Repros Therapeutics Inc.® (Nasdaq:RPRX) today announced financial
results for the third quarter ended September 30, 2017.
Financial Results
Net loss for the three month period ended
September 30, 2017, was ($1.6) million or ($0.04) per share as
compared to a net loss of ($4.2) million or ($0.17) per share for
the same period in 2016. The decreased loss for the three month
period ended September 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 income, a change in fair value of the warrant liability
for the three month period ended September 30, 2017, in the amount
of $295,000.
Net loss for the nine month period ended
September 30, 2017, was ($9.7) million or ($0.32) per share as
compared to a net loss of ($13.3) million or ($0.55) per share for
the same period in 2016. The decreased loss for the nine
month period ended September 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.
For the three month period ended September 30,
2017, research and development (“R&D”) expenses decreased 69%,
or approximately $2.2 million, to $979,000, as compared to $3.2
million for the same period in the prior year. For the nine
month period ended September 30, 2017, R&D expenses decreased
59%, or approximately $6.0 million, to $4.2 million, as compared to
$10.2 million for the same period in the prior year. The
decreases in both the three and nine month periods were 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 6%, or approximately $57,000, to $940,000 for the three
month period ended September 30, 2017, as compared to $997,000 for
the same period in the prior year and increased 81%, or
approximately $2.6 million, to $5.7 million for the nine month
period ended September 30, 2017, as compared to $3.1 million for
the same period in the prior year. The decrease in the three
month period ended September 30, 2017, as compared to the same
period in the prior year, was primarily due to decreased non-cash
stock based compensation, partially offset by an increase in
professional services. The increase in the nine month period
ended September 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 increased to
$304,000 for the three month period ended
September 30, 2017 as compared to $10,000 for the same
period in the prior year. Total revenues and other income
increased to $158,000 for the nine month period ended September
30, 2017 as compared to $41,000 for the same period in the
prior year. The increases in revenues and other income in
both periods were primarily due to the change in the fair value of
the warrants issued by the Company in May 2017 during the three and
nine month periods ended September 30, 2017.
Excluding the change in the fair value of the warrants, revenues
and other income decreased in both periods primarily due to lower
cash balances during the three and nine month periods ended
September 30, 2017, as compared to the comparable periods
in the prior year.
Liquidity and Capital
Resources
The Company had cash and cash equivalents of
approximately $1.8 million as of September 30, 2017 as compared to
$8.7 million as of December 31, 2016. Net cash of
approximately $8.5 million and $12.5 million was used in operating
activities during the nine month periods ended September 30, 2017
and 2016, respectively. The major use of cash for operating
activities for the nine month period ended September 30, 2017 was
to fund our clinical development programs and associated
administrative costs. No cash was used in investing
activities during the nine month period ended September 30,
2017. Cash provided by financing activities for the nine
month period ended September 30, 2017 was approximately $3.5
million primarily from the May Public Offering.
Nasdaq Listing
As disclosed by the Company in a Current Report
on Form 8-K filed with the Securities and Exchange Commission on
November 13, 2017, on November 8, 2017, the Company received
notification from The NASDAQ Stock Market LLC that, pending a
hearing, the Company’s common stock will be delisted from
Nasdaq. As further described in the Form 8-K, the Company
intends to timely request a hearing before the Nasdaq Hearings
Panel, which request will stay any suspension or delisting action
by Nasdaq at least until the hearing process concludes and any
extension granted expires. As such, the November 8, 2017
notice has no immediate effect on the listing of the common stock
and the common stock will continue to trade on the NASDAQ Capital
Market under the symbol “RPRX” at least until the hearing process
concludes and any extension granted by the hearings panel
expires.
As of September 30, 2017, we had 39,489,807
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.
Contact:
Investor Relations:
Joe Schepers(770)
558-5517jschepers@reprosrx.com
|
REPROS THERAPEUTICS INC. AND
SUBSIDIARY |
|
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|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(unaudited and in thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
9 |
|
|
$ |
10 |
|
|
$ |
23 |
|
|
$ |
41 |
|
|
Change in
fair value of warrant liability |
|
295 |
|
|
|
- |
|
|
|
135 |
|
|
|
- |
|
|
|
Total
revenues and other income |
|
304 |
|
|
|
10 |
|
|
|
158 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
979 |
|
|
|
3,182 |
|
|
|
4,192 |
|
|
|
10,191 |
|
|
General and
administrative |
|
|
940 |
|
|
|
997 |
|
|
|
5,689 |
|
|
|
3,144 |
|
|
|
Total expenses |
|
|
1,919 |
|
|
|
4,179 |
|
|
|
9,881 |
|
|
|
13,335 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(1,615 |
) |
|
$ |
(4,169 |
) |
|
$ |
(9,723 |
) |
|
$ |
(13,294 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share - basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.55 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in loss per share calculation: |
|
|
|
|
|
|
|
Basic |
|
|
37,598 |
|
|
|
24,495 |
|
|
|
30,797 |
|
|
|
24,372 |
|
|
Diluted |
|
|
37,598 |
|
|
|
24,495 |
|
|
|
30,797 |
|
|
|
24,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December 31, |
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
1,813 |
|
|
$ |
8,688 |
|
|
|
|
|
|
Restricted
cash |
|
|
916 |
|
|
|
- |
|
|
|
|
|
|
Prepaid
expenses and other currents assets |
|
135 |
|
|
|
66 |
|
|
|
|
|
|
|
Total current
assets |
|
|
2,864 |
|
|
|
8,754 |
|
|
|
|
|
|
Fixed
assets (net) |
|
|
- |
|
|
|
3 |
|
|
|
|
|
|
Non-current
restricted cash |
|
|
919 |
|
|
|
- |
|
|
|
|
|
|
Total
assets |
|
$ |
3,783 |
|
|
$ |
8,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued |
|
|
|
|
|
|
|
|
|
|
expenses |
|
$ |
2,438 |
|
|
$ |
2,659 |
|
|
|
|
|
|
Long-term
liabilities |
|
|
916 |
|
|
|
- |
|
|
|
|
|
|
Warrant
liability |
|
|
1,716 |
|
|
|
- |
|
|
|
|
|
|
Stockholders' equity |
|
|
(1,287 |
) |
|
|
6,098 |
|
|
|
Total
liabilities and |
|
|
|
|
|
|
|
stockholders'
equity |
|
$ |
3,783 |
|
|
$ |
8,757 |
|
|
|
|
|
|
|
|
|
|
|
|
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