Vital Therapies Announces Second Quarter 2018 Financial Results
“This is an exciting time for the Company. We are diligently working toward database lock for VTL-308 and expect to report topline results in the second half of September,” said
Key Recent Developments
- The Company expects to report topline data from its VTL-308 pivotal clinical trial in the second half of
September 2018. VTL-308 is the Company's phase 3 randomized, controlled, open-label trial, designed to evaluate the ELAD System in subjects with severe alcoholic hepatitis (sAH). VTL-308 completed enrollment at the end of March 2018with 151 subjects (78 in ELAD-treated arm, 73 in control arm) enrolled at 38 sites in the United States and European Union.
May 24, 2018the Company hosted an Analyst R&D Day with presentations focused on the disease state of sAH and ELAD’s hypothesized mechanism of action. In addition to members of the Vital Therapiesteam, two external clinical experts in the field of alcoholic hepatitis presented: Dr. Stephen R. Atkinson, Specialist Registrar in Gastroenterology and Hepatology and an Honorary Clinical Lecturer at Imperial College London; and Dr. Nikolaos T. Pyrsopoulos Chief of Gastroenterology and Hepatology, Rutgers New Jersey Medical School. An archive of the webcast for this event along with an accompanying slide presentation can be found in the Investor Relations section of the Company’s website at http://ir.vitaltherapies.com/.
June 25, 2018the Company announced it was added as a member of the broad-market Russell 3000® Index, as part of the 2018 Russell indexes reconstitution. Membership in the Russell 3000® Index, which remains in place for one year, means automatic inclusion in the small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell U.S. Indexes primarily by objective market-capitalization rankings and style attributes.
Second Quarter 2018 Financial Results
Cash and cash equivalents at
Results of Operations
Three Months Ended
The Company reported a net loss of
Research and development expenses decreased to
Conference Call Details
For those unable to listen in at the designated time, a conference call replay will be available for one week following the conference call. The conference call replay numbers for domestic and international callers are (855) 859-2056 and (404) 537-3406, respectively. The conference ID number for the replay is 9287366.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning or implying the conduct of our clinical trials and the timing of the release of the results, and our cash use. Forward-looking statements are based on management's current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements.
Risks and uncertainties include, but are not limited to, difficulty maintaining regulatory approvals in
These and other risks regarding our business are described in detail in our
Vice President, Investor Relations and Business Development
|Vital Therapies, Inc.|
|Condensed Consolidated Balance Sheets|
|(unaudited, in thousands)|
|Cash and cash equivalents||$||31,116||$||56,901|
|Prepaid expenses and other current assets||1,529||1,220|
|Property and equipment, net||2,059||2,155|
|Accounts payable, accrued expenses and other current liabilities||$||8,299||$||10,281|
|Total liabilities and stockholders' equity||$||34,801||$||60,384|
|Vital Therapies, Inc.|
|Condensed Consolidated Statements of Operations|
|(unaudited and in thousands, except share and per share data)|
Ended June 30,
Ended June 30,
|Research and development||$||8,660||$||9,834||$||18,817||$||19,462|
|General and administrative||4,257||2,715||8,592||5,774|
|Total operating expenses||12,917||12,549||27,409||25,236|
|Loss from operations||(12,917||)||(12,549||)||(27,409||)||(25,236||)|
|Net loss per share, basic and diluted||$||(0.30||)||$||(0.29||)||$||(0.64||)||$||(0.67||)|
|Weighted-average common shares|
|outstanding, basic and diluted||42,368,973||42,207,376||42,368,919||37,452,655|
Source: Vital Therapies, Inc.