UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

July 13, 2020

(Commission File No. 001-38475)

 

ASLAN PHARMACEUTICALS LIMITED

(REG. NO. 289175)

(Translation of registrant’s name into English)

 

CAYMAN ISLANDS

(Jurisdiction of incorporation or organisation)

83 CLEMENCEAU AVENUE

#12-03 UE SQUARE

SINGAPORE 239920

(Address of registrant’s principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

    Yes      No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

    Yes      No  

 

 

 


Announcement of second quarter 2020 financial results and corporate update

 

On July 13, 2020, ASLAN Pharmaceuticals Limited issued a press release announcing financial results for the second quarter ended 30 June 2020 and provided an update on its clinical activities.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Exhibits

Exhibit
Number

 

Exhibit Description

 

 

99.1

 

Press release dated July 13, 2020 regarding 2Q20 financial release and corporate update.

 


 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

 

 

ASLAN PHARMACEUTICALS LIMITED

(Registrant)

 

 

By:

/s/ Kiran Kumar Asarpota

 

Name:

Kiran Kumar Asarpota

Title:

Chief Operating Officer

Date: July 13, 2020

 

 

asln-ex991_6.htm

Exhibit 99.1

PRESS RELEASE

 

 

 

ASLAN PHARMACEUTICALS REPORTS SECOND QUARTER 2020 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Singapore, 13 July 2020 – ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497), a clinical-stage immunology and oncology focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today reported financial results for the second quarter ended 30 June 2020 and provided an update on its clinical activities.

Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “As COVID-19 restrictions gradually lift in Singapore we expect to resume recruitment into our multiple ascending dose (MAD) study of ASLAN004 in early August. With the continuing impact of COVID-19 causing some delays in patient recruitment, we plan to share further data from the trial during the fourth quarter of 2020. We have been proactive in preparing to open new study sites in Australia and the US to ensure we can accelerate recruitment, as well as support our planned global Phase 2b study in atopic dermatitis in 2021.”

Second quarter 2020 and recent business highlights

Clinical development ASLAN004

 

Recruitment paused into randomised, double-blind, placebo-controlled MAD study of ASLAN004 in moderate to severe atopic dermatitis (AD) in April 2020 in response to government restrictions in Singapore to contain the spread of COVID-19.

 

 

To accelerate recruitment, ASLAN has identified several clinical sites in Australia and the US that could join the ongoing MAD study in the third quarter.

 

 

Clinical trial application submitted and regulatory process underway in Australia to initiate recruitment of patients into the ongoing MAD study.

 

 

Preparations underway to file Investigational New Drug application to the US Food and Drug Administration later this month.

 

Varlitinib

 

Two abstracts on varlitinib presented at the American Society of Clinical Oncology (ASCO) virtual congress.

 

Anticipated upcoming milestones for ASLAN004

 

Interim, unblinded data from the 3 dose cohorts (up to 24 patients) expected in 4Q 2020, and initiation of the expansion cohort (an additional 18 patients).

 

 

Completion of MAD clinical trial in moderate-to-severe AD patients in 1H 2021.

 

Initiation of Phase 2b study of ASLAN004 for AD in 2021.

 

 


Second quarter 2020 financial highlights

 

Cash used in operations for the second quarter of 2020 was US$3.0 million compared to US$6.5 million in the same period in 2019.

 

 

Research and development expenses were US$1.9 million in the second quarter of 2020 compared to US$5.3 million in the second quarter of 2019. The decrease was driven by the completion of clinical studies related to varlitinib and lower manufacturing expenses.

 

 

General and administrative expenses were US$1.8 million in the second quarter of 2020 compared to US$1.9 million in the second quarter of 2019. The decrease was primarily due to lower headcount and staffing costs.

 

 

Net loss for the second quarter of 2020 was US$4.0 million compared to a net loss of US$7.9 million for the second quarter of 2019.

 

 

Cash, cash equivalents and short-term investments totaled US$13.8 million as of 30 June 2020 compared to US$22.2 million as of 31 December 2019. Weighted average shares outstanding for the second quarter of 2020 was 190.0 million compared to 160.2 million for the second quarter of 2019. One American Depositary Share is the equivalent of five ordinary shares.

 

 

 


ASLAN Pharmaceuticals Limited CONSOLIDATED BALANCE SHEET1 (in US dollars)

 

 

 

December 31, 2019 (audited)

 

 

June 30, 2020 (unaudited)

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

22,203,031

 

 

$

13,827,444

 

Prepayments

 

 

68,923

 

 

 

295,203

 

     Total current assets

 

 

22,271,954

 

 

 

14,122,647

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

Financial assets at fair value through profit or loss

 

 

68,256

 

 

 

59,002

 

Financial assets at fair value through other comprehensive income

 

 

132,160

 

 

 

57,829

 

Property, plant and equipment

 

 

38,333

 

 

 

22,203

 

Right-of-use assets

 

 

727,866

 

 

 

594,952

 

Intangible assets

 

 

2,845

 

 

888

 

Refundable deposits

 

 

108,076

 

 

 

108,076

 

     Total non-current assets

 

 

1,077,536

 

 

 

842,950

 

TOTAL ASSETS

 

$

23,349,490

 

 

$

14,965,597

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Trade payables

 

$

1,871,843

 

 

$

1,410,546

 

Other payables

 

 

3,246,842

 

 

 

2,684,612

 

Lease liabilities – current

 

 

264,543

 

 

 

274,077

 

     Total current liabilities

 

 

5,383,228

 

 

 

4,369,235

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Financial liabilities at fair value through profit or loss

 

 

262,350

 

 

 

262,350

 

Long-term borrowings

 

 

17,065,305

 

 

 

17,120,010

 

Long-term borrowing from related parties

 

 

566,176

 

 

 

607,661

 

Lease liabilities - non-current

 

 

490,835

 

 

 

351,934

 

Other non-current liabilities

 

 

184,870

 

 

 

253,596

 

     Total non-current liabilities

 

 

18,569,536

 

 

 

18,595,551

 

  Total liabilities

 

 

23,952,764

 

 

 

22,964,786

 

EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

 

 

 

 

 

 

 

 

Ordinary shares

 

 

61,366,844

 

 

 

61,366,844

 

Capital surplus

 

 

116,495,710

 

 

 

116,495,710

 

Accumulated deficits

 

 

(179,484,825)

 

 

 

(186,490,714)

 

Other reserves

 

 

(55,084)

 

 

 

(129,415)

 

     Total equity attributable to stockholders of the Company

 

 

(1,677,355)

 

 

 

(8,757,575)

 

NON-CONTROLLING INTERESTS

 

 

1,074,081

 

 

 

758,386

 

   Total equity

 

 

(603,274)

 

 

 

(7,999,189)

 

TOTAL LIABILITIES AND EQUITY

 

$

23,349,490

 

 

$

14,965,597

 

 

 

 

 


 

 

ASLAN Pharmaceuticals Limited

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)1
(in US dollars, unaudited)

 

 

 

For the Three Months Ended 30 June

 

 

For the Six Months Ended 30 June

 

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

NET REVENUE

 

$

-

 

 

$

-

 

 

$

3,000,000

 

 

$

-

 

COST OF REVENUE

 

 

-

 

 

 

-

 

 

 

(425,000

)

 

 

-

 

GROSS PROFIT

 

 

-

 

 

 

-

 

 

 

2,575,000

 

 

 

-

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

$

(1,885,444

)

 

$

(1,790,880

)

 

 

(4,141,805

)

 

$

(2,788,423

)

Research and development expenses

 

 

(5,288,633

)

 

 

(1,892,559

)

 

 

(9,738,165

)

 

 

(4,247,175

)

Total operating expenses

 

 

(7,174,077

)

 

 

(3,683,439

)

 

 

(13,879,970

)

 

 

(7,035,598

)

LOSS FROM OPERATIONS

 

 

(7,174,077

)

 

 

(3,683,439

)

 

 

(11,304,970

)

 

 

(7,035,598

)

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

75,187

 

 

 

114

 

 

 

144,211

 

 

 

216

 

Other gains and losses

 

 

(157,789

)

 

 

(65,816

)

 

 

(237,344

)

 

 

391,435

 

Finance costs

 

 

(202,206

)

 

 

(338,612

)

 

 

(401,906

)

 

 

(677,637

)

Total non-operating income and expenses

 

 

(284,808

)

 

 

(404,314

)

 

 

(495,039

)

 

 

(285,986

)

LOSS BEFORE INCOME TAX

 

 

(7,458,885

)

 

 

(4,087,753

)

 

 

(11,800,009

)

 

 

(7,321,584

)

INCOME TAX EXPENSE

 

 

(472,082

)

 

 

-

 

 

 

(475,000

)

 

 

-

 

NET LOSS FOR THE PERIOD

 

 

(7,930,967

)

 

 

(4,087,753

)

 

 

(12,275,009

)

 

 

(7,321,584

)

OTHER COMPREHENSIVE LOSS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that will not be reclassified subsequently to profit or loss:

Unrealized loss on investments in equity instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

at fair value through other comprehensive income

 

 

-

 

 

 

(39,324

)

 

 

 

 

 

 

(74,331

)

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

 

$

(7,930,967

)

 

$

(4,127,077

)

 

$

(12,275,009

)

 

$

(7,395,915

)

NET LOSS ATTRIBUTABLE TO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of the Company

 

 

(7,930,967

)

 

 

(3,959,184

)

 

 

(12,275,009

)

 

 

(7,005,889

)

Non-controlling interests

 

 

  -

 

 

 

(128,569

 

 

 

  -

 

 

 

(315,695

)

 

 

 

(7,930,967

)

 

 

(4,087,753

)

 

 

(12,275,009

)

 

 

(7,321,584

)

TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of the Company

 

 

(7,930,967

)

 

 

(3,998,508

)

 

 

(12,275,009

)

 

 

(7,080,220

)

Non-controlling interests

 

 

  -

 

 

 

(128,569

)

 

 

  -

 

 

 

(315,695

)

 

 

 

(7,930,967

)

 

 

(4,127,077

)

 

 

(12,275,009

)

 

 

(7,395,915

)

LOSS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.05

)

 

$

(0.02

)

 

$

(0.08

)

 

$

(0.04

)

Weighed-avg. shares outstanding (in thousands)

 

 

160,249

 

 

 

189,955

 

 

 

160,249

 

 

 

189,955

 

 

1 Financial statements in US dollars are prepared by the company and are unaudited by certified public accountant as of 30 Jun 2020.

Ends

 

 


Media and IR contacts

 

 

Emma Thompson Spurwing Communications Tel: +65 6751 2021

Email: ASLAN@spurwingcomms.com

Robert Uhl Westwicke Partners Tel: +1 858 356 5932

Email: robert.uhl@westwicke.com

 

 

 

About ASLAN Pharmaceuticals

ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497) is a clinical-stage immunology and oncology focused biopharmaceutical company developing innovative treatments to transform the lives of patients. Led by a senior management team with extensive experience in global development and commercialisation, ASLAN has a clinical portfolio comprised of a first in class monoclonal therapy, ASLAN004, that is being developed in atopic dermatitis and other immunology indications, and a small molecule inhibitor targeting oncology. ASLAN’s partners include Almirall, Array BioPharma, Bristol-Myers Squibb, and CSL. For additional information please visit  www.aslanpharma.com.

 

 

Forward looking statements

This release and the accompanying financial information, if any, contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of ASLAN Pharmaceuticals Limited and/or its affiliates (the "Company"). These forward-looking statements may include, but are not limited to, statements regarding the Company’s business strategy, the Company’s plans to develop and commercialise its product candidates, the safety and efficacy of the Company’s product candidates, the Company’s plans and expected timing with respect to regulatory filings and approvals, and the size and growth potential of the markets for the Company’s product candidates. The Company’s estimates, projections and other forward-looking statements are based on management's current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation the risk factors described in the Company’s US Securities and Exchange Commission filings and reports (Commission File No. 001-38475), including the Company’s prospectus dated May 8, 2018 filed with the US Securities and Exchange Commission on such date and its 20-F filed April 16, 2020.

 

All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement.