Exhibit 99.1
Sienna Biopharmaceuticals Reports First Quarter 2019 Financial Results
— Company Completed PositiveEnd-of-Phase 2 Meeting with FDA forSNA-120 in Psoriasis
WESTLAKE VILLAGE, Calif., May 8, 2019 –Sienna Biopharmaceuticals, Inc. (Nasdaq:SNNA) today reported the Company’s financial results for the first quarter of 2019.
“We are pleased to report the results of our first quarter,” said Frederick C. Beddingfield III, M.D., Ph.D., President and Chief Executive Officer of Sienna. “We completed a positiveEnd-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) forSNA-120 (pegcantratinib) in psoriasis, and the FDA has agreed with us regarding the general Phase 3 study design, including the primary endpoint, the Investigator Global Assessment (IGA)2-grade composite, which has been the Phase 3 primary endpoint for recent topical psoriasis drugs approved by the FDA and on which we demonstrated clinically meaningful and statistically significant improvement in our recent Phase 2b clinical trial. We continue to work enthusiastically toward enrolling the first patient in ourSNA-120 Phase 3 program later this year.”
Selected Financial Results
Total operating expenses for the three months ended Mar. 31, 2019 were approximately $15.8 million, which includes research and development (R&D) expenses totaling approximately $7.1 million and general and administrative (G&A) expenses totaling approximately $8.7 million. Total operating expenses for the three months ended Mar. 31, 2018 were approximately $18.5 million, which included R&D expenses totaling approximately $13.0 million and G&A expenses totaling approximately $5.5 million. The year-over-year decrease in R&D expenses was due primarily to decreased development costs related to clinical trials forSNA-120 andSNA-001 and decreased manufacturing costs. The year-over-year increase in G&A expenses was due primarily to a $3.1 million increase in thenon-cash expense related to the fair value of the contingent consideration liability associated with the Company’s acquisition of Creabilis plc in December 2016. Operating expenses for the three months ended Mar. 31, 2019 also included aone-time expense of $0.8 million related to cash severance payments associated with the January 2019 restructuring.
Cash burn during the three months ended Mar. 31, 2019 was approximately $12.8 million. Sienna’s cash and cash equivalents as of Mar. 31, 2019 totaled approximately $57.2 million, which includes the $21.4 million in net proceeds from the Company’s February 2019follow-on public offering.
