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Net loss was $24.2 million for the fourth quarter of 2014 and $135.6 million for the year
KYTHERA Biopharmaceuticals, Inc. (Nasdaq:KYTH) today reported financial results for its quarter and year ended December 31, 2014.
“Last year KYTHERA achieved many milestones and this year we continue our upward momentum. Most notably, we filed our New Drug Application for ATX-101 in the U.S., and several ex-U.S. territories,” said Keith Leonard, KYTHERA’s president and CEO. “If approved, ATX-101 can fulfill an unmet need as a first-in-class submental contouring drug. Also, with the recent acquisition of a potential novel drug treatment for hair loss, we continue on our path to develop and bring products to market with unmet needs that enable people to achieve a positive self-image.”
Summary Financial Results:
Cash and cash equivalents and marketable securities totaled $99.7 million at December 31, 2014. This compared to $172.1 million at December 31, 2013, of which $5.1 million was restricted. The Company had net use in operating activities of cash and cash equivalents of $59.5 million for the year ended December 31, 2014. Based on current operating plans, the Company believes its existing cash and cash equivalents will allow it to fund its operations through at least the next 12 months.
Research and development expenses totaled $13.5 million for the fourth quarter 2014 and $47.8 million for the full year 2014, compared to $9.2 million for the fourth quarter 2013 and $34.0 million for the full year 2013. The increase in research and development expenses in 2014 compared to the similar periods in 2013 is primarily attributable to higher costs from an increase in headcount and related personnel costs, increased external costs related to the development of commercial manufacturing and supply chain capabilities for the potential launch of ATX-101, and the creation, development and execution of the Company’s medical affairs program.
General and administrative expenses totaled $9.7 million for the fourth quarter of 2014 and $31.1 million for the year ended December 31, 2014, compared to $4.4 million for the fourth quarter of 2013 and $16.1 million for the year ended December 31, 2013. The increase in general and administrative expenses in 2014 compared to the similar periods in 2013 is primarily attributable to increased personnel costs, marketing costs and expansion of its information technology infrastructure in preparation for a potential commercial launch of ATX-101 and services associated with supporting a growing public company.
Net loss was $24.2 million for the fourth quarter of 2014 and $135.6 million for the year ended December 31, 2014, compared to $14.0 million for the fourth quarter of 2013 and $51.9 million for the year ended December 31, 2013.
