
| LOXO ONCOLOGY, INC. | ||
| Condensed Balance Sheets | ||
| (in thousands, except share and per share amounts) | ||
| December 31, | September 30, | |
| Assets | 2013 | 2014 |
| (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $ 14,994 | $ 118,621 |
| Prepaid expenses with related party and other current assets | 17 | 1,415 |
| Total current assets | 15,011 | 120,036 |
| Property and equipment, net | -- | 13 |
| Deferred initial public offering costs | -- | -- |
| Security deposits | 11 | 23 |
| Total assets | $ 15,022 | $ 120,072 |
| Liabilities, redeemable convertible preferred stock and stockholders' (deficit) equity | ||
| Current liabilities: | ||
| Accounts payable | $ 221 | $ 207 |
| Accrued expenses and other current liabilities | 189 | 520 |
| Total liabilities | 410 | 727 |
| Commitments and contingencies | ||
| Redeemable convertible preferred stock: | ||
| Series A, $0.0001 par value; 5,156,250 and 0 shares authorized at December 31, 2013 and September 30, 2014, respectively; 2,812,497 and 0 shares issued and outstanding at December 31, 2013 and September 30, 2014, respectively; (liquidation preference of $18,000 at December 31, 2013 and $0 at September 30, 2014) | 17,799 | -- |
| Series A-1, $0.0001 par value; 500,704 and 0 shares authorized at December 31, 2013 and September 30, 2014, respectively; 500,704 and 0 shares issued and outstanding at December 31, 2013 and September 30, 2014, respectively; (liquidation preference of $12,000 at December 31, 2013 and $0 at September 30, 2014) | 7,044 | -- |
| Series B, $0.0001 par value; 0 shares authorized, issued, and outstanding at December 31, 2013 and September 30, 2014, respectively | -- | -- |
| Total redeemable convertible preferred stock | 24,843 | -- |
| Stockholders' deficit: | ||
| Common stock, $0.0001 par value; 9,375,000 and 125,000,000 shares authorized at December 31, 2013 and September 30, 2014, respectively; 452,896 and 16,644,229 shares issued and 452,896 and 16,634,063 outstanding at December 31, 2013 and September 30, 2014, respectively | -- | 2 |
| Additional paid-in capital | 59 | 143,183 |
| Accumulated deficit | (10,290) | (23,840) |
| Total stockholders' (deficit) equity | (10,231) | 119,345 |
| Total liabilities, redeemable convertible preferred stock and stockholders' (deficit) equity | $ 15,022 | $ 120,072 |
| LOXO ONCOLOGY, INC. | ||||
| Condensed Statements of Operations (unaudited) | ||||
| (in thousands, except share and per share amounts) | ||||
| Period From | ||||
| Three Months | Three Months | May 9, 2013 | Nine Months | |
| Ended | Ended | (Date of Inception) | Ended | |
| September 30, 2013 | September 30, 2014 | to September 30, 2013 | September 30, 2014 | |
| Operating expenses: | ||||
| Research and development with related party | $8,149 | $2,413 | $8,202 | $5,405 |
| Research and development | 37 | 2,623 | 43 | 4,412 |
| General and administrative | 159 | 1,707 | 190 | 3,733 |
| Total operating expenses and net loss | (8,345) | (6,743) | (8,435) | (13,550) |
| Accretion of redeemable convertible preferred stock | -- | (6) | -- | (34) |
| Net loss attributable to common stockholders | ($8,345) | ($6,749) | ($8,435) | ($13,584) |
| Per share information | ||||
| Net loss per share of common stock, basic and diluted | ($45.20) | ($0.68) | ($71.52) | ($3.87) |
| Weighted average shares outstanding, basic and diluted | 184,605 | 9,947,321 | 117,942 | 3,510,170 |
| Contacts |
| Company: |
| Jacob S. Van Naarden |
| Vice President, Corporate Development and Strategy |
| jake@loxooncology.com |
| Investors: |
| Peter Rahmer |
| The Trout Group, LLC |
| 646-378-2973 |
| prahmer@troutgroup.com |
| Media: |
| Karen Sharma |
| MacDougall Biomedical Communications |
| 781-235-3060 |
| ksharma@macbiocom.com |