Dicerna Pharmaceuticals, Inc. (NASDAQ:DRNA) Q4 2018 Earnings Conference Call Transcript
Mar 11, 2019 • 04:30 pm ET
Good day, ladies and gentlemen, and welcome to the Dicerna Pharmaceuticals Fourth Quarter and Year Ended 2018 Conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to Rebecca Peterson, Head of Corporate Communications. Ma'am, you may begin.
Thank you. Good afternoon and welcome to Dicerna's conference call to discuss the Company's fourth quarter and year ended December 31, 2018 financial and operating results. For anyone who has not had a chance to review our results, we issued a press release after the close of trading today which is available under the Investor and Media Tab on our website at www.dicerna.com. You may also listen to this conference call via webcast on our website which will be archived for 30 days beginning approximately two hours after the call has completed. I'd like to remind the listeners today that management undertakes no obligation to revise forward-looking statements on today's call, including for example expected timelines and plans for the development of DCR-PHXC, DCR-HBVS, Dicerna's undisclosed rare disease program and other pipeline programs. Expectations contemplated today related to collaborations with Lilly, Alexion and Boehringer Ingelheim, expectations for discussions and possible opportunities with potential partners and collaborators and guidance regarding cash usage.
Actual results may differ materially from those contemplated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of Dicerna's most current forms filed with the SEC. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so if our views change.
Now, I'd like to turn over the call to Doug Fambrough, Dicerna's President and Chief Executive Officer.
Douglas M. Fambrough
Thank you, Rebecca. Good afternoon and thanks to all of you joining us on this call. With me today are Jack Green, our Chief Financial Officer and Ralf Rosskamp, our Chief Medical Officer.
2018 was truly a milestone year for Dicerna, during which time I'm pleased to say we met each of our key strategic objectives and demonstrated our ability to continue to move our pipeline forward on plan, including promising Phase 1 data and our primary hyperoxaluria program that enables our plan to move directly to a pivotal trial.
From an operational perspective, as most of you know, we raised $115 million and a successful follow-on offering in September and solidified two new substantial collaborations based on our GalXC platform with Eli Lilly and Alexion Pharmaceuticals that yielded Dicerna $237 million in upfront cash payments and equity investments, excluding future milestones and royalties.
In addition, Boehringer Ingelheim exercised its option for a second hepatic target under our existing collaboration, triggering a $5 million payment during the current quarter. We began 2019 with a cash balance of nearly $400 million. The strength in our balance sheet