Concert Pharmaceuticals
Mar 1, 2016

Concert Pharmaceuticals Reports Fourth Quarter and Year Ended 2015 Financial Results

- Focus on Clinical Program Advancement in 2016 -

- CTP-656 Solid Dose Phase 1 Results Confirmed Superior Pharmacokinetic Profile to Kalydeco® -

- Conference Call Scheduled Today at 8:30 a.m. ET -

LEXINGTON, Mass.--(BUSINESS WIRE)-- Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today reported financial results for the fourth quarter and year ended December 31, 2015 and provided an update on its product pipeline and corporate activities.

"During the past year, there has been significant progress across our diversified portfolio of deuterium-modified drug candidates. Concert's resources are focused on rapidly developing our proprietary pipeline, most notably CTP-656 as a once-daily potentiator for treating cystic fibrosis," said Roger Tung, Ph.D. President and Chief Executive Officer of Concert Pharmaceuticals. "Within our collaborations, we are pleased to see continued progress by Avanir Pharmaceuticals with AVP-786, which is advancing in multiple Phase 2 and Phase 3 studies for major neurologic and psychiatric diseases that represent blockbuster market opportunities."

Recent Business Highlights and Upcoming Milestones

Full Year 2015 Financial Results

Conference Call and Webcast

The Company will host a conference call and webcast today at 8:30 a.m. ET to provide an update on the Company and discuss full year 2015 financial results. To access the conference call, please dial (855) 354-1855 (U.S. and Canada) or (484) 365-2865 (International) five minutes prior to the start time.

A live webcast may be accessed in the Investors section of the company's website at Please log on to the Concert website approximately 15 minutes prior to the scheduled webcast to ensure adequate time for any software downloads that may be required. A replay of the webcast will be available on Concert's website for three months.

- Financial Tables to Follow -

Concert Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

Three Months
Ended December 31,

Twelve Months Ended
December 31,

2015       2014 2015       2014
License and research and development revenue $ 305 $ 1,310 $ 6,574 $ 6,576
Other revenue 50,155
Milestone revenue 10,000     10,000   2,000  
Total revenue 10,305   1,310   66,729   8,576  
Operating expenses:
Research and development 6,386 7,068 28,885 27,474
General and administrative 3,256   2,987   13,056   11,700  
Total operating expenses 9,642   10,055   41,941   39,174  
Income (Loss) from operations 663 (8,745 ) 24,788 (30,598 )
Interest and other income (expense), net 44   (182 ) (185 ) (1,101 )
Income (Loss) before income taxes 707 (8,927 ) 24,603 (31,699 )
Provision for income taxes 23     429    
Net income (loss) $ 684   $ (8,927 ) $ 24,174   $ (31,699 )
Accretion on redeemable convertible preferred stock       (55 )
Net income (loss) applicable to common stockholders $ 684   $ (8,927 ) $ 24,174   $ (31,754 )
Net income (loss) per share applicable to common stockholders—basic $ 0.03   $ (0.49 ) $ 1.14   $ (2.00 )
Net income (loss) per share applicable to common stockholders—diluted $ 0.03   $ (0.49 ) $ 1.09   $ (2.00 )
Weighted-average number of common shares used in net income (loss) per share applicable to common stockholders—basic 22,123 18,202 21,152 15,842
Weighted-average number of common shares used in net income (loss) per share applicable to common stockholders— diluted 23,302 18,202 22,267 15,842
Concert Pharmaceuticals, Inc.
Summary Balance Sheet Data
(in thousands)

December 31,

December 31,

Cash and cash equivalents $ 92,510 $ 13,396
Investments, available for sale 49,680 65,836
Working capital 137,481 63,102
Total assets 146,932 84,454
Deferred revenue 10,170 15,821
Loan payable, net of discount 7,101
Total stockholders' equity $ 130,635 $ 54,825

About Concert

Concert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel small molecule drugs. This approach starts with approved drugs, advanced clinical candidates or previously studied compounds that have the potential to be improved with deuterium substitution to enhance clinical safety, tolerability and efficacy. The Company is developing a broad pipeline targeting CNS disorders, genetic diseases and inflammatory diseases. For more information, please visit

Cautionary Note on Forward Looking Statements

Any statements in this press release about our future expectations, plans and prospects, including statements about clinical development of our therapeutic candidates and expectations regarding the sufficiency of our cash balance to fund operating expenses and capital expenditures, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and in other filings that we make with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update any forward-looking statements included in this press release.

Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.

Kalydeco is a registered trademark of Vertex Pharmaceuticals, Inc.

Concert Pharmaceuticals, Inc.
Justine Koenigsberg (investors), 781-674-5284
The Yates Network
Kathryn Morris (media), 845-635-9828

Source: Concert Pharmaceuticals, Inc.

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