Alpine Immune Sciences(ALPN) - 2020 Q2 - Quarterly Report

Financial Performance - The net loss for the three months ended June 30, 2020, was $9.9 million, compared to $11.9 million for the same period in 2019, indicating a reduction in losses[56] - Net loss for the three months ended June 30, 2020, was $9.928 million, a decrease of $1.928 million compared to a net loss of $11.856 million in the same period of 2019[72] - Net loss for the six months ended June 30, 2020, was $15.461 million, a decrease of $8.776 million compared to a net loss of $24.237 million in the same period of 2019[77] - The company expects to incur significant expenses and operating losses for at least the next several years as it continues clinical trials and research and development efforts[56] - The company expects to continue incurring significant operating losses as it advances research and clinical development of product candidates[82] - The company has incurred operating losses since inception and anticipates the need for potential equity or debt financing in the future[83] Revenue and Expenses - Collaboration revenue for the three months ended June 30, 2020, was $0.688 million, an increase of $0.121 million compared to $0.567 million in the same period of 2019[72] - Collaboration revenue for the six months ended June 30, 2020, was $1.779 million, an increase of $1.212 million compared to $0.567 million in the same period of 2019[77] - Research and development expenses for the three months ended June 30, 2020, were $7.096 million, a decrease of $3.070 million from $10.166 million in the same period of 2019[72] - Research and development expenses for the six months ended June 30, 2020, were $11.974 million, a decrease of $8.542 million from $20.516 million in the same period of 2019[77] - General and administrative expenses for the three months ended June 30, 2020, were $3.344 million, an increase of $0.791 million compared to $2.553 million in the same period of 2019[72] - General and administrative expenses for the six months ended June 30, 2020, were $5.122 million, an increase of $0.224 million compared to $4.898 million in the same period of 2019[77] - Total operating expenses for the three months ended June 30, 2020, were $10.440 million, a decrease of $2.279 million from $12.719 million in the same period of 2019[72] - Total operating expenses for the six months ended June 30, 2020, were $17.096 million, a decrease of $8.318 million from $25.414 million in the same period of 2019[77] Cash and Funding - The company raised an aggregate of $185.7 million to fund operations since inception, with $60.0 million received from a securities purchase agreement in July 2020[56] - As of June 30, 2020, the company had cash, cash equivalents, restricted cash, and short-term investments totaling $90.5 million[56] - Net cash provided by operating activities was $44.8 million for the six months ended June 30, 2020, largely due to a $60.0 million upfront payment from AbbVie[88] - Net cash provided by investing activities was $22.2 million during the same period, reflecting net purchases and maturities of short-term investments[91] - Net cash provided by financing activities was $5.0 million for the six months ended June 30, 2020, primarily from the drawdown of the second tranche of the Loan Agreement[92] Research and Development - The company has initiated a Phase 1 dose escalation and expansion study for its lead oncology program ALPN-202, targeting advanced malignancies[54] - ALPN-101, a dual ICOS and CD28 antagonist, is being developed for autoimmune and inflammatory diseases, with a Phase 2 study planned for systemic lupus erythematosus (SLE)[54] - The company plans to maximize the value of its pipeline through potential partnering activities and collaborations[54] - The company is responsible for all costs incurred under the AbbVie development plan until the license option is exercised[59] Future Outlook - The company does not expect to generate product revenue until successful completion of development and commercialization of its product candidates[57] - Future capital requirements are uncertain and will depend on various factors, including the progress of product candidates and collaboration agreements[83] - The company entered into a securities purchase agreement in July 2020, raising $60.0 million through the sale of units to institutional investors[84]