CAMBRIDGE, Mass., Sept. 02, 2020 (GLOBE NEWSWIRE) — AlloVir (Nasdaq: ALVR), a late clinical-stage cell therapy company, today reported financial results for the second quarter ended June 30, 2020.
“AlloVir has achieved important scientific and operational milestones that have us well positioned for growth,” said David Hallal, Chairman and Chief Executive Officer of AlloVir. “As we have advanced our portfolio of allogeneic, off -the-shelf, virus specific T cell therapies and are bolstered by a strong cash position stemming from our recent IPO, we look forward to executing our robust plans to progress the important pivotal and proof-of-concept studies across our pipeline.”Second Quarter 2020 Financial HighlightsResearch and development expenses were $8.9 million for the quarter ended June 30, 2020 compared to $2.8 million for the quarter ended June 30, 2019. The increase year-over-year is attributable to costs related to the development of the company’s product candidates, increased activity in outsourcing of manufacturing, and an increase in headcount and external consultants in support of research activities.General and administrative expense was $3.3 million for the quarter ended June 30, 2020 compared to $3.2 million for the quarter ended June 30, 2019. The increase year-over-year was primarily attributable to legal, accounting and professional fees related to costs associated with operating activities and the preparations for becoming a public company.Stock-based compensation expense was $0.5 million and $1.4 million for the three months ended June 30, 2020 and 2019, respectively.As of June 30, 2020, AlloVir had cash, cash equivalents, and marketable securities of $104.5 million, which compares to cash, cash equivalents, and marketable securities of $126.1 million as of December 31, 2019.For the quarter ended June 30, 2020, net loss was $11.6 million or $4.43 per share compared to a net loss of $5.3 million or $5.05 per share for the quarter ended June 30, 2019. The total number of common shares and preferred shares outstanding as of June 30, 2020 was 2,801,059 and 59,398,350, respectively. For purposes of calculating the earnings per share, only the common shares were used in the denominator.Subsequent Events
In August, the Company closed on an initial public offering raising $317.7mm in gross proceeds prior to deducting underwriting discounts, commissions and offering expenses. We believe that the net proceeds from our IPO, together with our existing cash, cash equivalents and short-term investments, will enable us to fund our operating expenses and capital expenditure requirements into 2023.
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