Concert Pharmaceuticals
Aug 9, 2016

Concert Pharmaceuticals Reports Second Quarter 2016 Financial Results and Provides Company Update

Conference Call Scheduled Today at 8:30 a.m. EDT

LEXINGTON, Mass.--(BUSINESS WIRE)-- Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today reported financial results for the second quarter of 2016.

"Concert has made significant progress with our pipeline of multiple products, including CTP-656 and CTP-543, both of which we are committed to advancing into efficacy trials in 2017. CTP-656 for cystic fibrosis has demonstrated properties that we believe will be beneficial over the current standard of care. CTP-543 for alopecia areata is following a similar approach of building on the known activity of approved drugs to provide a novel and differentiated treatment for patients," said Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals, Inc. "These drug candidates demonstrate the ability of our DCE Platform® to readily bring new drug candidates into development with the potential to improve patient care, whether competing with the non-deuterated drug in an existing market or meeting an unmet need in a new market."

Recent Business Highlights and Upcoming Milestones

Second Quarter 2016 Financial Results

Conference Call and Webcast

The Company will host a conference call and webcast today at 8:30 a.m. EDT to provide an update on the company and discuss second quarter 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 of Concert's presentation may be accessed in the Investors section of the Company's website at www.concertpharma.com. 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
June 30,

     

Six months ended
June 30,

2016     2015 2016     2015
Revenue:
License and research and development revenue $ 71 $ 3,254 $ 127 $ 4,560
Other revenue     50,155     50,155
Total revenue   71   53,409   127   54,715
Operating expenses:
Research and development 9,816 8,420 20,269 15,364
General and administrative   3,828   3,299   7,405   6,532
Total operating expenses   13,644   11,719   27,674   21,896
(Loss) Income from operations (13,573 ) 41,690 (27,547 ) 32,819
Interest and other income (expense), net   132   (77 )   226   (208 )
(Loss) Income before income taxes (13,441 ) 41,613 (27,321 ) 32,611
Provision for income taxes     567     567
Net (loss) income $ (13,441 ) $ 41,046 $ (27,321 ) $ 32,044
Net (loss) income per share applicable to common stockholders—basic $ (0.60 ) $ 1.89 $ (1.23 ) $ 1.58
Net (loss) income per share applicable to common stockholders—diluted $ (0.60 ) $ 1.80 $ (1.23 ) $ 1.50
Weighted-average number of common shares used in net (loss) income per share applicable to common stockholders—basic   22,217   21,762   22,208   20,252
Weighted-average number of common shares used in net (loss) income per share applicable to common stockholders— diluted   22,217   22,850   22,208   21,355
 
Concert Pharmaceuticals, Inc.
Summary Balance Sheet Data
(in thousands)
      June 30,     December 31,
2016 2015
Cash and cash equivalents $ 53,651 $ 92,510
Investments, available for sale 64,769 49,680
Working capital 113,076 137,481
Total assets 122,631 146,932
Deferred revenue 10,088 10,170
Total stockholders' equity $ 106,183 $ 130,635

- more -

About Concert

Concert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to address unmet patient needs. The Company's approach starts with approved drugs in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert has a broad pipeline of innovative medicines targeting pulmonary diseases, including cystic fibrosis, central nervous systems (CNS) disorders, as well as autoimmune and inflammatory diseases. For more information please visit www.concertpharma.com.

Cautionary Note on Forward Looking Statements

Any statements in this press release about our future expectations, plans and prospects, including statements about our expectations for clinical development of our therapeutic candidates, including CTP-656 and CTP-543, 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, 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 Quarterly Report on Form 10-Q 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
ir@concertpharma.com
or
The Yates Network
Kathryn Morris (media), 845-635-9828

Source: Concert Pharmaceuticals, Inc.

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