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Repros Therapeutics Inc. (Nasdaq:RPRX) today announced financial results for the third quarter ended September 30, 2015.
Financial Results
Net loss for the three month period ended September 30, 2015, was ($6.6) million or ($0.27) per share as compared to a net loss of ($7.6) million or ($0.32) per share for the same period in 2014. The net loss for the nine month period ended September 30, 2015, was ($22.9) million or ($0.94) per share as compared to a net loss of ($25.1) million or ($1.08) per share for the same period in 2014. The decreases were primarily due to decreased clinical development expenses related to the Company’s enclomiphene product candidate, partially offset by increases in clinical development expenses related to Proellex®, payroll and benefits expenses and legal expenses.
While preparing its financial statements for the year ended December 31, 2014, the Company identified a prior period error related to its accounting for patent costs. The Company concluded this error was not material individually or in the aggregate to any of the prior reporting periods, and therefore, no restatements of previously issued financial statements were necessary. As such, revisions for the three and nine months periods ended September 30, 2014 are reflected in the financial statements herein. The three and nine month periods ended September 30, 2015 were not affected.
For the three month period ended September 30, 2015, research and development (“R&D”) expenses decreased 12%, or approximately $770,000, to $5.5 million, as compared to $6.3 million for the same period in the prior year. The decrease was primarily due to the completion of all Phase 3 clinical trials related to our enclomiphene product candidate, partially offset by increased expenses related to the clinical development of Proellex®.
For the nine month period ended September 30, 2015, R&D expenses decreased 10%, or approximately $2.1 million, to $19.3 million, as compared to $21.3 million for the same period in the prior year. The decrease was primarily due to the completion of all Phase 3 clinical trials related to our enclomiphene product candidate, partially offset by the payment of $2.3 million to the FDA associated with the submission of our NDA for the product candidate, increased expenses related to the clinical development of Proellex®, salaries and legal expenses.
General and administrative expenses decreased 14%, or approximately $177,000, to $1.1 million for the three month period ended September 30, 2015, as compared to $1.3 million for the same period in the prior year and decreased 3%, or approximately $112,000, to $3.6 million for the nine month period ended September 30, 2015, as compared to $3.8 million for the same period in the prior year. The decreases were primarily due to decreased professional services costs.
Total revenues and other income decreased to $1,000 for the three month period ended September 30, 2015 as compared to $2,000 for the same period in the prior year. Total revenue and other income decreased to $3,000 for the nine month period ended September 30, 2015 as compared to $7,000 for the same period in the prior year. The decreases were primarily due to decreased cash balances resulting in decreased interest income.
