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Immune Design (IMDZ) Q4 Loss In Line; Sales Beat Estimates
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Immune Design Corp. reported fourth-quarter 2016 loss of 57 cents per share, in line with Zacks Consensus Estimate but narrower than the year-ago loss of 60 cents.
The company’s shares have underperformed the Zacks classified Medical - Drugs industry this year so far. Shares of Immune Design declined 6.4% in the period, while the industry witnessed a gain of 7%.
Quarter in Detail
Immune Design’s total revenue for the fourth quarter was $2.1 million, up 90.9% year over year, primarily due to $1.6 million collaboration revenues received from partner Sanofi (SNY - Free Report) for G103 (HSV2 therapeutic vaccine). The top line also benefited from product sales of $0.5 million to Sanofi and other third parties. Quarterly revenues were also above the Zacks Consensus Estimate of $1.34 million.
Research and development (R&D) expenses were up 34.8% to $12.0 million in the quarter primarily due to the company’s progress with the ongoing R&D programs, including phase I and phase II studies and increase in personnel cost needed to support the company’s pipeline.
General and administrative expenses increased 10% to $4.4 million.
Full-Year 2016 Results
Full year 2016 loss per share was $2.47 per share, wider than the Zacks Consensus Estimate of a loss of $2.45. In the year-ago quarter, the company had reported a loss of $2.06.
Full year 2016 revenues came in at $13.3 million, of which $7 million came from Sanofi on achieving a milestone, up almost 40% from the year-ago period.
In Sep 2016, the company completed a follow-on public offering of its shares with net proceeds of $30.3 million, bringing in new investors. In Jun and Oct 2016, new senior executives were recruited with late-stage oncology drug development expertise.
Pipeline Update
The company is developing multiple candidates using its two discovery platforms – ZVex and GLAAS – in the field of immuno-oncology. Key pipeline candidates include CMB305 and G100. Presently, CMB305 is being evaluated in soft tissue sarcoma (STS) patients both as monotherapy and in combination with an anti-PD-L1 antibody. While follow-up continues in the two fully enrolled monotherapy phase I studies, enrolment is ongoing in a phase II study comparing CMB305 plus Roche Holding AG’s (RHHBY - Free Report) Tecentriq compared with Tecentriq alone.
Meanwhile, G100, developed on the GLAAS platform, is being evaluated in a phase I/II study in patients with follicular non-Hodgkin lymphoma (fNHL) as a monotherapy as well as in combination with Merck & Co., Inc’s (MRK - Free Report) anti-PD-1 agent Keytruda.
2017 Outlook
The company expects its presently available cash to fund operations till second half of 2018.
Immune Design Corp. Price, Consensus and EPS Surprise
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Immune Design (IMDZ) Q4 Loss In Line; Sales Beat Estimates
Immune Design Corp. reported fourth-quarter 2016 loss of 57 cents per share, in line with Zacks Consensus Estimate but narrower than the year-ago loss of 60 cents.
The company’s shares have underperformed the Zacks classified Medical - Drugs industry this year so far. Shares of Immune Design declined 6.4% in the period, while the industry witnessed a gain of 7%.
Quarter in Detail
Immune Design’s total revenue for the fourth quarter was $2.1 million, up 90.9% year over year, primarily due to $1.6 million collaboration revenues received from partner Sanofi (SNY - Free Report) for G103 (HSV2 therapeutic vaccine). The top line also benefited from product sales of $0.5 million to Sanofi and other third parties. Quarterly revenues were also above the Zacks Consensus Estimate of $1.34 million.
Research and development (R&D) expenses were up 34.8% to $12.0 million in the quarter primarily due to the company’s progress with the ongoing R&D programs, including phase I and phase II studies and increase in personnel cost needed to support the company’s pipeline.
General and administrative expenses increased 10% to $4.4 million.
Full-Year 2016 Results
Full year 2016 loss per share was $2.47 per share, wider than the Zacks Consensus Estimate of a loss of $2.45. In the year-ago quarter, the company had reported a loss of $2.06.
Full year 2016 revenues came in at $13.3 million, of which $7 million came from Sanofi on achieving a milestone, up almost 40% from the year-ago period.
In Sep 2016, the company completed a follow-on public offering of its shares with net proceeds of $30.3 million, bringing in new investors. In Jun and Oct 2016, new senior executives were recruited with late-stage oncology drug development expertise.
Pipeline Update
The company is developing multiple candidates using its two discovery platforms – ZVex and GLAAS – in the field of immuno-oncology. Key pipeline candidates include CMB305 and G100. Presently, CMB305 is being evaluated in soft tissue sarcoma (STS) patients both as monotherapy and in combination with an anti-PD-L1 antibody. While follow-up continues in the two fully enrolled monotherapy phase I studies, enrolment is ongoing in a phase II study comparing CMB305 plus Roche Holding AG’s (RHHBY - Free Report) Tecentriq compared with Tecentriq alone.
Meanwhile, G100, developed on the GLAAS platform, is being evaluated in a phase I/II study in patients with follicular non-Hodgkin lymphoma (fNHL) as a monotherapy as well as in combination with Merck & Co., Inc’s (MRK - Free Report) anti-PD-1 agent Keytruda.
2017 Outlook
The company expects its presently available cash to fund operations till second half of 2018.
Immune Design Corp. Price, Consensus and EPS Surprise
Immune Design Corp. Price, Consensus and EPS Surprise | Immune Design Corp. Quote
Zacks Rank & Key Picks
Immune Design currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Just released: Driverless Cars: Your Roadmap to Mega-Profits Today. In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>.