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Threshold Pharmaceuticals Reports Fourth Quarter And Year End 2010 Financial Results

REDWOOD CITY, Calif., March 24, 2011 (GLOBE NEWSWIRE) -- Threshold Pharmaceuticals, Inc. (Nasdaq:THLD), today reported financial results for the fourth quarter and the year ended December 31, 2010.

The net loss for 2010 was $18.7 million compared to a net loss of $23.6 million in 2009. Total research and development expenses for 2010 increased to $18.9 million from $15.8 million in 2009. The increase in research and development expenses primarily reflects an increase in clinical trial expenses related to TH-302, the Company's hypoxia activated prodrug (HAP) including initiating a Phase 2 controlled clinical trial in patients with advanced pancreatic cancer. General and administrative expenses were $5.0 million for 2010 compared to $5.5 million in 2009. This decrease was primarily due to lower employee stock-based compensation partially offset by higher payroll and facilities expenses. Total non-cash stock compensation expense was $0.8 million for 2010 compared to $2.2 million for 2009. The decrease in stock-based compensation expense is due to the amortization of options with lower valuations. Other income (expense) for 2010 was non-cash income of $5.2 million compared to non-cash expense of $2.3 million in 2009. This non-cash income was due to a decline in the fair value of the Company's outstanding warrants to purchase 10.9 million shares of common stock, which are classified as a liability.

The Company's net loss for the fourth quarter of 2010 was $6.6 million compared to $4.7 million for the fourth quarter of 2009. Research and development expenses were $4.7 million for the fourth quarter of 2010 compared to $4.1 million for the fourth quarter of 2009. The increase in research and development expenses primarily reflects an increase in clinical trial expenses related to TH-302. General and administrative expenses were $1.4 million for the fourth quarters of 2010 and 2009. Non-cash stock compensation expense was $0.3 million for the fourth quarter of 2010 compared to $0.6 million for the fourth quarter of 2009. The decrease in stock-based compensation expense is due to the amortization of options with lower valuations. Other income (expense) for the fourth quarter of 2010 was non-cash expense of $0.4 million compared to non-cash income of $0.7 million in the fourth quarter of 2009. This non-cash income and expense in the fourth quarter of 2010 and 2009, respectively, is due to the changes in the fair value of the Company's outstanding warrants to purchase 10.9 million shares of common stock, which are classified as a liability.

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