$SNSS #5 Sunesis Pharmaceuticals Reports Second Quarter 2020 Financial Results and Recent Highlights Sunesis to Host Conference Call Today at 4:30 PM Eastern Time
SOUTH SAN FRANCISCO, Calif., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the second quarter ended June 30, 2020.
Loss from operations for the three months ended June 30, 2020 was $6.3 million.
As of June 30, 2020, cash, cash equivalents and restricted cash totaled $23.2 million.
======================================================= SUNESIS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts)
Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (Unaudited) (Unaudited) Revenue: License and other revenue $ - $ - $ 120 $ - Total revenues - - 120 -
Operating expenses: Research and development 4,281 3,683 7,971 6,931 General and administrative 2,064 2,523 4,292 4,962 Total operating expenses 6,345 6,206 12,263 11,893
Loss from operations (6,345 ) (6,206 ) (12,143 ) (11,893 )
Interest expense (65 ) (111 ) (135 ) (372 ) Other income, net 20 76 113 164 Net loss (6,390 ) (6,241 ) (12,165 ) (12,101 ) Unrealized loss on available-for-sale securities - - (1 ) - Comprehensive loss $ (6,390 ) $ (6,241 ) $ (12,166 ) $ (12,101 )
Basic and diluted loss per common share: Net loss $ (6,390 ) $ (6,241 ) $ (12,165 ) $ (12,101 ) Shares used in computing basic and diluted loss per common share 111,416 72,190 111,405 65,702
Basic and diluted loss per common share $ (0.06 ) $ (0.09 ) $ (0.11 ) $ (0.18 )
SUNESIS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
June 30, December 31, 2020 2019 (Unaudited) (1)
ASSETS Current assets: Cash and cash equivalents $ 17,653 $ 12,761 Restricted cash 5,500 5,500 Marketable securities - 16,364 Prepaids and other current assets 1,712 1,697 Total current assets 24,865 36,322 Property and equipment, net - 3 Operating lease right-of-use asset 545 817 Other assets 96 98 Total assets $ 25,506 $ 37,240
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 452 $ 791 Accrued clinical expense 402 521 Accrued compensation 692 985 Other accrued liabilities 1,836 1,109 Notes payable 5,473 5,465 Operating lease liability - current 545 545 Total current liabilities 9,400 9,416 Other liabilities - 9 Operating lease liability - long term - 272 Total liabilities 9,400 9,697 Stockholders’ equity: Convertible preferred stock 11,769 11,769 Common stock 11 11 Additional paid-in capital 699,291 698,562 Accumulated other comprehensive income - 1 Accumulated deficit (694,965 ) (682,800 ) Total stockholders’ equity 16,106 27,543 Total liabilities and stockholders’ equity $ 25,506 $ 37,240
Note 1: The consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
Investor and Media Inquiries: Maeve Conneighton Argot Partners 212-600-1902 Par Hyare Sunesis Pharmaceuticals Inc. 650-266-3784
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