Immune Design
Mar 31, 2015

Immune Design Reports Fourth Quarter and Full Year 2014 Financial Results and Provides Corporate Update

SEATTLE and SOUTH SAN FRANCISCO, Calif., March 31, 2015 (GLOBE NEWSWIRE) -- Immune Design Corp. (Nasdaq:IMDZ), a clinical-stage immunotherapy company, today reported financial results and provided a corporate update for the fourth quarter and full year ending December 31, 2014.

"2014 was a transformational year for Immune Design: initiating the clinical development of the company's two in vivo immuno-oncology approaches to fighting cancer; the progress of our partner's programs outside of oncology; and the validation of both new partnerships and the public investors behind our successful IPO," said Carlos V. Paya, M.D., Ph.D., president and chief executive officer of Immune Design.

Fourth Quarter and Full Year 2014 Highlights and Corporate Update

Immuno-oncology Clinical Development

Fourth Quarter and Full Year 2014 Financial Highlights

Cash Guidance

Immune Design expects full-year 2015 net cash used in operating activities to be between $33.0 and $37.0 million, and estimates ending 2015 with between $38.0 and $42.0 million in cash and cash equivalents. Immune Design expects to have cash to fund operations into early 2017 without entering into any additional collaboration agreements.

Conference Call Information

Immune Design will host a conference call and live audio webcast this afternoon at 1:30 p.m. PDT/4:30 p.m. EDT to provide a corporate update and discuss its financial results. To participate in the conference call, please dial (844) 831-3023 for domestic callers or (920) 663-6275 for international callers and refer to conference ID 11929185. To access the live webcast, please visit the "Events & Presentations" page under the "Investors" tab on Immune Design's website at www.immunedesign.com.  

An archived copy of the webcast will be available on Immune Design's website beginning approximately two hours after the conference call. Immune Design will maintain an archived replay of the webcast on its website for at least 30 days after the conference call.

About Immune Design

Immune Design is a clinical-stage immunotherapy company employing next-generation in vivo approaches to enable the body's immune system to fight disease. The company's technologies are engineered to activate the immune system's natural ability to generate and/or expand antigen-specific cytotoxic T cells, while enhancing other immune effectors, to fight cancer and other chronic diseases. CMB305 and G100, the foci of Immune Design's on-going immuno-oncology clinical programs, are the product of its two synergistic discovery platforms: ZVexTM and GLAASTM. Immune Design has offices in Seattle and South San Francisco. For more information, visit www.immunedesign.com.

Cautionary Note on Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Immune Design's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about (i) the timing of initiation, progress and scope of clinical trials for Immune Design's product candidates, (ii) the reporting of clinical data regarding Immune Design's product candidates, (iii) Immune Design's full-year 2015 net cash used in operating activities; (iv) the amount of Immune Design's cash and cash equivalents at the end of 2015; and (v) the period during which Immune Design expects to be able to fund operations. Many factors may cause differences between current expectations and actual results including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrolment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of Immune Design's collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes. Other factors that may cause Immune Design's actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Immune Design's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein. Except as required by law, Immune Design assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

 
Immune Design
Selected Balance Sheet Data
(In Thousands)
     
 December 31,December 31,
 20142013
   
Cash and cash equivalents  $ 75,354  $ 30,387
Total assets   78,383   30,965
Total Current liabilities   11,947   1,975
Convertible preferred stock  --   81,394
Total stockholders' equity (deficit)   66,346   (55,834)
 
 
Statements of Operation Data
(In Thousands Except Per Share Amounts)
         
 For the Three Months Ended
 December 31,
For the Year Ended
 December 31,
 2014201320142013
         
Revenues:        
Licensing revenue $ -- $ 12 $ 4,500 $ 729
Product sales 748 12 881 870
Other, net 1,052 -- 1,052 --
Total revenues 1,800 24 6,433 1,599
Operating expenses:        
Cost of product sales 575 137 638 669
Research and development 8,797 2,735 22,746 11,554
General and administrative 5,549 1,606 12,927 4,433
Total operating expenses 14,921 4,478 36,311 16,656
Loss from operations (13,121) (4,454) (29,878) (15,057)
Interest and other income (expense) 1 3 4 37
Change in fair value of convertible preferred stock warrant liability -- (955) (4,277) (955)
Net loss attributable to common stockholders $ (13,120) $ (5,406) $ (34,151) $ (15,975)
Basic and diluted net loss per share attributable to common stockholders $ (0.78) $ (14.71) $ (4.56) $ (43.48)
Weighted-average shares used to compute basic and diluted net loss per share attributable to common stockholders 16,878,602 369,460 7,494,790 367,437
         
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