BELLUS Health Reports Second Quarter 2020 Financial Results and Business Highlights - Seite 2

Research and Development Expenses: Research and development expenses, net of research tax credits, amounted to US$5,899,000 for the second quarter ended June 30, 2020, compared to US$4,100,000 for the same period in 2019. The increase is primarily attributable to higher expenses incurred in relation to the development of BLU-5937, mainly activities in relation to the Phase 2 RELIEF trial in refractory chronic cough, for which topline results were announced on July 6, 2020.

General and Administrative Expenses: General and administrative expenses amounted to US$3,439,000 for the second quarter ended June 30, 2020, compared to US$1,771,000 for the same period in 2019. The increase is mainly due to increased general and administrative costs incurred since the Company’s Nasdaq listing in September 2019 and higher stock-based compensation expense in relation to its stock option plan.

Net Finance Income (Costs): Net finance income amounted to US$912,000 for the second quarter ended June 30, 2020, compared to net finance costs of US$44,000 for the same period in 2019. The increase in net finance income is mainly attributable to a foreign exchange gain that arose from the translation of the Company’s net monetary assets denominated in Canadian dollars during the quarter.

The Company’s full unaudited condensed consolidated interim financial statements and accompanying management’s discussion and analysis for the three and six-month periods ended June 30, 2020 will be available shortly on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

About BLU-5937

BLU-5937, a highly selective P2X3 antagonist - (>1500 fold) - is in development for chronic cough, chronic pruritus and other hypersensitization-related disorders.

The P2X3 receptor in the cough reflex pathway, which is implicated in chronic cough, is a rational target for treating chronic cough, and it has been evaluated in multiple clinical trials with different P2X3 antagonists. The Company believes that its highly selective P2X3 antagonist has the potential to reduce coughing in patients with chronic cough while maintaining taste function by not inhibiting P2X2/3 receptors, which play a major role in taste.

In addition to chronic cough and chronic pruritus, BLU-5937 may also have broad applicability across other afferent hypersensitization-related disorders, enabling the Company to consider developing a pipeline of therapies using its P2X3 platform. BELLUS Health is exploring how P2X3 activation can contribute to irritation and pain, and whether inhibition of P2X3 receptors can help treat these afferent hypersensitization-related disorders.