Manning & Napier, Inc. Reports October 31, 2020 Assets Under Management

PR Newswire

FAIRPORT, N.Y., Nov. 11, 2020 /PRNewswire/ — Manning & Napier, Inc. (NYSE: MN), (“Manning & Napier” or “the Company”) today reported preliminary assets under management (“AUM”) as of October 31, 2020 of $18.5 billion compared with $19.2 billion at September 30, 2020.  AUM by investment vehicle and by portfolio are set forth in the table below.


Assets Under Management

(in millions)


October 31,
2020


September 30,
2020


By investment vehicle:

Separate accounts

$

13,317.5

$

13,626.7

Mutual funds and collective investment trusts

5,138.2

5,618.4


Total


$


18,455.7


$


19,245.1


By portfolio:

Blended Asset

$

12,732.4

$

13,367.7

Equity

4,729.3

4,872.6

Fixed Income

994.0

1,004.8


Total


$


18,455.7


$


19,245.1

About Manning & Napier, Inc.
Manning & Napier (NYSE: MN) provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement our investment process. Founded in 1970, we offer equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. We serve a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, our relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. We are headquartered in Fairport, NY.

Safe Harbor Statement
This press release and other statements that the Company may make may contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the Company’s current views with respect to, among other things, its operations and financial performance. Words like “believes,” “expects,” “may,” “estimates,” “will,” “should,” “intends,” “plans,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, are used to identify forward-looking statements, although not all forward-looking statements contain these words. Although the Company believes that it is basing its expectations and beliefs on reasonable assumptions within the bounds of what it currently knows about its business and operations, there can be no assurance that its actual results will not differ materially from what the Company expects or believes. Some of the factors that could cause the Company’s actual results to differ from its expectations or beliefs include, without limitation: changes in securities or financial markets or general economic conditions; a decline in the performance of the Company’s products; client sales and redemption activity; changes of government policy or regulations; and other risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission.

Contacts

Investor Relations Contact

Sean Silva

Prosek Partners
646-818-9122
[email protected]

Public Relations Contact

Nicole Kingsley Brunner

Manning & Napier, Inc.
585-325-6880
[email protected]

 

Cision View original content:http://www.prnewswire.com/news-releases/manning–napier-inc-reports-october-31-2020-assets-under-management-301171309.html

SOURCE Manning & Napier, Inc.

Heron Therapeutics to Present at Several Upcoming Virtual Investor Conferences

PR Newswire

SAN DIEGO, Nov. 11, 2020 /PRNewswire/ — Heron Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments to address some of the most important unmet patient needs, today announced that Barry Quart, Pharm.D., Chairman and Chief Executive Officer of Heron Therapeutics, will present at the following virtual investor conferences:

  • Stifel 2020 Virtual Healthcare Conference: Tuesday, November 17, 2020 at 3:20 pm ET
  • Jefferies Virtual London Healthcare Conference: Thursday, November 19, 2020 at 1:30 pm GMT
  • 3rd Annual Evercore ISI HealthCONx Conference: Tuesday, December 1, 2020 at 4:20 pm ET

A live webcast of each presentation will be available on the Company’s website at www.herontx.com in the Investor Resources section. A replay of each presentation will be archived on the site for 60 days.

About Heron Therapeutics, Inc.
Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments to address some of the most important unmet patient needs. Heron is developing novel, patient-focused solutions that apply its innovative science and technologies to already-approved pharmacological agents for patients suffering from pain or cancer. For more information, visit www.herontx.com.

Forward-Looking Statements 
This news release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Heron cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements reflect our analysis only on their stated date, and Heron takes no obligation to update or revise these statements except as may be required by law.

Investor Relations and Media Contact:

David Szekeres

Executive Vice President, Chief Operating Officer
Heron Therapeutics, Inc.
[email protected] 
858-251-4447

Cision View original content:http://www.prnewswire.com/news-releases/heron-therapeutics-to-present-at-several-upcoming-virtual-investor-conferences-301171239.html

SOURCE Heron Therapeutics, Inc.

PDS Biotechnology Reports Financial Results for the Third Quarter 2020 and Provides Business Update

FLORHAM PARK, N.J., Nov. 11, 2020 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company’s proprietary Versamune® T-cell activating technology, today announced its financial results for the third quarter ended September 30, 2020 and provided a business update.

Third Quarter 2020 and Recent Business Highlights

  • Successfully raised approximately $19 million via a public offering of common stock.
  • Initiated VERSATILE-002, a Phase 2 trial of PDS0101, our investigational drug candidate, in combination with standard of care KEYTRUDA® for first-line treatment of patients with metastatic or recurrent HPV-positive head and neck cancer.
  • Initiated a Phase 2 study of PDS0101 in combination with standard of care chemoradiotherapy at the MD Anderson Cancer Center for treatment of locally advanced cervical cancer.
  • Continued development of PDS0103 in partnership with the National Cancer Institute.
  • Advanced co-development program with Farmacore with plans to move the PDS0203 COVID-19 vaccine into clinical development with the support of the Brazilian government.
  • Expanded Board of Directors with appointment of preeminent oncologist, Otis Brawley, M.D.

“As a result of our team’s dedicated efforts during the third quarter and our clinical partnerships with leading institutions in immuno-oncology, today PDS0101 is being evaluated in three phase 2 clinical trials for multiple HPV-associated cancers,” commented Dr. Frank Bedu-Addo, President and Chief Executive Officer of PDS Biotechnology. “Furthermore, the successful equity raise we completed in August strengthened our balance sheet, ensuring we can continue to progress the clinical development of our oncology programs as well as expand both our oncology and infectious disease programs despite the challenges posed by the COVID-19 pandemic.”

Third
Quarter 2020 Financial Review

For the third quarter of 2020, net loss was approximately $3.9 million, or $0.23 per basic share and diluted share, compared to a net loss of approximately $5.8 million, or $1.10 per basic share and diluted share for the third quarter of 2019.

Research and development expenses totaled approximately $2.1 million for the third quarter of 2020, compared to approximately $1.8 million for the same period in 2019, an increase of 12%. The increase was primarily attributable to an increase of $0.1 million in technical operations (manufacturing) and $0.3 million in clinical studies, offset by a decrease of $0.1 million in professional fees and $0.1 million in regulatory expenses.

For the third quarter of 2020, general and administrative expenses were approximately $1.8 million compared with approximately $3.0 million during the third quarter of 2019, a decrease of 40%. The decrease was primarily attributable to a decrease of $0.2 million in salary and benefits, $0.1 million in facilities and office expense, $0.3 million in insurance expense, $0.6 million in professional fees, and $0.1 million in legal fees offset by an increase of $0.1 million in licenses, taxes and fees.

Total operating expenses for the third quarter of 2020 were approximately $3.9 million, compared to total operating expenses of approximately $5.8 million during the same period of 2019, a decrease of 33%.

As of September 30, 2020, the Company’s cash balance was approximately $33.5 million.

Conference Call and Webcast

The conference call is scheduled to begin at 8:00 am ET on Thursday, November 12, 2020. Participants should dial 877-407-3088 (United States) or 201-389-0927 (International) and mention PDS Biotechnology. A live webcast of the conference call will also be available on the investor relations page of the Company’s corporate website at www.pdsbiotech.com.

After the live webcast, the event will be archived on PDS Biotech’s website for 6 months. In addition, a telephonic replay of the call will be available for 6 months. The replay can be accessed by dialing 877-660-6853 (United States) or 201-612-7415 (International) with confirmation code 13712632.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company with a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Company’s proprietary Versamune® T-cell activating technology platform. Versamune® effectively delivers disease-specific antigens for in vivo uptake and processing, while also activating the critical type 1 interferon immunological pathway, resulting in production of potent disease-specific killer T-cells as well as neutralizing antibodies. PDS Biotech has engineered multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize disease cells and effectively attack and destroy them. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,”  “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for its lead asset PDS0101 and other Versamune® based products; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101 and other Versamune® based products and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the acceptance by the market of the Company’s product candidates, if approved; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, the Company’s product candidates; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Media & Investor Relations Contact:

Deanne Randolph
PDS Biotechnology
Phone: +1 (908) 517-3613
Email: [email protected]

Jacob Goldberger
CG Capital
Phone: +1 (404) 736-3841
Email: [email protected]



PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed Consolidated
Balance Sheets

  September 30, 2020   December 31, 2019
ASSETS (unaudited)    
Current assets:      
Cash and cash equivalents $ 33,468,935     $ 12,161,739  
Prepaid expenses and other   373,395       2,308,462  
Total current assets   33,842,330       14,470,201  
           
Property and equipment, net   9,345       21,051  
Operating lease right-to-use asset   593,580        
           
Total assets $ 34,445,255     $ 14,491,252  
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
LIABILITIES          
Current liabilities:          
Accounts payable $ 1,559,591     $ 1,197,720  
Accrued expenses   1,222,773       1,097,640  
Restructuring reserve         498,185  
Operating lease obligation – short term   116,240        
Total current liabilities   2,898,604       2,793,545  
           
Noncurrent liability:          
Operating lease obligation – long term   521,692        
           
STOCKHOLDERS’ EQUITY          
Common stock, $0.00033 par value, 75,000,000 shares authorized at September 30, 2020 and December 31, 2019, 22,261,619 shares and 5,281,237 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively   7,346       1,742  
Additional paid-in capital   70,775,892       40,633,670  
Accumulated deficit   (39,758,279 )     (28,937,705 )
Total stockholders’ equity   31,024,959       11,697,707  
           
Total liabilities and stockholders’ equity $ 34,445,255     $ 14,491,252  
               

PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed Consolidated
Statements of Operations and Comprehensive
Loss

(Unaudited)

  Three Months Ended September 30,   Nine Months Ended September 30,
  2020     2019     2020     2019  
Operating expenses:              
Research and development expenses $ 2,060,815     $ 1,834,371     $ 5,446,718     $ 4,751,308  
General and administrative expenses   1,846,214       3,068,581       5,428,098       9,358,429  
Lease termination costs         944,445             944,445  
                       
Total operating expenses   3,907,029       5,847,397       10,874,816       15,054,182  
                       
Loss from operations   (3,907,029 )     (5,847,397 )     (10,874,816 )     (15,054,182 )
                       
Other income (expense):                      
Gain on bargain purchase upon merger                     11,939,331  
Interest income   1,207       95,787       54,242       294,694  
Interest expense                     (606 )
                       
Net loss and comprehensive loss   (3,905,822 )     (5,751,610 )     (10,820,574 )     (2,820,763 )
Per share information:                      
Net loss per share, basic and diluted $ (0.23 )   $ (1.10 )   $ (0.73 )   $ (0.60 )
                       
Weighted average common shares outstanding, basic and diluted $ 17,169,257     $ 5,246,829     $ 14,892,764     $ 4,729,153  

Kinsale Capital Group Announces Dividend Declaration

RICHMOND, Va., Nov. 11, 2020 (GLOBE NEWSWIRE) — Kinsale Capital Group, Inc. (Nasdaq: KNSL) today announced that its Board of Directors declared a cash dividend of $0.09 per share of common stock. This dividend is payable on December 11, 2020 to all stockholders of record as of the close of business on November 30, 2020.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

Contact

Kinsale Capital Group, Inc.
Bryan Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer
804-289-1272
[email protected]

Arcutis Biotherapeutics to Present at the Stifel 2020 Virtual Healthcare Conference

WESTLAKE VILLAGE, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) — Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, today announced that Frank Watanabe, President and CEO, will present a corporate overview during the Stifel 2020 Virtual Healthcare Conference taking place November 16-18, 2020.

Details for the presentation are as follows:
        Stifel 2020 Virtual Healthcare Conference
        Presentation Date: Wednesday, November 18, 2020
        Presentation Time: 12:20 p.m. PST / 3:20 p.m. EST

The presentation will be webcast and may be accessed at the “Events & Presentations” section of the Company’s website at https://investors.arcutis.com/events-and-presentations. Arcutis will maintain an archived replay of the webcast on its website for 30 days after the conference.

About Arcutis – Bioscience, applied to the skin.
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology. The company is leveraging recent advances in immunology and inflammation to develop differentiated therapies against biologically validated targets to solve persistent treatment challenges in serious diseases of the skin. Arcutis’ robust pipeline includes four novel drug candidates currently in development for a range of inflammatory dermatological conditions. The company’s lead product candidate, topical roflumilast, has the potential to revitalize the standard of care for plaque psoriasis, atopic dermatitis, scalp psoriasis, and seborrheic dermatitis. For more information, visit www.arcutis.com or follow the company on LinkedIn and Twitter.

Investor
Contact
:

Heather Rowe Armstrong
Vice President, Investor Relations & Corporate Communications
[email protected]
805-418-5006, Ext. 740

Stifel Announces a Three-for-Two Stock Split & Intention to Increase its Common Stock Dividend by 32%

Represents Fourth Consecutive Annual Dividend Increase Delivered to Shareholders

ST. LOUIS, Nov. 11, 2020 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has approved a three-for-two stock split of the Company’s common stock, which will be made in the form of a 50% stock dividend. Shareholders of record at the close of business on December 2, 2020 will receive one additional share of Stifel Financial common stock for every two shares owned. These additional shares will be distributed beginning December 16, 2020. Cash will be distributed in lieu of fractional shares based on the closing price on the record date. The Company has approximately 68.7 million shares outstanding and, after the split, the Company will have approximately 103.0 million shares outstanding.

Following the stock split, the current quarterly dividend equates to $0.1133 per common share, which the firm intends to increase in 2021 to $0.15 per common share, subject to board approval. This action would represent Stifel’s fourth consecutive annual increase of its common stock dividend.

“Our stock split and the board’s intention to increase our common dividend are the result of our company’s strong market performance, continuing growth prospects, and our desire to reward existing and long-term investors. Additionally, these actions reflect the board’s confidence in our ability to drive long-term shareholder value by focusing on the fundamentals of our company,” commented Ronald J. Kruszewski, Chairman & Chief Executive Officer of Stifel Financial Corp.

For additional information, please visit the Stifel Investor Relations page at:
https://www.stifel.com/docs/pdf/investorrelations/stock-split-faq.pdf .

Stifel Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC and Century Securities Associates, Inc. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

Investor Relations Contact                        
Joel Jeffrey, (212) 271-3610
[email protected]

Media Relations Contact

Neil Shapiro, (212) 271-3447
[email protected]        

Trevi Therapeutics Announces Third Quarter 2020 Financial Results and Business Update

PRISM Trial of
Haduvio
™ for Severe Pruritus in Patients with Prurigo
Nodularis 

Exceeds Halfway Enrollment Milestone

Phase 2 Chronic Cough Trial in Patients with IPF Enrolled First New Subject
Post-
COVID
-19
Restrictions

Cash Position Expected to Fund Operations into the First Half of 2022

NEW HAVEN, Conn., Nov. 11, 2020 (GLOBE NEWSWIRE) — Trevi Therapeutics, Inc. (Nasdaq: TRVI), a clinical-stage biopharmaceutical company focused on the development and commercialization of Haduvio™ (nalbuphine ER) to treat serious neurologically mediated conditions, today announced financial results for the quarter ended September 30, 2020, as well as business updates.

“We are pleased with the continued progress of our clinical development programs,” said Jennifer L. Good, President and CEO of Trevi Therapeutics. “We recently announced significant developments in both of our ongoing clinical trials by surpassing halfway enrollment in our PRISM trial and enrolling the first new subject in our chronic cough trial in IPF since the study resumed after pausing due to COVID restrictions. We are focused on completing enrollment in both trials and preparing for the next steps in the development of Haduvio.”

Key Business Updates

  • Phase 2b/3 PRISM trial of
    Haduvio
    for severe pruritus in patients with prurigo
    nodularis
    : The Company has enrolled approximately 190 subjects in the trial and reaffirms its guidance that it expects to complete enrollment in the third quarter of 2021 and to report top-line data in the fourth quarter of 2021.

  • Phase 2 trial of
    Haduvio
    for chronic cough in patients with idiopathic pulmonary fibrosis (IPF): The Company resumed screening and enrolling patients in the trial following the pause in the trial due to COVID-19. The Company amended the study protocol to require fewer in-person visits by subjects as well as fewer procedures in order to facilitate the completion of the trial in an at-risk patient population for COVID-19. Additionally, the Company is assessing additional study sites in Germany which could potentially accelerate enrollment and reduce the risks inherent with single-country recruitment during the COVID-19 pandemic.

Third Quarter 2020 Financial Highlights

Cash position: As of September 30, 2020, the Company had total cash and cash equivalents of $53.3 million, compared to $57.3 million as of December 31, 2019. During the third quarter of 2020, the Company received $14.0 million in proceeds from a term loan with Silicon Valley Bank and sold approximately $2.5 million of common stock under the Company’s ATM program. The Company expects its cash position will fund operations into the first half of 2022.

Research and development (R&D) expenses: R&D expenses for the third quarter of 2020 were $4.8 million compared to $5.7 million in the same period in 2019. The decrease was primarily due to decreased activity in the Company’s Phase 2 trial in chronic cough in patients with IPF due to the pausing of enrollment and treatment of patients as a result of the COVID-19 pandemic as well as decreased activity with the completion of the Company’s Phase 1b trial in patients with chronic liver disease.

General and administrative (G&A) expenses: G&A expenses for the third quarter of 2020 were $2.4 million compared to $2.0 million in the same period in 2019. The increase was primarily due to an increase in stock-based compensation expenses and an increase in consulting fees.

Net loss: For the third quarter of 2020, the Company reported a net loss of $7.4 million, compared to a net loss of $7.4 million in the same period in 2019.

Conference Call

As previously announced, the Company will host a conference call and webcast today, November 11, 2020 at 4:30 p.m. ET. To participate in the live conference call by phone, please dial (866) 360-5746 (domestic) or (602) 563-8605 (international) and provide access code 9375955. A live audio webcast will be accessible from the ‘Investors & News’ section on the Company’s website at www.trevitherapeutics.com. An archived replay of the webcast will also be available for 30 days on the Company’s website following the event.         

About
Trevi
Therapeutics, Inc.

Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of Haduvio to treat serious neurologically mediated conditions. Trevi is currently developing Haduvio for the treatment of chronic pruritus, chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and levodopa-induced dyskinesia (LID) in patients with Parkinson’s disease. These conditions share a common pathophysiology that is mediated through opioid receptors in the central and peripheral nervous systems. Trevi is currently conducting a Phase 2b/3 clinical trial of Haduvio, referred to as the PRISM trial, in patients with severe pruritus associated with prurigo nodularis.

Founded in 2011, Trevi Therapeutics is headquartered in New Haven, CT.

About HADUVIO

Haduvio is an oral extended release formulation of nalbuphine. Nalbuphine is a mixed ĸ-opioid receptor agonist and µ-opioid receptor antagonist that has been approved and marketed as an injectable for pain indications for more than 20 years in the United States and Europe. The ĸ- and µ-opioid receptors are known to be critical mediators of itch, cough and certain movement disorders. Nalbuphine’s mechanism of action also mitigates the risk of abuse associated with µ-opioid agonists because it antagonizes, or blocks, µ-opioid receptors. Nalbuphine is currently the only opioid approved for marketing that is not classified as a controlled substance in the United States and most of Europe. Trevi intends to propose Haduvio as the trade name for the nalbuphine ER investigational product. Haduvio is an investigational drug product and its safety and efficacy have not been fully evaluated by any regulatory authority.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the impact of the COVID-19 pandemic on Trevi’s clinical trials, business and operations; the expected timing of enrollment and for reporting top-line data from, Trevi’s Phase 2b/3 PRISM trial of Haduvio in patients with prurigo nodularis; Trevi’s business plans and objectives, including future plans or expectations for Trevi’s product candidates and expectations regarding Trevi’s uses and sufficiency of capital; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions. Risks that contribute to the uncertain nature of the forward-looking statements include: uncertainties regarding the success, cost and timing of Trevi’s product candidate development activities and ongoing and planned clinical trials; uncertainties regarding the scope, timing and severity of the COVID-19 pandemic, the impact of the COVID-19 pandemic on Trevi’s clinical operations and actions taken in response to the pandemic; uncertainties regarding Trevi’s ability to execute on its strategy; the risk that positive results from a clinical trial may not necessarily be predictive of the results of future or ongoing clinical trials; potential regulatory developments in the United States and foreign countries; uncertainties inherent in estimating Trevi’s cash runway, future expenses and other financial results; as well as other risks and uncertainties set forth in the quarterly report on Form 10-Q for the quarter ended June 30, 2020 filed with the Securities and Exchange Commission and in subsequent filings with the Securities and Exchange Commission.  All forward-looking statements contained in this press release speak only as of the date on which they were made. Trevi undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Trevi
Therapeutics, Inc.

Selected Balance Sheet Data

(unaudited)

(amounts in thousands)

  September 30,

2020
  December 31,

2019
       
Cash and cash equivalents $ 53,293   $ 57,313
Working capital   49,106   54,353
Total assets   55,879   60,001
Total debt   13,798   ──
Stockholders’ equity   35,618   54,545

Trevi
Therapeutics, Inc.

Selected Statement of Operations Data

(unaudited)

(amounts in thousands)

  Three Months Ended

September 30,
  Nine Months Ended

September 30,
  2020   2019   2020   2019
               
Operating expenses:              
Research and development $ 4,828     $ 5,650     $ 15,768     $ 14,516  
General and administrative   2,416       2,000       7,528       5,363  
Total operating expenses   7,244       7,650       23,296       19,879  
Loss from operations   (7,244 )     (7,650 )     (23,296 )     (19,879 )
Other income (expense), net   (145 )     280       26       352  
Loss before income tax benefit   (7,389 )     (7,370 )     (23,270 )     (19,527 )
Income tax benefit   11       5       35       14  
Net loss $ (7,378 )   $ (7,365 )   $ (23,235 )   $ (19,513 )

Investor Contact

Chris Seiter, Chief Financial Officer
Trevi Therapeutics, Inc.
203-304-2499
[email protected]

Media
Contact  
Rosalia Scampoli
914-815-1465
[email protected]

ShotSpotter Sets November 2020 Financial Conference Schedule

NEWARK, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) — ShotSpotter, Inc. (NASDAQ: SSTI), the leader in acoustic gunshot detection and precision policing solutions that help law enforcement officials and security personnel prevent and reduce gun violence, is scheduled to participate at the following virtual financial conferences during November 2020:


ROTH


Capital Technology Virtual Event


Holding one-on-one meetings on Thursday, November 12


11



th



Annual Craig-


Hallum


Alpha Select Conference


Holding one-on-one meetings on Tuesday, November 17

To receive additional information or to schedule a one-on-one meeting, please contact ShotSpotter’s IR team at [email protected].

About ShotSpotter, Inc.
ShotSpotter (NASDAQ: SSTI) provides acoustic gunshot detection and precision-policing solutions to help law enforcement officials and security personnel prevent and reduce gun violence and make communities, campuses and facilities safer. The company’s flagship product, ShotSpotter® Flex, is the leading gunshot detection, location and forensic system trusted by over 100 cities. ShotSpotter® Connect (previously known as ShotSpotter Missions™) uses artificial intelligence-driven analysis to dynamically direct patrol resources to areas of greatest risk and helps to improve officer accountability and deter crime. ShotSpotter has been designated a Great Place to Work® Company.

Company Contact:

Mary Hentges, Interim CFO
ShotSpotter, Inc.
+1 (510) 794-3100
[email protected]

Investor Relations Contacts:

Matt Glover
Gateway Investor Relations
+1 (949) 574-3860
[email protected]

JoAnn Horne
Market Street Partners
+1 (415) 445-3240
[email protected]

Super League Gaming Reports Third Quarter 2020 Results

SANTA MONICA, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) — Super League Gaming (Super League or the Company) (NASDAQ: SLGG), a leader in bringing live and digital esports entertainment directly to everyday gamers around the world, reported financial results for the third quarter ended September 30, 2020.

Highlights

  • Highest quarterly revenue in the Company’s history, up 105% over the prior year.
  • Gross margin of 54%, reflecting lower cost digital activations.
  • Operating expenses relatively flat versus prior year period.
  • Continued expansion of strategic partnerships including Topgolf, HIT PARADER, the Singleton Foundation and others.

Key Performance Indicators (KPIs) Through
September
3
0
, 2020

  • Registered users up 144% to 2.4 million versus 1.0 million at year end 2019.
  • Engagement hours increased 218% to 47.7 million hours of gameplay versus 15.0 million hours for the full year 2019.
  • Viewer Impressions grew to 1.4 billion, nearly 12 times the level for the full year 2019.

Management Commentary

“In the third quarter, we saw many of the elements of our strategic and operating plans come together to produce our strongest quarterly revenues to date,” said Ann Hand, CEO of Super League. “We continue to track far ahead of our 2020 audience growth targets. In addition, we are selling more effectively against our growing ad inventory and expanding the breadth of our partnerships. We are pleased to have been able to produce this growth in the midst of a global pandemic, which continues to constrain the advertising market.”

Third
Quarter 20
20
Financial Results

Revenues in the third quarter of 2020 increased 105% to $718,000 compared to $350,000 in the comparable prior year quarter. The increase was primarily driven by a significant increase in advertising and content sales revenues relative to the comparable prior year quarter, reflecting our continued focus on the acceleration of the monetization of our expanding advertising inventory and amateur gameplay content.

Third quarter 2020 cost of revenue increased 70% to $327,000 compared to $192,000 in the comparable prior year quarter, as compared to the 105% increase in related revenues for the same period. The decrease in cost of revenue as a percentage of revenue was driven by the significant increase in lower cost advertising and content sales revenues in the third quarter of 2020.

Total operating expenses in the third quarter of 2020 were $4.7 million compared to $4.6 million in the comparable prior year quarter. The variance reflects an increase in sales and marketing personnel costs related to the investment in our direct sales force since the end of the prior year quarter, and an increase in technology platform costs and corporate insurance costs. The increase was partially offset by a decrease in non-cash stock compensation costs.

On a GAAP-basis, net loss in the third quarter of 2020 was $4.3 million or $(0.36) per share, compared to a net loss of $4.4 million or $(0.52) per share in the comparable prior year quarter. Non-cash charges in the third quarter of 2020 included $0.5 million of stock-based compensation expenses, compared to $0.7 million in the comparable prior year period.

Proforma net loss for the third quarter of 2020 was $3.8 million compared to a proforma net loss of $3.7 million in the comparable prior year quarter.

At September 30, 2020, the Company’s cash position totaled $10.3 million compared to $8.4 million at December 31, 2019, including approximately $8.4 million in net proceeds from the sale of 4.98 million shares of common stock, pursuant to an underwritten public offering that closed in the third quarter of 2020.

Conference Call

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its third quarter 2020 results and provide a business update.

Date: Wednesday, November 11, 2020
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: (866) 987-6716
International dial-in number: (630) 652-5945
Conference ID: 3156519

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.SuperLeague.com.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through November 18, 2020.

Toll-free replay number: (855) 859-2056
International replay number: (404) 537-3406
Replay ID: 3156519

About Super League Gaming

Super League Gaming (Nasdaq: SLGG) is a leading gaming community and content platform that gives everyday gamers multiple ways to connect and engage with others while enjoying the video games they love. Powered by patented, proprietary technology systems, Super League offers players the ability to create gameplay-driven experiences they can share with friends, the opportunity to watch live streaming broadcasts and gameplay highlights across digital and social channels, and the chance to compete in events and challenges designed to celebrate victories and achievements across multiple skill levels. With gameplay and content offerings featuring more than a dozen of the top video game titles in the world, Super League is building a broadly inclusive, global brand at the intersection of gaming, experiences and entertainment. Whether to access its expanding direct audience or the Company’s unique content production and virtual event capabilities, third parties ranging from consumer brands, video game publishers, television companies, traditional sports organizations, concert promoters, and more, are turning to Super League to provide integrated solutions that drive business growth.

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements about our possible or assumed business strategies, potential growth opportunities, new products and potential market opportunities. Risks and uncertainties include, among other things, our ability to implement our plans, forecasts and other expectations with respect our business; our ability to realize the anticipated benefits of events that took place during and subsequent to the quarter ended September 30, 2020, including the possibility that the expected benefits will not be realized or will not be realized within the expected time period; unknown liabilities that may or may not be within our control; attracting new customers and maintaining and expanding our existing customer base; our ability to scale and update our platform to respond to customers’ needs and rapid technological change; increased competition on our market and our ability to compete effectively, and expansion of our operations and increased adoption of our platform internationally. Additional risks and uncertainties that could affect our financial results are included in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-Q for the period ended September 30, 2019, our Annual Report on Form 10-K for the year ended December 31, 2019 and other filings that we make from time to time with the Securities and Exchange Commission which, once filed, are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this communication are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

I
nformation About Non-
GAAP
Financial Measures

As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our condensed financial statements included in our Quarterly Report on Form 10-Q for the period ended September 30, 2020, which financial statements were prepared and presented in accordance with GAAP, this earnings release includes proforma net loss, a financial measure that is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use proforma net loss, proforma earnings per share (EPS) and other non-GAAP financial measures for internal financial and operational decision-making purposes and to evaluate period-to-period comparisons of the performance and results of operations of our business. Our management believes these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our business by excluding non-cash stock compensation charges, non-cash interest charges on convertible debt, and non-cash prepaid in-kind advertising charges that may not be indicative of our recurring core business operating results. These non-GAAP financial measures also facilitate management’s internal planning and comparisons to our historical performance and liquidity. We believe these non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.

Proforma Net
Loss
and
EPS
. We define Proforma Net Loss as net loss calculated in accordance with GAAP, but excluding non-cash stock compensation charges, non-cash interest charges on convertible debt (including accrued periodic interest, periodic or accelerated amortization of debt discount charges and charges related to convertible debt related beneficial conversion features), and non-cash prepaid in-kind advertising charges. Proforma EPS is defined as Proforma net income divided by the weighted average outstanding shares, on a fully diluted basis, calculated in accordance with GAAP, for the respective reporting period.

Due to the inherent volatility in stock prices, the use of estimates and assumptions in connection with the valuation and expensing of share-based awards and the variety of award types that companies can issue under FASB ASC Topic 718, management believes that providing a non-GAAP financial measure that excludes non-cash stock compensation allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies period to period, as well as providing our management with a critical tool for financial and operational decision making and for evaluating our own period-to-period recurring core business operating results.

Non-cash interest charges related to convertible debt outstanding, if any, including accrued periodic interest, periodic or accelerated amortization of debt discount charges and charges related to convertible debt related beneficial conversion features, primarily reflects the attribution of value to common stock purchase warrants and the beneficial conversion feature embedded in the convertible debt instruments, and the expensing of these amounts on a straight-line basis over the term of the convertible debt as additional interest cost related to the debt. These non-cash amounts are reflected in other expense and are not expenses associated with our core business operations. Management believes that providing a non-GAAP financial measure that excludes non-cash interest charges allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies period to period, as well as providing our management with a critical tool for financial and operational decision making and for evaluating our own period-to-period recurring core business operating results.

There are several limitations related to the use of proforma net loss and EPS versus net loss EPS calculated in accordance with GAAP. For example, non-GAAP net loss excludes the impact of significant non-cash stock compensation and debt related interest charges that are or may be recurring, and that may or will continue to be recurring for the foreseeable future. In addition, non-cash stock compensation is a critical component of our employee compensation and retention programs and the cost associated with common stock purchase warrants and beneficial conversion features embedded in convertible debt outstanding is a critical component of the cost of debt financings. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net loss and evaluating non-GAAP net loss in conjunction with net loss and EPS calculated in accordance with GAAP.

The accompanying table below titled “Reconciliation of GAAP to Non-GAAP Financial Information” provides a reconciliation of the non-GAAP financial measures presented to the most directly comparable financial measures prepared in accordance with GAAP.

Investor Relations
:

Sean McGowan and Cody Slach
Gateway Investor Relations
(949) 574-3860
[email protected]

Media Contact:

Gillian Sheldon
(213) 718-3880
[email protected]

 


SUPER LEAGUE GAMING, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

    Balance At   Balance At
    September 30, 2020   December 31, 2019
Assets        
Cash   $ 10,346,000     $ 8,442,000  
Accounts receivable     972,000       293,000  
Prepaid expenses and other current assets     1,213,000       924,000  
Total current assets     12,531,000       9,659,000  
         
Property and Equipment, net     160,000       239,000  
Intangible and Other Assets, net     1,953,000       1,984,000  
Goodwill     2,565,000       2,565,000  
Total assets   $ 17,209,000     $ 14,447,000  
         
Liabilities        
Accounts payable and accrued expenses   $ 727,000     $ 853,000  
Deferred Revenue     31,000       151,000  
Total current liabilities     758,000       1,004,000  
         
Long-term note payable     1,205,000        
Total Liabilities     1,963,000       1,004,000  
         
Stockholders’ Equity        
Common Stock     25,000       18,000  
Additional paid-in capital     115,025,000       99,237,000  
Accumulated deficit     (99,804,000 )     (85,812,000 )
Total stockholders’ equity     15,246,000       13,443,000  
Total liabilities and stockholders’ equity   $ 17,209,000     $ 14,447,000  
         

SUPER LEAGUE GAMING, INC.

CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

    Three Months Ended   Nine Months Ended
    September 30,   September 30,
      2020       2019       2020       2019  
                 
REVENUE   $ 718,000     $ 350,000     $ 1,285,000     $ 822,000  
COST OF REVENUE     (327,000 )     (192,000 )     (560,000 )     (379,000 )
                 
GROSS PROFIT     391,000       158,000       725,000       443,000  
                 
OPERATING EXPENSES                
Selling, marketing and advertising     1,476,000       1,063,000       4,005,000       3,202,000  
Technology and platform development     1,430,000       1,319,000       5,109,000       3,772,000  
General and administrative     1,782,000       2,201,000       5,615,000       9,535,000  
Total operating expenses     4,688,000       4,583,000       14,729,000       16,509,000  
                 
NET OPERATING LOSS     (4,297,000 )     (4,425,000 )     (14,004,000 )     (16,066,000 )
                 
OTHER INCOME (EXPENSE)                
Interest expense     (3,000 )           (5,000 )     (9,938,000 )
Other     2,000       8,000       17,000       13,000  
OTHER INCOME (EXPENSE)     (1,000 )     8,000       12,000       (9,925,000 )
                 
NET LOSS   $ (4,298,000 )   $ (4,417,000 )   $ (13,992,000 )   $ (25,991,000 )
                 
Net loss attributable to common stockholders – basic and diluted            
Basic and diluted loss per common share   $ (0.36 )   $ (0.52 )   $ (1.39 )   $ (3.39 )
Weighted-average number of shares outstanding, basic and diluted     12,063,778       8,569,922       10,084,002       7,663,243  
                 
                 
 
SUPER LEAGUE GAMING, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(Unaudited)
                 
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
      2020       2019       2020       2019  
                 
GAAP net loss   $ (4,298,000 )   $ (4,417,000 )   $ (13,992,000 )   $ (25,991,000 )
Add back:                
Non-cash stock compensation     472,000       737,000       1,570,000       5,266,000  
Non-cash debt related interest charges                       9,938,000  
Other noncash items                 413,000        
Proforma net loss   $ (3,826,000 )   $ (3,680,000 )   $ (12,009,000 )   $ (10,787,000 )
                 
Pro forma non-GAAP net earnings (loss) per common share — diluted   $ (0.32 )   $ (0.43 )   $ (1.19 )   $ (1.41 )
Non-GAAP weighted-average shares — diluted     12,063,778       8,569,922       10,084,002       7,663,243  
                 

SUPER LEAGUE GAMING, INC.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)

  For the Nine Months Ended
  September 30,
    2020       2019  
       
Operating Activities      
Net loss $ (13,992,000 )   $ (25,991,000 )
Adjustments to reconcile net loss to net cash used in operations:      
Depreciation and amortization   1,098,000       657,000  
Stock-based compensation   1,570,000       5,266,000  
Amortization of discount on convertible notes         2,684,000  
Beneficial conversion feature         7,067,000  
Changes in assets and liabilities      
Accounts Receivable   (679,000 )     171,000  
Prepaid Expenses and Other Assets   (430,000 )     (852,000 )
Accounts payable and accrued expenses   (125,000 )     601,000  
Deferred Revenue   (121,000 )     68,000  
Accrued interest on notes   5,000       187,000  
Net Cash Used in Operating Activities   (12,674,000 )     (10,142,000 )
       
Investing Activities      
Cash paid for acquisition of Framerate         (1,491,000 )
Purchase of property and equipment   (7,000 )     (56,000 )
Capitalization of software development costs   (877,000 )     (839,000 )
Acquisition of other intangibles   (104,000 )     (138,000 )
Net Cash Used in Investing Activities   (988,000 )     (2,524,000 )
       
Financing Activities      
Proceeds from issuance of common Stock, net   14,356,000       22,458,000  
Proceeds from long-term note payable   1,200,000        
Proceeds from option and warrant exercises   10,000       20,000  
Net Cash Provided by Financing Activities   15,566,000       22,478,000  
       
Net Cash Increase for the Period   1,904,000       9,812,000  
Cash at Beginning of the Period   8,442,000       2,774,000  
Cash at End of the Period $ 10,346,000     $ 12,586,000  
       

Points International Reports Third Quarter 2020 Results

Launched Two New Loyalty Programs Through Strategic Partnership with Amadeus

Strong Pipeline Positions Company Well for Industry Recovery

TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) — Points International Ltd. (TSX: PTS) (Nasdaq: PCOM) (Points or the Company), the global leader in powering loyalty commerce, is reporting financial results for the third quarter ended
September 30, 2020.

Unless otherwise noted, all comparisons are on a year-over-year basis and all amounts are in USD. The complete third quarter Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis, including segmented results, are available at www.sedar.com and www.sec.gov.

Third Quarter 2020 Financial Summary

  For the three months ended
(in millions of USD) September 30, 2020 June 30, 2020 September 30, 2019
Total Revenue $
37.4
$40.9 $98.0
Gross Profit $
5.7
$7.0 $14.0
Net (Loss) Income ($
2.5
)
($3.3) $1.1
Adjusted EBITDA1 ($
1.1
)
$0.3 $4.4

Recent Operational Highlights

  • Expanded Partnerships:

    • Launched new Subscription service with United Airlines allowing select Mileage Plus members the opportunity to subscribe to a monthly ‘buy miles’ plan.
    • Expanded long-term partnership with Delta Air Lines with the launch of Delta Choice, a state-of-the-art customer service program that enhances the way customers are compensated for travel issues.
    • Deployed a new program between GetYourGuide, a leading tours and activity website, and Alaska Airlines’ Mileage Plan. Users can now earn miles when they shop at GetYourGuide.
    • Launched new capability with Chase Bank Ultimate Rewards that allows cardholders to double their points when they transfer bank-branded points into select travel program rewards currencies.
    • Launched new Transfer and Reinstate services for Air Canada’s new Aeroplan program, offering additional options for members to utilize their Aeroplan miles.
  • New Partnerships:

    • Launched Buy, Gift and Transfer services with Caribbean Airlines’ loyalty program, Caribbean Miles, to provide a personalized experience for members to become more engaged in their program. This new partnership, which was initiated by Amadeus, went live in early November.
    • Signed a new LCR contract with Ethiopian Airlines to take over the existing Buy, Gift and Transfer services currently managed by Amadeus, while adding new options that will generate both significant revenue and increased engagement for Ethiopian Airlines’ loyalty members.

Management Commentary

“During the third quarter, we continued to navigate a challenging market environment for travel and hospitality,” said Rob MacLean, CEO of Points. “As we have often stated, the timing of new loyalty program deployments and promotional activity can fluctuate quarter to quarter, and these fluctuations have only been exacerbated by the pandemic. As a result, our transaction volumes have remained down from pre-COVID levels. Despite these challenges, our teams have been active with business development to drive new programs and partnerships, and our pipeline remains even stronger now than it was before the pandemic. I am proud of our team’s dedication to driving these opportunities and supporting our partners across all three lines of business.

“In an environment that has placed unprecedented pressure on our travel partners, loyalty programs have proven to be a resilient source of value as our partners work to stabilize their businesses in the near-term and prepare for the return of strong consumer travel demand in the long-term. Several airlines have leveraged their frequent flyer program assets as collateral for debt financings, and operators across the industry have extended membership status and lowered redemption requirements to stimulate near-term travel activity. Our industry leading loyalty commerce solutions make our partners’ offerings more comprehensive and efficient, and this has enabled us to recently expand several key partnerships—such as United and Delta Airlines—while expanding our Amadeus relationship to sign new partnerships with operators like Caribbean Airlines and Ethiopian Airlines. This progress, in addition to important launches with Qatar and Air Canada earlier in the year, has continued the very strong trend of new business development during the pandemic that will help accelerate our performance as the industry recovers.

“Across our organization, our long-term growth drivers remain at the core of our strategy. We will continue to maximize the performance of our in-market services, cross-sell to existing partners and sign new partnerships across new verticals and geographies. As we look to the remainder of the year, we are expecting to see growth over the third quarter of 2020 and expect to generate positive Adjusted EBITDA1 for 2020, which demonstrates our continued organizational and financial strength. While we cannot predict the timing of recovery for travel and hospitality demand, we remain dedicated to helping our partners see through this challenging period.”

Third Quarter 2020 Financial Results

Total revenue in the third quarter was $37.4 million compared to $98.0 million in the prior year quarter. Principal revenue was $33.9 million compared to $92.0 million, and other partner revenue was $3.5 million compared to $6.0 million.

Gross profit in the third quarter was $5.7 million compared to $14.0 million in the prior year quarter. The decrease in gross profit was primarily driven by the continued impacts of COVID-19 across all three operating segments.

Adjusted operating expenses2 in the third quarter decreased to $6.9 million compared to $9.9 million in the prior year quarter. During the third quarter, Points recognized $1.8 million in wage subsidies under the Canada Emergency Wage Subsidy program, which was recorded as an offset to employment costs. The funds in respect of these wage subsidies were received after the quarter end. In addition, reduced discretionary spending and cost management in response to the pandemic also contributed to lower adjusted operating expenses2 during the quarter.

Net loss in the third quarter was $2.5 million or $(0.19) per share, compared to net income of $1.1 million or $0.08 per share in the prior year quarter.

Adjusted EBITDA1 in the third quarter was $(1.1) million compared to $4.4 million in the prior year quarter. The decline was primarily due to continued lower transaction volumes as a result of COVID-19.

At September 30, 2020, total funds available3 were $68.2 million compared to $86.8 million at December 31, 2019, with the decrease attributable to the impact of COVID-19 on overall sales activity, as well as the timing of promotional activity and partner payables. The Company elected to pay down $5 million on its credit facility during the third quarter, and the outstanding $30 million balance on the facility is reflected in the September 30, 2020 cash balance.

_____________________
1 Adjusted EBITDA (Earnings before income tax expense, depreciation and amortization, foreign exchange, finance costs, equity-settled share-based compensation and other one-time costs or benefits such as impairment charges and a tax rebate related to prior periods) is considered by management to be a useful supplemental measure when assessing financial performance. Management also believes that Adjusted EBITDA is an important indicator of the Company’s ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure. See Performance Indicators and Non-GAAP Financial Measures section of Management’s Discussion and Analysis.
2 Adjusted operating expenses consist of employment expenses excluding equity-settled share-based compensation, marketing and communications, technology services and other operating expenses. Adjusted operating expense is not a measure of financial performance under IFRS and should not be considered a substitute for total operating expenses, which we believe to be the most directly comparable IFRS measure. See Non-GAAP Financial Measures.
3 Total funds available is defined as cash and cash equivalents, cash held in trust, and funds receivable from payment processors.

Conference Call

Points will hold a conference call today at 4:30 p.m. Eastern time to discuss its third quarter 2020 results, followed by a question-and-answer session.

Date: Wednesday, November 11, 2020
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-877-407-0784
International dial-in number: 1-201-689-8560
Conference ID: 13712315

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through November 25, 2020.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13712315

About Points International Ltd.


Points
, (TSX: PTS) (Nasdaq: PCOM) is a trusted partner to the world’s leading loyalty programs, leveraging its unique Loyalty Commerce Platform to build, power, and grow a network of ways members can get and use their favourite loyalty currency. Our platform combines insights, technology, and resources to make the movement of loyalty currency simpler and more intelligent for nearly 60 reward programs worldwide. Founded in 2000, Points is headquartered in Toronto with teams operating around the globe.

For more information, visit points.com.

Caution Regarding Forward-Looking Statements

This press release contains or incorporates forward-looking statements within the meaning of United States securities legislation, and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”). These forward-looking statements include or relate to but are not limited to, among other things, our ability to be Adjusted EBITDA positive in fiscal 2020, our financial performance in Q4 2020, statements relating to plans we have implemented in response to the COVID-19 pandemic and its expected impact on us (including with respect to efforts to mitigate degradation in transaction volumes, our liquidity and capitalization and our cost mitigation efforts, our business pipeline and ability to sign and launch new loyalty program partnerships, our ability to sell additional products and services to existing loyalty program partners, and our growth strategies). These statements are not historical facts but instead represent only Points’ expectations, estimates and projections regarding future events.

Although Points believes the expectations reflected in such forward-looking statements are reasonable, such statements are not guarantees of future performance and are subject to important risks and uncertainties that are difficult to predict. Certain material assumptions or estimates are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Undue reliance should not be placed on such statements. In particular, uncertainty around the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response on global and regional economies, economic activity, and all elements of the travel and hospitality industry may have a significant and materially adverse impact on our business. In addition, the risks, uncertainties and other factors that may impact the results expressed or implied in such forward-looking statements include, but are not limited to: (i) airline or travel industry disruptions, such as an airline insolvency and continued airline consolidation; (ii) our dependence on a limited number of large clients for a significant portion of our consolidated revenue; (iii) our reliance on contractual relationships with loyalty program partners that are subject to termination and renegotiation; (iv) our exposure to significant liquidity risk if we fail to meet contractual performance commitments; (v) our ability to convert our pipeline of prospective partners or launch new products with new or existing partners as expected or planned; (vi) our dependence on various third-parties that provide certain solutions in our Platform Partners segment that we market to loyalty program partners; (vii) the fact that our operations are conducted in multiple jurisdictions and in multiple currencies and as such dramatic fluctuations in exchange rates of the foreign currencies can have a dramatic effect on our financial results and (viii) the risk of an event of default under our senior secured credit facility. These and other important risk factors that could cause actual results to differ materially are discussed in Points’ annual information form, Form 40-F, annual and interim management’s discussion and analysis (“MD&A”), and annual and interim financial statements and the notes thereto. These documents are available at www.sedar.com and www.sec.gov.

The forward-looking statements contained in this press release are made as at the date of this release and, accordingly, are subject to change after such date. Except as required by law, Points does not undertake any obligation to update or revise any forward-looking statements made or incorporated in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

The Company’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Management uses certain non-GAAP measures, which are defined in the appropriate sections of this press release, to better assess the Company’s underlying performance. These measures are reviewed regularly by management and the Company’s Board of Directors in assessing the Company’s performance and in making decisions about ongoing operations. In addition, we use certain non-GAAP measures to determine the components of management compensation. We believe that these measures are also used by investors as an indicator of the Company’s operating performance. Readers are cautioned that these terms are not recognized GAAP measures and do not have a standardized GAAP meaning under IFRS and should not be construed as alternatives to IFRS terms, such as net income. Refer to “Performance Indicators and Non-GAAP Financial Measures” section of the Company’s Q3 2020 MD&A for reconciliation to, and description of the Company’s non-GAAP financial measures.

Investor Relations Contact

Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
1-949-574-3860
[email protected]

Points International Ltd.      
Key Financial Measures and Schedule of Non-GAAP Reconciliations
         
Reconciliation of Gross Profit to Contribution

[1]
   
         
Expressed in thousands of United States dollars    
    For the three months ended  
    September 30, 2020 September 30, 2019  
         
Gross Profit $ 5,704 $ 14,048  
Less:      
  Direct adjusted operating expenses [2]   3,721   6,269  
Contribution $ 1,983 $ 7,779  
         
         
[1] Contribution is defined as Gross profit less direct adjusted operating expenses. Contribution is considered by Management to be a useful supplemental measure when assessing financial performance. Management believes that Contribution is an important indicator of the Company’s segment profitability. However, Contribution is not a recognized measure of profitability under IFRS.  
             
[2] Direct adjusted operating expenses is defined as expenses which are directly attributable to each operating segment. Direct adjusted operating expenses is not a measure of financial performance under IFRS.  
             
Contribution by Line of Business    
         
Expressed in thousands of United States dollars  
      For the three months ended
      September 30, 2020


  September 30, 2019  
         
Loyalty Currency Retailing    
Revenue   $ 36,165   $ 95,677  
Gross Profit     4,644     11,879  
Direct adjusted operating expenses   2,312     3,605  
Contribution   $ 2,332   $ 8,274  
         
Platform Partners      
Revenue   $ 1,045   $ 1,782  
Gross Profit     850     1,631  
Direct adjusted operating expenses   411     964  
Contribution   $ 439   $ 667  
         
Points Travel      
Revenue   $ 239   $ 538  
Gross Profit     210     538  
Direct adjusted operating expenses   998     1,700  
Contribution   $ (788 ) $ (1,162 )
         
Reconciliation of Net Income to Adjusted EBITDA

[3]
     
Expressed in thousands of United States dollars  
  For the three months ended
  September 30, 2020


  September 30, 2019
     
Net (loss) income $ (2,467 ) $ 1,098
Income tax (recovery) expense   (863 )   670
Finance costs   223     51
Depreciation and amortization   1,173     1,131
Foreign exchange (gain) loss   (178 )   254
Equity-settled share-based payment expense   987     1,193
Adjusted EBITDA $ (1,125 ) $ 4,397
     
     
[3] Adjusted EBITDA is a non-GAAP financial measure, which is defined as earnings before income tax expense, finance costs, depreciation and amortization, equity-settled share-based payment expense and foreign exchange. Management believes that adjusted EBITDA is an important indicator of the Company’s ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. However, adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure.
           

Reconciliation of Total Operating Expenses to Adjusted Operating Expenses

[4]
         
Expressed in thousands of United States dollars  
      For the three months ended
      September 30, 2020


  September 30, 2019
         
Total Operating Expenses $ 8,838   $ 12,437
Subtract (add):      
  Depreciation and amortization   1,173     1,131
  Foreign exchange (gain) loss   (178 )   254
  Equity-settled share-based payment expense     987     1,193
Adjusted Operating Expenses $ 6,856   $ 9,859
         
         
[4] Adjusted operating expenses consists of employment expenses excluding equity-settled share-based payment expense, marketing & communications, technology services, and other operating expenses. Adjusted operating expenses is not a measure of financial performance under IFRS and should not be considered a substitute for total operating expenses, which we believe to be the most directly comparable IFRS measure.
Points International Ltd.            
Condensed Consolidated Interim Statements of Financial Position
               
Expressed in thousands of United States dollars            
(Unaudited)            
             
As at   September 30, 2020     December 31, 2019  
               
ASSETS            
Current assets            
  Cash and cash equivalents $ 64,016   $ 69,965  
  Cash held in trust   640     2,534  
  Funds receivable from payment processors   3,584     14,302  
  Accounts receivable   8,721     21,864  
  Prepaid taxes   622     194  
  Prepaid expenses and other assets   1,846     2,153  
Total current assets $ 79,429   $ 111,012  
               
Non-current assets            
  Property and equipment   1,712     2,371  
  Right-of-use assets   2,071     3,060  
  Intangible assets   12,608     12,806  
  Goodwill   5,681     7,130  
  Deferred tax assets   3,017     2,105  
  Other assets   213     216  
Total non-current assets $ 25,302   $ 27,688  
Total assets $ 104,731   $ 138,700  
               
LIABILITIES            
Current liabilities            
  Accounts payable and accrued liabilities $ 4,713   $ 13,766  
  Income taxes payable   411     2,326  
  Payable to loyalty program partners   30,246     78,270  
  Current portion of lease liabilities   1,153     1,323  
  Current portion of other liabilities   1,018     797  
Total current liabilities $ 37,541   $ 96,482  
               
Non-current liabilities            
  Long term debt   30,000      
  Lease liabilities   1,336     2,209  
  Other liabilities   67     95  
  Deferred tax liabilities   986     722  
Total non-current liabilities $ 32,389   $ 3,026  
Total liabilities $ 69,930   $ 99,508  
               
SHAREHOLDERS’ EQUITY            
  Share capital   49,107     45,799  
  Contributed surplus   1,490      
  Accumulated other comprehensive (loss) income   (29 )   184  
  Accumulated deficit   (15,767 )   (6,791 )
Total shareholders’ equity $ 34,801   $ 39,192  
Total liabilities and shareholders’ equity $ 104,731   $ 138,700  
               
Points International Ltd.        
Condensed Consolidated Interim Statements of Comprehensive Income    
           
Expressed in thousands of United States dollars, except per share amounts      
(Unaudited)        
    For the three months ended For the nine months ended
    September 30, 2020


  September 30, 2019   September 30, 2020


  September 30, 2019  
           
REVENUE        
  Principal $ 33,977   $ 92,035   $ 145,648   $ 276,330  
  Other partner revenue   3,472     5,962     15,381     17,840  
Total Revenue $ 37,449   $ 97,997   $ 161,029   $ 294,170  
  Direct cost of revenue   31,745     83,949     134,510     246,304  
Gross Profit $ 5,704   $ 14,048   $ 26,519   $ 47,866  
           
OPERATING EXPENSES        
  Employment costs   5,447     7,887     18,079     23,090  
  Marketing and communications   255     429     922     1,237  
  Technology services   656     652     2,140     1,928  
  Depreciation and amortization   1,173     1,131     3,681     3,399  
  Foreign exchange (gain) loss   (178 )   254     (296 )   408  
  Other operating expenses   1,485     2,084     5,525     5,557  
  Impairment charges           1,798      
Total Operating Expenses $ 8,838   $ 12,437   $ 31,849   $ 35,619  
           
  Finance income   (27 )   (208 )   (273 )   (727 )
  Finance costs   223     51     591     163  
           
(LOSS) INCOME BEFORE INCOME TAXES $ (3,330 ) $ 1,768   $ (5,648 ) $ 12,811  
           
  Income tax (recovery) expense   (863 )   670     (974 )   3,680  
NET (LOSS) INCOME $ (2,467 ) $ 1,098   $ (4,674 ) $ 9,131  
           
OTHER COMPREHENSIVE INCOME (LOSS)        
  Items that will subsequently be reclassified to profit or loss:      
  Unrealized gain (loss) on foreign exchange derivatives designated as cash flow hedges   242     (259 )   (724 )   225  
  Income tax effect   (64 )   68     192     (60 )
  Reclassification to net income of loss on foreign exchange derivatives designated as cash flow hedges   79     117     438     525  
  Income tax effect   (21 )   (31 )   (116 )   (139 )
           
  Foreign currency translation adjustment   (8 )   3     (3 )   21  
         
Other comprehensive income (loss) for the period, net of income tax $ 228   $ (102 ) $ (213 ) $ 572  
TOTAL COMPREHENSIVE (LOSS) INCOME $ (2,239 ) $ 996   $ (4,887 ) $ 9,703  
           
(LOSS) EARNINGS PER SHARE        
  Basic (loss) earnings per share $ (0.19 ) $ 0.08   $ (0.35 ) $ 0.66  
  Diluted (loss) earnings per share $ (0.19 ) $ 0.08   $ (0.35 ) $ 0.66  
           

  Points International Ltd.            
  Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity    
                 
          Attributable to equity holders of the Company
  Expressed in thousands of United States dollars
except number of shares
(Unaudited)
Share Capital Contributed
surplus



  Accumulated
other
comprehensive
(loss) income



  Accumulated
deficit



  Total
shareholders’
equity



 
      Number
of Shares
  Amount


         
                 
  Balance at December 31, 2019     13,241,516   $     45,799   $               –     $                    184   $           (6,791 ) $            39,192  
  Net loss                   –                   –                      –                              –                   (4,674 )                 (4,674 )
  Other comprehensive loss, net of tax                   –                   –                      –                          (213 )                     –                       (213 )
  Total comprehensive loss                   –                   –                      –                          (213 )               (4,674 )                 (4,887 )
  Effect of equity-settled share-based payments                   –                   –                 2,653                            –                         –                      2,653  
  Share issuances – options exercised            53,374               483                 (416 )                          –                         –                           67  
  Settlement of RSUs                   –              3,063              (4,245 )                          –                         –                     (1,182 )
  Shares repurchased and cancelled           (67,483 )            (238 )               (804 )                          –                         –                     (1,042 )
  Reclassification within equity [5]                   –                   –                 4,302                            –                   (4,302 )                       –    
  Balance at September 30, 2020     13,227,407   $     49,107   $         1,490   $                    (29 ) $         (15,767 ) $            34,801  
                 
                 
  Balance at December 31, 2018     14,111,864   $     53,886   $         4,446   $                  (646 ) $         (16,676 ) $            41,010  
  Net income                   –                   –                      –                              –                    9,131                    9,131  
  Other comprehensive income, net of tax                   –                   –                      –                           572                       –                         572  
  Total comprehensive income                   –                   –                      –                           572                  9,131                    9,703  
  Effect of equity-settled share-based payments                   –                   –                 3,522                            –                         –                      3,522  
  Share issuances – options exercised              2,338                 28                    (7 )                          –                         –                           21  
  Settlement of RSUs                   –              1,431              (4,534 )                          –                         –                     (3,103 )
  Shares purchased and held in trust                   –             (3,636 )                  –                              –                         –                     (3,636 )
  Shares repurchased and cancelled         (664,884 )         (2,533 )            (3,427 )                          –                   (1,825 )                 (7,785 )
  Balance at September 30, 2019     13,449,318   $     49,176   $               –     $                    (74 ) $           (9,370 ) $            39,732  
                 
  [5] The Corporation has adopted a policy that when contributed surplus is in debit balance, the amount is reclassified to accumulated deficit for financial statement presentation purposes.  
                                       

  Points International Ltd.        
  Condensed Consolidated Interim Statements of Cash Flows         
  Expressed in thousands of United States dollars        
  (Unaudited)        
             
      For the three months ended For the nine months ended
      September 30, 2020


  September 30, 2019   September 30, 2020


  September 30, 2019  
             
  Cash flows from operating activities        
  Net (loss) income for the period $                    (2,467 ) $                1,098   $                    (4,674 ) $                 9,131  
  Adjustments for:        
    Depreciation of property and equipment                            332                        316                           1,008                          894  
    Depreciation of right-of-use assets                            242                        290                              839                          868  
    Amortization of intangible assets                            599                        525                           1,834                       1,637  
    Unrealized foreign exchange loss (gain)                            800                       (542 )                            (66 )                       (614 )
    Equity-settled share-based payment transactions                            987                      1,193                           2,653                       3,522  
    Finance costs                            223                          51                              591                          163  
    Deferred income tax (recovery) expense                          (448 )                          6                            (572 )                        448  
    Impairment charges                              –                             –                             1,798                            –    
  Derivative contracts designated as cash flow hedges                            322                       (142 )                          (285 )                        750  
  Changes in cash held in trust                          (144 )                         –                             1,894                          500  
  Changes in non-cash balances related to operations                                     (28,157 )                  (1,940 )                      (35,268 )                  (15,867 )
  Interest paid                          (233 )                       (51 )                          (551 )                       (163 )
  Net cash (used in) provided by operating activities $                  (27,944 ) $                   804   $                  (30,799 ) $                 1,269  
             
  Cash flows from investing activities        
  Acquisition of property and equipment                            (21 )                     (130 )                          (349 )                       (798 )
  Additions to intangible assets                          (547 )                       (61 )                       (1,663 )                       (600 )
  Net cash used in investing activities $                      (568 ) $                 (191 ) $                    (2,012 ) $                (1,398 )
             
  Cash flows from financing activities        
  Net (repayments to) proceeds from long term debt                       (5,000 )                         –                           30,000                            –    
  Payment of lease liabilities                          (314 )                     (350 )                          (951 )                       (808 )
  Proceeds from exercise of share options                              –                             –                                 67                            21  
  Shares repurchased and cancelled                              –                      (2,473 )                       (1,042 )                    (7,785 )
  Purchase of share capital held in trust                              –                      (2,176 )                              –                        (3,636 )
  Taxes paid on net settlement of RSUs                              (2 )                     (134 )                       (1,182 )                    (3,103 )
  Net cash (used in) provided by financing activities $                    (5,316 ) $              (5,133 ) $                   26,892   $              (15,311 )
             
  Effect of exchange rate fluctuations on cash held                          (747 )                      545                              (30 )                        635  
             
  Net decrease in cash and cash equivalents $                  (34,575 ) $              (3,975 ) $                    (5,949 ) $              (14,805 )
  Cash and cash equivalents at beginning of the period $                   98,591   $              58,301   $                   69,965   $               69,131  
  Cash and cash equivalents at end of the period $                   64,016   $              54,326   $                   64,016   $               54,326  
             
  Interest Received $                          35   $                   235   $                        335   $                    745  
  Taxes Paid $                          (9 ) $                   (27 ) $                    (1,851 ) $                (1,213 )
             
  Amounts received in interest and paid in taxes were reflected as operating cash flows in the condensed consolidated interim statements of cash flows.