\nBELLUS Health Inc. (Nasdaq:BLU; TSX:BLU) (\u201cBELLUS Health\u201d or the \u201cCompany\u201d), a clinical-stage biopharmaceutical company working to better the lives of patients suffering from persistent cough, starting with the development of camlipixant (BLU-5937) for the treatment of refractory chronic cough (\u201cRCC\u201d), today reported its financial and operating results for the quarter ended March 31, 2023.<\/p>\n
\n\u201cOur merger agreement with GSK underscores our corporate and clinical achievements to date and marks the start of a new chapter for our potentially best-in-class P2X3 receptor antagonist, camlipixant,\u201d commented Roberto Bellini, President and Chief Executive Officer of BELLUS Health. \u201cWe are confident that GSK\u2019s resources and focused expertise in the development and commercialization of respiratory therapies will help us to achieve our mission of bettering the lives of patients suffering from persistent cough. As we work to close this transaction with GSK, we remain committed to advancing our CALM Phase 3 program and are on track to report topline data from CALM-1 in the second half of 2024 and CALM-2 in 2025.\u201d<\/p>\n
PROGRAM AND CORPORATE HIGHLIGHTS<\/b><\/p>\n
GSK to acquire BELLUS Health.<\/b><\/p>\n Actively advancing the CALM Phase 3 clinical program (CALM-1 and CALM-2 trials) for camlipixant (BLU-5937) in RCC, with patient enrollment ongoing.<\/b><\/p>\n Pursuing development of its P2X3 receptor pipeline.<\/b><\/p>\n Presenting at the upcoming American Thoracic Society (\u201cATS\u201d) 2023 International Conference, being held in Washington, DC from May 19-24, 2023.<\/b><\/p>\n Presented at the American Academy of Allergy, Asthma & Immunology (\u201cAAAAI\u201d) Annual Meeting and at the American Society of Clinical Pharmacology & Therapeutics (\u201cASCPT\u201d) 2023 Annual Meeting.<\/b><\/p>\n FINANCIAL RESULTS<\/b><\/p>\n Cash Position:<\/b> As of March 31, 2023, the Company had available cash, cash equivalents and short-term investments totaling US$313.0 million, compared to US$337.1 million as of December 31, 2022. The net decrease for the three-month period ended March 31, 2023 is primarily attributable to funds used to finance the Company\u2019s operating activities, mainly the research and development activities associated with its product candidate camlipixant (BLU-5937).<\/p>\n Net Loss:<\/b> For the quarter ended March 31, 2023, net loss amounted to US$25.1 million (US$0.20 per share), compared to US$14.4 million (US$0.13 per share) for the same period in 2022.<\/p>\n Research and Development Expenses:<\/b> Research and development expenses, net of research tax credits, amounted to US$22.3 million for the quarter ended March 31, 2023, compared to US$11.3 million for the same period in 2022, a US$11.0 million or 98% year over year increase. The increase is primarily attributable to higher external R&D spend incurred for the development of camlipixant, mainly for activities in relation to the Company\u2019s CALM Phase 3 clinical program, which was initiated in the fourth quarter of 2022. The increase is also due to higher stock-based compensation expense in relation to the Company\u2019s stock option plan and higher workforce expenses due to an increase in headcount to support the development of camlipixant.<\/p>\n General and Administrative (\u201cG&A\u201d) Expenses:<\/b> General and administrative expenses amounted to US$5.4 million for the quarter ended March 31, 2023, compared to US$4.1 million for the same period in 2022, a US$1.3 million or 33% year over year increase. The increase is mainly attributable to higher external G&A expenses, as well as to higher stock-based compensation expense in relation to the Company\u2019s stock option plan.<\/p>\n Net Finance Income:<\/b> Net finance income amounted to US$2.7 million for the quarter ended March 31, 2023, compared to US$1.0 million for the same period in 2022. The increase in net finance income is mainly attributable to higher interest income due to the increased cash, cash equivalents and short-term investments position following the July 2022 Offering and the increase in interest rates, offset in part by a lower foreign exchange gain in the current period resulting from the conversion in U.S. dollars of the Company\u2019s net monetary assets denominated in Canadian dollars.<\/p>\n SUMMARY OF FINANCIAL RESULTS<\/b><\/p>\n\n
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