Pain Therapeutics Reports 2016 Financial Results
February 17 2017 - 9:00AM
Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial
results for the year ended December 31, 2016 and provided an update
on recent developments. Net loss in 2016 was $14.9 million,
or $0.33 per share, compared to a net loss in 2015 of $14.1
million, or $0.31 per share. Cash and investments were $18.7
million as of December 31, 2016, with no debt. In the first
two quarters of 2017, the Company expects its quarterly net cash
burn rate will range from $2.0 million to $2.5 million.
Pain Therapeutics recently met with the U.S.
Food and Drug Administration (FDA) regarding REMOXY ER (oxycodone
extended-release capsules). During this meeting, the FDA and
the Company reached agreement on a roadmap to resubmit the New Drug
Application (NDA) for REMOXY ER. Details of this meeting,
including timelines and additional data to be developed, will be
disclosed after minutes of the meeting are issued, which may take
up to three weeks.
The Company also announced that Peter S. Roddy
recently resigned, effective March 9, 2017, to pursue a job
opportunity in the San Francisco Bay Area. “Mr. Roddy is
well-respected and will be missed,” said Remi Barbier, Chairman,
President & CEO. “We are grateful for his 14 years of
service to the Company and wish him all the best in his future
endeavors.”
Financial Highlights for
2016
- At December 31, 2016, cash and investments were $18.7 million,
compared to $31.3 million at December 31, 2015. The Company
has no debt.
- Net cash used in 2016 was $12.6 million.
- We received $1.5 million in 2016 under a grant from the NIH for
preclinical activities for PTI-125, our Alzheimer’s disease product
candidate.
- Research and development expenses increased to $9.2 million in
2016 from $9.1 million in 2015, primarily due to increased non-cash
stock related compensation, offset in part by the funds from the
NIH grant. R&D expenses included non-cash stock related
compensation of $1.8 million in 2016 and $1.2 million in 2015.
- General and administrative expenses increased to $5.8 million
in 2016 from $5.1 million in 2015, primarily due to increased
non-cash stock related compensation costs. G&A expenses
included non-cash stock-related compensation costs of $2.6 million
in 2016 and $2.3 million in 2015.
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: REMOXY is a trademark of Pain
Therapeutics, Inc.
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 the timing of
minutes from the FDA and disclosure of details and timelines after
receipt of minutes from the FDA. 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 development and testing of our 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 –
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PAIN THERAPEUTICS, INC. |
CONDENSED STATEMENTS OF OPERATIONS |
(unaudited, in thousands, except per share
amounts) |
|
|
Three Months Ended |
|
Years Ended |
|
December 31, |
|
December 31, |
|
|
2016 |
|
|
2015(1) |
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|
2016 |
|
|
2015(1) |
Operating
expenses: |
|
|
|
|
|
|
|
Research
and development |
|
1,335 |
|
|
|
3,620 |
|
|
|
9,176 |
|
|
|
9,100 |
|
General
and administrative |
|
1,208 |
|
|
|
914 |
|
|
|
5,781 |
|
|
|
5,102 |
|
Total
operating expenses |
|
2,543 |
|
|
|
4,534 |
|
|
|
14,957 |
|
|
|
14,202 |
|
Operating loss |
|
(2,543 |
) |
|
|
(4,534 |
) |
|
|
(14,957 |
) |
|
|
(14,202 |
) |
Interest income |
|
21 |
|
|
|
17 |
|
|
|
107 |
|
|
|
57 |
|
Net loss |
$ |
(2,522 |
) |
|
$ |
(4,517 |
) |
|
$ |
(14,850 |
) |
|
$ |
(14,145 |
) |
Net loss
per share, basic and diluted |
$ |
(0.06 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.31 |
) |
Weighted-average shares used in computing net loss per |
|
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|
|
share,
basic and diluted |
|
45,742 |
|
|
|
45,356 |
|
|
|
45,638 |
|
|
|
45,356 |
|
|
|
CONDENSED BALANCE SHEETS |
(in thousands) |
|
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December 31, |
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2016 |
|
|
2015(1) |
|
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|
(Unaudited) |
|
|
Assets |
|
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Current assets |
|
|
|
|
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|
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Cash,
cash equivalents and marketable securities |
|
|
|
|
$ |
18,714 |
|
|
$ |
31,299 |
|
Other
current assets |
|
|
|
|
|
356 |
|
|
|
392 |
|
Total
current assets |
|
|
|
|
|
19,070 |
|
|
|
31,691 |
|
Other
non-current assets |
|
|
|
|
|
232 |
|
|
|
227 |
|
Total
assets |
|
|
|
|
$ |
19,302 |
|
|
$ |
31,918 |
|
Liabilities and
stockholders' equity |
|
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Current
liabilities |
|
|
|
|
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|
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Accounts payable and accrued development expenses |
|
$ |
330 |
|
|
$ |
1,928 |
|
Other
accrued liabilities |
|
|
|
|
|
335 |
|
|
|
623 |
|
Total
current liabilities |
|
|
|
|
|
665 |
|
|
|
2,551 |
|
Total
liabilities |
|
|
|
|
|
665 |
|
|
|
2,551 |
|
Stockholders'
equity |
|
|
|
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|
|
|
Common
stock |
|
|
|
|
|
46 |
|
|
|
46 |
|
Additional paid-in-capital |
|
|
|
|
|
164,079 |
|
|
|
159,959 |
|
Accumulated other comprehensive income |
|
|
|
|
|
— |
|
|
|
— |
|
Accumulated deficit |
|
|
|
|
|
(145,488 |
) |
|
|
(130,638 |
) |
Total
stockholders' equity |
|
|
|
|
|
18,637 |
|
|
|
29,367 |
|
Total
liabilities and stockholders' equity |
|
|
|
|
$ |
19,302 |
|
|
$ |
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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