Company profile

Ticker
ADRO
Exchange
Website
CEO
Stephen T. Isaacs
Employees
Incorporated in
Location
Fiscal year end
Former names
Aduro Biotech
SEC CIK

ADRO stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

7 Nov 19
18 Jan 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Sep 19 Jun 19 Mar 19 Dec 18
Revenue 4.8M 4.89M 3.94M 2.76M
Net income -20.95M -18.58M -23.43M -26.32M
Diluted EPS -0.26 -0.23 -0.29 -0.33
Net profit margin -437% -380% -595% -954%
Operating income -24.54M -20.11M -24.91M -28M
Net change in cash -25.96M -33.55M -13.2M 5.56M
Cash on hand 53.61M 79.56M 113.11M 126.31M
Annual (USD) Dec 18 Dec 17 Dec 16 Dec 15
Revenue 15.09M 17.24M 50.68M 72.98M
Net income -95.36M -91.86M -91.15M -39.21M
Diluted EPS -1.21 -1.26 -1.4 -0.88
Net profit margin -632% -533% -180% -53.73%
Operating income -101.36M -106.45M -71.86M -13.56M
Net change in cash -31.3M 82.68M -75.52M 31M
Cash on hand 126.31M 157.61M 74.93M 150.46M

Financial data from company earnings reports

13F holders
Current Prev Q Change
Total holders 88 94 -6.4%
Opened positions 9 10 -10.0%
Closed positions 15 18 -16.7%
Increased positions 25 41 -39.0%
Reduced positions 30 21 +42.9%
13F shares
Current Prev Q Change
Total value 33.52M 51.75M -35.2%
Total shares 31.87M 33.41M -4.6%
Total puts 1.6K 1.61K -0.4%
Total calls 0 41.72K -100.0%
Total put/call ratio Infinity 0.0 +Infinity%
Largest owners
Shares Value Change
BLK BlackRock 5.3M $5.62M +1.4%
Baillie Gifford & Co 4.13M $4.37M +1.4%
Renaissance Technologies 2.74M $2.9M +51.1%
First Light Asset Management 2.5M $2.65M -31.0%
Vanguard 2.23M $2.36M -11.4%
JPM JPMorgan Chase & Co. 1.46M $1.55M +3.3%
STT State Street 1.29M $1.37M +4.5%
Aqr Capital Management 1.24M $1.31M +76.7%
BVF 1.01M $1.07M NEW
Artal 1M $1.06M 0.0%
Largest transactions
Shares Bought/sold Change
EcoR1 Capital 0 -1.76M EXIT
First Light Asset Management 2.5M -1.12M -31.0%
BVF 1.01M +1.01M NEW
Renaissance Technologies 2.74M +926K +51.1%
Aqr Capital Management 1.24M +538.09K +76.7%
Vanguard 2.23M -287.06K -11.4%
Clearbridge Advisors 0 -221.15K EXIT
GS The Goldman Sachs Group, Inc. 147.15K -212.56K -59.1%
D. E. Shaw & Co. 193.19K +193.19K NEW
Charles Schwab Investment Management 130.4K -175.68K -57.4%

Financial report summary

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Risks
  • Risks Related to Our Business
  • We have incurred net losses in every year since our inception and anticipate that we will continue to incur substantial and increasing net losses in the foreseeable future.
  • We will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed could force us to delay, limit, reduce or terminate our product development or commercialization efforts.
  • Our corporate strategy and reset may not be successful.
  • Our product candidates are based on novel technologies, and the development and regulatory approval pathway for such product candidates is unproven and may never lead to marketable products.
  • Any delay, suspension, termination or request to repeat or redesign a trial could increase our costs and prevent or significantly delay our ability to commercialize our product candidates.
  • Actual or potential conflicts of interest arising from our relationships with investigators could adversely impact the FDA approval process.
  • Our product candidates may cause undesirable side effects or may have other properties that could halt their clinical development, prevent their regulatory approval, limit their commercial potential, if approved, or result in significant negative consequences.
  • The market opportunities for our product candidates may be small or limited to those patients who are ineligible for established therapies or for whom prior therapies have failed.
  • We currently have no marketing and sales organization and have no experience in marketing products. If we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our product candidates, we may not be able to generate product revenue.
  • We face significant competition from other biotechnology and pharmaceutical companies, and our business, financial condition and results of operations will suffer if we fail to compete effectively.
  • We are highly dependent on our key personnel, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • We may need to grow the size of our organization in the future, and we may experience difficulties in managing this growth.
  • Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
  • Even if we obtain regulatory approval of our product candidates, the products may not gain market acceptance among physicians, patients, hospitals and others in the medical community.
  • Risks Related to Our Reliance on Third Parties
  • We have entered into licensing agreements with third parties for certain product candidates and as a result have placed restrictions on our development of certain product candidates for particular indications. We may elect to enter into additional licensing or collaboration agreements to partner our product candidates in territories we currently retain. Our dependence on such relationships may adversely affect our business.
  • We may not realize the benefits of acquisitions or strategic transactions, including our acquisition of Aduro Biotech Europe.
  • Risks Related to Government Regulation
  • The FDA regulatory approval process is lengthy, time-consuming and inherently unpredictable, and we may experience significant delays in the clinical development and regulatory approval of our product candidates or ultimately be unable to obtain regulatory approval for our product candidates, in which case our business will be substantially harmed.
  • Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions.
  • Even if we receive regulatory approval of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense, and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • Coverage and reimbursement may be limited or unavailable in certain market segments for our product candidates, which could make it difficult for us to sell our product candidates profitably.
  • Our product candidates may be subject to government price controls that may affect our revenue.
  • Our current and future relationships with customers and third-party payors in the United States and elsewhere may be subject, directly or indirectly, to applicable anti-kickback, fraud and abuse, false claims, transparency, health information privacy and security and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm, administrative burdens and diminished profits and future earnings.
  • We are subject to governmental regulation and other legal obligations related to privacy, data protection and information security. Compliance with these requirements could result in additional costs and liabilities to us or inhibit our ability to collect and process data, and the failure to comply with such requirements could have a material adverse effect on our business, financial condition or results of operations.
  • Risks Related to Our Intellectual Property
  • If we are unable to protect our intellectual property rights or if our intellectual property rights are inadequate for our technology and product candidates, our competitive position could be harmed.
  • Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could harm our business.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Some jurisdictions may require us to grant licenses to third parties. Such compulsory licenses could be extended to include some of our product candidates, which may limit our potential revenue opportunities.
  • We may become involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and unsuccessful and have a material and adverse effect on our business, financial condition and results of operations.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology and products could be adversely affected.
  • Risks Related to Our Financial Results
  • Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or our guidance.
  • Our ability to use net operating loss carryforwards to offset future taxable income, and our ability to use tax credit carryforwards, may be subject to certain limitations.
  • Impairment of goodwill and other intangible assets may result in significant impairment charges, which would adversely affect our financial condition and results of operations.
  • Risks Related to Ownership of Our Common Stock
  • The price of our common stock may be volatile, and you could lose all or part of your investment.
  • An active trading market for our common stock may not be maintained.
  • We do not intend to pay dividends on our common stock so any returns will be limited to the value of our common stock.
  • Our principal stockholders and management own a significant percentage of our common stock and will be able to exert significant control over matters subject to stockholder approval.
  • Our revenue to date has been primarily derived from research and license agreements, which can result in significant fluctuation in our revenue from period to period, and our past revenue is therefore not necessarily indicative of our future revenue.
  • Sales of a substantial number of shares of our common stock by our existing stockholders in the public market could cause our stock price to fall.
  • Future sales and issuances of our common stock or rights to purchase common stock, including pursuant to our 2015 Plan, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
  • If securities or industry analysts publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
Management Discussion
  • Total revenue was $4.8 million for the three months ended September 30, 2019, an increase of $1.7 million compared to the three months ended September 30, 2018. The increase for the quarter was primarily due to ratable recognition of the upfront milestone payment received under our Lilly collaboration.
  • Research and development expenses allocated to our programs were $15.5 million for the three months ended September 30, 2019, a decrease of $3.2 million compared to the three months ended September 30, 2018. The decrease for the quarter was primarily due to lower costs related to our programs that are winding down partially offset by higher costs as a result of focused spending towards our STING and APRIL programs. The decrease was also attributable to lower stock-based compensation due to reduced headcount as a result of our strategic reset in January 2019.
  • Research and development expenses were $15.5 million for the three months ended September 30, 2019, a decrease of $3.2 million compared to the three months ended September 30, 2018. The decrease for the quarter was primarily due to lower personnel and stock-based compensation expense as a result of our strategic reset in January 2019.
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