Pain Therapeutics Reports Second Quarter 2018 Financial Results
Financial Highlights for Second Quarter 2018
- Net loss for the quarter was
$2.5 million, or a net loss per share of $0.36. This compared to a net loss of $4.2 million, or $0.64per share, for the same period in the prior year, representing a 41% decrease.
- Cash and cash equivalents were
$9.6 millionat June 30, 2018. This compared to $10.7 millionin the prior quarter, representing a 10% decrease. We have no debt.
- We believe existing capital resources are sufficient to meet our projected operating requirements for at least the next 12 months.
- We received
$0.4 millionin research grant funding from the National Institutes of Health, recorded as a reduction in research and development expenses (R&D).
- R&D expenses were
$1.5 million. This compared to $3.1 millionfor the same period in the prior year, representing a 52% decrease. R&D expenses included non-cash stock related compensation costs of $0.3 millionfor both current period and the prior year period.
- General and administrative (G&A) expenses were
$1.0 million. This compared to $1.1 millionfor the same period in the prior year, representing a 10% decrease. G&A expenses included non-cash stock-related compensation costs of $0.4 millionfor both current period and the prior year period.
About REMOXYER (extended-release oxycodone capsules CII)
REMOXY ER is in registration with the
About Opioid Abuse
Opioid drugs such as oxycodone are an important treatment option for patients with severe chronic pain. However, oxycodone abuse and diversion remain serious, persistent problems. Opioid overdose deaths exceeded 64,000 in 2016, according to the
Our Pipeline of Drug Assets also Includes:
PTI-125 – This proprietary, small molecule drug candidate is aimed at the treatment of Alzheimer’s disease. In 2018, we completed a successful Phase I study with PTI-125. The study was substantially funded by a research grant award from the
PTI-125DX – This is a proprietary blood-based test to detect Alzheimer’s disease. PTI-125DX is an early-stage program, substantially funded by a research grant award from the NIH.
FENROCK™ (transdermal fentanyl patch system) – This is a proprietary, abuse-deterrent skin patch for severe pain. FENROCK is an early-stage program, substantially funded by a research grant award from
We develop proprietary drugs that offer significant improvements to patients and physicians. Our expertise consists of developing new drugs and guiding these through various regulatory and development pathways in preparation for their eventual commercialization. We generally focus our drug development efforts around disorders of the nervous system. The
NOTE: REMOXY® ER and FENROCK™ are trademarks of
Note Regarding Forward-Looking Statements: This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act").
– Financial Tables Follow –
|PAIN THERAPEUTICS, INC.|
|CONDENSED STATEMENTS OF OPERATIONS|
|(in thousands, except per share amounts)|
|Three months ended June 30,||Six months ended June 30,|
|Research and development||$||1,463||$||3,063||$||2,532||$||4,452|
|General and administrative||998||1,103||2,097||2,478|
|Total operating expenses||2,461||4,166||4,629||6,930|
|Net loss per share, basic and diluted||$||(0.36||)||$||(0.64||)||$||(0.68||)||$||(1.06||)|
|Weighted-average shares used in computing net loss per share, basic and diluted||6,838||6,537||6,739||6,536|
|CONDENSED BALANCE SHEETS|
|Cash, cash equivalents and marketable securities||$||9,608||$||10,479|
|Other current assets||91||184|
|Total current assets||9,699||10,663|
|Liabilities and stockholders' equity|
|Accounts payable and accrued development expenses||$||962||$||823|
|Other accrued liabilities||325||309|
|Total current liabilities||1,287||1,132|
|Common Stock and additional paid-in-capital||170,558||167,098|
|Accumulated other comprehensive income||—||—|
|Total stockholders' equity||8,546||9,699|
|Total liabilities and stockholders' equity||$||9,833||$||10,831|
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Source: Pain Therapeutics, Inc.