Pain Therapeutics Reports First Quarter 2017 Financial Results
April 25 2017 - 05:47PM
Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial
results for the first quarter (Q1) of 2017. Net loss was $2.7
million, or $0.06 per share, for the three months ended March 31,
2017, compared to a net loss of $5.8 million, or $0.13 per share,
for the three months ended March 31, 2016.
Net cash used in Q1 2017 was $1.5 million.
We had cash and investments of $17.2 million as of March 31, 2017,
and no debt. We continue to expect net cash usage for the
first half of 2017 will be approximately $5 million.
“We believe we continue to make expeditious
progress with REMOXY, our lead drug candidate, while maintaining
fiscal discipline,” said Remi Barbier, President & CEO of Pain
Therapeutics, Inc. “In addition, in the quarter ahead we
expect to announce news and updates around our program in
Alzheimer’s Disease, which to date we have advanced primarily with
funding from competitive, peer-reviewed grant awards.”
As previously disclosed, we met with the U.S.
Food and Drug Administration (FDA) in February 2017, regarding
REMOXY™ ER (oxycodone extended-release capsules CII). During
this meeting, agreement was reached on additional studies that are
needed for REMOXY’s regulatory approval. We expect to
complete these studies by year-end 2017, at a cost of approximately
$3-4 million. After completion of these studies, we intend to
have a pre-New Drug Application (NDA) meeting with the FDA,
followed by resubmission of the REMOXY NDA, with an anticipated
Priority Review, under Section 505(b)(2) of the Federal Food, Drug,
and Cosmetic Act.
Financial Highlights for Q1 2017
- Net cash used in Q1 2017 was $1.5 million. At March 31,
2017, cash and investments were $17.2 million, compared to $18.7
million at December 31, 2016. We have no debt.
- Research and development (R&D) expenses decreased to $1.4
million in Q1 2017 from $3.6 million in Q1 2016, primarily due to a
decrease in activities related to REMOXY. R&D expenses
included non-cash stock related compensation of $0.3 million in Q1
2017 and $0.8 million in Q1 2016.
- General and administrative (G&A) expenses decreased to $1.4
million in Q1 2017 from $2.2 million in Q1 2016, primarily due to a
decrease in non-cash stock related compensation costs.
G&A expenses included non-cash stock-related compensation costs
of $0.5 million in Q1 2017 and $1.0 million in Q1 2016.
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 our projected
net cash usage in the first half of 2017; statements regarding
discussion plan for the REMOXY NDA; and timing or estimated costs
of studies and actions needed to resubmit the REMOXY NDA to 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 –
PAIN THERAPEUTICS, INC. |
CONDENSED STATEMENTS OF OPERATIONS |
(in thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
Three months ended March 31, |
|
2017 |
|
2016 |
Operating expenses |
|
|
|
|
|
Research
and development |
$ |
1,388 |
|
|
$ |
3,595 |
|
General
and administrative |
|
1,376 |
|
|
|
2,234 |
|
Total
operating expenses |
|
2,764 |
|
|
|
5,829 |
|
Operating loss |
|
(2,764 |
) |
|
|
(5,829 |
) |
Interest income |
|
21 |
|
|
|
34 |
|
Net loss |
$ |
(2,743 |
) |
|
$ |
(5,795 |
) |
|
|
|
|
|
|
Net loss
per share, basic and diluted |
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
|
Weighted-average shares
used in computing net loss per share, basic and diluted |
|
45,742 |
|
|
|
45,356 |
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEETS |
(in thousands) |
|
March 31, 2017 |
|
December 31, 2016(1) |
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash,
cash equivalents and marketable securities |
$ |
17,264 |
|
|
$ |
18,714 |
|
Other
current assets |
|
126 |
|
|
|
356 |
|
Total
current assets |
|
17,390 |
|
|
|
19,070 |
|
Other
assets |
|
214 |
|
|
|
232 |
|
Total
assets |
$ |
17,604 |
|
|
$ |
19,302 |
|
Liabilities and stockholders'
equity |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts
payable and accrued development expenses |
$ |
581 |
|
|
$ |
330 |
|
Other
accrued liabilities |
|
302 |
|
|
|
335 |
|
Total
current liabilities |
|
883 |
|
|
|
665 |
|
Non-current
liabilities |
|
— |
|
|
|
— |
|
Total
liabilities |
|
883 |
|
|
|
665 |
|
Stockholders'
equity |
|
|
|
|
|
Common
Stock and additional paid-in-capital |
|
164,952 |
|
|
|
164,125 |
|
Accumulated other comprehensive income |
|
— |
|
|
|
— |
|
Accumulated deficit |
|
(148,231 |
) |
|
|
(145,488 |
) |
Total
stockholders' equity |
|
16,721 |
|
|
|
18,637 |
|
Total
liabilities and stockholders' equity |
$ |
17,604 |
|
|
$ |
19,302 |
|
|
|
|
|
|
|
(1) Derived from the Company's annual financial statements as of
December 31, 2016, included in the Company's Annual Report on Form
10-K filed with the Securities and Exchange Commission.
For More Information Contact:
Ruth Araya
Pain Therapeutics, Inc.
IR@paintrials.com
(512) 501-2485
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