Financial Results for the Fourth Quarter
Chelsea reported a net loss for the quarter ended December 31, 2010 of $12.4 million or ($0.25) per share versus a net loss of $6.0 million or ($0.18) per share for the comparable period in 2009.
Research and development expenses for the three months ended December 31, 2010 were $10.2 million, compared to $4.0 million for the same period in 2009. The increase in research and development expense was primarily driven by increased clinical activity, specifically expenses associated with the Northera registration program, Study 306, the Phase II trial of CH-4051 in rheumatoid arthritis along with expenses for the initial manufacturing and validation work of the active pharmaceutical ingredient of Northera.
Selling, general and administrative expenses were $2.3 million for the three months ended December 31, 2010 compared to $2.0 million for the same period in 2009.Financial Results for the Year Ended December 31, 2010 Chelsea reported a net loss for the year ended December 31, 2010 of $37.3 million or ($0.91) per share compared to a net loss of $25.8 million or ($0.82) per share for the year ended December 31, 2009. Research and development expenses for the year ended December 31, 2010 were $30.9 million, compared to $24.0 million for the same period in 2009. This increase of approximately $6.9 million was due primarily to increased clinical activity associated with the Northera Phase III registration program, Chelsea's Phase II trial of droxidopa in fibromyalgia and Phase II trial of CH-4051 in rheumatoid arthritis as well as the costs of manufacturing, packaging and labeling appropriate clinical trial material for these trials and manufacturing validation material for Northera commercialization. Selling, general and administrative expenses for the 12 months ended December 31, 2010 were $6.6 million compared to $6.4 million for the same period in 2009. The overall increase in SG&A in 2010 reflects increases in compensation and related expenses and promotional costs that include conference sponsorships.
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