Long lasting Performance: Principia Biopharma Inc. (NASDAQ: PRNB)
On 08 May 2020, Principia Biopharma Inc. (NASDAQ: PRNB) stock observed trading -18.77% off 52-week high price. On the other end, the stock has been noted 142.41% away from low price over the last 52-weeks. The stock disclosed a move of 5.59% away from 50 day moving average and 31.98% away from 200 day moving average. Moving closer, we can see that shares have been trading -1.84% off 20-day moving average.
Principia Biopharma Inc. (PRNB) recently reported financial results for the fourth quarter and full year ended December 31, 2019.
Our important achievements in 2019 lay a strong foundation for us to advance our corporate strategy and the promise of our drug discovery platform. Including our program partnered with Sanofi, we now have proof of concept in three immune-mediated diseases: pemphigus, immune thrombocytopenia and multiple sclerosis. As a result of these clinical milestones, we are now well positioned to progress our clinical programs this year,” stated Martin Babler, president and chief executive officer of Principia.
Fourth Quarter and Full Year 2019 Financial Results
Cash Position: Cash, cash equivalents, and marketable securities were $367.8M as of December 31, 2019, contrast to $180.6M as of December 31, 2018. The increase in Principia’s cash position is mainly Because of net proceeds of $226.5M from our follow-on offering completed in the fourth quarter of 2019.
Revenues: We did not recognize any alliance revenue for the three months ended December 31, 2019, contrast to $26.1M for the same period in 2018. Alliance revenue for the full year of 2019 was $35.2M, contrast to $69.1M for the full year of 2018. The decrease was Because of the revenue recognition for portions of an upfront payment of $40.0M received in 2017 and milestone payments totaling $25.0M received in 2018 from Sanofi and an upfront payment of $15.0M received in June 2017 from AbbVie Biotechnology Limited, which were fully recognized as of year-end 2018. The revenue recognized for the year ended 2019 was primarily for the achievement of a milestone in our Sanofi collaboration.
R&D Expenses: Total research and development expenses were $21.5M for the three months ended December 31, 2019, including stock-based compensation expense of $1.9M, contrast to $13.7M for the same period in 2018, including stock-based compensation expense of $0.8M. For the full year of 2019, total research and development expenses were $74.1M, including stock-based compensation expense of $6.6M, contrast to $40.5M for full year of 2019, including stock-based compensation expense of $1.4M. The increase in total research and development expenses was mainly driven by a raise in rilzabrutinib program costs, attributed to various manufacturing campaigns to supply drug products for our rilzabrutinib clinical trials and the initiation of a global Phase 3 trial in pemphigus in November 2018, as well as a raise in employee-related expenses.
G&A Expenses: General and administrative expenses were $5.1M for the three months ended December 31, 2019, including stock-based compensation expense of $1.3M, contrast to $4.2M for the same period in 2018, including stock-based compensation expense of $0.6M. For the full year of 2019, general and administrative expenses were $19.8M, including stock-based compensation expense of $5.5M, contrast to $11.5M for the full year of 2018, including stock-based compensation expense of $1.4M. The increase in total general and administrative expenses was primarily driven by increased employee-related expenses and facility costs.
Net Income (Loss): For the three months ended December 31, 2019, net loss was $24.9M contrast to net income of $9.4M for the same period in 2018. For the full year of 2019, net loss was $53.8M, contrast to net income of $18.2M for the full year of 2018.
Financial Guidance: The company’s current cash position is anticipated to fund operations beyond the Phase 3 data readout in pemphigus, irrespective of any opt-in decision related to the Sanofi contract, based on the current operating plan.
The USA based company Principia Biopharma Inc. moved with change of 0.95% to $61.45 with the total traded volume of 219742 shares in recent session versus to an average volume of 327.58K. PRNB’s shares are at -12.68% for the quarter and driving a 100.69% return over the course of the past year and is now at 12.18% since this point in 2018.There are 35.79M shares outstanding and 32.59M shares are floated in market.
Vivian Moore – Health and Biotech
I am Vivian Moore, I have done my bachelor’s in English literature, and further on I did my master’s in Medicines. My most preferred genre of writing is health and biotech. I have been writing from the past 6 years about articles, web content, and blogs. In my career and education, I like to play along with work. I have also been a teacher in the past for 2 years. I use to teach business and technical writing in a very famous university. However, most recently I am working as an instructor, designer, and training writer. I enjoy socializing a lot. I am a very big extrovert when it comes to nature. A part of all this I enjoy exploring the world and traveling makes me happy.
