Electrocore, Inc. · NASDAQ:ECOR
Electrocore — Investor Presentation (January 2020)
24 slides from Electrocore's investor presentation, Jan 13, 2020
Slide 1: A Commercial-Stage Bioelectronic Medicine Company
Exhibit 99.2 A Commercial-Stage Bioelectronic Medicine Company Nasdaq: ECOR Corporate Presentation January 2020Exhibit 99.2 A Commercial-Stage Bioelectronic Medicine Company Nasdaq: ECOR Corporate Presentation January 2020
Slide 2: Forward Looking Statement
Forward Looking Statement In addition to historical information, this presentation may contain forward-looking statements with respect to our business, capital resources, strategy and growth reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of
Slide 3: electroCore At-a-Glance
electroCore At-a-Glance NASDAQx ECOR Headquarters: Basking Ridge, NJ Market cap: ~$46M (12/31/19) Recent close: $1.59 (12/31/19) Cash & marketable securities (12/31/19): $24.1M gammaCore ™ Sapphire 3electroCore At-a-Glance NASDAQx ECOR Headquarters: Basking Ridge, NJ Market cap: ~$46M (12/31/19) Rec
Slide 4: Experienced Management Team
Experienced Management Team Daniel Goldberger Tony Fiorino, MD Chief Executive Officer Chief Medical Officer 35 years 20 years Brian Posner Eric Liebler Chief Financial Officer SVP of Neurology 35 years 30 years Ardelle Ferris Michael Ruberio VP of Market Access National Sales Director 30 years 30 y
Slide 5: Investment Summary
Investment Summary FDA cleared, proprietary, non-invasive vagus nerve stimulator positioned to Platform Therapy unlock the broad potential of bioelectronic medicine 1 Cluster headache and migraine estimated to affect more than 36 million Large Initial Market people in the U.S. Attractive Revenue Mod
Slide 6: gammaCore Sapphire
gammaCore ™ Sapphire st 1 FDA-cleared non-invasive vagus nerve stimulator Fast acting, highly targeted, comfortable, easy to use hand-held option Cleared for the prevention and treatment of cluster headache Also cleared for the treatment of acute migraine Recurring revenue modelgammaCore ™ Sapphire
Slide 7: nVNS and the Benefits of gammaCore
nVNS and the Benefits of gammaCore gammaCore for Headache Benefits of nVNS FDA cleared for prevention and treatment The vagus nerve affects multiple organs of cluster headache and systems FDA cleared for treatment of acute migraine Activates multiple mechanisms of action Use alongside existing treat
Slide 8: Unmet Need in Migraine & Cluster Headache
Unmet Need in Migraine & Cluster Headache 20X MIGRAINE CLUSTER HEADACHE 1 3 36 million U.S. patients 400,000 U.S. patients Up to eight 15-180 min attacks per day Triptans represent 80% of prescribed acute therapies 3 400,000 U.S. patients Considered one of the most painful conditions known; a 40% of
Slide 9: Reimbursement Pathway
Reimbursement Pathway Aligned to stakeholder experience Commercial Payer Response PHYSICIANS Write a prescription for use at home CURRENT PAYER COVERAGE CVS Caremark, Highmark Blue Cross Blue Shield, North Dakota Blue Cross Blue Shield, Federal Supply Schedule (VA, DoD, Indian Health Service), cash
Slide 10: Commercial Progress through PBMs
Commercial Progress through PBMs CVS/Caremark gammaCore is reimbursed by CVS/Caremark at a non-exclusionary co-pay of roughly $50 - $75/month for those beneficiaries who have a benefit design that does not differentiate between drugs and devices Approximately five million CVS/Caremark members curren
Slide 11: Growth in gammaCore Prescribers
1 Growth in gammaCore Prescribers All Prescribers 3,000 2,600 2,451 2,500 2,170 2,000 1,827 1,480 1,500 997 1,000 563 500 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 1 Represents prescribers who have written at least one prescription Nasdaq: ECOR 11 1 © 2019 electroCore. All rightsrese
Slide 12: Active Channels With Revenue Growth Opportunities
Active Channels With Revenue Growth Opportunities Driving Department of Defense sales through the Veterans Administration and Military Treatment Facilities Growth in the UK by leveraging: 1) Innovation Technology Program Award for cluster headache and 2) support from the National Institute for Healt
Slide 13: Federal Supply Schedule Opportunity
Federal Supply Schedule Opportunity An efficient call point for direct sales Survey of 77k ~400,000 Migraine >10 active duty, reserve patients grew 10-fold million and National Guard saw VA healthcare covered lives in the VA between members found that providers for headache between the Veterans 2 20
Slide 14: gammaCore – Platform Technology with Vast Potential
gammaCore– Platform Technology with Vast Potential INFLAMMATION NEUROLOGY / PAIN Migraine 2 1 Rheumatoid Arthritis Cluster Headache 2 1 Sjogren’s Syndrome Depression Migraine 2 Post-traumatic Epilepsy headache Traumatic Brain Injury Subarachnoid hemorrhage Stroke gammaCore is the only FDA cleared no
Slide 15: Broad Intellectual Property Portfolio
Broad Intellectual Property Portfolio electroCore owns all intellectual property on which the technology relies Expansive pioneering IP coverage of >165 non-invasive, transdermal neuro- PATENTS AND PATENT APPLICATONS stimulation in the neck We have key patent coverage extending out ~100 issued U.S.
Slide 16: Summary Financials
Summary Financials $ In thousands 4Q 2018 1Q 2019 2Q 2019 3Q 2019 GAAP revenue 368 410 623 683 Research and Development 3,460 3,460 2,510 2,275 SG&A 12,397 11,000 9,388 8,143 Operating loss (15,681) (14,211) (12,380) (10,894) GAAP net loss from operations (15,335) (13,862) (12,101) (10,688) Adjusted
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 4Q 2018 1Q 2019 2Q 2019 3Q 2019 (in thousands) GAAP net loss from operations $ (15,335) $ (13,862) $ (12,101) $ (10,688) Provision for income taxes $ - $ - $ - $ - Depreciation and amortization $ 25 $ 26 $ 28 $ 99 Stock-based compensation $ 1,141 $ 744 $ 727 $ 1,220 Re
Slide 18: Capitalization Table
Capitalization Table Fully diluted as of September 30, 2019 Common stock shares 29,450,034 Exercise prices ranging from $5.68 to $12.60; expirations from Warrants 756,933 April 1, 2021 through August 31, 2022 Weighted average exercise price=$10.36, options generally Options 2,355,366 vest over 4-yea
Slide 19: Financial Guidance
Financial Guidance Q4 2019 Full Year 2020 Total revenue $700,000 to $800,000 $7-$9 million December 31, 2019 Cash Runway Fund operations into early Cash and equivalents $24.1 million 1 2021 1 Based on the company’s current operating plan Nasdaq: ECOR 19 1 © 2019 electroCore. All rightsreserved. 9Fin
Slide 20: Investment Summary
Investment Summary Revenue stage, proprietary, non-invasive vagus nerve stimulator positioned to Platform Therapy unlock the broad potential of bioelectronic medicine Cluster headache and migraine estimated to affect more than 36 million Large Initial Market people in the U.S. Attractive Revenue Mod
Slide 21: Appendix
APPENDIXAPPENDIX
Slide 22: Acute Cluster Headache: ACT 1 & ACT 2
Acute Cluster Headache: ACT 1 & ACT 2 Pooled analysis of Episodic Cluster Headache from ACT 1 & ACT 2 Trials ACT 1 PRIMARY ENDPOINT ACT 2 PRIMARY ENDPOINT RESPONDER ANALYSIS % Responders with Pain Relief at % All Treated Attacks Pain-Free % Responders at 15 Minutes in ≥ 15 Minutes for 1st Attack at
Slide 23: Acute Migraine: PRESTO Trial
Acute Migraine: PRESTO Trial Pain Freedom Percent Pain Relief 40% Repeated Measures Analysis p = 0.01 34.8% 30% 30.4% p = 0.07 p < 0.01 25.4% 20% 21.0% p = 0.02 19.7% p = 0.03 18.1% p = 0.06 p = 0.01 12.7% 10% 10.0% 7.7% 5.4% 5.2% 4.2% 0% 30 Min 60 Min 120 Min 30 Min 60 Min 120 Min gammaCore (n = 12
Slide 24: Cluster Headache Prevention: PREVA Trial
Cluster Headache Prevention: PREVA Trial Percentage of Patients w/≥ 50% Reduction in Attack Frequency Reduction in Number of Attacks per Week ITT mITT ITT mITT n = 45 n = 48 n = 37 n = 47 n = 45 n = 48 n = 37 n = 47 60% 0 -1 -2.1 -2.1 50% -2 40% -3 -5.9 p < 0.001 p < 0.001 -7.2 p < 0.001 p < 0.001 3