Versartis Reports First Quarter 2018 Financial Results
May 08 2018 - 4:15PM
Versartis, Inc. (Nasdaq:VSAR), an endocrine-focused
biopharmaceutical company, today announced financial results for
the first quarter ended March 31, 2018.
“We have undertaken additional efforts to aggressively
manage our cash as we work diligently to complete our
strategic review process,” said Jay Shepard, President
and CEO of Versartis, Inc. “We
acknowledge the patience our shareholders have shown
during this process and we are committed to providing an
update as soon as we can.”
First Quarter 2018 Financial ResultsFor the
first quarter ended March 31, 2018, Versartis reported a net loss
of approximately $9.0 million, or $0.25 per share, basic and
diluted, compared to a net loss for the first quarter ended March
31, 2017 of $29.7 million, or $0.85 per share, basic and
diluted.
Total operating expenses for the quarter ended March 31, 2018
were $8.5 million compared to $29.7 million for the quarter ended
March 31, 2017. Research and development (R&D) expenses for the
quarter ended March 31, 2018 were $3.6 million, compared to $22.0
million for the quarter ended March 31, 2017. The decrease in
R&D expenses was primarily due to the termination of clinical
and manufacturing related contracts that supported the company’s
Phase 3 clinical trials for somavaratan following the Phase 3
VELOCITY trial failing to meet its primary endpoint.
General and administrative (G&A) expenses were $4.9 million
for the quarter ended March 31, 2018 compared to $7.7 million for
the quarter ended March 31, 2017. The decrease in G&A
expenses was primarily due to the reduction in workforce and our
continued efforts to reduce consulting and professional services
expenses following the Phase 3 VELOCITY trial failing to meet its
primary endpoint.
Total operating expenses for the quarter ended March 31, 2018
include non-cash stock-based compensation expense of $2.8 million
compared to $3.9 million of non-cash stock-based compensation
expense for the quarter ended March 31, 2017.
Cash, cash equivalents, and short-term investments were $74.7
million as of March 31, 2018.
Contacts:Kevin HaasVP, Finance(650) 963-8595
khaas@versartis.com
Versartis, Inc.Condensed
Consolidated Statements of Operations
(Unaudited)(in thousands, except per share
amounts)
|
Three Months Ended |
|
|
March 31, |
|
|
2018 |
|
|
2017 |
|
Operating
expenses |
|
|
|
|
|
|
|
Research and
development |
$ |
3,600 |
|
|
$ |
22,004 |
|
General and
administrative |
|
4,917 |
|
|
|
7,656 |
|
Total
operating expenses |
|
8,517 |
|
|
|
29,660 |
|
Loss from
operations |
|
(8,517 |
) |
|
|
(29,660 |
) |
Interest income |
|
193 |
|
|
|
199 |
|
Other income (expense),
net |
|
(657 |
) |
|
|
(261 |
) |
Net loss |
|
(8,981 |
) |
|
|
(29,722 |
) |
Net loss per share-
basic and diluted |
$ |
(0.25 |
) |
|
$ |
(0.85 |
) |
Weighted-average common
shares used to compute basic and diluted net loss per share |
|
36,019 |
|
|
|
35,004 |
|
|
Versartis, Inc.Condensed
Consolidated Balance Sheets
(Unaudited)(in thousands)
|
March 31,
|
|
|
December 31, |
|
|
2018 |
|
|
2017 |
|
Assets: |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
74,686 |
|
|
$ |
81,146 |
|
Other assets |
|
3,594 |
|
|
|
3,743 |
|
Build-to-suit lease
asset |
|
8,829 |
|
|
|
8,888 |
|
Total
assets |
$ |
87,109 |
|
|
$ |
93,777 |
|
Liabilities and
stockholders' equity: |
|
|
|
|
|
|
|
Accounts payable and
other current liabilities |
$ |
3,535 |
|
|
$ |
5,593 |
|
Build-to-suit lease
obligation |
|
6,944 |
|
|
|
5,428 |
|
Total liabilities |
|
10,479 |
|
|
|
11,021 |
|
Total stockholders'
equity |
|
76,630 |
|
|
|
82,756 |
|
Total
liabilities and stockholders’
equity |
$ |
87,109 |
|
|
$ |
93,777 |
|
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