Celsion Corporation (NASDAQ: CLSN), an oncology drug development
company, today announced financial results for the year ended
December 31, 2019 and provided an update on clinical development
programs with ThermoDox®, its proprietary heat-activated liposomal
encapsulation of doxorubicin, and GEN-1, an IL-12 DNA plasmid
vector encased in a nanoparticle delivery system that enables cell
transfection followed by persistent, local secretion of the IL-12
protein. The Company's lead program is ThermoDox®, which is
currently in Phase III development for the treatment of
hepatocellular carcinoma (HCC), or primary liver cancer. The
Company's immunotherapy candidate, GEN-1, is currently in Phase
I/II development for the localized treatment of ovarian cancer.
“Celsion had a very productive 2019, making
substantial progress with our ongoing development programs with
ThermoDox® and GEN-1 while maintaining a strong balance sheet. Our
pivotal 556-patient global Phase III OPTIMA Study in HCC was fully
enrolled in August 2018. We are now looking forward to the second
of two preplanned interim efficacy analyses, expected in June 2020.
Our OVATION 2 Study has completed enrollment of the first 15
patients in the Phase I portion of this 130-patient Phase I/II
randomized study. Initial data at the 100 mg/m² dose cohort are
consistent with impressive results reported from our Phase Ib
dose-escalating trial (the OVATION 1 Study) in ovarian cancer.
Patients treated in the three highest dose cohorts demonstrated a
high percent of R0 (complete) surgical outcomes associated with
significant improvement in overall survival," said Michael H.
Tardugno, Celsion's chairman, president and chief executive
officer. “Celsion’s fundamentals are strong. Our financing approach
is nothing short of investor friendly. We are well positioned with
a capital structure sufficient to see our clinical programs through
transformative milestones. In doing so, we look to create
significant value for our shareholders, patients and the medical
community.”
Recent Developments
ThermoDox®
Independent Data Monitoring Committee
(iDMC) Unanimously Recommended Continuation of Phase III OPTIMA
Study with ThermoDox® in Primary Liver Cancer. In November
2019 the Company announced that the iDMC unanimously recommended
the OPTIMA Study continue according to protocol. The recommendation
was based on a review of blinded safety and data integrity from 556
patients enrolled in the Company’s multinational, double-blind,
placebo-controlled pivotal Phase III study with ThermoDox® plus
radiofrequency ablation (RFA) in patients with HCC. The iDMC’s
pre-planned interim efficacy review followed 128 patient events, or
deaths, which occurred in August 2019. Data presented demonstrated
that progression-free survival (PFS) and overall survival (OS)
appear to be tracking with patient data observed at a similar point
in the Company’s well-balanced subgroup of 285 patients followed
prospectively in the earlier Phase III HEAT Study (the Prospective
Subgroup) upon which the OPTIMA Study is based. This Prospective
Subgroup demonstrated a 2-year overall survival advantage and a
median time to death of more than 7 ½ years.
From the review, the Company believes the OPTIMA
Study is well positioned for success at the next preplanned interim
efficacy analysis, which will take place after a minimum of 158
patient deaths and is projected to occur during the second quarter
of 2020. The hazard ratio for success at 158 events is 0.70, which
is below the hazard ratio of 0.65 observed for the 285 patients in
the Prospective Subgroup treated with RFA > 45 minutes. Data
review at the first interim efficacy analysis demonstrated the
following:
- The OPTIMA Study patient demographics and risk factors are
consistent with what the Company observed in the Prospective
Subgroup with all data quality metrics meeting expectations.
- Median PFS for the OPTIMA Study reached 17.3 months as of
August 2019. These blinded data compare favorably with median PFS
of 16.8 months for the Prospective Subgroup treated with RFA >
45 minutes and followed prospectively for OS.
- At this time point, combined OS for both treatment arms is
consistent with that observed in the Prospective Subgroup.
Publication of Research on Fluorescence
Imaging of ThermoDox® Uptake in International
Journal of Hyperthermia. In November 2019 results from an
independent study of a lyso-thermosensitive liposomal doxorubicin
(LTLD) were published in the peer-reviewed publication
International Journal of Hyperthermia. Results showed that
real-time fluorescence imaging can visualize uptake of LTLD during
delivery and can predict tumor drug uptake in response to heat.
These data clearly show that high concentrations of tumor-fighting
doxorubicin can be delivered at unprecedented levels to tumors
using ThermoDox® plus targeted heat, which helps explain why the
Phase III HEAT Study Prospective Subgroup data is so
impressive.
The article, titled “Real-time fluorescence
imaging for visualization and drug uptake prediction during drug
delivery by thermosensitive liposomes,” can be found here. The
study used LTLD to perform experiments and confirmed several
characteristics of the compound and its delivery mechanism that
support the use of ThermoDox® plus RFA in the treatment of HCC, as
visualized by fluorescent imaging. Researchers used a custom
designed hyperthermal probe to heat the tumors in nude mice
carrying Lewis lung carcinoma. Key findings were as follows:
Fluorescence Intensity Tumor Region of Interest
(ROI) of heated tumors was enhanced:
- 4.6-fold (at 15 mins)
- 9.3-fold (at 30 mins)
- 13.2-fold (at 60 mins)
Tumor doxorubicin concentration of heated tumors
was enhanced:
- 1.9-fold (at 15 mins)
- 2.9-fold (at 30 mins)
- 5.2-fold (at 60 mins)
GEN-1 Immunotherapy
GEN-1 Receives Orphan Drug Designation
from the European Medicines Agency. On
March 23, 2020, the Company announced the European Medicines Agency
(EMA) Committee for Orphan Medicinal Products (COMP) has
recommended that GEN-1 be designated as an orphan medicinal product
for the treatment of ovarian cancer. GEN-1 previously received
orphan designation from the U.S. Food and Drug Administration and
is currently being evaluated in a Phase I/II clinical trial (the
OVATION 2 Study) for the treatment of newly diagnosed patients with
Stage III and IV ovarian cancer. As established by the EMA, Orphan
Medicinal Product Designation (the “Designation”) by the European
Commission provides for scientific advice and certain regulatory
assistance during the product development phase, direct access to
centralized marketing authorization and certain financial
incentives for companies developing new therapies intended for the
treatment of a life-threatening or chronically debilitating
condition that affects no more than five in 10,000 people in the
European Union (EU).
Benefits for the Designation are manifold and
include:
- 10 years of market exclusivity (in which other industry
sponsors are prevented from entering the market with a similar
product for the same therapeutic indication);
- EMA protocol assistance for sponsors on the conduct of the
tests and trials necessary to demonstrate their quality, safety and
efficacy, or regulatory assistance;
- EMA advice will be free or given in return for reduced
fees;
- Access to a centralized procedure allowing immediate marketing
authorization in all Member States and facilitating the
availability of medicines to all patients in the EU;
- Eligibility for a reduction of regulatory fees associated with
pre-authorization inspections, as well as, marketing authorization
application fees and certain other fees for qualifying
companies.
Highly Encouraging Initial Clinical
Results from the Phase I Portion of the Phase I/II OVATION 2 Study
with GEN-1 in Patients with Advanced Ovarian Cancer. In
March 2020, the Company announced highly encouraging initial
clinical data from the first 15 patients enrolled in the ongoing
Phase I/II OVATION 2 Study for patients newly diagnosed with Stage
III and IV ovarian cancer. The OVATION 2 Study combines GEN-1, the
Company's IL-12 gene-mediated immunotherapy, with standard-of-care
neoadjuvant chemotherapy (NACT). Following NACT, patients undergo
interval debulking surgery (IDS), followed by three additional
cycles of chemotherapy.
GEN-1 plus standard NACT produced positive
dose-dependent efficacy results, with no dose-limiting toxicities,
which correlates well with successful surgical outcomes as
summarized below:
- Of the 15 patients treated in the
Phase I portion of the OVATION 2 Study, nine patients were treated
with GEN-1 at a dose of 100 mg/m² plus NACT and six patients were
treated with NACT only. All 15 patients had successful resections
of their tumors, with seven out of nine patients (78%) in the GEN-1
treatment arm having an R0 resection, which indicates a
microscopically margin-negative resection in which no gross or
microscopic tumor remains in the tumor bed. Only three out of six
patients (50%) in the NACT only treatment arm had a R0
resection.
- When combining these results with
the surgical resection rates observed in the Company’s prior Phase
Ib dose-escalation trial (the OVATION 1 Study), a population of
patients with inclusion criteria identical to the OVATION 2 Study,
the data reflect the strong dose-dependent efficacy of adding GEN-1
to the current standard of care NACT:
|
|
|
|
% of Patients with R0 Resections |
|
|
|
|
|
|
|
0, 36, 47 mg/m² of GEN-1 plus NACT |
|
n=12 |
|
|
42 |
% |
61, 79, 100 mg/m² of GEN-1 plus NACT |
|
n=17 |
|
|
82 |
% |
- The objective response rate (ORR)
as measured by Response Evaluation Criteria in Solid Tumors
(RECIST) criteria for the 0, 36, 47 mg/m² dose GEN-1 patients were
comparable, as expected, to the higher (61, 79, 100 mg/m²) dose
GEN-1 patients, with both groups demonstrating an approximate 80%
ORR.
The OVATION 2 Study is an open-label,
130-patient, 1-to-1 randomized Phase I/II trial, 80% powered to
show the equivalent of a 33% improvement in progression-free
survival (PFS), the primary endpoint, when comparing the treatment
arm (NACT + GEN-1) with the control arm (NACT alone). GEN-1 is a
formulation of Celsion's proprietary, synthetic, non-viral cell
transfection platform TheraPlas, which incorporates DNA plasmids
coded for the inflammatory protein interleukin-12 (IL-12). Cell
transfection is followed by persistent, local secretion of the
IL-12 protein at therapeutic levels.
Positive Data Safety Monitoring Board
(DSMB) Review of Phase I Portion of OVATION 2 Study in Ovarian
Cancer. In February 2020, the Company announced the DSMB
had completed its initial safety review of data from the first 15
patients treated with the first four neoadjuvant chemotherapy
(NACT) doses of GEN-1 at 100 mg/m² in the ongoing OVATION 2 Study.
As requested by the U.S. Food and Drug Administration, a follow-on
Phase I review by the DSMB will evaluate the safety of GEN-1 in up
to 17 weekly doses before initiating the Phase II portion of the
Study. The Phase I/II OVATION 2 Study is a single dose escalation
phase to 100 mg/m² of GEN-1 in the Phase I portion, followed by a
continuation at the selected dose in Phase II. The OVATION 2 Study
is an open-label, 130 patient, 1:1 randomized trial, 80% powered to
show the equivalent of a 33% improvement in PFS, the primary
endpoint, when comparing the treatment arm (NACT + GEN-1) with the
control arm (NACT alone).
The OVATION 2 Study builds on promising clinical
and translational research data from the Phase Ib OVATION 1 Study,
in which enrolled patients received escalating weekly doses of
GEN-1 (from 36 mg/m² to 79 mg/m²) for a total of eight treatments
in combination with NACT, followed by interval debulking surgery
(IDS). Data from the OVATION 1 Study were presented at the
ASCO-SITC Clinical-Oncology Symposium by Premal H. Thaker, M.D.,
M.S. in May 2019 and can be reviewed here. In addition to exploring
a higher dose of GEN-1 in the OVATION 2 Study, patients will
continue to receive GEN-1 after their IDS in combination with
adjuvant chemotherapy.
Corporate Developments
Strengthened Balance Sheet Through a
Timely $4.8 Million Registered Direct Offering. In
February 2020 the Company entered into securities purchase
agreements with several institutional investors for the purchase
and sale of 4,571,428 shares of the Company’s common stock, par
value $0.01 per share, pursuant to a registered direct offering.
The Company also agreed to issue to such investors, in a concurrent
private placement, warrants to purchase approximately 3.2 million
shares of the Company’s common stock. The warrants will be
exercisable on the six-month anniversary of the issuance date, will
expire on the five-year anniversary of the initial exercise date
and have an exercise price of $1.24 per share. Gross proceeds of
the offering were approximately $4.8 million before deducting
placement agent fees and other estimated offering expenses. This
financing coupled with recent and future sales of its New Jersey
net operating losses will extend the Company’s operating roadway to
mid-2021, well beyond the final data readout of the OPTIMA Study
(anticipated for the first quarter of 2021), if needed.
Received $1.9 Million Allocation Through
the New Jersey Technology Business Tax Certificate Transfer (NOL)
Program; with an Additional $2 Million More Expected in
2020. In December 2019 the Company received approval from
the New Jersey Economic Development Authority’s (NJEDA) Technology
Business Tax Certificate Transfer program to sell its unused New
Jersey net operating losses (NOLs) and R&D tax credits. In
2018, the Company received approval from the NJEDA to sell $11.1
million of its unused New Jersey NOLs for the tax years 2011
through 2017 and was able to transfer this credit and receive
approximately $10.4 million of net cash proceeds in the fourth
quarter of 2018. The Company anticipates it will be able to
transfer this current year credit and receive net proceeds of
approximately $1.8 million in the first half of 2020. An additional
$2.0 million final allocation of NOL sales is fully expected in
2020.
Establishing a Subsidiary in China to
Serve as Beachhead for Commercializing ThermoDox® in China and
Southeast Asia. In December 2019, the Company signed a
memorandum of understanding (MOU) with officials from the Hangzhou
Yuhang Economic Development Area to establish a subsidiary in the
Yuhang District of Hangzhou, the capital of China’s Zhejiang
Province. The Area, also known as the Qianjing Economic Development
Area, is located in China’s biotech hub, where the Chinese
government has made the development of advanced medical
technologies that address unmet patient needs a high priority.
The primary purpose of this new subsidiary is to
commercialize innovative cancer therapies starting with ThermoDox®.
In addition to China, the subsidiary will focus on all nearby
developing markets including the Philippines, Malaysia, Thailand
and Vietnam. Hisun, Celsion’s local manufacturing partner, is
expected to provide an economically viable ThermoDox® cost
structure by establishing a low-cost base of production for these
geographies. Registration of the subsidiary is expected to be
completed in 2020, with full operation expected in the first half
of 2021. The MOU provides numerous incentives from the Hangzhou
municipal government under the central government’s policy that are
expected to benefit Celsion and the new subsidiary including
reimbursement for personnel recruiting, rent-free office space for
three years and tax abatements associated with certain capital
investments. The Company’s immediate financial obligation under the
agreement will be offset by future grants tied to progress with
clinical research programs.
Financial Results
For the year ended December 31, 2019, Celsion
reported a net loss of $16.9 million ($0.77 per share) compared
with a net loss of $11.9 million ($0.68 per share) for the year
ended December 31, 2018. Operating expenses were $21.1 million for
2019, which represented a $0.5 million or 2% decrease from $21.6
million for 2018. During 2019, the Company incurred $2.3 million in
non-cash stock option expense compared with $4.6 million in
2018.
Research and development expenses were $13.1
million in 2019, an increase of $1.2 million or 10% from $11.9
million in 2018. The prior year was favorably impacted by a $0.8
million credit resulting from cost concessions negotiated with the
Company’s lead contract research organization (CRO) for the OPTIMA
Study. Excluding this one-time credit, clinical development costs
for the Phase III OPTIMA Study were $4.1 million in 2019, a
decrease of $1.4 million from $5.5 million in 2018. This 25%
decrease was primarily due to the completion of enrollment of the
OPTIMA Study in August 2018, which resulted in lower monthly CRO
fees during the follow-up phase of the trial. Regulatory costs
related to NDA preparation for ThermoDox® were $1.1 million in 2019
compared with $0.3 million in 2018. Costs associated with the
production of ThermoDox® were $1.5 million during 2019 compared
with $1.1 million in 2018 as the Company prepared registration
batches at its contract manufacturing organizations assuming the
successful outcome of the OPTIMA Study.
Costs associated with the OVATION 2 Study were
$0.6 million for 2019 compared with $0.4 million in 2018. The
Company announced the completion of enrollment of the Phase I
portion of the Phase I/II OVATION 2 Study during the fourth quarter
of 2019. Costs associated with Celsion’s wholly-owned subsidiary,
CLSN Laboratories, Inc. (which includes research and development
activities for GEN-1 and TheraPlas), were $3.3 million in 2019
compared with $2.8 million in 2018 as the Company expanded its
manufacturing capabilities in an effort to reduce the manufacturing
cost of GEN-1 for its planned clinical study requirements in 2020
and beyond. In 2019, research and development costs included a
decrease of $0.6 million in non-cash stock compensation expense
compared with the same period of 2018.
General and administrative expenses were $8.0
million for 2019 compared with $9.7 million for 2018. This $1.7
million or 18% decrease was primarily due to lower compensation
expenses related to non-cash stock option compensation expense in
2019 compared with 2018.
Other expenses for 2019 included a non-cash gain
of $2.8 million, net of a $0.4 million charge for the issuance of
200,000 warrants related to an amendment for the potential
milestone payments for the GEN-1 ovarian product candidate,
compared with a non-cash charge for 2018 of $4.5 million related to
the impairment of certain in-process research and development
assets related to the development of the Company’s glioblastoma
multiforme cancer product candidate, offset by a $3.6 million
reduction in the earn-out liability related to potential milestone
payments. The Company realized $0.5 million of interest income for
2019 compared with $0.4 million in 2018. In connection with its
venture debt facility with Horizon entered into in late June 2018,
the Company incurred interest expense of $1.4 million in 2019
compared with $0.7 million in 2018.
During the fourth quarter of 2019, the Company
recognized a $1.8 million income tax benefit resulting from the
sale of its New Jersey net operating losses. During the fourth
quarter of 2018, the Company recognized a $10.4 million income tax
benefit resulting from the sale of its cumulative New Jersey NOLs
for the tax years 2011 to 2017. The Company has approximately $2.0
million in future tax benefits remaining under the NJEDA Technology
Business Tax Certificate Transfer program for future years.
Net cash used for operating activities was $20.3
million in 2019 compared with $7.0 million in 2018. In the fourth
quarter of 2018, the Company received $10.4 million in net proceeds
from the sale of its New Jersey state net operating losses. Cash,
cash equivalents and investments as of December 31, 2019 were $14.9
million. Total cash provided by financing activities was
approximately $7.8 million during 2019 from sales of common stock.
Subsequent to year-end, the Company raised $6.0 million in net
proceeds from sales of common stock during the first quarter of
2020. The Company expects to receive net proceeds of $1.8 million
from the sale of its 2017-2018 New Jersey state NOLs in the second
quarter of 2020.
Conference Call
The Company is hosting a conference call at
11:00 a.m. EDT on Thursday, March 26, 2020 to provide a business
update and discuss 2019 financial results. To participate in the
call, please dial 1-800-367-2403 (Toll-Free/North America) or
1-334-777-6978 (International/Toll) and ask for the Celsion
Corporation 2019 Earnings Call (Conference Code: 8257530). The call
will also be broadcast live on the internet at www.celsion.com. The
call will be archived for replay on Friday, March 27, 2020 and will
remain available until April 10, 2020. The replay can be accessed
at 1-719-457-0820 or 1-888-203-1112 using Conference ID: 8257530.
An audio replay of the call will also be available on the Company's
website, www.celsion.com, for 90 days after 2:00 p.m. EDT Friday,
March 27, 2020.
About Celsion Corporation
Celsion is a fully integrated oncology company
focused on developing a portfolio of innovative cancer treatments,
including directed chemotherapies, immunotherapies and RNA- or
DNA-based therapies. The Company's lead program is ThermoDox®, a
proprietary heat-activated liposomal encapsulation of doxorubicin,
currently in Phase III development for the treatment of primary
liver cancer. The pipeline also includes GEN-1, a DNA-based
immunotherapy for the localized treatment of ovarian cancer.
Celsion has two platform technologies for the development of novel
nucleic acid-based immunotherapies and other anti-cancer DNA or RNA
therapies. For more information on Celsion, visit our website:
http://www.celsion.com (CLSN-FIN).
Celsion wishes to inform readers that
forward-looking statements in this release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Readers are cautioned that such forward-looking
statements involve risks and uncertainties including, without
limitation, unforeseen changes in the course of research and
development activities and in clinical trials; the uncertainties of
and difficulties in analyzing interim clinical data; the
significant expense, time, and risk of failure of conducting
clinical trials; the need for Celsion to evaluate its future
development plans; possible acquisitions or licenses of other
technologies, assets or businesses; possible actions by customers,
suppliers, competitors, regulatory authorities; and other risks
detailed from time to time in Celsion's periodic reports and
prospectuses filed with the Securities and Exchange Commission.
Celsion assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
Celsion Investor ContactJeffrey
W. Church609-482-2455 jchurch@celsion.com
LHA Investor RelationsKim
Sutton Golodetz212-838-3777kgolodetz@lhai.com
[Tables to Follow]
Celsion
CorporationCondensed Statements of
Operations(in thousands except per share
amounts)
|
|
Year ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
Licensing
revenue |
|
$ |
500 |
|
|
$ |
500 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
13,065 |
|
|
|
11,865 |
|
General and administrative |
|
|
8,000 |
|
|
|
9,700 |
|
Total operating expenses |
|
|
21,065 |
|
|
|
21,565 |
|
Loss from operations |
|
|
(20,565 |
) |
|
|
(21,065 |
) |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Gain from valuation of earn-out milestone liability |
|
|
3,190 |
|
|
|
3,631 |
|
Loss from impairment of in-process research and development |
|
|
- |
|
|
|
(4,510 |
) |
Fair value of warrants issued for milestone amendment |
|
|
(400 |
) |
|
|
- |
|
Interest expense, investment income and other income (expense),
net |
|
|
(893 |
) |
|
|
(358 |
) |
Total other income (expense) |
|
|
1,897 |
|
|
|
(1,237 |
) |
|
|
|
|
|
|
|
|
|
Net loss before income
tax benefit |
|
|
(18,668 |
) |
|
|
(22,302 |
) |
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
1,816 |
|
|
|
10,419 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(16,852 |
) |
|
$ |
(11,883 |
) |
|
|
|
|
|
|
|
|
|
Net loss per common
share - basic and diluted |
|
$ |
(0.77 |
) |
|
$ |
(0.68 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic and diluted |
|
|
21,833 |
|
|
|
17,583 |
|
Celsion
CorporationSelected Balance Sheet
Information(in thousands)
|
|
December 31,2019 |
|
|
December 31,2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,875 |
|
|
$ |
13,354 |
|
Investment securities and interest receivable |
|
|
8,007 |
|
|
|
14,326 |
|
Prepaid expenses and other current assets |
|
|
1,353 |
|
|
|
451 |
|
Total current assets |
|
|
16,235 |
|
|
|
28,131 |
|
|
|
|
|
|
|
|
|
|
Property and
equipment |
|
|
405 |
|
|
|
185 |
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
|
|
|
|
|
Deferred income tax asset |
|
|
1,820 |
|
|
|
- |
|
In-process research and development |
|
|
15,736 |
|
|
|
15,736 |
|
Goodwill |
|
|
1,976 |
|
|
|
1,976 |
|
Operating leases right-of-use |
|
|
1,432 |
|
|
|
- |
|
Other intangible assets, net |
|
|
341 |
|
|
|
568 |
|
Other assets |
|
|
333 |
|
|
|
260 |
|
Total other assets |
|
|
21,638 |
|
|
|
18,540 |
|
Total assets |
|
$ |
38,278 |
|
|
$ |
46,856 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
5,166 |
|
|
$ |
5,607 |
|
Deferred revenue – current portion |
|
|
500 |
|
|
|
500 |
|
Operating lease liability – current portion |
|
|
388 |
|
|
|
- |
|
Notes payable - current portion |
|
|
1,840 |
|
|
|
- |
|
Total current liabilities |
|
|
7,894 |
|
|
|
6,107 |
|
Earn-out milestone liability |
|
|
5,718 |
|
|
|
8,908 |
|
Notes payable - noncurrent portion |
|
|
7,963 |
|
|
|
9,417 |
|
Operating lease liability – noncurrent portion |
|
|
1,144 |
|
|
|
- |
|
Deferred revenue and other liabilities - noncurrent portion |
|
|
1,000 |
|
|
|
1,563 |
|
Total liabilities |
|
|
23,719 |
|
|
|
25,995 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock |
|
|
232 |
|
|
|
188 |
|
Additional paid-in capital |
|
|
304,886 |
|
|
|
294,394 |
|
Accumulated other comprehensive gain (loss) |
|
|
43 |
|
|
|
29 |
|
Accumulated deficit |
|
|
(290,517 |
) |
|
|
(273,665 |
) |
|
|
|
14,644 |
|
|
|
20,946 |
|
Less: Treasury stock |
|
|
(85 |
) |
|
|
(85 |
) |
Total stockholders’ equity |
|
|
14,559 |
|
|
|
20,861 |
|
Total
liabilities and stockholders’ equity |
|
$ |
38,278 |
|
|
$ |
46,856 |
|
# # #
Celsion (NASDAQ:CLSN)
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