Provention Bio Reports Third Quarter 2018 Financial Results and Provides Business Update

Thursday, November 8, 2018 General News
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PROVENTION BIO, INC.

SELECTED FINANCIAL DATA (unaudited)

(in thousands, except per share data)

Three Months Ended September 30, 

Nine Months Ended September 30, 

2018

2017

2018

2017

Statement of Operations Data:

Operating expenses:

Research and development

$

4,140

$

887

$

17,684

$

4,618

General and administrative

1,272

488

2,929

788

Total operating expenses

5,412

1,375

20,613

5,406

Operating loss

(5,412)

(1,375)

(20,613)

(5,406)

Other  income (expense):

Interest income

237

50

339

80

Change in fair value of warrant liability

(217)

(37)

(520)

(123)

Net loss

(5,392)

(1,362)

(20,794)

(5,449)

Accretion on Series A Convertible Redeemable Preferred Stock

(25)

(127)

(276)

(217)

Net loss attributable to common stockholders

$

(5,417)

$

(1,489)

$

(21,070)

$

(5,666)

Net loss per common share, basic and diluted

$

(0.17)

$

(0.15)

$

(1.21)

$

(0.62)

Weighted average common shares outstanding, basic and diluted

32,000

10,000

17,414

9,158

September 30, 2018

December 31, 2017

Balance Sheet Data:

Cash and cash equivalents 

$

64,297

$

21,834

Total assets

$

66,322

$

22,428

Total liabilities

$

1,234

$

2,276

Series A Convertible Redeemable Preferred Stock

$

-

$

26,185

Accumulated deficit

$

(30,092)

$

(9,298)

Total stockholders' equity (deficit)

$

65,088

$

(6,033)



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