Kite Pharmaceuticals, Inc.
May 8, 2017
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Kite Reports First Quarter Financial Results

SANTA MONICA, Calif.--(BUSINESS WIRE)-- Kite Pharma, Inc. (NASDAQ:KITE), a cell therapy company, today reported first quarter 2017 financial results and provided a corporate update for the period ended March 31, 2017.

"Kite is intensely focused on bringing axicabtagene ciloleucel to market in 2017. Our preparation for the potential commercialization of the first CAR-T therapy in aggressive non-Hodgkin lymphoma began two years ago. With the team and infrastructure we now have in place, we are confident in our readiness to deliver upon potential approval in the U.S. and expect to file for approval in Europe in the third quarter of this year," said Arie Belldegrun, M.D., FACS, Chairman, President, and Chief Executive Officer of Kite. "We are also keeping an eye toward future growth with additional indications across the KTE-C19 program and development of earlier stage product candidates, including KITE-585, which we believe has the potential to become the next significant opportunity for Kite."

First Quarter 2017 Financial Results

2017 Financial Guidance

First Quarter 2017 and Recent Highlights

Axicabtagene Ciloleucel/KTE-C19 Progress

Strategic Collaborations

Pipeline Expansion

Commercial Preparation

Additional 2017 Clinical Milestones

KTE-C19 and axicabtagene ciloleucel

Cell Therapy Pipeline

About Kite

Kite is a biopharmaceutical company engaged in the development of innovative cancer immunotherapies with a goal of providing rapid, long-term durable response and eliminating the burden of chronic care. The company is focused on chimeric antigen receptor (CAR) and T cell receptor (TCR) engineered cell therapies designed to empower the immune system's ability to recognize and kill tumors. Kite is based in Santa Monica, CA. For more information on Kite, please visit www.kitepharma.com. Sign up to follow @KitePharma on Twitter at www.twitter.com/kitepharma.

Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The press release may, in some cases, use terms such as "predicts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "expected," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the ability and timing of obtaining regulatory approval based on the studies of axicabtagene ciloleucel, commercially launching axicabtagene ciloleucel, submitting an MAA to the EMA for axicabtagene ciloleucel, and researching and developing additional product candidates, including KITE-718 and KITE-585, and meeting the additional 2017 clinical milestones, and Kite's 2017 financial guidance. Various factors may cause differences between Kite's expectations and actual results as discussed in greater detail in Kite's filings with the Securities and Exchange Commission, including without limitation in its Form 10-Q for the quarter ended March 31, 2017. Any forward-looking statements that are made in this press release speak only as of the date of this press release. Kite assumes no obligation to update the forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Conference Call and Webcast Details

Kite will host a live conference call and webcast today at 5:30 AM Pacific Time (8:30 AM Eastern Time) to discuss financial results and provide a business update. To access the live conference call by telephone, please dial 888-771-4371 (U.S.) or 847-585-4405 (International). The conference ID number for the live call is 44658201. The webcast will be made available on the Company's website at www.kitepharma.com under the Investors tab in the Events and Presentations section. Following the live audio webcast, a replay will be available on the Company's website for approximately 30 days.

       
KITE PHARMA, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 

MARCH 31, 2017
(unaudited)

DECEMBER 31,
2016

ASSETS
Current assets
Cash, cash equivalents, and marketable securities $ 804,028 $ 414,422
Prepaid expenses and other current assets   15,200   12,974
Total current assets 819,228 427,396
Restricted cash and investments 17,883 10,669
Property and equipment, net 46,241 44,409
Intangible assets and goodwill, net 30,873 31,398
Other assets   9,518   10,432
Total assets $ 923,743 $ 524,304
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 13,214 $ 10,660
Accrued expenses and other current liabilities 26,492 29,482
Deferred revenue   39,886   15,000
Total current liabilities 79,592 55,142
Deferred revenue, less current portion 38,177 19,779
Contingent consideration 14,575 14,218
Other non-current liabilities   11,301   7,195
Total liabilities 143,645 96,334
Total stockholders' equity   780,098   427,970
Total liabilities and stockholders' equity $ 923,743 $ 524,304
   
KITE PHARMA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
 

THREE MONTHS ENDED
MARCH 31,

2017

2016
Revenues $ 9,836 $ 5,127
Operating expenses:
Research and development 65,906 34,414
General and administrative   35,842     16,683  
Total operating expenses   101,748     51,097  
Loss from operations (91,912 ) (45,970 )
Interest income 1,028 816
Interest expense (4 ) -
Other income (expense)   428     29  
Loss before income taxes (90,460 ) (45,125 )
Benefit from income taxes   61     1,209  
Net loss $ (90,399 ) $ (43,916 )
Net loss per share, basic and diluted $ (1.74 ) $ (0.90 )
Weighted-average shares outstanding, basic and diluted   51,840     48,832  

Note Regarding Use of Non-GAAP Financial Measures

Kite provides non-GAAP net loss and non-GAAP net loss per share that include adjustments to U.S. Generally Accepted Accounting Principles (GAAP) figures. These adjustments to GAAP net loss exclude non-cash stock-based compensation expense. Kite believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Kite's financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of Kite's operating results. In addition, these non-GAAP financial measures are among the indicators Kite's management uses for planning purposes and measuring Kite's performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by Kite may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer below for a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures.

   
KITE PHARMA, INC.
Reconciliation of GAAP to Non-GAAP Net Loss
(In thousands, except per share amounts)
(unaudited)
 

THREE MONTHS ENDED
MARCH 31,

2017 2016
Net loss - GAAP $ (90,399) $ (43,916)
Adjustments:
Non-cash stock-based compensation expense 24,076 14,864
Net loss - Non-GAAP $ (66,323) $ (29,052)
 
Net loss per share, basic and diluted - GAAP $ (1.74) $ (0.90)
Adjustments:
Non-cash stock-based compensation expense per share 0.46 0.30
Net loss per share, basic and diluted - Non-GAAP $ (1.28) $ (0.60)
Weighted average common shares outstanding, basic and diluted 51,840 48,832

Kite Pharma, Inc.
Christine Cassiano
SVP, Corporate Communications & Investor Relations
ccassiano@kitepharma.com
Greg Mann
VP, Investor Relations
gmann@kitepharma.com

Source: Kite Pharma, Inc.

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