Repros Therapeutics Inc.® (Nasdaq:RPRX) today announced financial
results for the second quarter ended June 30, 2017.
Financial Results
Net loss for the three month period ended June
30, 2017, was ($2.2) million or ($0.08) per share as compared to a
net loss of ($4.3) million or ($0.18) per share for the same period
in 2016. The decreased loss for the three month period ended June
30, 2017, as compared to the same period in the prior year, was
primarily due to decreased clinical development expenses related to
the Company’s Proellex® and enclomiphene product candidates, as
well as decreased R&D payroll and benefits expenses and legal
expenses. The Company recorded, in other expense, a change in
fair value of the warrant liability for the three month period
ended June 30, 2017 in the amount of $160,000, which partially
offset the above-described decreases.
Net loss for the six month period ended June 30,
2017, was ($8.1) million or ($0.30) per share as compared to a net
loss of ($9.1) million or ($0.38) per share for the same period in
2016. The decreased loss for the six month period ended June
30, 2017, as compared to the same period in the prior year, was
primarily due to decreased clinical development expenses related to
the Company’s Proellex® and enclomiphene product candidates, as
well as decreased R&D payroll and benefits expenses and legal
expenses, partially offset by expenses associated with the
departure of the Company’s former President and Chief Executive
Officer and other expense in the amount of $160,000 recognized as a
change in fair value of the warrant liability.
For the three month period ended June 30, 2017,
research and development (“R&D”) expenses decreased 65%, or
approximately $2.1 million, to $1.1 million, as compared to $3.2
million for the same period in the prior year. For the six
month period ended June 30, 2017, R&D expenses decreased 54%,
or approximately $3.8 million, to $3.2 million, as compared to $7.0
million for the same period in the prior year. The decrease
in both the three and six month periods was primarily due to the
decreased expenses related to the Company’s Proellex® and
enclomiphene product candidates in 2017, as well as decreased
R&D payroll and benefits expenses and legal expenses.
General and administrative (“G&A”) expenses
decreased 14%, or approximately $146,000, to $906,000 for the three
month period ended June 30, 2017 as compared to $1.1 million for
the same period in the prior year and increased 121%, or
approximately $2.6 million, to $4.7 million for the six month
period ended June 30, 2017, as compared to $2.1 million for the
same period in the prior year. The decrease in the three
month period ended June 30, 2017, as compared to the same period in
the prior year, was primarily due to decreased non-cash stock based
compensation. The increase in the six month period ended June
30, 2017, as compared to the same period in the prior year, was
primarily due to a charge of $2.8 million related to the departure
of the former officer, partially offset by a decrease in non-cash
stock based compensation.
Total revenues and other income decreased to
$7,000 for the three month period ended June 30, 2017 as
compared to $15,000 for the same period in the prior year.
Total revenues and other income decreased to $14,000 for the six
month period ended June 30, 2017 as compared to $31,000
for the same period in the prior year. The decrease in
revenues and other income in both periods was primarily due to
lower cash balances during the three and six month periods ended
June 30, 2017 as compared to the comparable periods in
the prior year.
Liquidity and Capital
Resources
On May 23, 2017, the Company sold 2,744,125
shares of common stock and pre-funded Series C Warrants to purchase
up to 2,245,875 shares of common stock in an underwritten public
offering to certain investors (the “May Public Offering”).
Each share of common stock was sold at a price of $0.60 and each
Series C Warrant was issued with an exercise price of $0.60 per
share of common stock, $0.60 of which was pre-funded at closing and
$0.001 was payable upon exercise. This May Public Offering also
included the issuance of Series A Warrants to purchase 3,742,500
shares of our common stock at an initial exercise price of $0.84
per share and Series B Warrants to purchase 2,495,000 shares of our
common stock at an initial exercise price of $0.92 per share.
Each share of common stock and each pre-funded Series C Warrant to
purchase a share of common stock were sold together with a Series A
Warrant to purchase 0.75 share of common stock and a Series B
Warrant to purchase 0.50 share of common stock. The net proceeds to
the Company from the sale of common stock and warrants, after
deducting underwriting discounts and commissions and other offering
expenses, were approximately $2.5 million.
Due to the net cash settlement feature at the
option of the warrant holder in each of the Series A and Series B
warrant agreements, these warrants are classified as liabilities
under the caption “Warrant liability” in the accompanying balance
sheets and recorded at estimated fair value at issuance with any
subsequent change in fair value of the outstanding warrants since
issuance reflected in “Change in fair value of warrant liability”
in the accompanying statements of operations. All Series C
warrants were exercised in June 2017. As of August 11, 2017,
6,171,305 shares of Common Stock had been issued upon the exercise
of Series B Warrants, of which 452,166 remained outstanding.
All Series A Warrants remained outstanding at such date.
The Company had cash and cash equivalents of
approximately $3.8 million as of June 30, 2017 as compared to $8.7
million as of December 31, 2016. Net cash of approximately
$6.6 million and $8.9 million was used in operating activities
during the six month periods ended June 30, 2017 and 2016,
respectively. The major use of cash for operating activities
for the six month period ended June 30, 2017 was to fund our
clinical development programs and associated administrative
costs. No cash was used in investing activities during the
six month period ended June 30, 2017. Cash provided by
financing activities for the six month period ended June 30, 2017
was approximately $3.5 million primarily from the May Public
Offering.
As of June 30, 2017 we had 32,458,759 shares of
common stock outstanding.
About Repros Therapeutics Inc.®
Repros Therapeutics focuses on the development
of small molecule drugs for major unmet medical needs that treat
male and female reproductive disorders.
Any statements made by the Company that are not
historical facts contained in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and are subject to various risks, uncertainties
and other factors that could cause the Company's actual results,
performance or achievements to differ materially from those
expressed or implied by such forward-looking statements. These
statements often include words such as "may," "will," "expect,"
"anticipate," "continue," "estimate," "project," "intend,"
"believe," "plan," "seek," "could," "can," "should" or similar
expressions. These statements are based on assumptions that the
Company has made in light of the Company's experience in the
industry, as well as the Company's perceptions of historical
trends, current conditions, expected future developments and other
factors the Company believes are appropriate in these
circumstances. Any such statements are based on current
expectations that involve a number of known and unknown risks,
uncertainties and other factors that may cause actual events to be
materially different from those expressed or implied by such
forward-looking statements, including the ability to have success
in the clinical development of the Company's technologies, the
reliability of interim results to predict final study outcomes, the
ability to protect the Company's intellectual property rights and
such other risks as are identified in the Company's most recent
Annual Report on Form 10-K and in any subsequent quarterly reports
on Form 10-Q. These documents are available on request from Repros
Therapeutics or at www.sec.gov. Repros disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For more information, please visit the Company's
website at http://www.reprosrx.com.
|
|
REPROS THERAPEUTICS INC. AND
SUBSIDIARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(unaudited and in thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
7 |
|
|
$ |
15 |
|
|
$ |
14 |
|
|
$ |
31 |
|
|
|
|
Total
revenues and other income |
|
7 |
|
|
|
15 |
|
|
|
14 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
1,140 |
|
|
|
3,243 |
|
|
|
3,214 |
|
|
|
7,009 |
|
|
|
General and
administrative |
|
|
906 |
|
|
|
1,052 |
|
|
|
4,749 |
|
|
|
2,147 |
|
|
|
Change in
fair value of warrant liability |
|
160 |
|
|
|
- |
|
|
|
160 |
|
|
|
- |
|
|
|
|
Total expenses |
|
|
2,206 |
|
|
|
4,295 |
|
|
|
8,123 |
|
|
|
9,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
$ |
(2,199 |
) |
|
$ |
(4,280 |
) |
|
$ |
(8,109 |
) |
|
$ |
(9,125 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share - basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in loss per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,398 |
|
|
|
24,319 |
|
|
|
27,340 |
|
|
|
24,319 |
|
|
|
Diluted |
|
|
28,398 |
|
|
|
24,319 |
|
|
|
27,340 |
|
|
|
24,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
3,768 |
|
|
$ |
8,688 |
|
|
|
|
|
|
Restricted
cash |
|
|
916 |
|
|
|
- |
|
|
|
|
|
|
Prepaid
expenses and other currents assets |
|
268 |
|
|
|
66 |
|
|
|
|
|
|
Total current assets |
|
|
4,952 |
|
|
|
8,754 |
|
|
|
|
|
|
Fixed
assets (net) |
|
|
1 |
|
|
|
3 |
|
|
|
|
|
|
Non-current
restricted cash |
|
|
916 |
|
|
|
- |
|
|
|
|
|
|
Total
assets |
|
$ |
5,869 |
|
|
$ |
8,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
2,732 |
|
|
$ |
2,659 |
|
|
|
|
|
|
Long-term
liabilities |
|
|
916 |
|
|
|
- |
|
|
|
|
|
|
Warrant
liability |
|
|
2,530 |
|
|
|
- |
|
|
|
|
|
|
Stockholders' equity |
|
|
(309 |
) |
|
|
6,098 |
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
5,869 |
|
|
$ |
8,757 |
|
|
|
|
|
Contact:
Investor Relations:
Joe Schepers
(770) 558-5517
jschepers@reprosrx.com
Royalty Pharma (NASDAQ:RPRX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Royalty Pharma (NASDAQ:RPRX)
Historical Stock Chart
From Apr 2023 to Apr 2024