Legend Biotech Reports First Quarter 2023 Results and Recent Highlights
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New and updated data from the CARTITUDE Clinical Development Program and LEGEND-2 study evaluating ciltacabtagene autoleucel (cilta-cel) will be presented at the 2023
American Society of Clinical Oncology (ASCO) Annual Meeting and the European Hematology Association’s (EHA) 2023Hybrid Congress -
$350 million in gross proceeds raised in a registered direct offering -
$212 million in gross proceeds raised from private placements -
Gross proceeds of
$200 million received from the exercise of warrant issued inMay 2021 -
Strategic advisory board established with the appointments of
John Maraganore , Ph.D., former CEO of Alnylam Pharmaceuticals andMichel Vounatsos , former CEO of Biogen Inc. as advisors -
Mythili Koneru , M.D., Ph.D. appointed as Company’s Chief Medical Officer
"We are extremely pleased to announce that we have recently raised
Financial Results for Quarter Ended
Cash and Cash Equivalents, Time Deposits, and Short-Term Investments
As of
Revenue
Total revenue for the three months ended
Collaboration Cost of Revenue
Collaboration cost of revenue for the three months ended
Research and Development Expenses
Research and development expenses for the three months ended
Administrative Expenses
Administrative expenses for the three months ended
Selling and Distribution Expenses
Selling and distribution expenses for the three months ended
Other Income and Gains
Other income and gains for the three months ended
Other Expenses
Other expenses for the three months ended
Finance Costs
Finance costs for the three months ended
Fair Value Gain of Warrant Liability
Fair value gain of warrant liability for the three months ended
Loss for the Period
For the three months ended
About
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Cautionary Note Regarding Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Legend Biotech’s strategies and objectives; statements relating to CARVYKTI®, including Legend Biotech’s expectations for CARVYKTI®, such as Legend Biotech’s manufacturing and commercialization expectations for CARVYKTI® and the potential effect of treatment with CARVYKTI®; statements about submissions for CARVYKTI® and other product candidates to, and the progress of such submissions with, the
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CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
||||
|
|
Three months
|
|
Three months
|
|
|
US$’000, except
|
|
US$’000, except
|
|
|
(Unaudited) |
|
(Unaudited) |
REVENUE |
|
|
|
|
License revenue |
|
— |
|
50,000 |
Collaboration revenue |
|
36,280 |
|
— |
Other revenue |
|
56 |
|
40 |
Total revenue |
|
36,336 |
|
50,040 |
Collaboration cost of revenue |
|
(35,613) |
|
— |
Other income and gains |
|
8,199 |
|
1,012 |
Research and development expenses |
|
(84,889) |
|
(81,548) |
Administrative expenses |
|
(22,205) |
|
(12,657) |
Selling and distribution expenses |
|
(17,954) |
|
(21,302) |
Other expenses |
|
(10,734) |
|
(1,527) |
Fair value gain/(loss) of warrant liability |
|
20,000 |
|
34,900 |
Finance costs |
|
(5,113) |
|
(1,044) |
LOSS BEFORE TAX |
|
(111,973) |
|
(32,126) |
Income tax (expense)/credit |
|
(128) |
|
(163) |
LOSS FOR THE PERIOD |
|
(112,101) |
|
(32,289) |
Attributable to: |
|
|
|
|
Ordinary equity holders of the parent |
|
(112,101) |
|
(32,289) |
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT |
|
|
|
|
Basic |
|
(0.34) |
|
(0.10) |
Diluted |
|
(0.34) |
|
(0.10) |
ORDINARY SHARES USED IN LOSS PER SHARE COMPUTATION |
|
|
|
|
Basic |
|
330,497,072 |
|
308,699,034 |
Diluted |
|
330,497,072 |
|
308,699,034 |
|
|||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||
|
|
|
|
|
|
|
|
US$’000 |
|
US$’000 |
|
|
|
(Unaudited) |
|
Audited |
|
NON-CURRENT ASSETS |
|
|
|
|
|
Property, plant and equipment |
|
110,045 |
|
105,168 |
|
Advance payments for property, plant and equipment |
|
2,193 |
|
914 |
|
Right-of-use assets |
|
80,459 |
|
55,590 |
|
Time deposits |
|
4,366 |
|
— |
|
Intangible assets |
|
2,289 |
|
3,409 |
|
Collaboration prepaid leases |
|
93,548 |
|
65,276 |
|
Other non-current assets |
|
1,062 |
|
1,487 |
|
Total non-current assets |
|
293,962 |
|
231,844 |
|
CURRENT ASSETS |
|
|
|
|
|
Collaboration inventories |
|
12,176 |
|
10,354 |
|
Trade receivables |
|
56 |
|
90 |
|
Prepayments, other receivables and other assets |
|
51,761 |
|
61,755 |
|
Financial assets at fair value through profit or loss |
|
185,705 |
|
185,603 |
|
Pledged deposits |
|
1,283 |
|
1,270 |
|
Time deposits |
|
4,366 |
|
54,016 |
|
Cash and cash equivalents |
|
660,050 |
|
786,031 |
|
Total current assets |
|
915,397 |
|
1,099,119 |
|
Total assets |
|
1,209,359 |
|
1,330,963 |
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade payables |
|
29,811 |
|
32,893 |
|
Other payables and accruals |
|
146,378 |
|
184,109 |
|
Government grants |
|
457 |
|
451 |
|
Lease liabilities |
|
4,595 |
|
3,563 |
|
Tax payable |
|
9,940 |
|
9,772 |
|
Warrant liability |
|
47,000 |
|
67,000 |
|
Total current liabilities |
|
238,181 |
|
297,788 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
Collaboration interest-bearing advanced funding |
|
265,864 |
|
260,932 |
|
Lease liabilities long term |
|
44,302 |
|
20,039 |
|
Government grants |
|
7,631 |
|
7,659 |
|
Other non-current liabilities |
|
224 |
|
233 |
|
Total non-current liabilities |
|
318,021 |
|
288,863 |
|
Total liabilities |
|
556,202 |
|
586,651 |
|
EQUITY |
|
|
|
|
|
Share capital |
|
33 |
|
33 |
|
Reserves |
|
653,124 |
|
744,279 |
|
Total ordinary shareholders’ equity |
|
653,157 |
|
744,312 |
|
Total equity |
|
653,157 |
|
744,312 |
|
Total liabilities and equity |
|
1,209,359 |
|
1,330,963 |
|
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW |
||||
|
|
Three months ended
|
|
Three months ended
|
|
|
US$’000 |
|
US$’000 |
|
|
(Unaudited) |
|
(Unaudited) |
LOSS BEFORE TAX |
|
(111,973) |
|
(32,126) |
CASH FLOWS USED IN OPERATING ACTIVITIES |
|
(141,053) |
|
(78,687) |
CASH FLOWS USED IN INVESTING ACTIVITIES |
|
17,930 |
|
(232,500) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
(286) |
|
25 |
|
|
(123,409) |
|
(311,162) |
Effect of foreign exchange rate changes, net |
|
(2,572) |
|
10 |
Cash and cash equivalents at beginning of the period |
|
786,031 |
|
688,938 |
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD |
|
660,050 |
|
377,786 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS |
|
|
|
|
Cash and bank balances |
|
670,065 |
|
667,465 |
Less: Pledged deposits |
|
1,283 |
|
1,448 |
Time deposits |
|
8,732 |
|
288,231 |
Cash and cash equivalents as stated in the statement of financial position |
|
660,050 |
|
378 |
Cash and cash equivalents as stated in the statement of cash flows |
|
660,050 |
|
377,786 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230518005185/en/
PRESS CONTACT:
tina.carter@legendbiotech.com
(908) 331-5025
INVESTOR CONTACTS:
joanne.choi@legendbiotech.com
crystal.chen@legendbiotech.cn
Source: