- DCR-MYC Becomes First Dicer Substrate RNA Interference Drug Candidate to Enter Clinical Trials -
- Management to Host Conference Call at
"2014 thus far has been highlighted by a series of important events for
Dicerna. We recently announced the achievement of a major milestone in
our company's history with the initiation of a Phase 1 clinical trial of
DCR-MYC in solid tumors and hematological malignancies. This study marks
the first clinical trial of a Dicer Substrate RNA interference drug
candidate, and highlights the potential for RNAi to modulate drug
targets that have been previously considered undruggable," commented
First Quarter 2014 Business Highlights and Recent Developments
First Quarter 2014 Financial Results
Conference Call Information
Dicerna will host a conference call and live audio webcast today at
An archived copy of the webcast will be available on Dicerna's website beginning approximately two hours after the conference call, and will be available on the website for at least 30 days after the conference call.
Dicerna is a biopharmaceutical company focused on the discovery and development of innovative treatments for rare inherited diseases involving the liver and for cancers that are genetically defined. Dicerna is using its proprietary RNA interference (RNAi) technology platform to build a broad pipeline in these therapeutic areas and intends to discover, develop and commercialize novel therapeutics either on its own or in collaboration with pharmaceutical partners.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements, including
statements regarding Dicerna's clinical development. Such
forward-looking statements are subject to risks and uncertainties,
including financial, scientific, and regulatory risks regarding clinical
development that could cause actual results to differ materially from
those expressed or implied in such statements. Applicable risks and
uncertainties include those identified under the heading "Risk Factors"
included in the Form 10-Q filed
|Consolidated Balance Sheets (unaudited)|
|Cash and cash equivalents||$||133,792||$||46,595|
|Long-term Debt, including current portion||$||3,785||$||4,847|
|Total stockholders' equity (deficit)||$||129,330||$||(68,919||)|
|Consolidated Statements of Operations (unaudited)|
|(In thousands, except share and per share data)|
|For the Three Months|
|Research and development||$||5,251||$||2,418|
|General and administrative||2,841||1,136|
|Total operating expenses||$||8,092||$||3,554|
|Loss from operations||(8,092||)||(3,554||)|
|Preferred stock warrant remeasurement||(2,559||)||5|
|Other income (expense), net||(153||)||(270||)|
Less: Accretion and dividends on redeemable convertible preferred stock
|Net loss attributable to common stockholders||$||(11,008||)||$||(4,830||)|
Net loss per share allocable to common stockholders (basic and diluted)
Weighted average shares outstanding (basic and diluted)
|GAAP to Non-GAAP Reconciliation: Net Loss and Net Loss Per Share|
|(unaudited, in thousands, except per share amounts)|
|For the Three Months|
|NET LOSS PER SHARE|
|GAAP net loss per share attributable to common stockholders - basic and diluted||$||(1.02||)||$||(172.80||)|
|Adjustments to net loss (as detailed below)||0.46||37.17|
|Non-GAAP loss per share - basic and diluted||$||(0.56||)||$||(135.63||)|
|between net loss on a GAAP basis and net loss on a non-GAAP basis is as follows:|
|GAAP net loss per share attributable to common stockholders||$||(11,008||)||$||(4,830||)|
|Accretion and dividends on redeemable convertible preferred stock||204||1,011|
|Preferred stock warrant remeasurement||2,559||(5||)|
|R&D: Stock-based compensation||1,726||5|
|G&A: Stock-based compensation||486||28|
|Non-GAAP net loss||$||(6,033||)||$||(3,791||)|
|Weighted Average Shares Outstanding -basic and diluted||10,822,325||27,952|
Use of Non-GAAP Financial Measures
We supplement our consolidated financial statements presented on a GAAP
basis by providing additional measures which may be considered
"non-GAAP" financial measures under applicable
These non-GAAP financial measures are not in accordance with generally
accepted accounting principles in
1. Stock-based compensation expense recorded in accordance with the accounting standard for share-based payments.
We believe that excluding the accounting impact of share-based payments, for both employees and non-employees, better reflects the recurring economic characteristics of our business. Share-based payments to non-employees are measured at each reporting date and recognized as services are rendered or vesting occurs.
2. Warrant remeasurement in accordance with accounting standards for derivative instruments.
We believe that excluding preferred stock warrant remeasurement better reflects the recurring economics of our business. Upon our Initial Public Offering, the warrants were reclassified to APIC and are no longer marked to market.
3. Other items.
We evaluate other items on an individual basis, and consider both the quantitative and qualitative aspects of the item, including (i) its size and nature, (ii) whether or not it relates to our ongoing business operations, and (iii) whether or not we expect it to occur as part of our normal business on a regular basis.
Chief Financial Officer
Senior Vice President
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