Item 2.02 Results of Operations and Financial Condition.
On January 29, 2020, Spring Bank Pharmaceuticals, Inc. (the "Company") issued a
press release announcing the discontinuation of the development of inarigivir
soproxil, which was in Phase 2 development for the treatment of chronic
hepatitis B virus (HBV). The Company also announced that its unaudited cash
balance as of December 31, 2019 was $54.5 million, which, as a result of the
elimination of costs related to its HBV program, the Company believes will fund
the Company's new operating plan into late 2022.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
The information set forth in this Item 2.02 of the Current Report on Form 8-K
and in Exhibit 99.1 regarding the Company's unaudited cash balance as of
December 31, 2019 is furnished and shall not be deemed to be "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or otherwise subject to the liabilities of that section.
Further, this information shall not be incorporated by reference into any filing
under the Securities Act of 1933, as amended, or under the Exchange Act, whether
made before or after the date of this Current Report, regardless of any general
incorporation language in the filing.
Item 8.01 Other Events.
The information set forth in Item 2.02 with respect to the Company's decision to
discontinue the development of its HBV program, including the press release
attached hereto as Exhibit 99.1 but excluding the Company's unaudited cash
balance as of December 31, 2019, is incorporated herein by reference.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995, as amended,
about Spring Bank's future expectations, plans and prospects. The words
"believe," "expect," "will," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain
these identifying words. Any forward-looking statements in this Current Report
on Form 8-K are based on management's current expectations and beliefs and are
subject to a number of risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed or implied by
any forward-looking statements contained in this Current Report on Form 8-K,
including, without limitation, risks and uncertainties related to: the Company's
ability to successfully demonstrate the safety and efficacy of its product
candidates; any delay of any current or planned non-clinical or clinical trials
or the development of any product candidate; whether the Company's product
candidates will advance through the clinical trial process on a timely basis, or
at all; whether the Company's cash resources will be sufficient to fund its
continuing operations for the periods and/or trials anticipated; whether the
results of such trials will warrant submission for approval from the United
States Food and Drug Administration or equivalent foreign regulatory agencies;
whether Spring Bank's product candidates will receive approval from regulatory
agencies on a timely basis or at all; whether, if product candidates obtain
approval, they will be successfully distributed and marketed; and other factors
discussed in the "Risk Factors" section of Spring Bank's Annual Report on Form
10-K for the year ended December 31, 2018, which was filed with the Securities
and Exchange Commission (SEC) on March 11, 2019 and in other filings the Company
makes with the SEC from time to time. In addition, the forward-looking
statements included in this Current Report on Form 8-K represent the Company's
views as of the date hereof. The Company anticipates that subsequent events and
developments will cause its views to change. However, while the Company may
elect to update these forward-looking statements at some point in the future,
the Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the
Company's views as of any date after the date hereof.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release of the Company, dated January 29, 2020.
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