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Endocyte Reports Fourth Quarter And Year End 2012 Financial Results And Business Update

About Endocyte

Endocyte is a biopharmaceutical company developing targeted therapies for the treatment of cancer and other serious diseases. Endocyte uses its proprietary technology to create novel SMDCs and companion imaging diagnostics for personalized targeted therapies. The company's SMDCs actively target receptors that are over-expressed on diseased cells, relative to healthy cells. This targeted approach is designed to enable the treatment of patients with highly active drugs at greater doses, delivered more frequently and over longer periods of time than would be possible with the untargeted drug alone. The companion imaging diagnostics are designed to identify patients whose disease over-expresses the target of the therapy and who are therefore more likely to benefit from treatment.

For additional information, please visit Endocyte's website at www.endocyte.com .

Forward Looking Statements

Certain of the statements made in this press release are forward looking, such as those, among others, relating to the potential regulatory approval and commercial launch of products, the success of the Merck collaboration, the initiation of future clinical trials, the enrollment period for and availability of data from ongoing and future clinical trials, and the company's timeline for seeking regulatory approval to initiate clinical trials for new compounds. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks that the company may experience delays in the completion of its clinical trials (whether caused by competition, adverse events, patient enrollment rates, unavailability of DOXIL or CAELYX, regulatory issues or other factors); risks that data from its clinical trials may not be indicative of subsequent clinical trial results; risks related to the safety and efficacy of the company's product candidates; the goals of its development activities; estimates of the potential markets for its product candidates; estimates of the capacity of manufacturing and other facilities required to support its product candidates; projected cash needs; and expected financial results. More information about the risks and uncertainties faced by Endocyte, Inc. is contained in the company's periodic reports filed with the Securities and Exchange Commission. Endocyte, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Endocyte, Inc.
Statements of Operations
(in thousands, except per share amounts)
(unaudited)
         
  For the Three Months For the Twelve Months
  Ended December 31,   Ended December 31,
  2011 2012 2011 2012
         
Collaboration revenue $191 $14,454 $191 $34,682
Costs and expenses:        
Research and development 7,753 10,518 28,828 35,671
General and administrative 2,862 4,950 10,000 15,054
Total costs and expenses 10,615 15,468 38,828 50,725
Loss from operations (10,424) (1,014) (38,637) (16,043)
         
Interest income 38 191 129 328
Interest expense (351) (1) (1,988) (629)
Other expense, net (17) (25) (36) (948)
Net loss $ (10,754) $ (849) $ (40,532) $ (17,292)
         
Net loss per share – basic and diluted $ (0.30) $ (0.02) $ (1.40) $ (0.48)
         
Weighted average number of common shares used in net loss per share – basic and diluted 35,745,364 35,910,490 29,003,991 35,858,757
 
Endocyte, Inc.
Balance Sheets (in thousands, except per share amount)
     
  As of As of 
  December 31, December 31,
  2011 2012
    (unaudited)
Assets    
Cash, cash equivalents and investments $128,085 $201,378
Other assets 3,590 12,701
Total assets $131,675 $214,079
     
Liabilities and stockholders' equity     
Current liabilities $5,470 $10,478
Deferred revenue, current portion 51,993
Long-term debt, net of current portion 12,833  —
Deferred revenue, net of current portion 51,993
Other liabilities, net of current portion 42
Total stockholders' equity  113,372 99,573
Total liabilities, convertible preferred stock and stockholders' equity  $131,675 $214,079
 
Endocyte, Inc.
Reconciliation of Adjusted Research and Development Expenses
(in thousands, unaudited)
         
  For the Three Months Ended December 31, For the Twelve Months Ended December 31,
         
  2011 2012 2011 2012
Research and development expenses $7,753 $10,518 $28,828 $35,671
Amounts reimbursable by Merck (394) (4,098) (1,681) (11,861)
Adjusted research and development expenses $7,359 $6,420 $27,147 $23,810
CONTACT: Stephanie Ascher, Stern Investor Relations, Inc.,
         (212) 362-1200, stephanie@sternir.com
         Martina Schwarzkopf, Ph.D., Russo Partners,
         (212) 845-4292, martina.schwarzkopf@russopartnersllc.com
         Tony Russo, Ph.D., Russo Partners,
         (212) 845-4251, tony.russo@russopartnersllc.com

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