Pain Therapeutics Reports Q3 2016 Financial Results
October 20 2016 - 9:00AM
Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial
results for the third quarter of 2016. Net loss in Q3 2016
was $3.5 million, or $0.08 per share, compared to a net loss in Q3
2015 of $3.7 million, or $0.08 per share.
At September 30, 2016, cash and investments were
$21.8 million, compared to $24.6 million at June 30, 2016.
The Company has no debt.
"We continue to evaluate the comments recently
raised by the FDA with regards to REMOXY," said Remi Barbier,
President and Chief Executive Officer. "We are encouraged by the
preliminary feedback we have received from external experts in the
field and look forward to announcing a new strategy after further
consultation with external advisors."
Financial Highlights for Q3
2016
- Research and development expenses increased to $2.7 million in
Q3 2016 from $2.4 million in Q3 2015, primarily due to increased
activities related to REMOXY ER (oxycodone capsules CII).
Research and development expenses included non-cash stock-related
compensation costs of $0.3 million in both Q3 2016 and Q3
2015.
- General and administrative expenses decreased to $0.9 million
in Q3 2016 from $1.3 million in Q3 2015, primarily due to lower
compensation costs. General and administrative expenses
included non-cash stock-related compensation costs of $0.5 million
in both Q3 2016 and Q3 2015.
- Net cash used in Q3 2016 was $2.8 million.
About Pain Therapeutics,
Inc.We develop proprietary drugs that offer significant
improvements to patients and physicians. Our expertise consists of
developing new drugs and guiding these through various regulatory
and development pathways in preparation for their eventual
commercialization. We generally focus our drug development
efforts around disorders of the nervous system, such as chronic
pain. The FDA has not yet established the safety or efficacy
of our drug candidates.
Note Regarding Forward-Looking
Statements: This press release contains forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995 (the "Act"). Pain Therapeutics disclaims any
intent or obligation to update these forward-looking statements,
and claims the protection of the Safe Harbor for forward-looking
statements contained in the Act. Examples of such statements
include, but are not limited to, statements regarding announcing a
new strategy, developing proprietary drugs that offer significant
improvements to patients and physicians and guiding new drugs
through various regulatory and development pathways. Such
statements are based on management's current expectations, but
actual results may differ materially due to various factors.
Such statements involve risks and uncertainties, including, but not
limited to, those risks and uncertainties relating to difficulties
or delays in completion of development activities and testing of
our other drug candidates; unexpected adverse side effects or
inadequate therapeutic efficacy of our drug candidates; the
uncertainty of patent protection for our intellectual property or
trade secrets; unanticipated additional research and development,
litigation and other costs; and the potential for abuse-deterrent
pain medications or other competing products to be developed by
competitors and potential competitors or others. For further
information regarding these and other risks related to our
business, investors should consult our filings with the U.S.
Securities and Exchange Commission.
– Financial Tables Follow –
PAIN THERAPEUTICS, INC. |
CONDENSED STATEMENTS OF OPERATIONS |
(in thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
$ |
|
2,657 |
|
|
$ |
|
2,356 |
|
|
$ |
|
7,841 |
|
|
$ |
|
5,480 |
|
General and administrative |
|
|
884 |
|
|
|
|
1,330 |
|
|
|
|
4,573 |
|
|
|
|
4,188 |
|
Total operating expenses |
|
|
3,541 |
|
|
|
|
3,686 |
|
|
|
|
12,414 |
|
|
|
|
9,668 |
|
Operating loss |
|
|
(3,541 |
) |
|
|
|
(3,686 |
) |
|
|
|
(12,414 |
) |
|
|
|
(9,668 |
) |
Interest income |
|
|
23 |
|
|
|
|
15 |
|
|
|
|
86 |
|
|
|
|
40 |
|
Net loss |
$ |
|
(3,518 |
) |
|
$ |
|
(3,671 |
) |
|
$ |
|
(12,328 |
) |
|
$ |
|
(9,628 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share, basic and diluted |
$ |
|
(0.08 |
) |
|
$ |
|
(0.08 |
) |
|
$ |
|
(0.27 |
) |
|
$ |
|
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in computing |
|
|
|
|
|
|
|
|
|
|
|
net loss per share, basic and
diluted |
|
|
45,742 |
|
|
|
|
45,356 |
|
|
|
|
45,603 |
|
|
|
|
45,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEETS |
(in thousands) |
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015(1) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
marketable securities |
|
|
|
|
|
|
$ |
|
21,764 |
|
|
$ |
|
31,299 |
|
Other current assets |
|
|
|
|
|
|
|
|
456 |
|
|
|
|
392 |
|
Total current assets |
|
|
|
|
|
|
|
|
22,220 |
|
|
|
|
31,691 |
|
Other
assets |
|
|
|
|
|
|
|
|
262 |
|
|
|
|
227 |
|
Total assets |
|
|
|
|
|
|
$ |
|
22,482 |
|
|
$ |
|
31,918 |
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued
development expenses |
|
|
|
|
|
|
$ |
|
1,827 |
|
|
$ |
|
1,928 |
|
Other accrued liabilities |
|
|
|
|
|
|
|
|
340 |
|
|
|
|
623 |
|
Total current liabilities |
|
|
|
|
|
|
|
|
2,167 |
|
|
|
|
2,551 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
Total liabilities |
|
|
|
|
|
|
|
|
2,167 |
|
|
|
|
2,551 |
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
Common Stock and additional
paid-in-capital |
|
|
|
|
|
|
|
|
163,280 |
|
|
|
|
160,005 |
|
Accumulated other comprehensive
income |
|
|
|
|
|
|
|
|
1 |
|
|
|
|
— |
|
Accumulated deficit |
|
|
|
|
|
|
|
|
(142,966 |
) |
|
|
|
(130,638 |
) |
Total stockholders' equity |
|
|
|
|
|
|
|
|
20,315 |
|
|
|
|
29,367 |
|
Total liabilities and stockholders'
equity |
|
|
|
|
|
|
$ |
|
22,482 |
|
|
$ |
|
31,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Derived from the Company's annual financial statements as of
December 31, 2015, included in the Company's Annual Report on Form
10-K filed with the Securities and Exchange Commission.
For More Information Contact:
Peter S. Roddy
Vice President and Chief Financial Officer
Pain Therapeutics, Inc.
proddy@paintrials.com
(512) 501-2450
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